wedrifid comments on SIAI - An Examination - Less Wrong
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I also think they look rather ineffectual from the outside. On the other hand they apparently keep much of their actual research secret - reputedly for fears that it will be used to do bad things - which makes them something of an unknown quantity.
I am pretty sceptical about them getting very far with their projects - but they are certainly making an interesting sociological phenomenon in the mean time!