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FAWS comments on Singularity Institute Executive Director Q&A #2 - Less Wrong Discussion
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If you accept that a single failure could mean extinction and worse the history of rockets and powered flight isn't exactly inspiring.
If you have a system in which a single failure could mean extinction of anything very important, then it seems likey that there must have been many failures in safety systems and backups leading up to that situation - which would seem to count against the idea of a single failure. We have had many millions of IT failures so far already.