To build trading bots, an investing thesis, and a song about cryptocurrencies, Crypto Twitter only needs to give a few straightforward commands to a recently unveiled AI chatbot.
ChatGPT is going viral
With ChatGPT, a recently released artificial intelligence (AI) chatbot developed by a research firm, OpenAI, the cryptocurrency community seems to be having a blast. It is being used for a variety of purposes, such as a trading bot, a cryptocurrency blog, and even an original song.
OpenAI describes the bot as a language interface tool that can have natural-sounding conversations, respond to questions, and, within certain parameters, assist in the construction of virtually anything.
One user of ChatGPT who tweeted about their experience showed how the app built a simple trading bot in response to a straightforward instruction by employing Pine Script, the programming language used by the financial software TradingView.
To fulfill a different user’s request, ChatGPT programmed itself to display the most recent orders for the Bitcoin (BTC) and Tether (USDT) trading pair via the API of the cryptocurrency exchange Binance.
Making a trading terminal pic.twitter.com/o6SIO6nMT5
— tbg (@tradertbg) December 4, 2022
Some time ago, ChatGPT was reviewed and it was found that the program could make a sample smart contract. While this was going on, other users discovered that the AI could find weaknesses in smart contracts and help fix them or take advantage of them. But people said that the code that the bot wrote wasn’t always right.
Cases in which the ChatGPT is useful
In addition to using the AI technology for technical goals, Crypto Twitter has also used it for more imaginative and even commercial efforts.
When questioned by a Twitter user on what the blockchain sector must do “in order to positively affect society,” the bot provided a five-part response to the question, listing and explaining scalability, regulation, interoperability, security, and user adoption as the key challenges that need to be addressed by the blockchain sector before it can be able to create an efficient and secure financial system.
Afterwards, a Twitter user with the handle Goose Wayne tweeted that “ChatGPT could write your crypto investment thesis now.”
ChatGPT can write your crypto investment thesis now pic.twitter.com/iN6uH2X1V8
— Goose Wayne (GFX) (@usgoose) December 2, 2022
Kyle Samani, co-founder of the investment company Multicoin Capital, asked ChatGPT to write a blog post about how cryptocurrency payments will change in the future. ChatGPT replied with a long article, which left Kyle speechless. He tweeted his findings along with a picture of the bot’s answer.
“I was planning on publishing a blog post this week about payments over crypto rails, but I guess chatGPT beat me to it,” he said.
Planning on publishing a blog post this week about payments over crypto rails
but I guess chatGPT beat me to it pic.twitter.com/Xyg2GGq2OX
— Composability Kyle (@KyleSamani) December 4, 2022
The AI wrote yet another lengthy piece of commentary on how Monero (XMR) “improves on BTC’s technology,” according to the user who reported the outcome, who also expressed his opinion that ChatGPT will put a lot of cryptocurrency bloggers out of business.
A few people on Twitter have used the tool to make music in the meantime. Jay Azhang, a businessman who works for Web3, shared a song written by the bot about “losing money in cryptocurrency” on Twitter.
— Jay A (@jay_azhang) November 30, 2022
Many other examples of ChatGPT’s use have been shared on Twitter. These include tips for choosing a good cryptocurrency project and how to build a following on Twitter for nonfungible tokens (NFTs). One Twitter user with the handle “brianluidog” even shared an email in which ChatGPT acts as a cryptocurrency hedge fund and warns users about its lack of liquidity due to the end of Futures exchange (FTX).
brianluidog showed his conversation with the bot, whom he asked to
“write the monthly letter to investors for a cryptocurrency hedge fund that lost 99.9% of its value in November because the FTX exchange collapsed.”
PSA for crypto fund managers: chatgpt can help you communicate with your investors pic.twitter.com/VfEz4OWf0c
— Brian Lui (@brianluidog) December 2, 2022
The need to monetize ChatGPT
Sam Altman, CEO of OpenAI, stated in a tweet on December 5 that the tool is currently free since it is a research release, but it may not last for long because of the program’s eye-watering operating expenses and that it will eventually need to be commercialized.