Should we trust cryptocurrency platforms based on AI?

[I-Bit]

What's your take on crypto tools augmented by AI, like the ones at turingmachineai.com? Many platforms emphasize user-friendly investment methods and standout features. If it's so straightforward, why isn't the adoption rate higher? Having gone through various reviews, I have reservations about their genuineness. Are they reliable?

In this case, we might be able to utilize and optimize these tools for our benefit, especially those related to making trading easier. However, it doesn't mean to trust it 100%. Because no matter how sophisticated AI tools are, there will still be opportunities for cyber crimes to occur. And before using it, it would be better if we really analyzed the tool, its pros and cons. as well as how big the risks are and especially the safety. Don't believe 100%, especially if you only believe in people's chats or their promotions. Well, here our tasks are actually quite the same, namely to always be alert to various tools/applications, platforms or other things in the digital world. So that we can take advantage of the benefits optimally but remain vigilant in using it. If it's not needed because we feel more capable, it's better that way, just use our own abilities first.

[Learn Bitcoin]

~Snip~
If their AI can generate profit with a guarantee, why don't they start trading on their own? Why are they asking others?

I also believe in your statement that most of such platforms are scam and nothing else. Those AI systems are in testing phase but they claim that they can generate profit for you. Their main intention is to grab some money from investors and use that money to further train their bots. It's more like a gambling then a reliable investment.

Correct. The problem is, people do not understand how they scam. For those, who are wondering how an AI can scam; well, those are not any kind of AI. Those are bots designed by their scammer developers. They set goals for each user. They will start showing you some profits every day and they will do it 5 days a week. The other two days, they will show a loss.

When it's time to exit, they will show that AI placed a trade with your entire balance or with leverage and your balance was liquidated. That's what happened with MTFE users just two months ago. I have created a scam accusation thread Ponzi Trading Platform MTFE Collapse || $1 Billion scammed

[Kizozo]

There are lots of AI tools coming out from various platforms but not all are pretty reliable and dependable, I have tried Bitget BOT trading on some occasion and it's pretty good but you need to DYOR.

[gunhell16]

If AI trading, I haven't tried it yet, and I have no interest in doing the same. But if AI coin or token, I have someone holding it, and I really saw the potential that, from what I saw, could give me profit until the bull run comes.

And I also saw that his marketcap record is good even in daily volume trading, and this is the TAO (bittensor); you just have to research the AI coin I'm talking about. Then Aidoge, I also have holdings of this, and I also see the next in the line of meme coins this coming bull season, in my opinion. Although this is financial advice, I guess this is just my opinion.

[SamReomo]

You have given a great example of such scams and I believe others should learn from it. Such scammers are basically using the name of AI as the trend of AI is growing in couple of months. After the release of ChatGpt people thought that if AI can do all those things then AI is something mighty in nature and the scammers took advantage of such belief of the users.

They introduced various bots and said that all of those are made with AI and the trades that AI will make will be 90% or 99% profitable. But, their main intention was to scam others and they were successful. Now, it's time to promote awareness so new people won't get scammed in the name of AI. +Karma for your amazing thread, I hope it will be helpful to everyone.

[MrSpasybo]

I recently used the bybit built-in chatbot and asked several questions about how I could make a $2 profit with my $50 investment and what coin should I invest in, it did suggest me ones but they were bad in my own analysis to make a trade, and then asked this question, I asked is BTC is bullish or not, I asked this question when It was around $41k and it says BTC is bearish and now BTC is trying hard to touch $44k.

To me, AI is just a tool to synthesize information for simple purposes, it is not capable enough to replace human perception and judgment.

Similarly, AI is not capable of assessing the financial market. AI-based tools are also no substitute for professional traders. Trading Bots are no longer new in traders world, and we all know that they operate based on quite simple algorithms to track MA, RSI, MACD... or more complex linear regression programs. To be highly effective, Trading Bot needs to be "managed" by Dev who is an experienced trader.

Answering the topic's question: right now, I only use AI to try to create some interesting Avatars  I do not trust tools developed by AI and of course will not entrust my investment account/portfolio to AI.

[joniboini]

To me, AI is just a tool to synthesize information for simple purposes, it is not capable enough to replace human perception and judgment.
Similarly, AI is not capable of assessing the financial market. AI-based tools are also no substitute for professional traders. Trading Bots are no longer new in traders world, and we all know that they operate based on quite simple algorithms to track MA, RSI, MACD... or more complex linear regression programs. To be highly effective, Trading Bot needs to be "managed" by Dev who is an experienced trader.

I guess it depends on the algorithm at the end of the day. If we really want an AI tool to automatically judge what is the best decision to make they'd need a good algorithm plus enough data to analyze the market. I do agree that it is impossible to replicate human instinct and judgment, regardless of what algorithm we use. It might change if people starts collecting data on key decisions for every market action, but time will answer whether that data can be reliable or not.

[jeraldskie11]

What's your take on crypto tools augmented by AI, like the ones at turingmachineai.com? Many platforms emphasize user-friendly investment methods and standout features. If it's so straightforward, why isn't the adoption rate higher? Having gone through various reviews, I have reservations about their genuineness. Are they reliable?

Consider this, we can't really trust our friends TA even if we know them well. How much more in AI which is made by humans. We can benefit with AI in other way like if you forgot some important information it really helps, but with crypto it's not useful. AI can't predict futures that's why it's not beneficial to crypto. Only few will use that stuff, the ones who don't have enough knowledge in crypto.

[Learn Bitcoin]

While some cryptocurrency platforms use AI for enhanced user experience, caution is warranted. It's essential to thoroughly research and verify the credibility of platforms like turingmachineai.com, considering user reviews and industry reputation before trusting their services due to the complexity of the crypto market and potential risks associated with AI-driven tools.

Do you even know what are you talking about? I can't refrain from commenting once I see people talking about AI and another AI spammer pop up with their AI-generated shit. I am sure that you aren't helping yourself. Everyone can use an AI and generate whatever they want. We are not here to see some random texts that does not make any sense. It shows greater disrespect to the community. It shows you are not interested in genuine conversation. I would ask you to stop doing this.

[Cryptomultiplier]

What's your take on crypto tools augmented by AI, like the ones at turingmachineai.com? Many platforms emphasize user-friendly investment methods and standout features. If it's so straightforward, why isn't the adoption rate higher? Having gone through various reviews, I have reservations about their genuineness. Are they reliable?

Consider this, we can't really trust our friends TA even if we know them well. How much more in AI which is made by humans. We can benefit with AI in other way like if you forgot some important information it really helps, but with crypto it's not useful. AI can't predict futures that's why it's not beneficial to crypto. Only few will use that stuff, the ones who don't have enough knowledge in crypto.

The post topic already did much to stress the difference and distinction between cryptocurrencies and AI.
We know all concerns tech and future initiative, but AI is supposed to be an assistant that has studied and learnt its users mode of trading hence when it can be engaged to perform trading functions like trade bots.
Else, trusting that Crypto currency platforms that have adopted AI will be better and would ensure more profit is rather hoping for too much and such anticipating is dangerous.

[vegasus]

What's your take on crypto tools augmented by AI, like the ones at turingmachineai.com? Many platforms emphasize user-friendly investment methods and standout features. If it's so straightforward, why isn't the adoption rate higher? Having gone through various reviews, I have reservations about their genuineness. Are they reliable?

I'm not sure about that. However, don't easily trust reviews, especially if they are too exaggerated. There are indeed several AI tools that can help us in trading, especially AI trading bots and paid ones. and many people have been able to optimize it. However, if it is an AI tool for investment, I still don't really understand it. Does this mean that we entrust our assets to be invested on the platform? Hmm, for me personally, as long as we personally access it and control it, if they are a reputable and trusted platform, maybe I will try it. but if the city has no control over our personal assets. I think it's not the right choice and it's better to forget it. Because we shouldn't trust any platform to fully handle our investments even though they have lots of positive reviews. too risky. .

[PX-Z]

It's still too early to fully "trust" this known AI tools, machine learning AI takes time to learn well, at least 1-2 years of learning. Learning means gathering data to produce what it could answer for a certain tasks. A dictionary like AI is more easier to give data because they are text based.
But let's say for trading is much more different, it needs to learn different things and strategy from certain traders day by day to make it learn by complexity.
Or maybe, we could say, these existing tools are just "bot" instead of "AI",it just use AI for the trend.

[SamReomo]

These days AI training process won't take much time thanks to beefy GPU's released by Nvidia, most of the AI trading tasks take less than a quarter because cloud GPU's are allowing the AI developers the increase the speed of the training by giving them enough GPU power.

AI text generators are somehow different than AI trading bots because the trading bots have to learn different aspects of a market and has to be active on daily basis to gather as much live data as possible. Most of those work with the principle of reinforcement learning, and that's a time consuming thing, it requires many epochs to be good at a strategy and may take more time to learn the market.

But, still the ones who use it doesn't know that on which strategy the AI has been trained on by the programmer and that's why if they choose such AI for their trading purpose without  knowing that what data the AI has been trained on then the chance of losses is way higher for such users. That's why I never recommend anyone to rely on the AI bots for trading purpose.

[Litzki1990]

It is better not to completely rely on artificial intelligence in trading as it is directly related to money. If we rely entirely on artificial intelligence, we will never know anything about trading, and doing so without knowing anything is at your own peril. An exchange has not created a feature for you that you will only profit from using the feature but the exchange has added features in such a way that the exchange will profit. You may see some temporary profit from trading with artificial intelligence but it will never last for you. You may have gained $10 now with artificial intelligence but later when you trade again with artificial intelligence you will see your money showing double loss. It may be the best decision for you if you can rely on yourself without going through these problems.

[Learn Bitcoin]

You have given a great example of such scams and I believe others should learn from it. Such scammers are basically using the name of AI as the trend of AI is growing in couple of months. After the release of ChatGpt people thought that if AI can do all those things then AI is something mighty in nature and the scammers took advantage of such belief of the users.

They introduced various bots and said that all of those are made with AI and the trades that AI will make will be 90% or 99% profitable. But, their main intention was to scam others and they were successful. Now, it's time to promote awareness so new people won't get scammed in the name of AI. +Karma for your amazing thread, I hope it will be helpful to everyone.

Not only that, there are thousands examples of how pyramid scheme scams people. Still, whenever people see a platform offering a high return on investment, they just jump over it and invest all their money without verifying if this is legit or not. I haven't seen any pyramid scheme that lasted for a couple of years.

Some of them run for long term and they try to build some trust because they want to scam more and more. The long they stay on the market, the much more money they scam. There AI trading platforms are just like those pyramid scheme investment. They offer too much that is unrealstic.