CronoDAS comments on Intelligence enhancement as existential risk mitigation - Less Wrong
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You're absolutely right about corn ethanol not being much of a solution - indeed, you can't power the U.S. on just corn ethanol, but burning corn-derived ethanol does provide a net gain in useful energy. It's just not nearly enough energy to make a difference. Finally, the biggest problem is that there are generally better things to do with grown corn than to turn it into fuel for engines, such as turn it into food for humans or other animals...