The Two Types of Automation with Lex Sokolin

[Audio]  Podcast: Play in new window | Download Subscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSS Lex Sokolin is Global Fintech Co-Head and Head Economist at ConsenSys. He is a New York & London entrepreneur with senior operating and board-level Fintech experience in blockchain, digital investing, and wealth management. He founded the Fintech practice at Autonomous, a financial services equity research firm, where he focused on artificial intelligence, blockchain, and mixed reality.  Episode Links:   Lex Sokolin’s LinkedIn: linkedin.com/in/alexeysokolin Lex Sokolin’s Twitter: LexSokolin  Lex Sokolin’s Website: https://www.lexsokolin.com/ Podcast Details:  Podcast website: https://www.humainpodcast.com Apple Podcasts:  https://podcasts.apple.com/us/podcast/humain-podcast-artificial-intelligence-data-science/id1452117009 Spotify:  https://open.spotify.com/show/6tXysq5TzHXvttWtJhmRpS RSS: https://feeds.redcircle.com/99113f24-2bd1-4332-8cd0-32e0556c8bc9 YouTube Full Episodes: https://www.youtube.com/channel/UCxvclFvpPvFM9_RxcNg1rag YouTube Clips:  https://www.youtube.com/channel/UCxvclFvpPvFM9_RxcNg1rag/videos Support and Social Media:   – Check out the sponsors above, it’s the best way to support this podcast – Support on Patreon: https://www.patreon.com/humain/creators   – Twitter:  https://twitter.com/dyakobovitch – Instagram: https://www.instagram.com/humainpodcast/ – LinkedIn: https://www.linkedin.com/in/davidyakobovitch/ – Facebook: https://www.facebook.com/HumainPodcast/ – HumAIn Website Articles: https://www.humainpodcast.com/blog/ Outline:  Here’s the timestamps for the episode:  (00:00) – Introduction (02:12) – Banking, investing, lending and insurance, which used to be intermediated by human beings, are now targeted by artificial intelligence companies.  (04:09) – The digitization of all the industries from media to retail to now finance and healthcare. (05:14) –Machine Learning on top of large data sets. Services that used to be physical now have digital chassis that create data exhaust. (06:28) – Removing humans and running on autopilot makes it way cheaper and more accessible to manufacture a financial product.  (09:12) – Mobile apps usage rises because phones are more distributed than banking services. (11:07) – 800 million or so users in China power the engine for the algorithmic decision-making for credit there. (12:30) – Free internet costs your data, your money or tracking of your behavior. (15:35) – Chinese model is successful because fixed costs of research and development are covered by government spending, and the U.S is fairly disadvantaged in that regard. (16:13) – Asymmetrical markets are controlled by very few players. Capitalism allows for that sort of selection mechanism to occur. The other option is decentralized direction, which is less profit-driven and more humanistic. (22:16) – Low marginal costs is the direction that we're moving towards from a macro level, driven by lower cost manufacturing and lower cost distribution. (24:05) – Finance jobs are threatened by automation. (28:40) – Encourage venture capitalism for innovation and risk-taking by the population. (34:36) – Distribution of wealth and income are getting more unequal because of unassailable structures of society. (38:21) – The internet age accentuates inequality. The large tech firms trend towards monopoly. (42:19) – Mental health tactics to keep at baseline (42:55) – A system that manufactures anxiety. Scientists develop newsfeeds to break down your behavioral defenses Advertising Inquiries: https://redcircle.com/brands Privacy & Opt-Out: https://redcircle.com/privacy