Elon Musk: Universal Basic Income is the Future

Elon Musk just together with other financial experts is suggesting that universal basic income (UBI) may be the solution to the looming problem of future unemployment due to automation of jobs as a result of artificial intelligence (AI).

What is UBI?
A basic income (also called basic income guarantee, Citizen's Income, unconditional basic income, universal basic income (UBI), or universal form of social security in which all citizens or residents of a country regularly receive a regular, unconditional sum of money, either from a government or some other public institution, in addition to any income received from elsewhere.

Elon Musk had the chance to share his thoughts on universal basic income at the World Government Summit in Dubai.
He stated, “deep artificial intelligence, or artificial general intelligence, where you can have artificial intelligence that is much smarter than the smartest human on Earth, this is a dangerous situation. I think we need to be very careful in how we adopt artificial intelligence and that we make sure that researchers don’t get carried away. Sometimes what will happen is a scientist will get so engrossed in their work that they don’t really realize the ramifications of what they’re doing.”

He stated, “deep artificial intelligence, or artificial general intelligence, where you can have artificial intelligence that is much smarter than the smartest human on Earth, this is a dangerous situation.”

He continued by noting the importance of advancing our research into AI with caution: “I think we need to be very careful in how we adopt artificial intelligence and that we make sure that researchers don’t get carried away. Sometimes what will happen is a scientist will get so engrossed in their work that they don’t really realize the ramifications of what they’re doing.”

Musk talked about how autonomous technology will impact jobs within the next few decades, in fact: “Twenty years is a short period of time to have something like 12-15 percent of the workforce be unemployed”

Musk explained that he doesn’t see any other option at the moment, aside from UBI. “There is a pretty good chance we end up with a universal basic income, or something like that, due to automation” Musk tells CNBC. “Yeah, I am not sure what else one would do. I think that is what would happen.”

Universal Basic Income, Where We Are Now
Discussion of what eventually came to be called basic income began with scattered writers in Britain and the United States in the first half of the twentieth century. The idea quickly gained strength in United States and Canada in the 1960s and 1970s, but almost as quickly disappeared from the political scene there by 1980. By that time, the discussion had begun to develop in Europe where it grew gradually in 1980s, 1990s, and 2000s. Following the 2009 financial crisis, basic income has seen a significant rise in prominence around the world. The debate has broadened to most of the developed world, to Latin America, Middle East, and to at least some countries in Africa and Asia.

We could implement UBI using Cryptocurrencies like BTC, the countries should invest in BitCoin or Ethereum, buy an amount and make a program based on cryptocurrencies to develop Universal Basic Income

Any comments are welcome!