Started replying on ChatGPT. In late March, Elon Musk and 2,600 other tech leaders called for an immediate six-month freeze on chatGPT development. This adds to growing warnings from tech leaders about the dangers of artificial intelligence (AI) and new concerns that the Federal Trade Commission (FTC) may want to regulate ChatGPT.
If you care about the fate of humanity and protecting people from potential bots, this is probably a good thing. However, this is a very negative development if you are concerned about the future of AI cryptocurrencies. Let's take a closer look at how the response on ChatGPT will impact future AI crypto token reviews.
Pop the ChatGPT balloon
The value of major IA cryptocurrency tokens has increased since the beginning of the year. For example, SingularityNET (CRYPTO:AGIX) is still up 830% on the year. Fetch.ai is up an impressive 295%. Many other AI cryptocurrencies have fallen out of the limelight and been dismissed as the next hot AI cryptocurrency. In fact, it all started with the first official version of ChatGipt in 2011. It was released on November 30th.
Since then, with each new iteration of ChatGPT (we are now on version 4), cryptocurrencies have increased. For example, when ChatGPT-4 launched on March 14, the value of some cryptocurrencies immediately increased. So the takeaway from ChatGPT's recent response is that investors can't count on similar rallies in the future.
Also, the days of cryptocurrencies proudly touting their affiliation with ChatGPT are over. When ChatGPT became the hottest topic in tech, cryptocurrencies were quick to jump on the generative AI trend. For example, in mid-March, The Graph highlighted how it will begin using ChatGipt to explain data calculations and summarize information for users.
Separate AI winners from losers
I think eventually the crypto AI token market will fork. There will be a market for primitive AI tokens and a market for generative AI tokens. Classic AI tokens focus on secure, consensus-based AI approaches. For example, AI is used for facial recognition, and this is a classic AI use case dating back to the mid-1960s, with no one calling for an end to this type of AI research.
Meanwhile, crypto tokens jumping on the generative AI bandwagon may face selling pressure. In the world of artificial intelligence and machine learning, "generative AI" refers to the ability to generate content (such as text, audio, photos, or video) from a simple text query. For example, DALL-E allows users to create an image based on a text request in seconds.
Is it safe to buy cryptocurrency from AI?
While SingularityNET is a recent beneficiary of the ChatGPT craze, SingularityNET founder Dr. Ben Goertzel has been heavily involved in artificial intelligence since the early 2000s. He has worked on innovative AI projects such as the robot Sophia and the idea of restoring AI. in blockchain in 2017. In January 2018, SingularityNET partnered with Ethereum to launch their new token. So there's clearly a long history here and a lot of creative energy.
One of the goals of SingularityNET's blockchain-based AI was to avoid the exact fantasy scenario envisioned by Elon Musk: an untamed superintelligence responding to simple text suggestions to dominate the world. Putting AI on a blockchain ensures that no entity (like a James Bond-esque villain) can fully control the AI, because blockchains are by definition decentralized.
Reverse tracks
The main thing here is that investing in AI tokens is only in the main business model, and not because a new token provides some magical integration with ChatGPT. While I have faith in the ability of technology leaders to develop ChatGPT in an ethical and secure manner, the reality is that ChatGPT could become a lightning rod for future controversies. And this makes ChatGPT-based tokens dangerous. One can only imagine what would happen if Washington lawmakers decided to get "tough on chatGPT."
It is also important to maintain a long-term mindset. Although the field of artificial intelligence is growing rapidly, some consulting firms predict that it may be a few years before it becomes the multi-billion dollar industry it is. If you want to invest in AI cryptocurrencies, beware that you can expect a ban on chatgpt development. Major cryptocurrency tokens like SingularityNET are developing real-world use cases and creating long-term value.
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Dominic Basulto holds positions in Ethereum. The Motley Fool recommends owning positions in Ethereum, Fetch and The Graph. The Motley Fool has a disclosure policy.