David Sacks Says AI Job Loss Fears Overhyped

The study comes as the US Department of Labor reported just 73,000 new jobs added in July — far short of the 100,000 estimates by Dow Jones.

As for crypto, just 38 new positions were added to the CryptoJobsList.com board in July, while Remote3.co added 69.

Sacks in agreement with crypto entrepreneur

Sacks reached his conclusion after citing a post from former Coinbase chief technology officer, Balaji Srinivasan, who challenged some of the most prominent narratives about AI replacing human jobs.

Balaji argued that AI is still constrained: “Today‘s AI is not truly agentic because it’s not truly independent of you,” he said, adding: “AI doesnt take your job, it lets you do any job.”

If it replaces anything, its the job of the previous AI, Balaji said:

“For example: Midjourney took Stable Diffusion‘s job, and GPT-4 took GPT-3’s job. Once you have a slot in your workflow for AI image generation, AI code generation, or the like, you just allocate that spend to the latest model. Hence, AI takes the job of the previous AI.”