The new ChatGPT-style AI assistant, Satoshi, will help cryptocurrency traders improve strategies and get customized advice based on their investment portfolios.

Developed using the same technology that powers the hugely popular ChatGPT tool, the tool can be compared to the software an algorithmic trading firm uses to develop portfolio-specific strategies for unique market conditions.

Satoshi must deal with a hallucinating AI to prevent the money from being lost

Chief broker CEO and developer of Satoshi FalconX Raghu Yarlagadda said the tool has been in development for nine months but needs vital AI technology developed by OpenAI.

OpenAI built generative artificial intelligence on top of a large language model (LLM) to develop its ChatGPT AI bot. The LLM can learn patterns from training data, enabling them to respond to specific questions.

Falcon X intends for Satoshi to offer regular traders the same advantage as the large training firms. These companies usually pay employees to develop trading software.

Like ChatGPT, Satoshi will be able to search social media for information on a specific asset or answer questions about portfolio performance. It can provide estimates of the costs of certain trades such as short positions or the cheapest way to accumulate a large amount of cryptocurrency.

However, it needs to analyze the risks of the counterparty and treat the provision of incorrect information as fact, dubbed “hallucinations”. Doing so will ensure that traders do not risk large sums of money chasing phantom gains.

the advertisement From Satoshi comes just over two weeks after Tesla CEO Elon Musk and other tech industry players called for training initiatives with pre-trained Transformer 4 Generative technology to be banned.

The jointly published letter calls for industry collaboration with policymakers to develop sound AI governance. As of press time, the petition has garnered more than 10,000 signatures.

OpenAI is developing GPT-4, an LLM. The GPT-4 is the company’s fourth model, and is available to the public in a limited way through ChatGPT Plus. Users can train GPT-4 on both images and text.

Italy’s data protection authority recently imposed restrictions on Open AI’s processing of user data.

Recently, regulators in three US states issued statements to stop YieldTrust, an AI trading tool that offered investors 2.2% daily returns on rewards.

Without providing proof, the tool claimed that it could generate 25% more profit than any human trader. The defendant has one week to respond to the cease and desist order or risk a permanent ban on the service.

The Montana securities regulator said the tool attempted to defraud customers using newfound hype around artificial intelligence.

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