The Two Types of Automation with Lex Sokolin

[Audio] Podcast: Play in new window | DownloadSubscribe: Google Podcasts | Spotify | Stitcher | TuneIn | RSSLex 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/alexeysokolinLex Sokolin’s Twitter: LexSokolin Lex Sokolin’s Website: https://www.lexsokolin.com/Podcast Details: Podcast website: https://www.humainpodcast.comApple Podcasts:  https://podcasts.apple.com/us/podcast/humain-podcast-artificial-intelligence-data-science/id1452117009Spotify:  https://open.spotify.com/show/6tXysq5TzHXvttWtJhmRpSRSS: https://feeds.redcircle.com/99113f24-2bd1-4332-8cd0-32e0556c8bc9YouTube Full Episodes: https://www.youtube.com/channel/UCxvclFvpPvFM9_RxcNg1ragYouTube Clips:  https://www.youtube.com/channel/UCxvclFvpPvFM9_RxcNg1rag/videosSupport 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 defensesAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy