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ChatGPT Trading for You: Expectations vs. Reality | Notum

By Notum

Apr 18, 202310 min read


Since its introduction in 2022, ChatGPT has attracted a lot of attention. While some people admired his abilities and called it a new technological breakthrough, others opposed the natural intelligence that takes jobs and believed that this model would be forgotten in a couple of months. However, it should be noted that the tools of "generative" artificial intelligence have made significant progress in understanding the context, as well as performing specific functions and tasks. Moreover, as you can see, by April 2023, ChatGPT is still popular and is used in many areas, including crypto trading.

To date, researchers believe that ChatGPT, available to any user, can significantly affect many areas of our lives. We decided to do our own research and provide you with a chat GPT review that will help you understand what it is, how it works, where it can be applied, and how it can help you with trading.

What Is ChatGPT AI?       

Due to the growing interest in artificial intelligence, a huge number of people are interested in what is ChatGPT. ChatGPT is a new chatbot that has become the first multi-tasking artificial intelligence available to any user. It is not only capable of performing basic tasks such as writing a text or having a dialogue, but can also look for errors in the code, compose poetry, and argue close to a person. What's more, it's designed to understand your questions and provide detailed advice, making it feel like you're talking to a real person.

When Was ChatGPT Launched?

The first release of ChatGPT took place on November 30, 2022, and attracted public attention almost immediately. The latest version of the chatbot was released on March 23, 2023, and is successfully functioning now.

Who Created ChatGPT?

Who makes Chat GPT - this question has been and remains frequently asked on the Internet. The ChatGPT universal chatbot was created by OpenAI, one of the founders of which was Elon Musk. This company positions itself as a researcher of artificial intelligence technologies and has the support of large sponsors and investors, such as Microsoft.

How Does ChatGPT Work?

Few people know that ChatGPT was created on the Azure AI supercomputer. Moreover, to create the most realistic dialogue of humanoid text, a very complex autoregressive language model Generative Pre-trained Transformer 3 (GPT-3) from OpenAI is used.

However, how was the chatbot trained? This happened with the help of an array of texts from the Internet and a system of reinforcement learning based on human feedback Reinforcement Learning from Human Feedback. Thus, the ChatGPT was optimized for high-quality contextual conversation. Further, the model continued to be trained based on a large amount of data from the Internet, and in particular, the dialogues of people. After that, the neural network was retrained a few more times using its own answers. Thus, the developers have ensured that the answers of ChatGPT are as accurate as possible. The developers aimed to make this artificial intelligence correct and easy to use, and as a result, the bot can give human-like answers, regardless of the topic of the conversation.

Is ChatGPT Legit?

Even though this neural network can perform many tasks and simplifies work in some areas, some skeptics continue to wonder if this chatbot is legit. Yes, ChatGPT is a legitimate and popular tool available to everyone. However, you should pay attention to one point. “According to the developers, Chat GPT does have the potential to produce biased and harmful content. What’s particularly concerning about this model is that it can deliver this content in a very convincing, plausible way. OpenAI does warn users about this before using the AI tool, however.” - PCGuide.

What Makes ChatGPT Unique?

How good is Chat GPT? How does Chat GPT make money? What makes it special? Many analysts and artificial intelligence enthusiasts have noticed that ChatGPT differs from other neural networks in that it can perform tasks from different areas. Although most people know this neural network through writing texts, it can also produce basic programming code (more about chat GPT code examples here), summarize complex articles or concepts (even in the world of science and technology), generate financial analysis, and provide advice and give answers to any questions, thereby replacing a person with even the smartest interlocutor.

It is also worth noting that “as an AI language model, ChatGPT itself cannot make money. However, you can use the information provided by the chatbot, which can become a starting point for your money-making initiatives.” - StormGain. You can learn more about making money with this neural network here.

Another unique feature of the neural network is the memorization of the details of the dialogue and the ability to avoid controversial or unpleasant topics, which sets the most human tone for the conversation. Answers can also be adjusted using leading questions, which means they will be as accurate and correct as possible. Now, OpenAI has big plans for ChatGPT and wants to make it available as an application programming interface. Thanks to this, website and application developers will be able to implement this chatbot there.

ChatGPT and Trading

Since millions of people are interested in chat GPT and use it for their own purposes, we also decided to check whether this neural network is suitable for crypto trading. Can ChatGPT predict cryptocurrency behavior? Let’s find out.

In fact, ChatGPT can help traders make decisions by extracting information, data, and insights from a vast amount of data, such as articles, social media posts, and, of course, financial news. Moreover, this neural network also determines the positive and negative dynamics associated with market trends, which can greatly help traders and help them in their trading decisions. Of course, now ChatGPT cannot create a completely accurate technical analysis, but it can program technical strategies, which will greatly simplify its creation. Thus, Crypto traders will be able to track trends and price patterns much faster.

Chat GPT: Use Cases in the Crypto World

Below we decided to give several ChatGPT examples of how this neural network model can help you with crypto trading.

  • Compilation of market statistics

To decide on the purchase of certain assets, crypto traders rely heavily on market statistics. Thus, they analyze prices, offers, trading volume, and other factors. However, as you know, cryptocurrency prices are volatile, so tracking them can be not only difficult but also time-consuming. Even if we are already used to using applications to track cryptographic statistics, give ChatGPT a try, as it will give you access to a whole new amount of information. It will not only be able to answer your questions about the crypto market, but also provide you with access to DeFi trends, check the current value of the assets you need, estimate the volume of the trading exchange, and much more.

  • Search for asset history

Since the prices of cryptocurrencies are constantly changing as the market changes, the history of the price of an asset shows whether it is encouraging. Thus, if you want to buy a particular cryptocurrency, you can request a coin overview from ChatGPT, which will help you decide if it is a good investment option. Apart from this, you can also use a neural network to query the background of an asset to get a better understanding of what you are investing in.

  • Analysis of complex cryptocurrency topics

If you are just starting in cryptocurrency, then it can be very difficult to figure it out on your own, but ChatGPT can also come to the rescue and make any data more understandable. So, if some concept, topic, or article raises questions and misunderstandings for you, then the neural network can divide it into simple blocks and terms, which will allow you to quickly understand the essence. What's more, you'll also be able to ask questions and get specific answers, instead of browsing through an endless amount of data on the internet.

  • Market predictions

Today, you have repeatedly drawn your attention to the unpredictability of cryptocurrency and its price, so it is important to look at the predictions. Even though there is no one hundred percent probability of the behavior of the crypt, it is important to understand the possible paths for the development of events. Since ChatGPT has a wide database, it can help traders or crypto investors view the market behavior and explore crypto expectations for the near future. For example, you can ask if a particular coin will rise in the coming year or which cryptocurrency is most likely to crash. However, keep in mind that crypto forecasts are not always accurate, so we advised you to use this neural network to understand market forecasts, and not blindly believe and invest in them.

Final Word

ChatGPT is an innovative multifunctional product that has already found application in many areas. Its affordability and ease of use make this chatbot one of the most promising projects now. Moreover, the application of this artificial intelligence in the crypto world is also unlimited. Since the crypto market is as changeable as possible, since new developments occur daily, it is important to keep abreast of current events. So, instead of browsing countless websites looking for new hard news, you can ask ChatGPT about this or that crypto area. This way, you will quickly get access to the news and updates, study market forecasts, understand complex crypto topics, and get all the necessary crypto data and statistics.

However, ChatGPT, like any other artificial intelligence, is not perfect, so it is important to use it wisely and check its data before trading or investing.

Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.