How can AI tools like ChatGPT help crypto traders, and are they better than current bots?

cointelegraph.com:

Artificial intelligence (AI) tool ChatGPT, developed by OpenAI, has only been around for a few months, but it has managed to turn the world upside down. Its influence can be compared to the appearance of the internet or the launch of Bitcoin (BTC).

ChatGPT is developed as a language model leveraging natural language processing (NLP) technology. It has many use cases in language and content-based tasks and analytics, but it can also be used by cryptocurrency traders in several ways. Given its ability to analyze data and write code, ChatGPT can be used as the underlying technology for specialized crypto trading bots.

For example, users can ask ChatGPT to create code for crypto trading bots that could automate the trading process based on predefined parameters. Nevertheless, the resulting bots should be taken with a grain of salt and tested first.

Besides active trading, the AI tool can also be used to assess risk, which has already been tested by Coinbase. During a recent experiment, the United States-based exchange tested ChatGPT’s capability to monitor the risks of ERC-20 tokens prior to their listing. The company then compared the final results with the risk assessment of its blockchain security team, which uses in-house automation tools. While the results were promising, ChatGPT still has to evolve in order to compete with specialized teams. Coinbase said:

“We compared 20 random smart contract risk scores between ChatGPT and our automated security review leveraging internal tools. ChatGPT produced the same result as our reviews 12 times. However, of the eight misses, five of them were cases where ChatGPT incorrectly labeled a high-risk asset as low risk, which is the worst-case failure; underestimating a risk score is far