A new ChatGPT-style artificial intelligence assistant, Satoshi, will help crypto traders optimize strategies and get customized advice based on their portfolios.

Developed using the same technology powering the wildly popular ChatGPT tool, the tool can be compared to software used by an algorithmic trading firm to develop portfolio-specific strategies for unique market conditions.

The CEO of prime broker and Satoshi developer FalconX, Raghu Yarlagadda, said the tool had been in development for nine months but needed vital generative AI tech developed by OpenAI. 

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

Falcon X intends for Satoshi to give average traders the same edge large training companies enjoy. These firms typically pay staff to develop trading software.

Like ChatGPT, Satoshi will be able to scrape social media for information on a specific asset or answer questions on a portfolio’s performance. It could offer estimates on the costs of particular trades like short positions or the cheapest way to accumulate a large amount of crypto.

However, It needs to analyze counterparty risk and address presenting incorrect information as truth, dubbed “hallucinations.” Doing so would ensure traders do not risk large amounts of money chasing phantom gains.

The announcement of Satoshi comes just over two weeks after Tesla CEO Elon Musk and other tech industry players called for a ban on training initiatives using Generative Pre-trained Transformer 4 technology.

A jointly-published letter advocates industry cooperation with policymakers to develop sound AI governance. At press time, the petition had garnered over 10,000 signatures.

OpenAI develops GPT-4, an LLM. GPT-4 is the company’s fourth such model, made publicly available in a limited form 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 U.S. states issued statements to halt YieldTrust, an AI trading tool that offered investors 2.2% daily returns on staking rewards. 

Without offering evidence, the tool claimed it could yield 25% more profits than a human trader. The defendant has a week to respond to the cease-and-desist order or risk a permanent ban on the service.

The Montana Securities regulator said the tool tried to defraud customers using newfound hype around AI. 

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.

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