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Showing 20 of 20 results by Stuart_Shook
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Board Economics
Re: What inhibits the development of Blockchain in the mass market
by
Stuart_Shook
on 22/08/2018, 10:49:36 UTC
Well, blockchain technology does have a massive flaw, one that even plagues Bitcoin and other cryptocurrencies -- it currently can't scale:

https://hackernoon.com/blockchains-dont-scale-not-today-at-least-but-there-s-hope-2cb43946551a

The mass market is still very interested in using it, however, and there are plenty of big corporations filing patents for scalability solutions. Some examples include:

https://www.ccn.com/accenture-hardware-patent-seeks-to-enhance-blockchain-security-and-scalability/
https://blocktribune.com/blockchain-scalability-solution-patent-filed-bank-china/
http://fortune.com/2018/06/20/bank-of-america-blockchain-patent-why/

While we're on the subject, blockchain technology is very much still in its infancy, rarely seeing use outside of cryptocurrencies. It's bound to mature with time as people find more and more applications for its potential.

Scalability is the most critical point for adoption by corporations because they have to think about tomorrow. A lot of people who are just private investors in bitcoin are calling for massive adoption by the whole world and yet they don't consider the issue of scalability. Sure, you can use it to send your uncle money for the fuel he just put in your car, but can corporations adopt a blockchain ledger or code an algorithm to make it work for a long enough time frame to make it profitable for their needs?

Maybe not at the moment, but they'll figure out ways to do it soon.
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Topic
Board Speculation
Re: $10million in 2023 possible?
by
Stuart_Shook
on 21/08/2018, 09:52:26 UTC
At the first halving on November 28, 2012, BTC/USD traded around $12. By the second, on July 9, 2016, it was $657. The third halving — due in mid-2020 or in 644 days — will see the block reward reduce from 12.5 BTC to 6.25 BTC, while What’s On Crypto suggests ongoing trends could see prices hit a giant $10 million by 2023-quoted by wilma woo.

These predictions are giving us hope about the future of bitcoin but we all know that bitcoin is know for its volatile and unstable characteristics. Do you think that the expert's predictions are possible or do you think that this are just a mere simple prediction.



This seems a bit extreme to me. I'd be a bit more conservative in my estimations, but I'd certainly say that it will increase before the halving, not so much after. The speculative nature of bitcoin means everyone will be buying in anticipation of a halving, and that will drive the price higher than it should be. Then, either directly before or immediately after the event, a lot of people will cash out.

I'd be aiming in the 30k region more realistically based on technical analysis and recent price action. Assuming it doesn't get hit with any more bad news.
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Topic
Board Economics
Re: Build a Bank Of Bitcoin
by
Stuart_Shook
on 20/08/2018, 09:10:21 UTC
if i build a bank of bitcoin that operating like a traditional fiat money bank when people can save the money and get interest for their saving and also people can get a loan from my bank but the fiat money is change for bitcoin, the question is would you guys trust me to save your bitcoin on my bitcoin bank that i want to build ?

Everyone can build a bank into bitcoin. If I am going to build a bank too it will surely save my money and can beat the sving into high. People will surely loves saving in bitcoin because of the assurance that can give than the other.
Saving bitcoin is just like banking but is far to the definition and execution of banking system, there are exchanges that are acting like a bank by giving percentage of our deposited bitcoin, I think its good but additional risk is always there that is why I prefer to used my own wallet as my savings to reduce risk.

That was what I was thinking too. How is this much different from what exchanges do? They technically serve as banks, allowing users to make payments and transfer from one form of crypto to another, even fiat. Would a bank give interest on the coins? If so, where would that money come from? There wouldn't be a fractional reserve system now, would there?

Banks and bitcoin don't really add up. The function of bitcoin allows it to stand on its own without needing a bank to hold onto it. The people who use it should be able to keep it safely for themselves.
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Topic
Board Economics
Re: Is it practical to expect tenfold jump in Bitcoin this year ?
by
Stuart_Shook
on 17/08/2018, 12:34:06 UTC
It all depends on the fundamentals. You can see that TA doesn't matter when the fundamentals are rushing in. This recent dump right after the ETF got delayed, even though the price was forming a bull flag on the charts serves as a proof. So whether we will go to ATH this year cannot be read from the charts. It would seem unlikely looking only at TA, because 8 months of bear market don't turn into an ATH right away, but a big news could change it. For instance if we got all ETFs approved and on top of that had a major retailer accept BTC directly 20k would break in a month.

ETF's might cause some money to come in, but not to the tune of several billion dollars. They're just not that appealing. And there's already been a major move by Starbucks and a few other giants, but nothing happened. Bitcoin is establishing itself in the market. It's carving out a comfortable resting area.

People don't need ETFs or Starbucks to do it all for them. Let's say we would need 10 billion to come into the market to reach a certain point, if that happens people will do the rest. They are only waiting for a signal to start buying. A signal that will prove that institutions are really interested, that governments approve BTC. We managed to reach 20k without ETFs, Starbucks, Microsoft annd all the rest, which means we can do it with them much easier and much faster.

Yes, I support that too. Frankly I'm getting sick and tired of all the questions about which ETF is going to shock the market into the skyline and when. I don't think that they are going to get involved very much anyway. They'll probably only jump in like you said when things are already in motion. That would be really good for us though because it will add momentum to the trend we'll already be riding.

We did reach those levels alone, but also because there was the novelty factor behind the trend. Now it's not so fascinating anymore so people are a bit more cautious.
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Topic
Board Economics
Re: Study says being rich is determined by chance rather than intelligence or talent
by
Stuart_Shook
on 16/08/2018, 19:41:23 UTC
Metamorphically speaking, life is really unfair. And if I would base with the information given. Some were practically born rich, some were sadly born poor. But the thing here is, how to live our life? Some rich people, they have all the thing they want in just a snap of their fingers but at the end of the day, they feel incomplete. While some poor people, having companions to get the days go by is simply a happiness for them. I think it's not merely the money itself that makes us rich, but the amount of appreciation we have in our lives. We all differs with talents and intelligence. But we all have opportunities that knocks a lot of times --- it's just a matter of choosing what door you will open; we all have a perfect timing for everything --- it's just a matter of realizing what is what. We are all rich by all means. Let's just don't forget to add spices like hardwork and efforts.

Life is just a random series of events. Whatever meaning you ascribe to it is arbitrary. Life isn't fair or unfair, it just is what it is. Things happen, and if you ascribe negative values to this events, you say they are bad events. If you ascribe positive values to them you say they are good events. But life isn't fair or unfair because the things that happen are all completely neutral. The universe doesn't have intent or purpose, so you can't assign meaning to the things that happen. It's only on reflection that you make a judgement about what anything means, but that's always an arbitrary assessment. You may associate being "rich" with positive outcomes, but that's your value, not life's.

The purpose is simply to experience as many things as possible. That's it. Don't try to read deeper than that or you might get confused.

Being rich is not necessarily a good thing, but I think that nearly everyone has the opportunity at least once in their lives. The problem is most are not aware of it at that time and let it pass them by. Such opportunities are only recognized in hindsight. If we want to become rich, we have to expose ourselves to good opportunities and take them when they come by.
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Topic
Board Altcoin Discussion
Re: Ethereum is officially dead
by
Stuart_Shook
on 14/08/2018, 20:10:34 UTC
Hi there,

Now or soon it will be dead. Scalability is the biggest problem for Ethereum at the moment. PoS or Sharding won't be able to solve the issue. It is just used for ICO's at the moment. But smart contracts and tokenization was the pros of ETH to BTC. There are projects which is going to add these features to BTC. Time of ETH will be gone too soon.

Kind regards,

Yeah and miners are just barely scraping by. They can barely make a profit off these conditions now.

https://www.tomshardware.com/news/ethereum-profitability-down-difficulty-up,36691.html

Quote
"At the current difficulty rating, our mining pool estimates that our 94MH/s mining system would earn 0.04385 in time for our next weekly payout. At today’s value, that’s roughly $24 for the week. Our system burns about $10 per week in electricity, so it’s still profitable. But in a market with expensive utilities, such as San Francisco, which can pay up to $0.25 per kWh, you’d be losing money at today’s rate."

No one will want to stay if there are greener fields elsewhere. Mining is the very core of a crypto operation and we cannot have a functioning coin without it.
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Topic
Board Economics
Re: What would happen to banks?
by
Stuart_Shook
on 13/08/2018, 14:27:07 UTC
Up until the beginning of the year 2018 when the Korean government was threatening tighter regulations on cryptocurrency, banks had been some of the biggest investors in crypto. Most banks, like other institutions, are tapping into the potential that the blockchain technology has to aid them in servicing their customers.
Banking, as with other services or products is 'adapt or die'. Remember Kodak and all the dinosaurs that refused to change with times. Only banks that refuse to adapt can become obsolete. That said, while we embrace blockchain and crypto, it is worth noting that there are people who will NEVER be part of the crypto world, because they won't/or can't. For them, the banks will continue to exist.

Yeah exactly, and now why are all of the banks so timid? You'd think that they'd want to take on blockchain and create their own model with it so they don't have to deal with this bitcoin "headache". But instead they are not even researching it anymore or talking about ways to adapt it. What changed? Is blockchain really that big of a threat to their royal status quo?

It could be that the powers that be are trying to find an alternative solution that will rival or replace bitcoin and make it appear worthless.
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Topic
Board Economics
Re: stupidity is so close to poverty
by
Stuart_Shook
on 11/08/2018, 21:20:38 UTC
stupidity is so close to poverty, do you agree with such a phrase?
if it yes, means the poor are the fools.
I want to know your opinion.  Grin Grin

It`s not exactly stupidity.Not all poor people are stupid.It`s the combitation of being lazy+procrastination+lack of education/knowledge+not enough concentration and discipline+finding too many excuses for everything in your life and blaming everyone else for your misery.
Some rich people are kinda stupid,but they work hard,have discipline and stay focused.

Haha good point. I'd agree, rich people can still lack in the other important skills that are necessary to be truly successful. Just because you have a lot of money doesn't necessarily mean that you've earned it the hard way.

Stupidity is a lack of knowledge, or no desire to obtain that knowledge anywhere. That's what makes people get stuck in certain situations in their lives. They don't see a need to improve or learn more, and therefore have a hard time escaping poverty. Or, they were just born into these conditions and are comfortable where they are. Nothing wrong with that, it's just a preference.
Sometimes it's also a culture. You see your father and mother content with the life that you have, and so you become like them. I mean, why would you grind and work hard if everyone around you is comfortable with just sharing a small fish for dinner? It's PERFECTLY fine to the people around you, why wouldn't it be fine with you? I live in a place where everyone is content with their lives. They are all poor but they are all addicted to gambling. The small amount of money that they are getting from a long day of labor work goes all to gambling. Why? It's because it's the life that their parents lived and was passed on to them. Good thing I'm not originally from this place so I have a totally different mindset. I was raised differently.


Quote
rich people can still lack in the other important skills that are necessary to be truly successful.
And what are those skills? Money = Success in this world. No other way. I know that we have different definitions of "success" but you don't see a poor person being called "successful". It really only take you to be exceptionally good at one thing in order to become rich. Become a really good singer, people will come to you, listen to you, and eventually pay to listen to you. All of the other skills becomes secondary like washing the dishes, doing the laundry, etc. Everything that doesn't have a relation with your career becomes secondary at this point. That's why successful people make other people do those things for them. You don't have to have the "other important skills".

Success is a mindset. It is being able to accept things that cannot be changed, and using the power you have to make a difference in the people around you. It's not giving up when something doesn't work the first time. It's being adaptable and flexible to challenging situations. It's finding a way through trying different approaches, even those that you don't agree with. It's giving up your own desires for the good of those around you. Rich people who don't have these skills usually live unhappy lives. Poor people who have these skills usually don't care if they're rich or not. Money is simply another tool.
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Topic
Board Bitcoin Discussion
Re: A challenge from bitcoin in 2018
by
Stuart_Shook
on 10/08/2018, 15:26:46 UTC
Sometimes things go up, sometimes things go down. This is how everything behaves in real life. Bitcoin is taking it's first solid dose of reality here as it normalizes. Statisticians call this regression to the norm. After something does really well, its performance decreases for a time. After something does really badly, its performance increases for a time.

It's not a cause for panic. We've gotta just hold onto our heads and watch the price. It has a perfectly good reason to go up again in the future, but it just might not happen for a while.
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Topic
Board Economics
Re: Is it practical to expect tenfold jump in Bitcoin this year ?
by
Stuart_Shook
on 08/08/2018, 19:28:20 UTC
No it's not practical.Having a market cap of about 1,5 trillion $ is clearly not realistic,not in the near future anyways.My guess is,after 2018,the bad year that Bitcoin faced the price will from now one rise slowly but surely,building up back the lost trust of investors slowly.

Exactly why it won't be able to raise so quickly. When the market cap of bitcoin was in the hundreds of thousands or millions, a tenfold jump was nothing. But now, there would have to be a ton of money dumped into it for it to rise at that rate.

It all depends on the fundamentals. You can see that TA doesn't matter when the fundamentals are rushing in. This recent dump right after the ETF got delayed, even though the price was forming a bull flag on the charts serves as a proof. So whether we will go to ATH this year cannot be read from the charts. It would seem unlikely looking only at TA, because 8 months of bear market don't turn into an ATH right away, but a big news could change it. For instance if we got all ETFs approved and on top of that had a major retailer accept BTC directly 20k would break in a month.

ETF's might cause some money to come in, but not to the tune of several billion dollars. They're just not that appealing. And there's already been a major move by Starbucks and a few other giants, but nothing happened. Bitcoin is establishing itself in the market. It's carving out a comfortable resting area.
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Topic
Board Altcoin Discussion
Re: RIPPLE
by
Stuart_Shook
on 06/08/2018, 05:50:54 UTC
Ripple is the only cryptocurrency supported by Google Ventures. Ripple Labs has created a lot of interest in Blockchain technology with Interledger Protocol (ILP), including from Apple and Google, according to information I've read in the media. ILP can carry this coin for wider use. Interestingly the Ripple system has also been used by Citi, Visa, and Nasdaq. Ripple offers advantages such as Blockchain for faster international payment settlement and has added 75 clients in the banking world.

With ripple at the current price of 67c do you think its worth investing in it or not?

You aren't wrong if you want to invest in it, because the spread of these coin is growing day by day.

Do you belive it will increase in price in the near future?

I don't think, so it might still take 1 or 2 more months and this isn't much different from other crypto coins.


Well well well... if Google's supporting it, then it can't be completely useless, can it? I expect it will get some kind of boost if Google says something about it. That's what has me confused about Ripple. It looks useless but there is a lot of support for it coming from major networks and institutions like the banks.

I think it might be worth putting a little bit into at this stage. It's so low you wouldn't lose much anyway. 100 coins at 67 cents each could very well turn into $6.70 if these Google claims prove to be true... but wouldn't Google want to do their own thing? Why all this hype about Ripple in particular?
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Topic
Board Altcoin Discussion
Re: Ethereum is officially dead
by
Stuart_Shook
on 05/08/2018, 05:48:20 UTC
Considering the number of startups now relying on Ethereum's smart contract, Ethereum just cannot die

That's simply true, those project are like pillar that strengthen ethereum existence because if those project that have their token under ethereum blockchain will always empower ethereum.
also people are still hyped to mine ethereum that means the hash power is still there to run ethereum blockchain finely.

Yeah so I would say that Ethereum is just going through some tough times. A few hiccups, minor bumps in the road, but not a crash and destroy type of scenario, strictly because there are so many startups the need Ethereum to function. Not that they have deep pockets to bail it out if the need comes, but they form a strong enough base for it to rest on while it regains its strength to pick up again. There were some problems with the developers releasing coins back, weren't there? I can't remember the details, but that's probably why the price is slumping. I used it as an opportunity to buy. I might be waiting for a while though...
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Topic
Board Bitcoin Discussion
Re: Bitcoin Being Used for Blackmail
by
Stuart_Shook
on 04/08/2018, 05:25:14 UTC
I got something similar almost a year ago but they didn't manage to get ahold of my password. They wanted a ridiculously low amount of money (like around the $100 range) and made the same threat about social media and porn. It also said something that they would know when I read the email and I had 24 hours until then to send the money so some bitcoin address.

I ignored it and nothing happened, but I thought it was kind of funny actually. Scammers are getting more and more clever because they realize that if they make a threat that feels like you've been backed into a corner and don't demand an excessive amount of money, they can actually get more people to fall for their tricks.
Post
Topic
Board Economics
Re: stupidity is so close to poverty
by
Stuart_Shook
on 03/08/2018, 05:19:19 UTC
stupidity is so close to poverty, do you agree with such a phrase?
if it yes, means the poor are the fools.
I want to know your opinion.  Grin Grin

It`s not exactly stupidity.Not all poor people are stupid.It`s the combitation of being lazy+procrastination+lack of education/knowledge+not enough concentration and discipline+finding too many excuses for everything in your life and blaming everyone else for your misery.
Some rich people are kinda stupid,but they work hard,have discipline and stay focused.

Haha good point. I'd agree, rich people can still lack in the other important skills that are necessary to be truly successful. Just because you have a lot of money doesn't necessarily mean that you've earned it the hard way.

Stupidity is a lack of knowledge, or no desire to obtain that knowledge anywhere. That's what makes people get stuck in certain situations in their lives. They don't see a need to improve or learn more, and therefore have a hard time escaping poverty. Or, they were just born into these conditions and are comfortable where they are. Nothing wrong with that, it's just a preference.
Post
Topic
Board Speculation (Altcoins)
Re: Is market on the BOTTOM NOW?
by
Stuart_Shook
on 02/08/2018, 06:22:04 UTC
Please tell me, its getting on my nerves already. I lost 40% lately on stupid moves and i need to recover. Is it safe to invest back in alts now. What can we expect in next 1-2 months. Anybody has a glass ball? I see green candles today. Can it be next bull trap or the market is recovering now?

First and foremost, don't get my couple of cents as an expert's take. Secondly, never let your emotions run your decisions. It will be a tragic end to your portfolio if your emotions prevail. Avoid it.

The market has been unreliable these past few days. Green candles do not mean recovery. They simply signify growth. Up to what point, we are not sure. What I am a bit positive about is that the prices will not go down deeper anymore. There will be decreases in prices but not that big anymore, after all the red candles that we've seen in the last several months. So, I think it is safe to get back to alts right now. There might be a longer waiting though for your gains.

Yes, green candles are only good signs if there are a few of them side by side. If you've got a long daily green candle that's bigger than the red one on the left, followed by another green, you've got a good chance of a strong increase.

No one here will have an answer for you until it has already happened. That's the thing about markets--you can never predict them, but you can position yourself for good profit if they do go in the direction you want. You just have to make sure that you aren't in a position to lose to much either. Keep the risk low.
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Board Bitcoin Discussion
Re: WHAT'S GOING ON WITH BITCOIN?
by
Stuart_Shook
on 01/08/2018, 06:58:05 UTC
One of the most educative posts I've seen so far. Thank you.

As scaling and speed become more relevant issues for mass adoption, you bring up a lot of points that are good to be aware of. That atomic swap idea is an excellent way to make a trade because escrows, while necessary, just slow everything down and can be a bit clumsy. People want peace of mind when transacting, and they shouldn't have to pay a fortune for it either. It's not like we're dropping off gold bullion or suitcases of dollar bills anymore. These transactions have the technology to work seamlessly, and therefore should have the security as well.
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Topic
Board Altcoin Discussion
Re: RIPPLE
by
Stuart_Shook
on 31/07/2018, 07:13:34 UTC
Ripple is the largest investor in crypto currencies. investors have high expectations. you will see that in the future you will succeed when you analyze the project.


RIPPLE is supported by BANK, even the ones I know. Banks in my country support RIPPLE. But behind all that counts from Crypto.my personal opinion, if you really have more money, use a small percent of the total money you have only a small percentage of%.


If ripple is supported by banks, then it's an attempt by mainstream financial services to replace bitcoin? Ripple seems a bit suspicious to me (but not useless) as it's gotten a lot of attention from the mainstream media. There seems to be some kind of backing behind it. Maybe it's designed by central banks as their own crypto?

There was a lot of speculation about ripple being adopted by some major retailers so that's kind of caused a bit of craziness in the price. I think it'll settle and start moving upwards again soon, once it's bottomed out.
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Topic
Board Politics & Society
Re: Third industrial revolution
by
Stuart_Shook
on 29/07/2018, 07:27:41 UTC
Well about the third industrial revolution there are so many points that make the third revolution linked to first and second like:

1)    I think Third mechanical upheaval as of now began and in the underlying stage, with the development of PCs and programming dialects numerous generation lines in the businesses are robotized with the utilization of process robotization and utilization of apply autonomy. I think square fastens are more important to administrations when contrasted with assembling and will bolster the third upset by like overseeing supply chains or products or material stream, quality administration.

2)    There are truck drivers, cabbies, transport drivers, nourishment conveyance drivers, dispatches... I'm certain there will simply be increasingly self-driving autos later on. Every one of those drivers will be out of a vocation. You can continue endlessly about employments that are being supplanted by innovation. Some call focus employments are notwithstanding being supplanted via mechanized frameworks that are really beginning to get truly great. It's interesting some of the time to see governments scramble to "make employments". That is not going to be the arrangement. It must be an option that is greater than that. I like that a few nations are as of now trying different things with the possibility of an all inclusive pay.

That's the big question now is how we're going to adapt and create a ladder that these people can reasonably climb up. The bottom level of jobs is about to be eliminated again (like factory work was with automation of car manufacturing) and there will have to be another position for these workers to find. Lots of extremely high level jobs are being created, but is there enough room at the bottom when the next wave of automation gets perfected? I am having a hard time imagining how the governments will be able to give them a place to work. Maybe this is why a universal basic income is being discussed again. Pay people just enough to exist, so if they want to turn into vegetables they can, or if they want a challenge, they can go out and find work to take them up to the next level.
Post
Topic
Board Economics
Re: What would happen to banks?
by
Stuart_Shook
on 28/07/2018, 07:23:14 UTC
In every business it's the same. When new technology comes up the existing businesses will evolve or die. And obviously new businesses will also rise strong.
Same happened with mp3 and music industry...
You are right about the advent of technology and its impact on the existing market but one should not forget that banks are the financial institutions set up by the government and follow the rules and regulations the federal bank sets for them which runs the government. SO in my opinion, banks will never perish just because of the arrival of crypto. It has been a decade since Bitcoin is rolling in the market but there are still lots of banks in Time Square NY and in my country.

Yeah they'll adapt. They are so deeply ingrained in society that they have no choice but to adapt. People depend on them, especially those who cannot handle their financial choices by themselves. It's like the hospital. Some people will go most of their lives without ever having to visit it because they will live very safe and healthy lives and take care of themselves independenptly. Some people will never go to the bank because all the money that they need is in their pocket, and when they need more, they go to work and put more in their pocket.

So banks will provide a similar service for those who want support with their crypto investments and day to day transaction needs. They'll be there to provide advice (which probably won't be very helpful) and to charge service fees for anyone who wants it.
Post
Topic
Board Politics & Society
Re: Third industrial revolution
by
Stuart_Shook
on 26/07/2018, 19:21:50 UTC
I definitely agree than automation will play a massive role. Machines and computers are replacing so many jobs. Even if you just consider drivers. What percentage of jobs in any given company are just driving? There are truck drivers, taxi drivers, bus drivers, food delivery drivers, couriers... I'm sure there will just be more and more self-driving cars in the future. All those drivers will be out of a job. You can go on and on about jobs that are being replaced by technology. Some call center jobs are even being replaced by automated systems that are actually starting to get pretty good. It's funny sometimes to see governments scramble to "create jobs". That's not going to be the solution. It has to be something bigger than that. I like that some countries are already experimenting with the idea of a universal income.

Yeah there's certainly a lot of make work projects going on as we try to catch up with our own inventions. This is causing an increase in competitiveness, which is in turn creating a knowledge based economy. A knowledge based economy is a key step forwards in prioritization of skills and abilities rather than strictly labor.

It's essentially making everyone more specialized and forcing out niche content. The trick here though is combining specializations. What is a Data Scientist? A coder/statistician. There are many examples of jobs like this that combine two fields into one.

There's a good article Michael Simmons wrote on it:
https://medium.com/the-mission/the-5-hour-rule-if-youre-not-spending-5-hours-per-week-learning-you-re-being-irresponsible-791c3f18f5e6