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It is misleading to call the Singularity the "rapture of the nerds". It is more the "irrevocable opening of the gates of hell and starting the reign of the demons and everybody gets eaten" of the nerds.
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I am pretty sure that if we succeed in building self improving AI we can make some of it friendly. But not all of it. Once we figure it out, no regulation or good intention is going to reach all corners of the planet that have AI building capacities.