Tuesday, October 1, 2024

Share this email, not fake AI warnings

The scourge of Instagram chain mail

Ah, chain letters. If you were alive in the 1990s, you may remember their first digital manifestation (emails!), and now, as Bloomberg tech reporter Ellen Huet writes, you can enjoy the 2024 version: a viral Instagram post, pretending to be something serious and official about AI. It's not. Plus: What happened to India's stock market after Hindenburg Research accused the Adani Group of fraud.

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If you're an Instagram user, you probably spotted this as you flipped through stories last week: a block of text on an orange background, carrying a warning and a call to action—"Goodbye Meta AI." The message proclaimed that to prevent Meta Platforms Inc. from training its artificial intelligence systems on your data, you must post the statement. "Failure to do so may result in legal consequences," it continues. "If you do not post at least once it will be assumed you are okay with them using your information and photos."

Instagram

To state the obvious, it's a hoax. Posting a message on Instagram does nothing to change your privacy settings. But it apparently isn't obvious, because hundreds of thousands of users took the viral bait, including celebrities such as Tom Brady, Julianne Moore and the singer Cat Power. It even spawned some videos mocking those who took it seriously.

Snopes—poor, tired internet fact-checker Snopes—has attempted to stamp out the myth that social media users can post a message to protect their account from some perceived misuse … in 2012, 2019, 2021 and 2024. Yet it continues to skitter around the internet. Why do users keep falling for this?

Probably because it's designed to hook directly into our brains. Chain letters work by striking fear in the reader, then offering salvation. (Spoiler: Salvation includes propagating the letter.) More than 100 years ago, per this excellent archive of chain mail, the strategy looked like a letter containing an "ancient prayer" and the warning that "he who will not say it will be affected by some misfortune." Fear not, for he who will send the prayer on to nine others "will, on or after the ninth day, experience a great joy."

Today's fear is the shadowy threat of AI gobbling us up, and the salvation is clicking "share" on Instagram. "Chain letters have always been about a certain level of superstition, and about passing along bad luck through a new technological medium in a way that's a little bit scary and exciting," says Mar Hicks, an internet and technology historian.

Computers and the internet have changed the form but not the function. Chains spread first via the postal service, then email, social media, text-message emoji-laden copypasta —and will continue via whatever spam-messaging nightmare we invent next. Their only goal is proliferation, with each of us as willing (or at least fearful) hosts along the way.

Some jokes dismissed the most recent Meta-opt-out copypasta as boomer bait, but Gen Z is far from immune to digital superstition. TikTok is swarming with chain letters of its own—viral posts that warn that you must "interact 4x" or "save this sound" to avoid bad luck or romantic rejection.

Hicks sympathizes with people who shared that "Goodbye Meta AI" post. Opting out of Meta's AI system is complicated, buried in policy documents and maybe even impossible in the US. The copypasta's virality makes it clear that a lot of users lack the technical literacy to understand the systems controlling their data. If they feel they don't know what else to do, it's understandable that they might turn to a legal incantation or a digital amulet to ward off unknown dangers. "People feel powerless in the face of larger systems," Hicks says. "They make up stories that help them feel a little more in control."

In Brief

India's Markets Brush Off Short Seller Concerns

When New York short seller Hindenburg Research LLC accused the Adani Group of stock manipulation and accounting fraud last year, the Indian conglomerate's shares plummeted—raising concerns about whether the country's markets deserved their reputation as the next big thing. This summer, Hindenburg fired off another salvo, alleging that Madhabi Puri Buch, chair of the Indian market regulator, had a conflict of interest and had blocked a thorough probe into Adani.

But after a short period of hand-wringing in the wake of Hindenburg's Jan. 24, 2023, report, India's stock market has added $1.6 trillion in value and is neck and neck with Hong Kong's to be the world No. 4. The benchmark NSE Nifty 50 Index, poised to cap a record ninth year of gains, has generated a total return in excess of 250% in local currency terms since 2015. That's in large part because India is the world's fastest-growing major country, with the International Monetary Fund saying it will edge ahead of Japan and Germany to become the third-largest national economy by 2027.

Following the Hindenburg report, the Adani Group spent much of 2023 in damage control—paying down debt, delaying some capital expenditure and assuaging investor concerns through road shows across the world's financial hubs. Today it's expanding again, raising funds for projects such as a $10 billion chip plant near Mumbai and a seaport in Vietnam, and for the purchase of various other port operations around the globe. Hindenburg's report was "more of a short-term nuisance than a long-term hurdle to India's growth narrative," says Anirudh Garg, a partner at Invasset in Mumbai.

Abhishek Vishnoi, Ashutosh Joshi and Anup Roy take stock of what's happened since the Hindenburg report: Investors Hot on India Shrug Off Adani Short Seller Attack

Ports on Strike

36
That's how many ports are affected by a work stoppage, Houston to Miami and New York-New Jersey, after dockworkers walked out at 12:01 a.m. Tuesday. The economic loss from the shutdown will be $3.8 billion to $4.5 billion a day, according to JPMorgan Chase & Co.

The Right to Return

"Our brothers and sisters of the Diaspora, uprooted by force during the dark days of the transatlantic slave trade, must find their place once again within the African community."
Olushegun Adjadi Bakari
Benin's foreign minister
More than a million people were shipped from present-day Benin to the Americas at the height of the slave trade. Now the country has approved a law that would make their descendants eligible for citizenship.

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