Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
Block (CRYPTO: SQ) co-founder Jack Dorsey voiced his concern about the power of algorithms to influence free will, suggesting that a marketplace of algorithms may help ameliorate the problem.
What Happened: At the Oslo Freedom Forum, Jack Dorsey commented on the discussion about free speech, saying it is a "complete distraction." He believes that the real debate should be about "free will," given the power of algorithms to influence consumer choices.
Yeah, @Jack is rightpic.twitter.com/sIhNIE3QXV
— Elon Musk (@elonmusk) June 5, 2024
He noted that current iterations of algorithms tend to create a feedback loop that creates an re-enforces biases. The fact that algorithms are often a "black box," despite being an open source, contributes to this problem.
Dorsey remarked that one’s "free agency" is significantly limited, as people become highly dependent on content shown by algorithms.
He suggested the solution to this would be providing people a choice of what algorithm they want to use and from which party.
Elon Musk shared the video in agreement. While making his remarks, Dorsey was wearing a “Satoshi” t-shirt, similar to the one he did when attending the Super Bowl. Bitcoin (CRYPTO: BTC) inventor Satoshi Nakamoto is by some considered a paragon of free speech.
Also Read: Jack Dorsey Says He Left Twitter Alternative He Helped Create Because It Was ‘Literally Repeating All The Mistakes’
Why It Matters: In May, Dorsey discussed his views on Bitcoin, predicting that by 2030 Bitcoin could be "Over… at least a million." He added, "The most amazing thing about Bitcoin, apart from the founding story, is anyone who works on it, or gets paid in it, or buys it for themselves — everyone who puts any effort in to make it better — is making the entire ecosystem better, which makes the price go up."
Since his comments, BTC has gained 9% in value.
Jack Dorsey has repeatedly faced criticism over the role of Twitter in censoring free speech.
Price Action: In the past 24 hours, BTC is trading 3.6% higher at $71,200.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Jack Dorsey Explains Why He Continues To Face Criticism As ‘Face Of Censorship’ Despite Efforts At Bluesky And Nostr: ‘I Think The Core, Critical Sin Was Choosing…’
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