ChatGPT: the new Internet bot for crypto
A few days ago, OpenAI, which created the famous ChatGPT bot, announced the launch of new plug-ins: among them is an Internet bot that can theoretically be used, among other things, to optimize crypto investments.
After all, OpenAI’s mission is precisely to enable ChatGPT to somehow interact with the real world, and it’s no coincidence that users have been asking for new plug-ins for months now to unlock a wide range of possible new use cases.
For now, the new plug-ins are only available to a small group of users, but OpenAI plans to gradually implement access on a large scale.
Examples of plug-ins added include FiscalNote, which provides access to real-time datasets of legal, policy and regulatory information, or Klarna, which searches and compares prices from thousands of online stores. There is also Wolfram, which enables calculations always in real time.
But the most interesting is probably Browsing, which is a plug-in that allows users to read information from the Internet.
This web browsing plugin allows ChatGPT to pull data from around the web to answer users’ questions, as it fetches content from the web using Bing’s search API.
Better crypto investments thanks to new Internet bot
According to some, the integration of these new plugins can help cryptocurrency investors and traders, and more generally, everyone in the crypto market.
In fact, with access to up-to-date information posted all over the web, ChatGPT could in theory also provide investors and traders with real-time information on trends and possible market developments.
In particular, it can make it possible to very easily and quickly gather and select the latest news and analysis, thereby enabling investors to make more informed and thus potentially more profitable decisions.
Indeed, there are those who speculate that it may even help them catch new trends so that they can identify opportunities before they become public knowledge. This can give investors a significant advantage, as it would mean anticipating trends that the market as a whole will only fully understand later.
Of course, all this will primarily be within the prerogative of those who know how to use these new tools well, which is a small fraction of those operating in the crypto markets.
It will thus be an added advantage for professional traders or at least those with greater expertise, while for everyone else it may even prove to be a problem.
Indeed, given that financial markets are often structures that move money from the most incompetent to the most capable, instruments that further the latter may allow them to drain even more capital from the great mass of lay people, who will then be even more at risk of loss.
The risk of ChatGPT
Moving beyond the theory and into the concrete reality, using ChatGPT to make money in the crypto markets will not be without risk.
In fact, the tool has already proven that it is by no means always reliable, that is, it is still not able to select the information that is truly the best.
Should the information collected from the web, where the erroneous ones may outnumber the correct ones, be of low quality, or worse, incorrect, it may even inconvenience or harm users.
In fact, to be honest with regards to crypto markets, the sentiment that can be determined at any given time often does not prove to be useful in predicting what may happen in the future.
Usually, sentiment turns positive after there has been growth, which is when it is, for example, too late for investors to enter. Correspondingly, it often becomes negative after there has been a decline, i.e. when it is now too late to quit.
It will be necessary to see how smart ChatGPT’s logic will really be, and especially how well it can be used by investors to gather really useful information from the web.
Such information can be largely influenced precisely by general sentiment, which is in no way a good indicator of future market development.
Also, crypto markets evolve very quickly, so to be truly useful to investors, ChatGPT needs to select only the most recent information, leaving aside those that have become obsolete. Such timing will not be easy to achieve at all.
Artificial intelligence
However, it is important not to forget that ChatGPT is only the first such tool to be launched on the mass market. Other tools, either already existing but only used by a privileged few, or not yet realized, may provide even better results in this regard.
Indeed, it is quite logical to imagine that those who move huge amounts of money in the financial markets are already using artificial intelligence, perhaps with their own non-public tools.
If nothing else, in the future the huge gap that to date separates small traders from whales can be partially bridged by artificial intelligence. This approach has yet to happen, but with ChatGPT’s new plug-ins, it may begin.
