Do you think machine consciousness is possible?
run_zeno_run: More helpful would be to look up the Church-Turing-Deutsch principle, aka the physical Turing thesis or strong Turing thesis.  It is more intent in proposing that everything in the universe, including the universe itself, is computable.  If you hold to this principle, then machine consciousness is obviously feasible.  
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Another way of asking your question is: why wouldn't machine consciousness be possible?  Why would there be some special sauce in the brain that is off limits to being understood and/or modeled? 
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And lastly, to address you're worry of wasting your life, there are many, many applications of AI/Cog.Sci. that would improve the human condition immensely without needing fully 'conscious' artificial machines.  Also, the main reason why I in particular am dedicated to AI/Cog.Sci (and really the best reason for devoting yourself to anything) is because it is the most damned interesting thing I've ever been exposed to, IMHO.