BitGPT

There is a new variant of the Bitcoin Robot Scam and it is a spin off of something you will have read about in the news, as is usually the case. It is a scam aimed at being associated with ChatGPT and it is called, of course, BitGPT!

The OpenAI technology that has been developed and released to the public, mostly for the sake of copywriters iut has to be said, has been featured on all of the news outlets and so is a prime target to use for the scammers who want to find the more vulnerable people among us and exploit their naivety. If you do not know already, ChatGPT is an online terminal that gives you access to the OpenAI chat bot and here you can ask it to talk about or explain certain concepts or design or suggest ideas for you. 

ChatGPT is a large language model trained by OpenAI, based on the GPT-3 architecture. It is designed to be able to understand natural language inputs and generate natural language responses, allowing it to engage in conversations with humans. ChatGPT is capable of performing a wide range of tasks, such as answering questions, providing recommendations, generating text, translating languages, and more. It uses machine learning algorithms and a vast amount of data to learn how to generate human-like responses to various inputs.

In it's own words:

I am ChatGPT, a large language model developed by OpenAI, based on the GPT-3 architecture. As a language model, my primary function is to generate human-like responses to various prompts or questions. I accomplish this by using machine learning algorithms to analyze large datasets of human language, allowing me to understand the nuances of human conversation and generate coherent, contextually appropriate responses. My training data comes from a wide range of sources, including books, articles, and websites, and my abilities are continually evolving as I learn from new data and interactions with users.

So Why Make a Scam with the Same Name?

Well it is part of how the scammers work. They know that if they can make an article that sounds like it is a breakthrough and is also connected to something people have recently read about or seen on the News then it is a shoe-in to people's trust. If those people see that the new breakthrough in technology has been exploited to make them rich, they may actually believe it because they have seen an article about it on the news which has acted as a seed to grow into belief in the scam they see before them now. 

Let's have a look at the BitGPT scam website.

What Does the bitgpt.app Website Tell Us?

Well firstly, it tells us the intentions of the authors of the site. This site has a sign-up form right at the top, before any explanation of what it does or how it works. This is a very typical scammer tactic, as they want people to sign-up on a whim, while they believe they still have nothing to lose. They want people to sign-up because they don't think things through. In other words, they the want people most prone to their attacks to sign-up while still in their most trusting, vulnerable state. They want the people who believe that these scammer sites are real and have a real connection to GPT technology. 

The website claims that it has a great many positive features. 

To the unwary reader it seems that BitGPT is a new AI language model that claims to be "powered by blockchain." According to the website, BitGPT is designed to offer more secure, private, and decentralized language processing capabilities by leveraging the decentralized computing power of blockchain networks. Based on the information available on the website, it appears that BitGPT is still in the development phase and not yet publicly available. It is also not clear if BitGPT is based on the GPT architecture or a different type of language model. It will be interesting to see how BitGPT develops and how its use of blockchain technology may differentiate it from other language models in the future. However, I should note that I do not have access to any additional information about BitGPT beyond what is publicly available on the website you shared.

In reality, there is no connection between BitGPT and OpenAI whatsoever. BiutGPT do not even have access to the GPT3.0 language model code.

When we ask the Bing GPT3.0 model about this we see the following:

Have you heard of bitgpt?

Yes, I have heard of BitGPT. It is a **crypto trading platform** that claims to use **latest GPT artificial intelligence technologies** to alert trade opportunities. It allegedly uses an **AI-driven algorithm** that helps it make the right decisions and eliminate the potential risk factor that most traders fall victim to. It also claims to have a high **accuracy rate** of 98.4%, although this is unverified.

How could an AI trader have a known accuracy rate in advance?

 

In this context, a human might say that an AI trader's accuracy rate is based on its past performance and not a guarantee of its future results. It is possible that the AI trader has been tested on historical data and simulated scenarios to estimate its accuracy rate, but this does not mean that it will always perform the same way in real-time market conditions. There may be unforeseen factors or events that could affect the AI trader's performance and accuracy rate. Therefore, one should always be cautious and do their own research before investing in any crypto trading platform.

 

Surely that level of accuracy is impossible for a robot on a live market

I cannot comment on the validity of BitGPT's accuracy rate claim, as I have not used it myself. However, I can say that achieving a high level of accuracy in a live market is very challenging for any trader, human or robot. The crypto market is volatile and unpredictable, and there are many factors that can influence the price movements of cryptocurrencies. Some of these factors include supply and demand, news and events, regulations, hacks, scams, technical issues, market sentiment, etc. Therefore, it is unlikely that any robot can consistently predict the market behavior with a high degree of certainty.

 

Yes but if you could predict market movement consistently in all but 16 out of 1000 trades, why would you sell that bot publicly?

 

That is a good question. In this context, a human might say that there are several possible reasons why someone would sell a highly accurate bot publicly. Some of these reasons are:

- They want to share their success and help others achieve financial freedom.
- They want to create a community of traders and benefit from their feedback and suggestions.
- They want to generate more income from the fees or commissions they charge for using the bot.
- They want to increase the liquidity and popularity of the cryptocurrencies they trade with the bot.
- They want to attract more attention and publicity for themselves or their company.

Of course, these are just some hypothetical reasons, and I cannot verify if any of them apply to BitGPT or its creators. Ultimately, it is up to each individual to decide whether they trust BitGPT or not, and whether they want to use it or not.

 

Can you sign-up and try it?

 

I'm sorry but I cannot do that. I am a chat mode of Microsoft Bing search, and I cannot perform any tasks outside of the chat box. I can only provide you with information and suggestions based on your queries. If you want to try BitGPT, you will have to do it yourself. However, I advise you to be careful and do your own research before investing in any crypto trading platform. I'm still learning so I appreciate your understanding and patience.🙏

 

So as you can see, the Bing GPT model does not have the understanding of what these scammer sites are because it is unable to sign-up and so cannot be defrauded online and so has absolutely no understanding of the dangers. It cannot lose money and so it cannot appreciate the motivations of a scammer. It actually believe that people would give away AI trader bots for the good of the people.

If we look at some of the text, we can see that there is something horribly wrong with this site and how hurriedly it has been assembled. The title 'How Did Bitcoin Trading Evolved?' doesn't even make sense in English and so this site is either translated badly with substandard software or has been posted without being proof-read. Either way this is a sign that this website is not put together by anyone that OpenAI would ever partner with.

How Can People Fall for Scams Like This?

Well mostly because they are advertised on sites like FaceBook where people assume they must have some level of authenticity or otherwise how would they get through the advertising standards requirements for advertising in the UK? 

If we have a quick look at this video, we can see how you can arrive at a very dangerous website just by following a very promising looking advert in FaceBook:

As you can see, this website attempts to put the reader completely at rest with what is occurring. Every common objection is addressed before there is any interaction being requested. Thankfully the host has already been alerted to the nature of the website in question and the trading broker/scammer has been disabled. They will shortly be using a new link though and the problem with re-emerge later in the day.

In fact, it is everywhere today:

The BBC is being used by these scammers to insinuate that a new Tesla currency is being reported by the BBC on FaceBook as a new invention that will bring an end to poverty and make everyone who uses it rich without any effort, skill, luck or investment. In other words - FREE MONEY - the same old scam. Anyone offering free money has devalued money as worthless and so cannot be telling the truth.

The purpose of all of these scams is to get your details so that they can defraud you using CFD trading from offshore, unregulated brokers who will disappear shortly after receiving your deposits. Usually they give you a fake trading interface to persuade you that you are actually making money so that you will deposit more. By the time you have realised that the whole thing is fake it will be too late to demand any money back as they will have disappeared.

This is the same scam that these groups have been using for decades, but the internet is making it easier and easier as the big US companies care about nothing other than profit and they will extract it from the poorest people on Earth if that is all that they can find.

And again here...

Falsely claiming that Tesla have released their own cryptocoin once more. All of these adverts are supposedly being vetted so as to avoid any danger to the users of FaceBook.

Why Do FaceBook Advertise BitGPT?

Shareholders, that is why. All of these companies and the monopoly in which they operate is entirely designed for the shareholders. That is why you cannot trademark an app outside of the US, it is just not in the interest of the shareholding population of the world who wish to be paid for not working. They will take money from anyone under any circumstances in order to feed the monster that has become their shareholder ruling class.