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Re:Goldman Sachs automated trading replaces 600 traders with... by gthippo on Tuesday February 07, 2017 @08:06PM (#13594734)
The terrifying thing is that you don't even need to reach human-level performance to cause structural unemployment. As a hypothetical example, if automation can make top-performers in your field 10x more efficient, that makes 90% of people in that role redundant.

This feels a lot scarier to me since as a ML engineer, I rarely see applications where we can reach human level performance easily but the idea of making existing top performers 2-5x more effective feels much more viable.

The idea of 80% of people in relatively high-skill jobs who are used to a relatively high income level becoming redundant is a pretty scary one.

Re:Goldman Sachs automated trading replaces 600 traders with... by pzh on Tuesday February 07, 2017 @10:38PM (#13595497)
I guess they can all become Javascript developers and fulfill the big tech companies' dreams of having hordes of cheap engineers on the labor market. That would help save some of the money poured into various initiatives like 'Dolphins who code', etc.
Re:Goldman Sachs automated trading replaces 600 traders with... by connorelsea on Wednesday February 08, 2017 @12:09AM (#13595924)
What is wrong with being a JavaScript developer?
Re:Goldman Sachs automated trading replaces 600 traders with... by pzh on Wednesday February 08, 2017 @12:18AM (#13595965)
Nothing. On the contrary, it's the most marketable skill, judging from the number of Bootcamps that prepare for it.
Re:Goldman Sachs automated trading replaces 600 traders with... by beaconstudios on Wednesday February 08, 2017 @04:27AM (#13596986)
until software becomes available that makes programming 10x easier...
Re:Goldman Sachs automated trading replaces 600 traders with... by secfirstmd on Wednesday February 08, 2017 @05:06AM (#13597142)
This idea has been around for over 10 years but I still don't see that many signs of it happening. I mean what interesting projects are around that actually make it possible to for example, let a non-technial person point and click develop a python or Java application? It happened with HTML/CSS and Dreamweaver/WordPress etc years ago but it's much easier with web stuff and I don't really see it elsewhere.
Re:Goldman Sachs automated trading replaces 600 traders with... by beaconstudios on Wednesday February 08, 2017 @05:10AM (#13597154)
I think we're in the early stage of automating web development but sites like Wix have made impressive strides in making UI design accessible. I'm working on something in this field myself and I've done enough research and prototyping that I think it's definitely achievable.
Re:Goldman Sachs automated trading replaces 600 traders with... by collinmanderson on Wednesday February 08, 2017 @07:20PM (#13603522)
once ML starts replacing programming jobs, we'll have singularity.
Re:Goldman Sachs automated trading replaces 600 traders with... by beaconstudios on Thursday February 09, 2017 @11:33AM (#13608126)
I think that's a stretch. 90% of programming is repetitive if you compare different projects. Also, I didn't mention ML/AI.
Re:Goldman Sachs automated trading replaces 600 traders with... by Gracana on Tuesday February 07, 2017 @09:28PM (#13595169)
Lots of high-earning people tied up in managing money is pretty inefficient for society, though. Maybe those people can switch to factory jobs and help reduce the cost of common things for the common person.
Re:Goldman Sachs automated trading replaces 600 traders with... by zepto on Tuesday February 07, 2017 @10:00PM (#13595303)
I can't tell if that's meant as sarcasm or not.
Re:Goldman Sachs automated trading replaces 600 traders with... by Gracana on Tuesday February 07, 2017 @11:09PM (#13595676)
It's kind of a joke. People getting rich off moving money around is kind of silly, and it would certainly be better if those jobs could be eliminated by machines.
Re:Goldman Sachs automated trading replaces 600 traders with... by grzm on Tuesday February 07, 2017 @11:11PM (#13595680)
Oh, don't worry. People will still get rich off of those transactions.
Re:Goldman Sachs automated trading replaces 600 traders with... by chrispeel on Tuesday February 07, 2017 @11:52PM (#13595852)
The vision of public blockchains (such as Ethereum) is to make the core of financial transactions automated and non-profit. While there may still be profit to be made on the margin (credit scores), the vision is that currency and equity trades will happen on decentralized markets that are automated and non-profit.

...Even if this vision occurs, it's not obvious how soon it would occur. For example, will we need stable-value cryptocurrencies before any of this can occur? Will anything significant occur in the next two years, or will it be five? OR more?

Re:Goldman Sachs automated trading replaces 600 traders with... by wickawic on Tuesday February 07, 2017 @10:01PM (#13595308)
Of which they will quickly become :)
Re:Goldman Sachs automated trading replaces 600 traders with... by Gustomaximus on Tuesday February 07, 2017 @10:12PM (#13595372)
This is nothing new. I work marketing side running customer acquisition for 12 countries across 3 brands, with budget significant enough to bring in ~3% of a countries population annually in our higher coverage markets. And this year we will add additional countries and brands.

We are a team of 3. There is no way this would have worked 10+ years ago. Maybe in another 10 we will be 1...

Re:Goldman Sachs automated trading replaces 600 traders with... by jhanschoo on Tuesday February 07, 2017 @10:05PM (#13595331)
>I rarely see applications where we can reach human level performance easily but the idea of making existing top performers 2-5x more effective feels much more viable.

This actually reminds me of Palantir's focus, which is to develop tools to aid analysts.