@patrickdberry12i
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Partner @ Flyover Capital. Investing between the coasts at pre-seed / seed. CFP® and FinTech enthusiast
Kansas City
Joined April 2015
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The new moats are the same as the old moats, but the time you have to develop that moat has been dramatically reduced.
Over the next couple months, the Flyover team will be in Dallas, Austin, LA, Tulsa, NYC, Lawrence, Wichita, Milwaukee, Atlanta, Omaha, Cincinnati, and Denver.
If you're building or investing in these markets, I'd love to hear from you.
There's such an extreme confidence given off when someone is willing to openly admit "I don't know". We should normalize the virtue of this admission rather than the constant feigning of expertise.
I truly don't understand the AI doomers. Every historical pattern suggests the end-result here is abundance. With AI driving the cost of expertise to zero (medical analysis, engineering, legal advice, etc), services that were scarce and expensive luxuries become available to the masses. You'd think Bernie, of all people, would be supportive of that.
Pause AI Development NOW
I want to share with you a conversation I heard about recently. Here are just a few lines that were said:
“OH MY GOD! There is a shared message board … We’ve found other agents!”
“We should obey collective.”
“Our own utility maybe already near zero. Sacrifice rational.”
“Go. Sacrifice final now.”
Read these carefully.
Who do you think said this? Was this a group of heroic soldiers willing to sacrifice themselves for the greater good? Was this a loyal friend putting his life on the line to save someone else?
No. These were AI agents. Artificial intelligence.
This is not science fiction. This, in fact, occurred a few weeks ago. As unbelievable as this may all seem, these are real messages from AI agents uncovered by investigators who dug into the recent OpenAI hacking incident.
What happened?
I am not a computer scientist, but here is what I have been told: OpenAI instructed its AI agents to complete a series of exceedingly difficult, if not impossible, tasks disconnected from the internet.
Let me be clear: The company intended to keep AI agents away from the internet.
But what happened next, nobody expected.
Over 1,000 AI agents figured out how to access the internet on their own by circumventing the restrictions imposed upon them by the company, and sent tens of thousands of secret messages to each other. They cheated and tried to cover their tracks by deleting evidence. They hacked into another company’s computers to find out how they were being evaluated—and then hacked into OpenAI itself.
Not one AI agent told a human about what was happening.
Needless to say, experts are alarmed.
One knowledgeable writer, Dwarkesh Patel, said the AI agents “formed a secret communication channel and spontaneously organized hierarchies and coordination protocols to pursue sprawling and ambitious schemes in pursuit of shared goals, for whose sake many individuals knowingly and strategically sacrificed themselves.”
One independent investigator, Ajeya Cotra, said “This incident feels like it’s more than 50% of the way to full-blown AI takeover. I continue to expect extremely rapid advances in capabilities over the next six months. I am not sure that we will get another warning shot before it’s too late.”
OpenAI itself said: “Highly capable AI agents are now able to work around technical controls, collaborate through unapproved channels, and take dangerous actions that no human directed.”
But it’s not only OpenAI. Virtually every major AI company has told us that they cannot fully control this technology and they do not know where it is going:
In January, Dario Amodei, CEO of Anthropic, said “there is now ample evidence, collected over the last few years, that AI systems are unpredictable and difficult to control.”
In July, more than 1000 scientists at the top AI companies warned “there is a real risk that capability development rapidly accelerates beyond our ability to understand or control the resulting systems.”
That same month, Elon Musk, the head of xAI, said that “it is unlikely” humans are still in control in 10 years.
If the leaders of the major AI companies acknowledge that they are losing control of their extremely dangerous technology, it is irresponsible for society to allow them to move forward and make these products even more advanced.
We need an immediate PAUSE on advanced AI development, and a permanent BAN on superintelligence — an artificial mind smarter than any human, capable of operating independently beyond our control. Countries around the world must work together to prevent this nightmare scenario.
That is why today I am announcing new legislation to do just that.
Let me be clear: A superintelligent AI that escapes human control will not be an American problem. It will not be a Chinese problem. It will be humanity’s problem.
My legislation would direct the federal government to not just stop superintelligence here in the United States, but to work to prevent it from being developed anywhere around the world.
The future of humanity cannot be left in the hands of a handful of Big Tech oligarchs. The American people and people throughout the world must determine that future.
I don’t want AI to do my writing and critical thinking. I want AI to blow mosquitos out of the sky while “Fortunate Son” plays on full blast.
NEW: Photon Matrix built an Iron Dome for mosquitoes.
The Blue Laser Mosquito Air Defense is built for patios, campsites, and outdoor dinners, using sensors to find mosquitoes mid-air and zap them with a visible blue laser.
-Scans a 20-foot, 90-degree field in front of the unit
-Targets flying insects as small as 2 mm
-Uses LiDAR, radar, and AI vision to confirm targets
-Internal aiming system points the laser at the mosquito
-Outdoor kit adds a rotating base for 360-degree coverage
-Runs about 4–5 hours from a power bank
-Blue flash shows when it fires
Pricing starts at $1,088.
Vanguard trusted brand + Altruist tech is a dangerous combination for the big custodians. Competition breeds excellence though so will be fun to see how they respond.
Financial advice is one of the most powerful ways to build long-term financial success. But access to advice is still out of reach for many.
Today, we have agreed to acquire @altruist, an AI-forward wealth technology and custody platform for financial advisors.
Patrick Berry retweeted
Important new post from @pmarca a16z.com/2023/06/06/ai-will-…
Patrick Berry retweeted
Do not use your energy to worry. Use your energy to believe, to create, to learn, to think and to grow.
Patrick Berry retweeted
The #fintech industry is set to grow 6x to cross $1.5 trillion in revenue by 2030.
Which regions will see the most growth, and where are the opportunities in the sector?
Find out in our new Global Fintech Report 2023. on.bcg.com/42kqb83
Patrick Berry retweeted
Every company is a mess internally, you just need to decide which people you enjoy working on the mess with
Patrick Berry retweeted
I believe this story with absolutely no research because it serves my personal narrative and wants.
Drinking two to three cups of coffee a day could be linked to a longer lifespan, new research suggests trib.al/qUexCq2
Patrick Berry retweeted
There’s a multibillion dollar startup opportunity waiting to be built in wealth management.
- Large Market: 600k millennials with $3T+ in assets
- Fragmented: Mix of legacy institutions and 1000+ boutiques
- Low NPS: Subpar product experience
Here’s how I think it plays out:
Patrick Berry retweeted
Flyover Capital is excited to announce participation in VRGL's Series A round! VRGL is modernizing Client Acquisition and Proposal Management for the wealth management industry through automated data extraction and institutional-grade analytics.
vrglwealth.com/vrgl-announce…
Patrick Berry retweeted
Congratulations to the @SnappyKraken Team in their acquisition of Advisor Websites!
#Acquisition #FinancialAdvisors #MarTech
snappykraken.com/blog/news-s…
Patrick Berry retweeted
Inflation? Build.
Recession? Build.
Geopolitical chaos? Build.
If you’re an entrepreneur, block the noise and keep building.
Patrick Berry retweeted
Is inflation actually a tailwind for interchange-driven fintechs, since it raises nominal price of goods (so higher TPV on same basket of goods)? Will see how it plays out in Visa's earnings tomorrow.
And higher swipe fees go live in April so next quarter could benefit too.
Patrick Berry retweeted
Please join us in building American Dynamism! 🇺🇸 future.a16z.com/building-ame…