Numerai (NMR) is getting TOO hot
Numerai is an attempt to create artificial intelligence that can predict cryptocurrency markets. It does this by creating tournaments that anyone can participate in, and rewards NMR (tradable token) to the artificial intelligence that makes the most earnings. This is survival of the fittest, but for artificial intelligence. NMR was not funded by an ICO, with NMR being only available to participants ( data scientists).
Recently they announced that due to the value of the NMR going up astronomically, the prize money for each tournament has gotten to a ridiculous state (akin to 10 Netflix prizes).
Quote from their latest post (https://forum.numer.ai/t/the-new-numerai-economy/347)
"But an overnight 666-fold increase in payouts because of the release of Numeraire is not without downside.
The payout increase also incentivizes unaligned activity such as trying to decrypt our data to gain an edge, breaking our rules on multiple accounts, or even hacking our website. Success in these unaligned activities is now also rewarded significantly more, and we aren’t ready for this new threat model."
Whilst more money going into a project is good, whats happening here also shows the dangers of too MUCH money.
Interesting, thanks as always.
It's amazing to see new projects like these coming out everyday. It's an exciting time to be in cryptocurrency right now.
Amazing project @boxmining. Thanks for share this information. The cryptocurrency world and all around the "new economy" through artificial intelligent is a new opportunity to create different business ways
That is very innovative technology,so is NMR currently being sold on exchanges ? Thanks for sharing
I was just learning about this project. In my opinion is not at the sweet spot yet but I will go ball deep in this one soon. I'm learning data science on my own so Is a win-win for me.
I had a fishy feeling about NMR. People were too quick to adopt it without reading about the specifics. Nothing is worth more than due diligence .
Cool Info! I bought some the other day as an investment (when it seemed to be sky-rocketing for some unknown reason!), but still don't know exactly how it's supposed to work :)
That's crazy, i think AI in the near future will be as public and popular as solar. What a great coin too be backed by a future dominate source like AI. Good write up @boxmining
Very interesting stuff here. Its quite amazing what some of these people are doing. Thanks for the info @boxmining
In the same post they also mentioned that they will reduce their payouts in the tournament with ~90%. how badly do you think this will affect the price per token?