Aalmost three years have passed since then yacht The prospect of using OpenAI’s text generators, and now language models in various fields, has led to a lively public discussion on the potential and current uses of artificial technologies. Today, one month before the algorithm’s 3rd anniversary, we spoke with Gracie Chen, Managing Director of BitGate, the largest crypto copy trading platform and the first to launch copy trading for the cryptocurrency spot trading market. We discussed the possibilities of using chatgpt and Artificial Intelligence (AI) technologies for business, as well as insights regarding potential application timelines and development outlooks.
What is copy trading and how does it work today?
Copy Trading is a tool for copying trades, which helps users follow experienced traders in the process of buying and selling cryptocurrencies at a profit. It is ideally suited for those who cannot follow the news regularly and miss out on the favorable market. We provide users with the opportunity to choose a successful trader and replicate their trades.
How many traders use copy trading?
The copy trading feature on Bitgate has attracted more attention since its launch 80,000 elite merchants to share their strategies and more 380,000 followers To copy, and that number continues to grow.
Namely, half of modern crypto users use the copy trading strategy, although this is a relatively new trend in the market. Is this hype related to new technologies like AI?
In fact. Just a year ago less than half of the users were interested in copy trading. The popularity of AI and ChatGPT has become a catalyst that has increased the demand for this type of trading practice. The innovation is driving people’s interest towards experimenting with algorithms with the aim of automating trading. Furthermore, the social aspect of the Internet is still growing in importance, just look at people’s behavior — almost every mobile user has a favorite influencer on Instagram or TikTok. It is the same with copy trading, with the only exception being that it carries increased responsibility and requirements for expert experience.
But copy trading is really far from these techniques, isn’t it?
The idea of using ChatGPT for trading is to take advantage of AI to create trading strategies to help beginners who can hardly create strategies on their own. This is actually very similar to the copy trading feature. Copy trading is the process of replicating the successful trades of the professionals. But it may not be able to suggest personalized strategies. On the other hand, AI can perform such tasks to some extent.
When will exchanges be able to offer AI access to traders?
Currently, Bitget users are using copy trading features to follow the strategies of their professional counterparts, while in the future, AI solutions like ChatGPT may also provide solid crypto trading strategies for others to copy, and we Really welcome it. Still, it is too early to predict this, as the technology first needs to be developed and tested.
Although the first experiments with AI will happen this year, the initiative is not really coming from exchanges, but from users themselves who are looking for opportunities to use AI-based tools like ChatGPT to increase their income. Such an approach can carry a great deal of risk – something developers may not accept in the process of creating a secure and reliable product that will not backfire with irreparable reputational and financial damage.
Can you tell me more about these risks?
The language model currently in use is based on information that is likely to be true for the past, but may be questionable today and even more likely tomorrow. The ability to predict based on the present is called intelligence, while what AI can provide today is called history. Available AI in its current stage of development is extremely limited in its ability to deal with the future and predict events. Trading and investing are all about future and forecasting.
The bigger problem is that some people think that ChatGPT knows more than they do, it is more efficient and efficient. This can lead to outright superstition in technology – a very dangerous turn of events that is unacceptable in business. In this area, it is necessary to maintain a certain level of skepticism and try to make balanced and independent decisions based on a combination of information, experience and intuition.
Also, it’s worth noting that if one day most people use strategies from ChatGPT to trade crypto, will the strategy still work? How would the market develop with a large group of investors using the same strategy?
Theoretically, can ChatGPT replace a successful trader or broker today?
This is a rather controversial definition for a profession. Who is a successful trader? The one whose trade is 100% profitable? I think it is impossible. Trading in stocks and cryptocurrencies depends on many unpredictable and difficult-to-control factors, such as human error, global events, and even one mysterious factor—luck. Professional traders who make millions of dollars sometimes encounter new situations that lead to significant losses. The fact is that any trading model is based on accumulated experience, where the skill of grasping the present is vital in order to predict the murky picture of the future.
In my field of work, I regularly meet with projects that are working on building trading bots or are interested in using them. A good trading assistant based on ChatGPT is a possible development, but it will never be completely reliable as a replacement or advisor.
Today, many people and even entire countries, such as Italy, are beginning to ban or advocate for a ban on the use of ChatGPT. What are your thoughts?
First, it’s important to understand why we see restrictions or restrictions on AI language models like ChatGPT. One reason is concern about privacy and data protection, as the use of AI language models may involve the collection and processing of personal information. Another reason may be fears about potential misuse of AI language models, such as the spread of misinformation or the creation of fake webs.
As new technology comes, it is only fair for the government to be more vigilant and protect the residents. People also need to consider the potential risks and benefits of using AI language models such as ChatGPT and make informed decisions about their use. It is important to consider factors such as ethical considerations, accountability and transparency when developing and deploying AI systems.
On the other hand, AI language models such as ChatGPT can also have many positive applications. Furthermore, the development of AI technology has the potential to make significant advances in various fields from healthcare to transportation.
In other words, the development of AI cannot be stopped. What fuels your belief on this issue?
Progress is an unstoppable phenomenon and once the demand for innovation arises, its gradual perfection will have traction. Microsoft, Google, Amazon, Tesla and Nvidia are working on creating their own products like ChatGPT and developing AI. These public companies have strong potential, and if they are betting on AI, humanity could see the next technological revolution in the years to come.
The views and opinions expressed here are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.