The two biggest buzzwords in the technology world right now are probably “blockchain” and “artificial intelligence.” All the kids who grew up on a steady diet of science fiction are now established adults and we are ready for the future we were promised, with digital currencies and talking cars (if those cars could also fly, and if we could have jetpacks, the world would be perfect).
It’s inevitable, then, that blockchain and AI would often get thrown together. Enter Bibox, an “AI enhanced” cryptocurrency exchange. But what does that even mean?
A closer look at Bibox
This Bibox exchange review is just one of many to mention that Bibox is “AI enhanced.” But many of these reviews don’t seem to know how the platform uses its AI, and their own website doesn’t offer a lot of insight, either.
Reading another review on SludgeFeed seems to suggest that one of the AI features on Bibox is “automated trading.”
This makes it sound like Bibox may be offering a similar sort of service as the “expert advisor” (EA) programs that can be used for forex trading — but the interesting thing here is that EAs have to be provided by third parties, a forex platform isn’t allowed to provide such a thing themselves.
Is it ethical for a platform to provide AI-enabled automatic trading, then? Can we trust the AI to have the trader’s best interests at heart, rather than the exchange’s? It seems like a bit of a dodgy proposition, to be honest.
Automated trading is a good idea for the fast-paced cryptocurrency market. Nobody wants to miss out on a major development because they were stuck in an important meeting at work or outdoors enjoying some fresh air in an area with no good cell signal. But more often than not, automated trading (AI enhanced or not) fails to quite live up to its expectations. After all, if one could really get rich off of letting an AI trade for them, why would one need to turn around and sell that program to others?
Exercise caution with AI
If the hours and hours of sci-fi movies, TV, and books that we’ve all consumed has taught us anything, it’s that we need to be cautiously optimistic with regards to artificial intelligence. Fictional AIs have ranged from benevolent helpers to cold-blooded killers. That’s not to say that your Expert Advisor is plotting your murder, but if it gains sentience, it may have more important things on its mind than making sure you profit off of bitcoin’s next price action.
All joking aside, readers should probably check out more than one Bibox exchange review before drawing a conclusion about that platform’s AI capabilities. They could be very helpful tools, or just another gimmick to stand out in a sea of other exchanges. Do your research, and also pay attention to the other aspects of the exchange (such as their team, the currencies they support, and the number of trading pairs on offer) before deciding if they’re the best place to do your trading.