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Former FTX US CEO’s New Venture Is Seeking to Harness AI for Crypto Trading

Brett Harrison’s new firm, Architect, aims to be an one-stop platform for institutional-grade crypto trading.

Pek çok insan, yapay zekanın (AI) hemen hemen her sektör üzerinde derin bir etkiye sahip olacağına inanıyor ve kripto ticareti de bir istisna değil. Ana şirketi çökmeden sadece aylar önce istifa eden FTX.US’un eski CEO’su Brett Harrison, AI kullanmanın algoritmik ticaret stratejilerini kodlamayı kolaylaştırabileceğini düşünüyor.

Harrison bir röportajda CoinDesk’e verdiği demeçte, yeni girişimi Architect’in resmi olarak Ocak 2023’te Coinbase Ventures ve Anthony Scarmucci’den 5 milyon dolarlık bir başlangıç ​​turu ile başladığını ve bireysel tüccarlara ve büyük kurumlara yatırım araçları getirmeyi amaçladığını söyledi. Architect’in platformu, Mayıs ayından bu yana belirli müşteriler için beta modunda kullanıma sunuldu.

Around February or May, when interest in AI was at its zenith, Architect saw an opportunity to write algorithmic trading code for crypto, using generative AI tools such as ChatGPT – the chatbot created by Sam Altman’s OpenAI. Often the hardest part about creating such algorithms is the initial step, going from zero to one, because it requires specialized skills and knowledge that not all trading firms have in-house, he said.

“Our idea was to leverage the OpenAI API’s [application programming interfaces] and combine them with our internal trading API’s that we’ve built on top of all these different protocols to make it possible to use natural language probes to generate trading strategy code,” Harrison said. For example, using Architect’s platform, traders could set up software that buys bitcoin on Coinbase (COIN) when its price drops below what it is on other crypto exchanges.

Early stages

But Architect is still in the “early exploration” phase of AI tools, and envisions it as part of a suite of features on its platform. Another AI-powered tool it is considering based on customer feedback is actually using large language models (LLMs) for advanced market indicators, or actually embedding LLMs directly into the trading process, Harrison said.

LLMs such as OpenAI’s ChatGPT and Google’s Bard are artificial neural networks trained on large datasets of language, such that they can understand and generate human-like texts. Due to their proficiency with language, LLMs can understand complex concepts and explain them to users in an approachable way.

“The main thesis is to build good software that helps enable institutions to be prepared for a world that mixes traditional and digital assets seamlessly,” Harrison said. “But we do think that AI is going to be a critical component of most businesses going forward, and we didn’t want to miss the opportunity to be able to leverage AI tools for our users.”

Ultimately, the success of the trading strategies depends on the team behind it, not just the generative AI used to build it. The results you’re going to get from something like OpenAI’s Chat GPT are only going to be as good as the prompts that you’re giving it, Harrison noted.

“You definitely need to review the strategy, make sure it’s working, tweak it, test it,” he said.

The FTX connection

Regardless of the new trading platform, the shadow of FTX – the company that saw one of the crypto world’s most highly publicized collapses – has followed Harrison and Architect.

Harrison resigned from the position of CEO at FTX.US in late September 2022, just months before the exchange’s collapse. Six of eight Architect employees listed on its website used to work at FTX US.

FTX ile bağlantısı ve bağış toplama hakkında sorulan Harrison, bazı yatırımcıların bunu sallayamadığını, ancak diğerlerinin yapabildiğini söyledi.

“Çökmeden önce Sam’in sektör üzerinde nasıl gerçek bir güce sahip olduğu ve bunun benim zam sürecimi bile nasıl etkilediği hakkında halka açık bir şekilde konuştum ve insanlar, Sam’in çöküşten önce şirketle nasıl bir bağlantısı olacağını sordu. Ve sonra, çöküşten sonra, aynı yatırımcılardan bazıları benim FTX ile ilişkim konusunda endişelendi. Ama bunlar konuştuğu herkesten sadece birkaçı” dedi.

“Aslında endüstrinin en zor zamanlarından bazılarında, sadece kriptoda değil, VC [risk sermayesi] manzarasında genel olarak para toplamak için çok başarılı bir şekilde toparlamayı başardık.” dedi Harrison.

Merhaba arkadaşlar, bugün sizlere Prizmabet adlı bir bahis sitesinden bahsedeceğim. Prizmabet, Betconstruct altyapısı ile üyelerine kaliteli hizmetler veren ve ülkemizin önde gelen bahis sitelerinden bir tanesidir. 2009 yılında kurulan Prizmabet, lisanslı, güvenilir ve avantajlı bir site olarak dikkat çekmektedir. Prizmabet’te spor bahisleri, canlı bahisler, casino, canlı casino, slot oyunları, sanal sporlar ve daha pek çok seçenek bulabilirsiniz. Prizmabet’te oyun oynamak için aradığınız ortamı fazlası ile bulacaksınız.

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If we’re not careful, AI recruitment could institutionalise discrimination

Relying too heavily on automation and AI is akin to commercial airlines simply using autopilot: there’s too much on the line to dismiss the importance of human intervention, Oz Rashid writes.

Since recruiting methods are increasingly relying on artificial intelligence (AI), the principles used to identify qualified individuals have come into question. 

While these machines seem like a worthy replacement to subjective hiring managers, they can perpetuate historic company and algorithmic bias, discriminate against an applicant’s gender or age, and erode the laws in our democracies. 

Therefore, the world’s workforce shouldn’t be selected through AI alone. 

Trained professionals must be knowledgeable about AI recruiting methods and implement sufficient safeguards to keep programs ethical and the world safe.

Cases showing AI bias already exist

While AI has the potential to improve many aspects of the workplace, it also has the capability to undermine acceptable hiring practices and exacerbate wealth inequality. 

A 2022 Cambridge University study revealed how voice and phrenology analyses are unreliable, biased methods for identifying ideal applicant traits. 

Phrenology, a pseudoscience that claims skull patterns are linked to particular human characteristics, has been heavily contested, and voice analyses can be regarded as another underdeveloped practice not worthy of determining who deserves a job.

Since AI hiring tools can unintentionally discriminate against others, they can also be applied consciously as a way to manipulate a candidate pool. 

A case from 2018 showed that while Amazon’s recruitment tool was designed to solicit applicants of all genders, the hiring data used to train the tool was male-dominant.

People stand in the lobby for Amazon offices in New York, February 2019

The software can easily be hardwired to reject applicants with disabilities, a specific racial background, or based on physical profiles alone.

For instance, a case from 2018 showed that while Amazon’s recruitment tool was designed to solicit applicants of all genders, the hiring data used to train the tool was male-dominant. 

This caused the machine to interpret women as incompatible candidates and reject their applications. 

Although this stemmed from biased data alone, this detailed analysis could screen applicants on information they didn’t even know they were sharing. 

In 2019, the company HireVue released software that ranked job applicants’ employability based on their facial movements, word choice, and how they spoke.

Algorithms can have biases, too

Prior to AI recruitment tools, Applicant Tracking Systems (ATSs) have been popular applications used since the 90s. 

ATSs are helpful for sourcing, filtering, and analysing candidates throughout the entire recruiting and hiring process, but they can exacerbate workplace bias, and many have become outdated. 

Therefore, replacing old ATSs with modernised tools is smart as long as experienced professionals are still involved. 

All humans have an unconscious bias to prefer things familiar to them, which can directly skew the hiring data a machine learns from.

people walk across a rainbow crosswalk painted in support of the LGBT community in Philadelphia, June 2017

Too often, hiring managers and other business leaders think that AI will replace the jobs of talented HR teams because it’s less biased and more efficient.

In reality, even the most carefully programmed AI will have algorithmic biases and can make disconcerting decisions. 

All humans have an unconscious bias to prefer things familiar to them, which can directly skew the hiring data a machine learns from. 

Managing AI use in recruiting is crucial for protecting the rights of every citizen and ensuring that society has access to opportunities that keep them and their families alive. 

This kind of regulation can only be done through proper safeguards and monitoring.

We shouldn’t rely on autopilot too much

From the moment candidates are sourced, machine learning and predictive algorithms choose which individuals should see a job advertisement and which should be accepted. 

A study from Northeastern University in Boston and USC reported that Facebook advertised 85% of cashier jobs to women and showcased a taxi company’s vacancies to audiences that were 75% black. 

This situation most likely resulted from an AI’s independent evaluation of what applicants each company preferred. 

Relying too heavily on automation and AI is akin to commercial airlines simply using autopilot: there’s too much on the line to dismiss the importance of human intervention.

A hiring sign is displayed at a restaurant in Prospect Heights, IL, April 2023

While that behaviour isn’t inherently malicious, it’s in violation of US Equal Employment Opportunity laws.

Unfortunately, 79% of organisations used a combination of automation and AI for hiring in 2022, and the majority are completely unaware that their system is producing biased outcomes. 

Relying too heavily on automation and AI is akin to commercial airlines simply using autopilot: there’s too much on the line to dismiss the importance of human intervention.

Future-proofing efforts are everyone’s responsibility

In the past, organisations may have been shielded from being held accountable for their biases. 

However, new legislation like New York’s Local Law 144 guarantees transparency and accountability in AI hiring. 

The European Union’s upcoming AI Act is somewhat more opaque as to what type of remedies will be in place to prevent AI’s hiring bias, but the intention to create protections is there.

Meanwhile, organisations should already be educating themselves on which protocols protect them and their applicants.

German Chancellor Olaf Scholz delivers his speech during a debate about Europe at the European Parliament in Brussels, 9 May 2023

Meanwhile, organisations should already be educating themselves on which protocols protect them and their applicants.

Minimising the risk of exacerbating discrimination in the recruitment and hiring process can be achieved through the implementation of safeguards such as auditing systems designed to detect bias and conducting thorough reviews of the data sets used by AI learning. 

Vendors should also be able to provide transparency within their algorithms, including how they were trained, what data was used, and what assumptions were made. 

This information should be accompanied by clear explanations of their efforts to mitigate bias and verified compliance to conduct ongoing testing that will catch future biases.

AI can still improve existing hiring practices if incorporated safely

Permitting AI to fully control an entire company’s hiring processes should never be acceptable. 

This allowance disengages employers from the people they need, and even worse, it could perpetuate discriminatory hiring decisions.

To counter this, we must learn how to incorporate AI safely and effectively into our existing hiring practices. This will benefit the long-term health of our organisations, the workforce that supports them, and global economies.

AI is a marvellous tool with a unique value proposition, but there is a balance that we need to strike to produce transformational results and keep humankind in control of its future.

_Oz Rashid is the CEO and founder of MSH, a global tech and talent solutions company.
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As Crypto Grows, so Does CoinDesk’s Commitment to Keeping Pace #prizmabet

A new CoinDesk tool called the Bitcoin Trend Indicator can help traders spot where BTC is headed.

Proximity to information and access to new tools is one of the things that I value most about being at CoinDesk. Each day there’s cutting-edge access to news and early looks at tools that we as a firm are looking to bring to the marketplace.

The new Bitcoin Trend Indicator (BTI) from CoinDesk Indices is useful for investors, specifically those looking to employ systematic, non-discretionary strategies. Successful and timely identification of trends in price movements is paramount to any active investing strategy – and that’s something BTI appears to deliver.

While this new tool might not be so useful for investors engaging in a long-term, buy-and-hold strategy, for those with a tactical bent – a penchant for entering and exiting positions quickly – it’s got significant value. It should work well in tandem with watching seasonality, which is particularly important following the crypto winter markets endured for much of 2022.

You’re reading Crypto Long & Short, our weekly newsletter featuring insights, news and analysis for the professional investor. Sign up here to get it in your inbox every Wednesday.

As a practitioner of technical analysis, I view visual identification as a tried-and-true method of identifying trends. You pull up a chart, observe the extent to which prices are moving and apply trend lines to provide a graphical outline of those trends. They can effectively be used to identify and project the direction of an asset’s price movement, with breaks below or extensions above being instances worth noting.

Candidly, a degree of subjectivity exists when drawing trendlines. Where I draw my trendline may be completely different from where a colleague draws one. Methodology can vary as well. Where one may connect trend lines at an asset’s closing price, another may draw the trendline at its high or low price for the day.

This is not meant to call into question the practice itself, but to highlight potential variations in the analysis of identical data. From my vantage point, it’s no less subjective in nature than picking one valuation multiple over another when performing fundamental analysis.

Historical price data can be used to identify seasonality and trends as well. Past pricing data can be separated into buckets related to time, and used to identify patterns.

Investors can also narrow the time period of evaluation to a more recent time frame to evaluate the extent to which performance may have shifted.

Of note in 2023 is the somewhat sporadic monthly returns, with underperformance in February and April, surrounded by outperformance in January and March. The lack of a discernible trend in instances like this highlights the need for objective, quantitative-based tools to evaluate trends. As crypto matures and the base of crypto investors widens, so, too, will the need for tools that strip the emotion out of allocation decisions. CoinDesk’s Bitcoin Trend Indicator can do that.

In a nutshell, the BTI identifies the “presence, direction and strength of momentum in the price of bitcoin.” It is calculated daily at 4 p.m. ET (20:00 UTC at this time of year), using prices from the CoinDesk Bitcoin Price Index (XBX), our BTC benchmark.

The five BTI signals, (color coded for clarity from red to green) are significant downtrend, downtrend, neutral, uptrend and significant uptrend.


Bitcoin Trend Indicator – April 25

A look into its methodology shows that a series of moving average crossovers are utilized within four distinct crossover windows of varying lengths. Exponential weighting is used to fully capture the importance of more recent prices.

A backtest of the BTI shows it identified an uptrend in October 2020, before BTC jumped to $40,000 from $10,000. From a risk management vantage point, it also identified movement to “neutral” from “uptrend” in May and November 2021, before substantial drawdowns.

A missed signal can be seen in late March 2022, when the BTI signaled an uptrend before a 59% drop through June. It’s also worth noting, however, that while the uptrend was identified on March 28, the BTI identified a neutral signal on April 8 and a downtrend signal on April 10.

There is no Holy Grail indicator, so I expect other false signals. I find comfort seeing that the BTI has demonstrated an ability to quickly adapt to a changing landscape however.

I would encourage all who are reading this to give the BTI a look, particularly those who are looking to build systematic, non-discretionary strategies.

Give it a try, poke holes in it, completely ignore any bias that I may have towards it and see how it fits into your own investment process. Feel free to let us know how you feel as well, whether positively or negatively. Feedback can be the lifeblood of improved processes.

Our goal at CoinDesk is to constantly provide products and services that add value to your own.

– Glenn C. Williams Jr., CMT

Takeaways

From CoinDesk Deputy Editor-in-Chief Nick Baker, here’s some news worth reading:

Recommended for you:

  • DeFi Giant MakerDAO Integrates Blockchain Data Provider Chainlink for DAI Stablecoin
  • What the Tornado Cash Sanction Means for Privacy Coins
  • Crypto Investors Can Rely on ‘Frankly Nothing’ in Current Regulatory Environment, Says Former FDIC Official
  • Join the Most Important Conversation in Crypto and Web3 in Austin, Texas April 26-28

To hear more analysis, click here for CoinDesk’s “Markets Daily Crypto Roundup” podcast.

Edited by Nick Baker.

Merhaba arkadaşlar, bugün sizlere Prizmabet adlı bir bahis sitesinden bahsedeceğim. Prizmabet, Betconstruct altyapısı ile üyelerine kaliteli hizmetler veren ve ülkemizin önde gelen bahis sitelerinden bir tanesidir. 2009 yılında kurulan Prizmabet, lisanslı, güvenilir ve avantajlı bir site olarak dikkat çekmektedir. Prizmabet’te spor bahisleri, canlı bahisler, casino, canlı casino, slot oyunları, sanal sporlar ve daha pek çok seçenek bulabilirsiniz. Prizmabet’te oyun oynamak için aradığınız ortamı fazlası ile bulacaksınız.

Prizmabet’in en önemli özelliklerinden biri de Prizmabet TV kanalıdır. Bu kanal sayesinde bahis sitesinde bulunan müsabakaları üyeler bir ücrete katlanmadan istedikleri zaman takip edebiliyor. Böylece hem heyecanlı hem de kazançlı bir bahis deneyimi yaşayabiliyorsunuz. Prizmabet TV kanalında futbol, basketbol, tenis, voleybol gibi popüler spor dallarının yanı sıra daha az bilinen sporlara da yer verilmektedir. Prizmabet TV kanalını kullanmak için sadece siteye üye olmanız ve yatırım yapmanız yeterlidir.

Prizmabet ayrıca üyelerine bol miktarda bonus ve promosyon da sunmaktadır. Prizmabet’te ilk üyelik bonusu olarak 100 TL deneme bonusu alabilirsiniz. Bunun yanında yatırım bonusları, kayıp bonusları, arkadaş davet bonusu, doğum günü bonusu gibi farklı bonuslar da mevcuttur. Prizmabet bonusları sayesinde daha fazla oyun oynayabilir ve kazancınızı artırabilirsiniz. Prizmabet bonuslarının çevrim şartları da oldukça makul seviyededir.

Prizmabet para yatırma ve çekme işlemleri konusunda da üyelerine kolaylık sağlamaktadır. Prizmabet’te banka havalesi, kredi kartı, papara, cepbank, QR kod, bitcoin gibi farklı yöntemlerle para yatırabilir ve çekebilirsiniz. Para yatırma ve çekme işlemleri 7/24 yapılabilmekte ve kısa sürede hesaplara yansımaktadır. Prizmabet para yatırma ve çekme işlemlerinde herhangi bir komisyon veya kesinti de yapmamaktadır.

Prizmabet müşteri hizmetleri de üyelerine 7/24 canlı destek hizmeti sağlamaktadır. Prizmabet canlı destek ekibi sayesinde site ile ilgili her türlü soru, sorun veya önerinizi iletebilir ve anında çözüm bulabilirsiniz. Prizmabet canlı destek ekibi profesyonel, güler yüzlü ve yardımseverdir.

Sonuç olarak, Prizmabet ülkemizin en iyi bahis sitelerinden biri olarak gösterilebilir. Prizmabet’te hem eğlenceli hem de kazançlı bir bahis deneyimi yaşayabilirsiniz. Prizmabet’e üye olmak için güncel giriş adresini web sitemizden bulabilirsiniz. Prizmabet’e girmek için tıklayınız! Prizmabet’e katıldığınıza pişman olmayacaksınız!