Topic: Trade on Binance via ChatGPT! (Read 392 times)

Indeed a cutting-edge technology powered by AI but I didn't see the part where risk management and/or security features are mentioned. Giving access to one's account on binance isn't a thing to joke with. As much as this remains a welcome development, I still consider it a bit risky considering its infancy stage. Personally, I want to know and hear about the downsides before i consider using it.

Imagine giving access to a multimillion dollar account to an AI that is yet to have a downside tested, one might not recover from the damage.

When i asked ChatGPT about the price of bitcoin, it simply said that it did not have the current data.

Trading through chatGPT is most wired thing i have ever heard. Trading bots may perform better than ChatGPT but no one can compare the human trading with all these bot trading's.
I just wish people do not always thing to make money by fooling others because many even do not know exactly how ChatGPT words and they may take the OP words as true.

I appreciate everything that is connected with advanced technologies.  Artificial intelligence, neural networks, machine learning are, of course, technologies with huge development potential.  

However, I am also a practical person.  I understand that these technologies are still far from perfect.  ChatGPT is critically dependent on proper training.  If ChatGPT is not trained or trained with wrong inputs, it will offer wrong solutions to its users.  

Frankly, I would not like to play the role of a mouse for experiments.  Yes, the use of ChatGPT in stock trading may have a future.  But I wouldn't want to use a software product that hasn't been fully tested yet.  

I respect stock trading and respect artificial intelligence, but separately (not together).  I'm not sure ChatGPT will give me the competitive edge I need in stock trading (cryptocurrencies).

Can you explain in detail how the data is secured other than using an encryption algorithm? Is it distributed through multiple databases, is it only accessible by one or two people, is it inaccessible to everyone other than the user who needs to prove that they own the key, etc? Again, a lot of service claims the same thing but then turns out they are just lying or using an insecure method like Lastpass, 3Commas, etc.

That's precisely why we're introducing a new product instead of ChatGPT. Ours comes with features like retrieving the BTC price (and more)

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We do not store our customers' databases in plain text. Our data security is ensured through the implementation of encryption algorithms. Additionally, OpenAI does not access your Binance API Key unless you directly input it into the chatbot. Our team handles these matters with the utmost care and sensitivity.

Within the code, the OpenAI infrastructure's maximum level of involvement is obtaining approval for an order. Beyond this stage, it operates separately from OpenAI, and direct requests are sent to Binance. Even if you were to open your browser and input your Binance API Key into ChatGPT, the system would still be unable to execute transactions. Such functionality is not feasible.

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Our Trading Operator app does not possess the capability to autonomously select a coin; its function is solely that of an operator. We have previously outlined the capabilities it possesses. For further clarification, you can refer to the demo video:

https://www.youtube.com/watch?v=8SNKKmNWeT8

Kind Regards

It is true that ChatGPT works with the information provided it and it is also true that it has information till 2021. If information is provided it beyond 2021, it can also function effectively, so there is no limitations. Besides, before the invention of ChatGPT, there  has been trading with bots. So, what Op said is very achievable but it is the risk behind it that we are very much concerned about. Once given access to the API, they have the ability to manipulate anything even against your wish.

Do you even know what is ChatGPT ?

ChatGPT has access to the information until 2021 and it doesn't have the latest information about the things / news and prices.

I asked ChatGPT to tell me about the bitcoin's current price and it failed to do so. When a programme does not know the latest prices of bitcoin and cryptocurrencies, how can you use that technology to do the trading?

I'm not sure you are disagreeing with me or the post that I quote. I do share the same belief that their system is risky, but they can't really change how exchange APIs work although it doesn't excuse them if they make sloppy mistakes like storing customers' databases on plain text. I've asked them how they would make sure the API keys don't get leaked either from their database or other means, but they've yet to answer.

I do not concur, it actually adds up more security vulnerabilities since we are already giving away our sensitive credentials to the third party API that means we are no longer in the control of our own account. Imagine on the broad level where a service who is providing the ChatGPT based trading and we have to connect our Binance or any trading channel with their servers. Now, let us assume that hackers do not have direct contact with the Binance server, and they have highly secured data protection (imagination), BUT, what makes this a similar possibility with the third party end? What if ChatGPT provider gets hacked in the first place and thus there is indirect data breach of the users credentials and jeopardizing the Binance data too.


We are not even close to it. What info ChatGPT will pick from the market? Fake news or fake promo's? Will it be even able to differentiate between the true nature of news or not that is also the question. That's why human intelligence is far better and when it is about your money, gosh it has to be in your own pocket and control.

I agree that the situations I described are absurd, but I would not agree that it is absurd to talk about it publicly, because it is precisely such examples that show us that we cannot rely on such systems when it comes to things that require a person to manage them and to make decisions based on human perception and feelings.

In the specific case of trading with cryptocurrencies, the biggest damage can be that the AI messes up badly and creates a financial loss for us, but if you follow what is happening in the military industry when it comes to AI, the implications are far more dangerous and can have catastrophic consequences for humanity.

So basically this is like a normal trading platform except the tips, help, and agents are replaced by ChatGPT responses? Because I can't imagine ChatGPT being able to correctly time the market especially since it's not trained on recent data. If it was an in-house AI trained on financial market data, I'd understand. But ChatGPT cannot even get simple math problems right...

It doesn't remove the risk since hackers can still manipulate them as long as they have enough accounts. Basically, the critical problem is likely how secure your system is. To be fair, you can't change how most exchange APIs work, so the only thing you can improve is securing your customer info. I think you've yet to answer my question about this in the previous post, so it would be better if you can answer.

Concept of this creation may have a good benefit but also come technology flaw and we have to choose between convenience and security our capital and investment especially now that thousands of ChatGPT users credential is sold on the DarkNet website if integrate things there's no guarantee that something bad won't happen.  Giving third access to our Binance API had already make the account vulnerable not to about adding ChatGPT.
Crypto trader and investors have to wake up and stop being lazy.

Yeah exactly the thoughts that were running through my mind when I was reading the concept. I mean I also have wild ideas sometimes but I do not put them publicly just to make fool out of me. Lolz. Honestly, I never believed in the automated trading so no bots no AI can take the place of human being to perform he complex task like trading and that too with the real money market. I mean seriously people are daring to take such risks and then blame it on the bad luck and shit.

Now, this concept literally has no basis and there is no point in having "Chat based trading" it seems.

If so then I can just have some patching and coding with the Alexa at my home and ask her to add "0.005 btc at 31k USD" into my trading cart.  

I am damn sure Alexa would be more than happy to do this and with great accuracy as compared to ChatGPT.

Edit: @Kakmakr yeah that is what literally came through me. I am luaghing a lot on this man. 

That reminds me a dialogue between a home owner and Alexa. Millions of people buy Alexa and actually instead of making their life easier, it makes their life more terrible. I don't understand how can one be so lazy to not stand up to turn the lights on. Even more I don't  understand how do these people have wealth.

AI that's available in public at the moment, is bullshit. How can we call it an intelligence when it follows certain written algorithms instead of pure creativity and own exclusive decision-making? And I am sceptical about those documentaries too and I think their purpose is to direct attention of people on some absurd.

This whole confusion with AI clearly shows that something is definitely wrong with people, because how else to explain the fact that more and more people think that AI should be involved in practically every part of society. I recently watched a documentary on this topic, and it was about the fact that some companies transferred the entire hiring process to AI, and later it turned out that this AI was actually racist because it did not take black people into account at all, and preferred men more but women.

Also, some public institutions such as schools in the US started evaluating their staff with the help of AI, so some professors with an impeccable career suddenly became bad and useless, which of course has nothing to do with the truth.

Trader : Alexa.... Buy 13 bitcoins.

Alexa : Ok, buying 30 bitcoins at $30 000

Trader : Nooooo Alexa, I said buy 13 bitcoins!

Alexa : Ok, buying 13 bitcoins...

Trader : Nooooooo! do not buy another 13 bitcoins .... I just told you what I said.

Alexa : Ok, buying another 13 bitcoins ...... beep beep beep.... Unfortunately you ran out of funds, should I transfer more money from your Bank?

This is the kind of scenario that I see playing out with AI on these trading platforms, because technology can be flawed and it is "Garbage in, garbage out" with computers these days. 

I'm not sure how secure is a service like this because somehow we must connect Binance to ChatGPT and that means giving the API access with our keys to your software, and there is where the real risk comes. You could easily save our keys and use our accounts in the future and that for me looks really risky.

It would be nice if you make from this an opensource project, I understand that you want to make a profit from a service like this, but you need to have in mind that we can find a lot of ChatGPT+Binance trading bots in github.

So why not using the traditional Binance dashboard, if there is confirmation requirement from Binance itself?  Needless to say that sounds the worst privacy-wise, as now OpenAI knows my trades.

Hello everyone,

Your constructive feedback prompts us to think deeper and strive to enhance our products. We extend our sincere gratitude for your valuable insights and suggestions.

I've noticed that concerns about "what if ChatGPT misinterprets" still persist from your messages. Allow me to provide a brief overview of the process to address these worries. Each time a user sends a new message, the bot interprets it into one of three categories:

1) Prompt that don't require special functions, using ChatGPT knowledge only.
2) Prompt that require specific functions but no actions within their exchange account (e.g., price and volume inquiries).
3) Prompt that require special functions and actions within their exchange account (e.g., opening positions, canceling orders, etc.).

In the case of a user's message falling under the third type, ChatGPT presents its interpretation to the user for confirmation. For instance:

"I understand you want to place a BTCUSDT Long Buy order on Binance USDT-M Futures, in quantity of 0.3, at a price of $25,500. Do you confirm?" The user can then choose to [Confirm] or [Cancel]. If the user presses [Confirm], these parameters don't go back to ChatGPT; they are sent to Binance as a request.

Regarding concerns about unauthorized API usage, by 1) removing withdrawal permissions and 2) using symbol whitelist, you can ensure that transactions are limited to your chosen coins. As for pump-dump activities, it's known that such activities often target low-volume coins. Avoiding these is within your control.

We've adapted the exciting AI chatbot technology to the crypto trading realm, a field that many are enthusiastic to explore. If the features I've previously mentioned don't seem beneficial to you, it's possible that the current version of the product might not align with your preferences. However, we're planning to elevate the product with upcoming additions. We didn't develop this product solely as an all-in-one solution for all traders. We're actively working on accessibility options, which alone can provide significant value. When we integrate other exchanges, the potential for "comparative" transactions, arbitrage, or executing simultaneous trades across multiple exchanges is also on the horizon.

We would like to respectfully express that the notion of "are we really this lazy" carries an erroneous perspective from our point of view. We believe that striving for more, for better, for easier, and for uniqueness is more beneficial for the advancement of technology and science.

Once again, thank you for your engagement and thoughtful input. We look forward to continuing our journey of improvement in collaboration with valuable users like you.