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Since we are openly speculating, I think the missing ingredient is feedback loops. There is no explicit input side and output side of the brain. Its all just a ball of neurons. There is propagation delay between the neurons. This makes it possible to have self sustaining loops of neurons firing. The longer the loop, the longer the amount of time it takes to go full circle. We call this phenomena "brain waves".

I think what we get wrong is that individual neurons rarely represent anything. They are a medium for the waves. The waves are the currency of thought. A brain is a series of electro-mechanical oscillators that resonates with abstract concepts and patterns.

AFAIK, most research is still using the old "neurons represent single things" paradigm. Someone needs to tell them, there's no such thing as a "grandmother neuron".



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