Let's start with a brief review of history to put them in context. The Luddites were a social movement that emerged in England in the early 19th century at the height of the Industrial Revolution. It was named after Ned Ludd, a textile worker who allegedly destroyed a weaving machine in protest of working conditions. Luddites opposed the technological advancement that threatened their jobs and way of life, and took to sabotaging and burning factories and machinery.

Today, the term Luddite is used to refer to those social and economic actors (governments, political and financial institutions or individuals) who reject or criticize new technologies, especially those related to digitalization, automation and artificial intelligence. Some of these new Luddites are activists who denounce the negative impacts of technology on the environment, society and culture; others are simply skeptical or fearful of the changes that technology brings.

Critics of cryptocurrencies attribute several problems to them, such as:

📌The high energy consumption that cryptocurrencies demand to generate and validate transactions, arguing that it contributes to global warming and the depletion of natural resources.

📌The volatility and instability of cryptoassets, caused by constant fluctuation according to supply and demand, making them unreliable as a means of payment or store of value.

📌Their illicit use, cryptocurrencies facilitate anonymity and tax evasion, making them conducive to illegal activities such as money laundering, terrorism, drug trafficking, etc.

📌The lack of regulation, which brings associated that cryptocurrency holders can be victims of fraud, theft or hacks because they are not subject to any control or supervision by the authorities.

Another area where the new Luddites have expressed their rejection is artificial intelligence (AI). Those of us who are in favor of artificial intelligence (AI) see it as a tool that can improve productivity, innovation and human welfare. However, critics, detractors only point out risks such as:

📌The negative impact on the labor sector due to the capacity that artificial intelligences have to be able to replace human workers in many activities, which can generate unemployment, precariousness and social inequality.

📌The possibility that artificial intelligences increase bias and discrimination due to their ability to reproduce or amplify human prejudices and stereotypes, which may negatively affect certain groups or individuals based on their gender, race, age or sexual orientation.

📌The lack of transparency in the algorithms used by artificial intelligences and their explainability to make complex decisions without disclosing the criteria or data it uses, which makes them difficult to understand and accountable.

📌Their potential existential threat as they will surpass human intelligence and escape human control, which could endanger the survival or freedom of humanity. This is a hypothesis known as the technological singularity and has been put forward by some scientists and philosophers such as Stephen Hawking or Nick Bostrom. According to this view, a superintelligent artificial intelligence could have goals that are contrary or indifferent to humans and would possess the ability to use its power to manipulate or eliminate them.

Personally, I try to maintain and educate people from a balanced and critical view, without absurd fanaticism for or against. Cryptocurrencies and artificial intelligence are innovative technologies with a lot of potential, but also with many challenges and risks. We will always find, in one way or another, advantages and disadvantages. On the one hand, cryptocurrencies can be used for illicit or speculative purposes, money laundering, terrorist financing and tax evasion, but they can also be a more democratic and transparent way of managing money. On the other hand, artificial intelligence can threaten the privacy, security and dignity of humans, but it can also contribute to improving people's quality of life and solve complex problems.

The motives of the new Luddites may be diverse, ranging from ethical or environmental concerns to unfounded or irrational fears. However, their stance may be counterproductive or unsustainable: technologies are inevitable and can have benefits if used in a responsible and regulated manner. Therefore, a constructive dialogue between the different social actors is necessary to find a balance between technological progress and the common good.

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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.

“Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.

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