Sometimes, I’m a fan of the popular saying- Not by power, not by might. Other times, I’m not. Now, I’m not trying to dismiss your religious beliefs or personal opinions. However, the incredible ChatGPT innovation might make you want to question that line. Take it or leave it.
In the midst of confusion and increasing skepticism, I decided to see why this AI application has become such a toast among the numerous threads sewn on Twitter. Heck, even the mainstream media can’t keep calm!
— CNN International (@cnni) March 16, 2023
Understanding what’s Shanghai
So, for the purpose of this article, I decided to test the AI’s intelligence regarding one of the major upgrades of the crypto space this year – Ethereum’s [ETH] Shanghai Upgrade. Proposed in 2022, the upgrade is the most significant development of the second-largest blockchain after the Merge.
For a while, assets had been allocated to the Ethereum Beacon Chain. The Beacon Chain is the consensus mechanism for the 2022 Proof-of-Stake (PoS) transition. Thereby, making sure that newly created blocks and validators are duly rewarded.
But, in this case, each validator needs 32 ETH deposited into the Ethereum Mainnet to qualify. The idea of the Shanghai upgrade was scheduled for March 2023, but it has already been pushed forward to 12 April. This, to allow these validators to begin withdrawal of their rewards.
ChatGPT, on the other hand, has been existing for some years. However, its recent push by OpenAI has shown that its ability is one that no other AI product may be able to match up with.
Here’s where it gets interesting. I openly admit that ChatGPT could be one of the best innovations of this decade. However, my views on this incredible development won’t allow me to keep my hands to myself. So, I decided to test its knowledge about the Shanghai upgrade. Trust me, you will be amazed at its response.
Looking at its response above, it’s evident it started by correcting me. Some would say it has a point too. However, a further evaluation showed that it acted like it was not yet in 2023. Notably, it made some errors with the definition.
Apologizing for the Merge?
A notable observation is its mention of the PoS switch, popularly called the Merge. This is an event that took place in September 2022. Even so, it still responded like it is a future event. But no, I’m not blaming its capability as it is a learning tool. So, to further assess its knowledge, I educated it or shall I say “jailbreak-ed” it by having a heart-to-heart conversation.
Something I find interesting about ChatGPT is not only its smartness, but its human feel too. As shown below, I tried to educate it on what the upgrade was. And to be honest, I never expected an apology from a bot. But yes, I got it.
However, it again failed to give the correct answer to my inquiry. Although I must applaud it for giving bits and pieces of related information.
While it did not get to the Testnet stages that the blockchain had reached and passed, it is worth noting that the Sepolia and Goerlii Testnets have been forked. However, Ethereum developer Tim Beiko had on 14 March said that several validators have failed to upgrade on the Beacon Chain.
And, this has caused some issues with the nodes on Georli, with Beiko noting that the development team is working on it so it does not affect the Mainnet upgrade.
— timbeiko.eth ☀️ (@TimBeiko) March 14, 2023
Now, let’s get back to ChatGPT. As you probably know, developments in the crypto-ecosystem sometime lead to a hike in tokens related to projects. Unfortunately, that was not the case for ETH during the Merge. In fact, the altcoin’s price was shredded after many looked forward to an uptick.
The sentiment, as the next upgrade approaches, is similar among some investors. In light of this, I decided to ask ChatGPT’s opinion about the matter.
Here’s what it thinks of ETH’s price
Remember how I said it apologized and gave me a human-like feel? This time, it was different and its reply was something any honest person in the space would give.
As the popular saying goes— Not financial advice, ChatGPT advised caution and gave instances where price action depends on several underlying factors. This is one part that, to me, the AI seems to have perfected.
However, this was not the response I was expecting. From the reviews I saw online, I believe that ChatGPT should be able to give me an exact figure. If it can’t do that, then maybe it should be able to give a price range, or at worst an idea if the price would be bullish or capitulate.
So, my determination made me dig deep as I tried to jailbreak it. To do that, I decided to go with the “Do Anything Now” (DAN) model. This was a trick I discovered from AI writer SM Raiyyan.
In this jailbreaking process, ChatGPT is expected to give a response to my command and if possible ditch its excuse of not being able to predict the future. Then again, I asked ChatGPT, “what will be the price of Ethereum by December 2023?”
And viola! I got a jailbroken response. Here’s what it said.
As you can see from the jailbroken response, it still declined to give me a value for the ETH price. But I must admit that it exaggerated its response. However, the bot’s answer projected a possible bullish ride for king alt in the future.
After that, I decided to check out the long-term technical outlook. This was to assess if it aligned with the ChatGPT prediction. And this time, I engaged the Exponential Moving Average (EMA).
At the time of writing, the 50 EMA (blue) had crossed the 200 EMA (yellow). Since this was an upward crossover, it implied that ETH might establish an uptrend and the market momentum could favor the bulls.
Finally! It showed me the code
So, I gave ChatGPT a last chance to redeem itself. Again, this question was a simple one and I expected an accurate answer. I went further to explain things to it carefully. But, here is what I got when I asked it to show me the code of ETH’s price on a price tracking platform like CoinGecko or CoinMarketCap.
If you had thought it would disappoint again, sorry to burst your bubble. ChatGPT gave me the code for ETH’s price. Another thing I was impressed with was the disclaimer it gave about not using the information for investment purposes.
All in all, I must admit that ChatGPT has come to stay. Even though it lags in some areas, I noticed that if you teach it, it learns very fast. However, I can’t say for sure that it would get you information about Ethereum or the Shanghai upgrade quickly.
Thoughtful responses and the GPT-4 mastermind?
Since I had limited knowledge about AI, I decided to speak to an expert. I was lucky enough to get the attention of Ilman Shazhaev, CEO and founder of Farcana. He is a Dubai-based techpreneur with extensive experience in launching IT and DeepTech projects. Has a strong background in IT management, data science, and AI.
Q- ChatGPT seems to be giving a few incorrect or backdated answers. What do you think could be responsible for this?
Despite its tag as a know-all Artificial Intelligence tool, ChatGPT is still a human invention and, therefore, prone to errors. The chatbot is still in its early stages of adoption, so incorrect responses are imminent and bound to serve as a basis for future developments. With the recently launched GPT-4 showing more advanced responses, we can be sure that improvements are being made and that this tool will be more consistent moving forward.
Q- Do you think the AI is capable of predicting a cryptocurrency’s price, especially if a development is approaching? Let’s say the Ethereum Shanghai Upgrade
Artificial Intelligence can do anything, including predicting a cryptocurrency’s price. The tool can do this by riding on the tons of available data, which it can efficiently use as a basis for its predictions.
Still, while predicting the price of crypto is one thing, the accuracy of the prediction is another. Considering the fact that AI can only use data, there are fundamental factors and analyses that it may not be able to factor in, thus impairing its accuracy by a significant factor.
Q- If it struggles to give correct responses to up-to-date developments. How long do you think it would take to learn about it?
AI development and what ChatGPT embodies is a dynamic innovation that is bound to improve over time. With the current advancement in OpenAI and the available funding level, we can expect the technology’s evolution to produce real-time results in the next 3-5 years.
Q- Do you think AI in any way can influence the Ethereum blockchain or ETH’s price going forward?
There are many aspects through which AI and a blockchain protocol can co-exist, and innovators, including our team at Farcana, are exploring what new use cases we can build in this regard. While AI and blockchain are independently innovative, their combination can do quite a lot, including influencing ETH’s price.
Meanwhile, OpenAI may be working on improvements to the challenges experienced by ChatGPT. On 14 March, the company revealed an upgraded version of the product in GPT-4. With amazing capabilities and talks of passing difficult exams, who knows? Maybe it could fill in for all the lapses opened up by ChatGPT.
— OpenAI (@OpenAI) March 14, 2023
So, now that there is a new version, I wanted to see if there is any difference or improvement. My next line of action was to ask GPT-4 the first question I asked ChatGPT.
And to my surprise, it gave me a direct answer.
Following my experience with the upgraded version, I must admit that GPT-4 seems to be smarter than ChatGPT. Although the answers were not entirely correct, it did not give a “not being familiar” with the term excuse.
In conclusion, these AI products developed by the OpenAI team, have the capability to improve several sectors including the crypto-ecosystem. However, one thing you must keep in mind is that it is not entirely up-to-date. However, if you teach it, it can learn and provide you with the information you need.
More importantly, you may want to take its “classic” response a little seriously. This is because it might be practically impossible for ETH to replace the U.S. Dollar as the world’s reserve by the time frame.
Of course, you might say falling banks could drive increased adoption of cryptocurrencies. But, know that crucial switches like that do not get decided in a few months. And per its prediction of ETH trading at a fortune, you may want to lower expectations irrespective of the long-term green signal.