Community disputes trader’s assertion of $71k profits from Bitcoin algorithm
Crypto influencer Rekt Fencer recently unveiled his Bitcoin trading algorithm, which was developed using OpenAI’s ChatGPT. However, many users are expressing doubts about the bot’s effectiveness.
Trading algorithms are commonly utilized in various financial markets, including cryptocurrencies, as they automate trading processes. These algorithms are designed based on advanced mathematical models and operate on pre-set rules rather than relying on instincts or emotions.
Rekt Fencer claims to have created a Bitcoin trading algorithm that generated a profit of $71,500. In a post on April 25, he explained that the bot utilized the Bollinger Bands Indicator on TradingView.
According to Rekt Fencer, it only took him 10 minutes to build the Bitcoin trading bot using AI prompts on ChatGPT. He also relied on the OpenAI tool to resolve coding errors and address any technical issues that arose during the setup process.
However, some users have questioned the validity of Rekt Fencer’s claims, suggesting that he may have only shared backtesting results rather than actual profits from live trading. Backtesting is a simulation-based practice often used for testing and refining trading strategies before implementing them in real-world scenarios.
Critics have pointed out that Rekt Fencer’s post only mentions profits and does not acknowledge any losses, which is highly unlikely if the bot was used in live market conditions.
Furthermore, skeptics have expressed concerns about the technical complexities involved in creating a trading algorithm, suggesting that AI bots like OpenAI may not be fully optimized for such tasks. It is important for users to exercise caution when implementing any automated trading system and using real capital.
For those interested in earning Bitcoin, there are various methods available, including mining and trading.
