AI and crypto are trying to combine forces. FalconX's new trading bot, Satoshi, may be their first major breakthrough together.Artificial intelligence could soon be making waves in the cryptocurrency business, though perhaps not in the way you think.
In trading, this analogy is the equivalent of asking a traditional algorithmic trading model, which likely took a team of developers to code, to build a strategy for circumstances that are yet to happen and maybe customize it to a specific portfolio. Today, FalconX uses OpenAI’s API stacks and infrastructure to test and build Satoshi and frequently interacts with the firm’s account management and engineering teams. It is all part of the company’s efforts to make Chat GPT’s LLM a base layer for a wide range of uses. For its part, FalconX says that it will integrate other LLMs beyond those offered by OpenAI, such as Google’s Bard. OpenAI declined to comment on its collaboration with FalconX when reached for comment.
Then, the user can test trading strategies by asking the service questions like,"How much will it cost me to put on a $1000 short position on bitcoin?" or"What is the best strategy for purchasing $5 million of ether without paying more than 25bps?" Finally, Satoshi will eventually have buy/sell buttons built right into the platform so that the user manifest those strategies right away.A lot of this is aspirational.
What could possibly go wrong?
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