timtyler comments on Ben Goertzel: The Singularity Institute's Scary Idea (and Why I Don't Buy It) - Less Wrong
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That seems like the (dubious) "engineers are incompetent and a bug takes over the world" scenario.
I think a much more obvious concern is where the "engineers successfully build the machine to do what it is told" scenario - where the machine helps its builders and sponsors - but all the other humans in the world - not so much.