Blockchain Booster or AI Nightmare?

2013 was all about ChatGPT and AI. ChatGPT is the fastest-growing app ever, with over 100 million users since November 2023. As traders capitalise on the narrative, AI coins like Fetch.ai (FET) and SingularityNET (AGIX) have seen second-hand euphoria in the cryptocurrency market.

ChatGPT is the most extensively used AI tool. Analysts expect major changes in crypto and Web2 lifestyles. ChatGPT is intended to transform practically every industry, yet it has drawbacks.

Is this advanced technology a chatbot or a worker replacement? How would ChatGPT affect BTC and blockchain technology?

We’ll probe the machine’s inner workings to understand it. Who better to say if ChatGPT is friend or foe than the horse?

What’s ChatGPT?

ChatGPT is a GPT-3-powered chatbot. San Francisco-based OpenAI developed it. DALL-E and ChatGPT have propelled OpenAI to fame, backed by Microsoft and co-founded by Sam Altman and Elon Musk.

ChatGPT users converse with a chatbot and receive text responses. It’s simple. ChatGPT can “answer follow-up questions, admit its mistakes, dispute wrong premises, and reject unsuitable requests” unlike other conversational chatbots.

That’s only the beginning. ChatGPT responds using data from across the internet. It absorbs and stores information. If asked, the chatbot will add humour and personality.

ChatGPT sounds like a grandfather giving you a Christmas present and instructing you to keep it safe.

Human-like.

ChatGPT Functions How?

ChatGPT is a neural network that has processed massive amounts of data and dialogue. Neural networks, fashioned after the human brain, process data using independent, interconnected nodes.

ChatGPT uses this neural network and its databank to evaluate and output text.

OpenAI engineers trained ChatGPT with massive data. It learned language models and input/output mechanisms to give the software a conversational tone.

ChatGPT’s intriguing deep learning environment consumes information. Social media, internet publications, and textbooks taught the software. Like a person, ChatGPT can learn fresh knowledge from you.

ChatGPT’s first release was taught using pre-November 2021 materials. After this, it knows little. The software still considers FTX an operational exchange.

However, ChatGPT can incorporate additional last-year data from trusted sources into future responses.

ChatGPT generates many responses when prompted. ChatGPT chooses the best response based on its training, knowledge, and neural network.

ChatGPT for NFT and Crypto Trading?

ChatGPT cannot make you a renowned crypto trader overnight. To test this notion, I asked ChatGPT for a decent Cardano entry based on market conditions:

I anticipated the system to respond randomly. ChatGPT gave me some basic trading advise that inexperienced traders would find useful, such monitoring impending developments and partnerships.

NFT trading too. ChatGPT did not offer investment advice. It told me Cryptopunks were iconic but that NFTs were a new and speculative market.

I like ChatGPT’s warning, telling me to do my own research.

ChatGPT: Cryptocurrency Adoption?

ChatGPT is a versatile tool. Let’s discuss ChatGPT’s benefits and downsides.

ChatGPT Pros

Crypto Education

Blockchain and digital assets are complicated. Certain Web 3 technicalities deter crypto novices. Stablecoins are a tough DeFi idea.

ChatGPT solves. A blockchain specialist answers your questions in your browser. ChatGPT may simplify complex concepts with analogies and definitions. This can greatly simplify cryptocurrency adoption.

Blockchain Development

ChatGPT can help blockchain developers create simple smart contracts. They can focus on more complex tasks. I asked ChatGPT to develop a simple solidity smart contract to test this theory:

ChatGPT can debug simple code and identify security issues. This is nice, but I’d still be wary of programmes not audited by a blockchain security firm.

Several crypto traders have utilised ChatGPT to develop their own data-driven trading bots.

Support Crypto Startups

Contrary to popular belief, not all cryptocurrency firms have millions of dollars from VCs and angel investors. Several of the biggest blockchain applications, like Uniswap, started out as modest concepts from lone engineers with no funding.

Without having to hire expensive social media managers and copywriters, ChatGPT can assist new projects in producing material, such as tweets and documents.

ChatGPT Cons

Inaccurate Information

The free version of ChatGPT was trained using information and world events from before 2022, as was previously described. There’s a chance that ChatGPT will offer inaccurate information unless you’ve given it current, pertinent information.

Furthermore, bogus news and unreliable sources abound on the current internet. So, even while sending information to ChatGPT, you should use due care and double-check the reliability of your sources.

A centralised tool that may provide responses that are biassed is ChatGPT. For instance, if OpenAI was bearish on XRP and supplied ChatGPT unfavourable information about Ripple, the programme might solely express unfavourable opinions about that specific cryptocurrency. This isn’t always the case, but in centralised environments it’s always conceivable.

Security Concerns

The conditions of use for ChatGPT stipulate that all data and information exchanged with the programme are stored. This is applied to enhance the good and increase its knowledge. Yet, it can be difficult to predict who will have access to this information and how it might be used in the background.

I advise not giving ChatGPT your personal information or payment card information out of caution.

People’s Complacency

Although this isn’t a ChatGPT-specific flaw, it almost demands a separate debate. We shouldn’t automate and hand off simple duties to machines just because we can. Simple solutions will render human ingenuity and critical thinking obsolete if everyone chooses them.

In general, artificial intelligence is already eliminating several occupations. That makes sense from a commercial standpoint; why pay an artist to generate branding pictures when an AI like DALL-E can do the same thing for nothing? Why hire a copywriter when ChatGPT can create the same text more quickly?

What happens next if AI is able to perform better than humans in the workplace?

Do we truly want this kind of future?

What is ChatGPT’s opinion on all of this?

ChatGPT is made to take in information and give precise answers to commands. I waited for feedback from ChatGPT after asking it to read this article:

For the time being, ChatGPT sees itself as a tool for the good of mankind. We decide how to utilise it and why, so that’s up to us. I have no reason to suspect that ChatGPT itself is attempting to replace us because the programme shouldn’t be able to lie.

Yet.

On the other hand

ChatGPT and artificial intelligence as a whole are still developing fields of study. Although ChatGPT is clearly a strong tool, its capabilities still have some limitations because AI development is still in its infancy.

Why It’s Important

In the near future, it is anticipated that the development of ChatGPT and artificial technology would alter how contemporary enterprises and livelihoods are conducted. The cryptocurrency market has seen major price changes for AI-based coins as a result of AI’s recently discovered popularity.

It’s crucial to comprehend how this technology functions and its limitations. You can use this to stay informed on how AI may be used in the future and to make wise judgements in the cryptocurrency market.

FAQs

How can I use ChatGPT?

A conversational chatbot that produces text outputs is called ChatGPT. It can explain challenging ideas and provide answers to queries. It has the ability to produce written material for social media postings and emails.

Who is ChatGPT’s creator?

San Francisco-based research and development company OpenAI developed ChatGPT. Experts in the field, including Sam Altman and Elon Musk, co-founded Open AI.

What are ChatGPT’s restrictions?

Although ChatGPT is a strong tool, it still has several drawbacks. Only text-based outputs can be produced by ChatGPT, and it is said that it struggles to understand irony and sarcasm. Some users have complained that the machine is ignorant and lacking in common sense.

What does GPT in ChatGPT mean?

The term “Generative Pre-training Transformer” is referred to as GPT. It indicates that the software produces a response using previously learned information that its underlying AI model alters.

Can ChatGPT outperform Google?

ChatGPT will not succeed Google, no. Google is a search engine that assists users in discovering images, videos, and products online, whereas ChatGPT generates text. Google and ChatGPT are comparable, although they are not direct rivals.