- According to experts, 99% of crypto AI initiatives are fraud.
- ChatGPT surpassed one million users in just five days.
- Investors are warned to exercise care regarding AI breakthroughs.
Recently, the crypto market has been swarmed with new AI-powered projects. However, experts warn that 99% of these projects will likely be scams. Due to the growth of these fraudulent schemes, naïve investors’ investments are now in danger. Thus experts urge against investing in these initiatives.
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A Reddit poster claims that OpenAI’s market value increased to $29 billion after ChatGPT garnered more than a million subscribers in just five days. In light of the renewed AI euphoria, he encourages investors to caution against such developments.
In addition, as demand for cryptocurrencies has increased, a handful of crypto initiatives have emerged, intending to use artificial intelligence to transform the sector completely. With buzzwords like machine learning, deep learning, and artificial intelligence, these projects boast of having the next big thing in the market.
However, the reality is that most of these projects are schemes to defraud investors out of their hard-earned money. This is facilitated by the unregulated nature of the cryptocurrency market, which provides a blank check for fraudsters.
Therefore, prospective investors are strongly encouraged to do extensive research before committing funds to any cryptocurrency business. This involves checking the project’s code and development progress and reading the white paper.
The claims made by these scammers, including assured returns or the urgency to buy before the chance is gone, make them easy to spot.
AI has tremendous promise in cryptocurrency, but investors must proceed with care. Even though the cryptocurrency market is unexplored ground, suggestions from industry veterans might help investors avoid disaster.
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