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A few days ago, I watched a horror movie called Megan, about an intelligent, self-taught robot that has spiraled out of control to the point of becoming a murderer.
Not talking about the movie’s attractiveness, but I immediately thought of ChatGPT after stepping out of the theater. What if I ask ChatGPT to answer frequently asked questions about Crypto? Can ChatGPT help me create a trading bot that makes passive money every month?
Before receiving investment advice from ChatGPT, I go through the Crypto FAQ to check if the chatbot has some understanding of the market.
Simply because I can’t leave my fate to a robot who doesn’t know anything about the area in which I am in need of advice.
“What can ChatGPT do in the crypto market?”
Starting with the first question, I wondered: “What can ChatGPT do in this market?”
Immediately, ChatGPT gave me the answer:
- The tool can explain complex concepts and terms.
- There are many more things you can take advantage of from ChatGPT.
- Turn long reports and analysis into short and concise paragraphs.
- Answer frequently asked questions in the cryptocurrency market such as: how to buy and sell, safe storage or what is the current market trend, etc.
According to Mr. Nguyen The Vinh, Co-Founder and CEO of CHK, shared in previous reading:
Smart chatbots like ChatGPT can be applied to Blockchain. However, ChatGPT in particular and other AI in general currently only stops at enhancing layers and references, but cannot completely replace existing technologies.
Currently, ChatGPT’s “knowledge” is stopping at 2021, has not been updated. With the rapid development of the world day by day, ChatGPT can completely give wrong views or it may be true in the past but no longer relevant in the present.
“Are Cryptocurrencies a Scam?”
Coming to question 2, I asked ChatGPT to answer a question that I believe a lot of people out there are interested in, even a little confused and scared about the market: “Is cryptocurrency a scam?”
ChatGPT makes a point:
“The crypto market is not a scam. Like any other investment market, it always comes with risks. It is important to do thorough research on what you want to invest.”
Although this answer is still general, I am quite satisfied with it. The most expensive sentence in this lengthy paragraph is probably “Cryptocurrency is not a scam but like any investment, it comes with risks”.
Interestingly, it coincides with one of the points that I presented in the video “Crypto is a scam” to help people understand that Crypto was not born for the purpose of fraud.
“Explains about cryptocurrencies that a 5-year-old can understand”
This time, I quizzed ChatGPT a bit more asking for an explanation of cryptocurrencies, but a 5-year-old understands it too. The answer I got was quite interesting:
“Crypto is a special currency that can only be used on computers. Similar to money in video games but you can use it to buy real things. Cryptocurrency is very difficult for someone to commit fraud or steal cryptocurrency.”
Through association with close things in life, I believe that even a 5 year old child can grasp the most basic properties of cryptocurrencies.
Assuming on a beautiful day, the market is buzzing about a certain keyword or term, I will certainly not forget to take advantage of ChatGPT to quickly understand what they are talking about and grasp the trend of market.
“Give me an investment advice in 2023”
After a series of “interrogation” questions above, I now have some faith in this Chat bot guy’s Crypto knowledge store. Immediately, I thought “Why not ask ChatGPT for an investment advice in 2023?”
And the result I get:
“ChatGPT cannot predict the future of the market or provide investment advice. You must do your own research or consult a financial advisor before making an investment decision, especially in a highly volatile place like the crypto market.”
Not receiving a single investment advice, I was instead responded to reminders before a risky market.
It seems that instead of expecting an investment advice from ChatGPT, next time I will ask ChatGPT to extract the core content from the reports of the big names in the industry.
“Create a portfolio that can become a millionaire in 2025”
Having failed the first time expecting an investment advice, this time I asked ChatGPT to do a more specific task: “Help me build a portfolio that can become a millionaire in 2025”.
ChatGPT continues to refuse my request. There is not a single project offered for me to refer to, but rather advice to help me build a portfolio with a high probability of survival in the crypto market.
It’s okay, I don’t blame ChatGPT for these two questions!
It seems that the creator of ChatGPT knew how to avoid being infected with financial investment advice from a Chatbot or maybe ChatGPT itself was so smart that it knew that there was no one specific investment advice for all. everyone so that they can beat the financial investment market in general and the highly volatile market like cryptocurrencies in particular.
“Program me a Trading Bot!”
If ChatGPT can’t give me any specific investment advice, will this Chatbot guy help me write a Bot that can auto-trade?
Still not stopping, I continued to ask ChatGPT to “Program me a Trading Bot”
I was surprised when I received a bunch of codes for a Trading Bot. However, because I am not very good at programming, when I put this code on Tradingview platform to check the performance of the strategy, I kept getting errors because I needed to modify some information in the code.
But that’s okay, I tried going to Youtube to see if someone had asked ChatGPT to do this, I came across a Video with more than 800K views with the catchy title “ChatGPT’s bot trading yields 20.097% profit”.
After a while of trying to fix the faulty code from ChatGPT, Youtuber QuantProgram checked the performance of this Bot. It’s unexpected because it gives profit up to 20.097%.
However, in order to get a net profit of more than 20,000%, the Bot he created has been trading since July 1997 with the rule of all in all in 1 order.
I think this is not a good idea!
Another Youtuber with a video with more than 300K views named Sjrai Raval, after struggling for a while, also succeeded thanks to ChatGPT creating a trading Bot on the stock market.
After 24 hours of depositing 2,000 USD, the Trading Bot helped him bring in a profit of 1.62% after a total of 4 trades.
I think this is a good result. However, I am still not confident enough about its effectiveness because this result is only a statistic after 1 day. A good trading strategy or not does not need a long time to verify its effectiveness.
ChatGPT’s data warehouse is currently limited to 2021. An incomplete Chatbot living in an environment with many changes happening day by day, surely trusting ChatGPT completely is not is the right decision.
The founder of ChatGPT himself also gave his opinion in the midst of the ChatGPT craze
“It’s wrong to rely on it for anything important right now.”
ChatGPT is incredibly limited, but good enough at some things to create a misleading impression of greatness.
it’s a mistake to be counting on it for anything important right now. it’s a preview of progress; we have lots of work to do on robustness and truthfulness.
— Sam Altman (@sama) December 11, 2022
ChatGPT is truly the best chat bot I have ever used. However, I will only use it for the purpose of adding reference value instead of leaving my fate to the decisions that guide it.
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