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> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/rektfencer/status/1783257840909533497 
 </div>
</figure> 
<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> 
<figure class="wp-block-image size-full">
 <picture loading="lazy" decoding="async" class="wp-image-14268297"> 
  <source type="image/webp" srcset="https://crypto.news/app/uploads/2024/04/Screenshot-422.png.webp"> 
  <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"> 
 </picture> 
 <figcaption class="wp-element-caption">
  X users probe Rekt Fencer’s BTC trading bot | Source: X
 </figcaption>
</figure> 
<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> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
   https://twitter.com/gpcryptochief/status/1783332910621159504 
 </div>
</figure> 
<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

Table of Contents

crypto.news

Other articles published on Apr 25, 2024

What to do if you’ve used Samourai Wallet

Bitcoin Price Prediction: Is BTC Set to Plummet Once More?

Ether ETF to see SEC’s rejection, expect issuers

Solana (SOL) dan Ethereum (ETH) Reli di Jalur Pemulihan dan Bagaimana Dinamika Terbaru Furrever T...

Cryptocurrency Market Trends and Price Predictions

Top Reasons Why these 5 Altcoins Will Reach New ATH Before Summer

Join our free newsletter for daily crypto updates!