The idea of a renegade AI rests on a few premises:
1. The agent is capable of extreme self improvement on exceedingly short timescales (minutes to days).
2. The AI is pretty much a rational bayesian
3. A resource conflict will occur between humans and the AI, and humans will lose because the AI is so much smarter/faster/more powerful than us.
If you accept those premises, then AI really does seem pretty scary, but we have yet to actually realize an agent that is anywhere close to 1 or 2.
On the other hand, the research directions proposed at the super secret AI conference in Puerto Rico[1] (where incidentally, all the people in title got together) make me nervous. Essentially, the goal is that, if we manage to create these superhuman AIs, they should be somehow validated to do what we want them to do[2], be secure against later manipulation, and if all else fails, be controllable by humans monitoring the agent. The obvious questions would be "will this work with certainty?", or "who gets to control the AI?". For my part, I'm wondering if this isn't all just some sort of fantasy with the object of creating the perfect slave-- obedient from birth, immune to alteration, and subject to lethal discipline either from without or within should it go against its master's wishes.
So I'm uncomfortable with the sorts of people who think that perfect slavery for this newly created intelligent life getting to decide what the future of AI is going to look like, and I get concerned when people like Bostrom suggest AI researchers might require government clearance/supervision.
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1. http://futureoflife.org/misc/ai_conference
2. In a comprehensive and extended sense, such that your favorite utilitarian catastrophe doesn't happen as a result of the agent.