Bitcoin

Rekt

<p class="is-style-lead">Crypto influencer Rekt Fencer shared a Bitcoin trading algorithm built with OpenAI’s ChatGPT, but users are skeptical about the bot’s results.&nbsp;</p> 
<p>Trading algorithms are not exclusive to cryptocurrencies; they are tools in any financial market that automate processes. The idea revolves around establishing presets based on advanced mathematical models to execute trades aligned with pre-determined rules rather than instinct or emotions.&nbsp;</p> 
<p>Rekt Fencer supposedly created one of these algorithms to trade Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) and pocketed $71,500. According to the influencer’s April 25 <a href="https://x.com/rektfencer/status/1783257840909533497" target="_blank" rel="">X thread</a>, the bot leveraged the Bollinger Bands Indicator on TradingView.&nbsp;</p> 
<p>It took 10 minutes to build this Bitcoin trading bot using AI prompts on ChatGPT, said Rekt Fencer. The <a href="https://crypto.news/elon-musk-sues-openai-worldcoin-sinks-by-5/" target="_blank" rel="">OpenAI</a> tool was also used to resolve coding errors and solve technical glitches that may be encountered in the setup process.&nbsp;</p> 
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   https://twitter.com/rektfencer/status/1783257840909533497 
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<p> You might also like: <a href="https://crypto.news/japanese-yen-goes-to-zero-against-bitcoin/" rel=""> Japanese yen goes to zero against Bitcoin </a> </p> 
<h2 class="wp-block-heading" id="users-contest-rekt-fencer-s-bitcoin-trading-bot">Users contest Rekt Fencer’s Bitcoin trading bot</h2> 
<p>Users challenged the post, surmising that the trader published backtesting results rather than live-market profits. Backtesting is carried out in a simulation environment and is often used as a dress rehearsal for subsequent development or real-world trials.</p> 
<p>Skeptical community members pointed out that the X thread mentioned only profits and no losses, an unlikely scenario if actual trades were executed in the open market.&nbsp;</p> 
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  <img loading="lazy" decoding="async" width="810" height="872" src="https://crypto.news/app/uploads/2024/04/Screenshot-422.png" alt="Trader claims Bitcoin algo netted $71k profits, community disagrees&nbsp; - 21"> 
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  X users probe Rekt Fencer’s BTC trading bot | Source: X
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<p>Observers also <a href="https://twitter.com/gpcryptochief/status/1783332910621159504" target="_blank" rel="">remarked</a> that creating a trading algorithm is a highly technical process that AI bots, such as OpenAI, may not be optimized for.&nbsp;Users should be cautious when implementing any automated trading system and deploying real capital.&nbsp;</p> 
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   https://twitter.com/gpcryptochief/status/1783332910621159504 
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<p> Read more: <a href="https://crypto.news/how-to-earn-your-first-whole-bitcoin/" rel=""> How to earn Bitcoin: mining, trading, and more </a> </p>

Trader claims Bitcoin algo netted $71k profits, community disagrees

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