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Goldman Sachs' warning as trading jobs disappear to algorithms.www.efinancialcareers.com/news/trading-jobs-replaced-by-algorithms
323 sats \ 8 comments \ @south_korea_ln 8 Jul econ
Gotta love the sound of this. The most useless job, full of parasites not doing anything constructive to society other than bleeding it dry to fill their own pockets, being replaced by machines.
And as for the quants, their brains would find much better use outside of the financial world...
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0 sats \ 0 replies \ @SatsMate 9 Jul
Just wait for it to trickle down to most computer-based jobs around the world... It is coming, and it is coming quickly!
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0 sats \ 1 reply \ @Satosora 9 Jul
I thought everyone was all about embracing technology? Doesnt everyone have a trading app on their phone? This is the next best thing, AI trading for us!
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0 sats \ 0 replies \ @south_korea_ln OP 9 Jul
All for useful or interesting technology, yes.
Wall Street financial world tech, not so much... Betting against the recovery of Greece during the financial crisis, speculating on the price of essentials such as grain and water, algorithmic trading giving the advantage to huge firms such as Renaissance technologies at the expense of the small guy... not something i get excited about.
No need to pay commission to a finance guy, just get an etf if you want to join the trading game. Chances are you'll do financially better anyhow over 10 years.
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0 sats \ 0 replies \ @16d86e9daa 9 Jul
Is so sad, While FX quants try to do more with less, they are at least having a better time than the remaining human traders in the market
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0 sats \ 1 reply \ @Coinsreporter 9 Jul
For Bitcoin, everyone says that 'it needs to be regulated.' But when 'AI' is killing jobs and replacing Human Resources, nobody is even concerned!
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0 sats \ 0 replies \ @south_korea_ln OP 9 Jul
I don't know about that. To me, it seems like the American left (whatever that means) is very concerned about AI killing tedious admin jobs as well as lots of creative jobs (writing, arts, etc) while at the same time using their output as training data for their models... the hardware and energy resources required to build and run all the GPUs is also being vocally criticized...
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0 sats \ 1 reply \ @kepford 8 Jul
If a job can be formalized it can be automated. The automation are getting better and better. Finances has been sucking in a lot of mental power for a while so I agree with you. These minds can be used elsewhere. Reallocated
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55 sats \ 0 replies \ @south_korea_ln OP 9 Jul
Now, the question if those minds are ready to be allocated elsewhere. If you are with with working for Goldman Sachs you might not be the person I want in my company working for the betterment of society ;) I'm kidding, I probably also would have accepted a well-paid job there if I had had the chance and the technical skills.
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