🚨SEC CHAIRMAN SACKED? Or Did A.I Trick Us?
On Saturday, a rumor spread stating that "Gary Gensler (Chairman of the SEC) submitted his resignation following an internal investigation."
But when you look into this FAKE rumour, the story takes a concerning DARK TURN...
The story spread like wildfire, with one tweet alone reaching more than 1M views by Monday, as the crypto world celebrated!
How did this get out of control, and who exposed it?
You're in for a surprise...
WHAT MADE IT BELIEVABLE?
In April, a similar rumor spread claiming Gensler was FIRED, and this was reported and circulated widely by multiple small news sources and some folks on twitter.
Those articles name-dropped Republican Congressman Warren Davidson as a key individual involved in the firing.
No reputable or highly respected source shared this rumor (including the mainstream media we all love to hate), but it was out there, and anyone on Twitter who sells their soul for engagement tweeted it without verifying.
Next, on June 12, Warren Davidson (yes the same congressman) led other congressmen in introducing the 'SEC Stabilization Bill' where he stated: "U.S. capital markets must be protected from a tyrannical chairman, including the current one"
He was obviously referring to Gensler, and even joined our show to discuss his bill.
With this week's fake news, it was not until yesterday that Fox Business journalist Eleanor Terrett (a regular on our show) verified from the SEC that Gensler was NOT fired. This was further corroborated by Fox senior correspondent Charles Gasparino.
It's ironic that, despite their MANY imperfections, the mainstream media at least VERIFY their stories (worried for their reputation and any lawsuits), unlike random social media 'influencers' chasing engagement.
AI & FAKE NEWS
Multiple journalists identified two issues with the original source of the information:
1) The source was a new website registered on June 24. How could it have such high level insider information when it's a week old?? How didn't anyone spot this?!?
2) A greater than 95% confidence in the article being fake news written or generated by AI.
POINT 2 is what concerns me...
In a world of fake news, the ability of AI to generate articles cannot be matched by humans.
Maybe now we can appreciate what Gartner (the research and consulting service for IT and Computer Science) warned us of in 2019 when their article predicted "bots and AI [will] counterfeit reality and fake news"
TWO FACES OF AI
Ironically, the people who found out that AI was used to write the fake news actually used...
Wait, for it...
You guessed it right, AI!
So AI was able to expose the fake AI-generated story!
There is a new war where fake news articles and deep fakes are pitting AI against AI, with each side trying to outdo the other.
It may appear that, at least for now, fake news is winning the war in a world where 'real time' news gets more engagement than facts, making ‘BEING FIRST’ more important for engagement-whores than ‘BEING RIGHT’.
But the war is just getting started...
Unfortunately for the crypto bros, no celebration yet, Gensler is still the Chairman of the SEC.
MY THOUGHTS:
As AI gets smarter, it is being used to capitalize on the darker side of human nature, in this case leading to the spread of fake news (including deep fake)
It is both a worrying and exciting time for humanity as we learn to live with an intelligence that is on the verge of outsmarting us.
I have 2 QUESTIONS for you:
1. Do you think Gensler will be fired this year? Should he be?
2. Will the AI vs AI war lead to MORE or LESS FAKE NEWS?
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