From Lewis' Flash Boys:
Like every other trader on the Chicago exchanges, [Spivey] saw how much money could be made trading futures contracts in Chicago against the present prices of the individual stocks trading in New York and New Jersey. Every day there were thousands of moments when the prices were out of whack — when, for instance you could sell the futures contract for more than the price of the stocks that comprised it. To capture the profits, you had to be fast to both markets at once... The exchanges, by 2007, were simply stacks of computers in data centers. The speed with which trades occurred on them was no longer constrained by people. The only constraint was how fast an electronic signal could travel between Chicago and New York...
What Spivey had realized, by 2008, was that there was a big difference between the trading speed that was available between these exchanges and the trading speed that was theoretically possible... Incredibly to Spivey, the telecom carriers were not set up to understand the new demand for speed. Not only did Verizon fail to see that it could sell its special route to traders for a fortune; Verizon didn’t even seem aware it owned anything of special value. “You would have to order up several lines and hope that you got it,” says Spivey. “They didn’t know what they had.” As late as 2008, major telecom carriers were unaware that the financial markets had changed, radically, the value of a millisecond.
...The construction guy [driving the route] with him clearly suspected he might be out of his mind. Yet when Spivey pressed him, even he couldn’t come up with a reason why the plan wasn’t at least theoretically possible. That’s what Spivey had been after: a reason not to do it. “I was just trying to find the reason no [telecom] carrier had done it,” he says. “I was thinking: Surely I’ll see some roadblock.” Aside from the construction engineer’s opinion that no one in his right mind wanted to cut through the hard Allegheny rock, he couldn’t find one.
So Spivey began digging the line, keeping it secret for 2 years. He didn't start trying to sell the line to banks and traders until a couple months before the line was complete. And then:
The biggest question about the line — Why? — remained imperfectly explored. All its creators knew was that the Wall Street people who wanted it wanted it very badly — and also wanted to find ways for others not to have it. In one of his first meetings with a big Wall Street firm, Spivey had told the firm’s boss the price of his line: $10.6 million plus costs if he paid up front, $20 million or so if he paid in installments. The boss said he’d like to go away and think about it. He returned with a single question: “Can you double the price?”
More (#1) from Flash Boys:
......why did the market in any given stock dry up only when he was trying to trade in it? To make his point, he asked the developers to stand behind him and watch while he traded. “I’d say, ‘Watch closely. I am about to buy one hundred thousand shares of AMD. I am willing to pay forty-eight dollars a share. There are currently one hundred thousand shares of AMD being offered at forty-eight dollars a share—ten thousand on BATS, thirty-five thousand on the New York Stock Exchange, thirty thousand on Nasdaq, and twenty-five thousand
One open question in AI risk strategy is: Can we trust the world's elite decision-makers (hereafter "elites") to navigate the creation of human-level AI (and beyond) just fine, without the kinds of special efforts that e.g. Bostrom and Yudkowsky think are needed?
Some reasons for concern include:
But if you were trying to argue for hope, you might argue along these lines (presented for the sake of argument; I don't actually endorse this argument):
The basic structure of this 'argument for hope' is due to Carl Shulman, though he doesn't necessarily endorse the details. (Also, it's just a rough argument, and as stated is not deductively valid.)
Personally, I am not very comforted by this argument because:
Obviously, there's a lot more for me to spell out here, and some of it may be unclear. The reason I'm posting these thoughts in such a rough state is so that MIRI can get some help on our research into this question.
In particular, I'd like to know: