Artificial intelligence is coming to crypto - Interview with Guy Zyskind (CEO of Enigma)
Guy Zyskind is a name to remember in the crypto space. In my opinion the Enigma project is one of the most important projects in this space in terms of privacy and the ability to create "data markets". Guy Zyskind recently gave an interview which I think everyone should read. I'll post a few tidbits from the interview but make sure you check out the full interview by clicking here
How are we going to see AI enter this space? According to Guy Zyskind the initial use of AI in this space will be in the area of trading. This makes sense because trading bots are obviously the most profitable way to use AI at least in the current phase of crypto adoption. Additionally hedge funds have the money (more than enough) to afford all the AI experts necessary to develop and train the AI.
The returns generated by AI compared to from humans is also ridiculous:
Hedge funds that replace their human workers with AI ones are greatly outperforming their traditional counterparts. In fact, Renaissance Technologies, the hedge fund that is one of the most reliant on AI, has a Medallion Fund that has been giving positive returns of between 20% – 98% from 2002 to 2016. During the 2007-2008 financial crisis, Medallion Fund gave annual returns of 85.8% and 98.2% respectively. These are very impressive returns for the legacy financial markets.
Enigma Catalyst will leverage the Wisdom of the Crowds which has proven itself to be more effective than human beings at trading.
References
https://www.reddit.com/r/CryptoCurrency/comments/7bcbrj/artificial_intelligence_is_coming_to_crypto/
Thanks for more great information!
Check out numer.ai as well if you are interested in AI projects on the blockchain.
numer.ai is ass, want real innovation checkout enigma and agoras. thats it
Don't you get afraid of IA ? It could be amazing but also a disaster. Hope to be just the first haha
With cryptocurrency's massive fluxuations, an AI trading bot should have a field day. Just watching when bitcoin has one of it's $1000 dips. With the logic to always watch, buy low, sell high, it should be a license to print (erm mine) money.
Few people realize that the financial sector started investing heavily in technology 17 years ago. Fin Tech is far advanced other industries so it being in the lead in the AI field makes sense.
Jobs are being eliminated as traders are replaced by algorithms. This will be expanded. Crypto and AI make total sense. Ultimately, AI along with the blockchain should sent the world's GDP through the roof. Hopefully the public blockchains remain the leading bodies so that the wealth is spread around to the masses. We all know the banksters are going to try and privatize it all.
the question is are we ready for the AI bots , we act like its no big deal as fintech Ai run the show, the algorithms are working and that means if you are in the industries that use AI bot start looking for another job. we can decentralize the AI system to keep bankers from privatizing it, if possible take it open source
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STOPAI is devloping at a fast rate and will eventually take over most industries. the trading bots have a very low error rate compared to humans and that is why they have successful, look at steemit of late their have been many bots emerging and upvoting contents, looks like the trend will continue for a while. In the crypto space they will be more effective especially in trading and managing of all the coins that are coming
Power to the robots :D Making the world a dull place for everyone !
I'm gonna follow this guy Guy!