Introduction of ChatGPT in MEV bot strategies | generate 1,16ETH

Karma | WEB 3.0
13 Mar 202407:58

TLDRThe video introduces a bot created with Chat GPT to generate passive income through cryptocurrency trading, emphasizing safety in the volatile world of cryptocurrencies. The bot operates on the principle of maximal extractable value (MEV), using strategies like arbitrage and front-running on Ethereum's decentralized platforms. The tutorial guides viewers on setting up the bot using Metamask and Remix IDE, highlighting the requirement of over 5 Ethereum for significant profit. The video demonstrates the bot's deployment, operation, and withdrawal process, showcasing its potential to earn substantial income in a passive manner.

Takeaways

  • 🚀 The speaker created a bot using Chat GPT to generate passive income and ease daily life.
  • 💡 The world of cryptocurrencies is filled with scammers, and it's crucial to avoid suspicious transactions to safeguard assets.
  • 🔒 Mastering asset safety rules is essential to protect your money from unofficial platforms and wallets.
  • 📈 The bot operates on the principle of MEV (Maximal Extractable Value), utilizing strategies like mempool analysis, arbitrage, and front-running.
  • 💼 To set up the bot, one needs a MetaMask wallet and access to Remix Ethereum, an official platform for creating smart contracts in Solidity.
  • 🔨 The bot requires more than 5 Ethereum for operation due to the need for sufficient slippage to make a profit.
  • 📝 The bot's code is open source for audits and modifications, but users are responsible for its functioning when modified.
  • 🔄 Deployment of the bot involves compiling and deploying the smart contract on the Ethereum network using Remix.
  • 🔧 The bot has a control panel with functions like setting trade balance, starting and stopping operations, and withdrawing funds.
  • 💰 The bot can generate significant passive income, as demonstrated by the speaker's earnings of over 1 ETH in a day.
  • 📊 Monitoring tools like Ether Scan can be used to track the bot's performance and balance in real-time.

Q & A

  • What is the speaker's primary goal in creating a bot with chat GPT?

    -The speaker's primary goal is to create a bot that can help generate passive income and make life easier by utilizing strategies in the world of cryptocurrencies.

  • What warning does the speaker give about the world of cryptocurrencies?

    -The speaker warns that the world of cryptocurrencies is full of scammers and emphasizes the importance of avoiding suspicious transactions and unofficial platforms to ensure the safety of one's assets.

  • What is Mev and how does it operate?

    -MeV stands for Maximal Extractable Value. It operates on the principle of using mempool and arbitrage strategies along with front-running to identify and act on transactions in the Ethereum network that can yield profit, primarily through taking advantage of slippage and gas prices.

  • What are the requirements for using the bot mentioned in the script?

    -To use the bot, one needs more than 5 Ethereum because smaller amounts do not provide enough slippage to make a profit. Additionally, having more Ethereum and bot users increases the potential profit.

  • How does the speaker suggest deploying the bot's smart contract?

    -The speaker suggests deploying the smart contract by using the Remix platform, compiling the code, and then deploying it to the Ethereum network. It is recommended to use an aggressive gas price option for faster transaction processing.

  • What is the purpose of the control panel in the Remix platform?

    -The control panel in Remix allows users to manage the bot's functions, such as setting the trade balance, starting and stopping the bot, and withdrawing funds from the smart contract.

  • How does the bot's front-running strategy work?

    -The bot's front-running strategy works by scanning the mempool for transactions with slippage, creating a new transaction with the same amount but a higher gas price, and then reselling the transaction at a higher price to profit from the difference between the additional gas spent and the slippage.

  • What is the speaker's experience with the bot's earnings after 24 hours?

    -After 24 hours, the speaker made more than one Ethereum, which they consider a good result, indicating that the bot can generate significant passive income.

  • How does the speaker ensure the bot's transparency and safety?

    -The speaker mentions that the bot is completely open source, allowing for audits and free modifications. However, users are responsible for the functioning of the bot if they make modifications.

  • What is the speaker's recommendation for gas prices when interacting with the bot?

    -The speaker recommends setting the gas price to aggressive both when deploying the contract and when making transactions with the bot to ensure faster processing and reduced gas spending.

  • How can one track the bot's performance and earnings?

    -One can track the bot's performance and earnings by using Etherscan to monitor the smart contract's balance and transaction history, which provides insights into the bot's activity and profitability.

Outlines

00:00

🤖 Introduction to Crypto Bot Creation

The paragraph introduces the concept of creating a bot using Chat GPT to generate passive income and simplify life. It emphasizes the importance of avoiding scams in the cryptocurrency world by steering clear of suspicious transactions and unofficial platforms. The speaker then introduces the principle of 'MeV' or Maximal Extractable Value, explaining how it utilizes mempool and arbitrage strategies, including front-running, to profit from transactions on Ethereum's decentralized platforms. The process requires a minimum of 5 Ethereum for profitability and is open-source for modifications and audits.

05:03

🚀 Setting Up and Interacting with the Bot

This section provides a step-by-step guide on setting up the bot, starting with the installation of Metamask and the creation of a smart contract on Remix Ethereum. It details the process of compiling, deploying the bot, and interacting with it through the control panel. The speaker explains how to set trade balance, start and stop the bot, and withdraw funds. The bot is shown to be profitable, with a demonstration of earnings and a guide on how to track yields over time. The video concludes with instructions on how to withdraw earnings back to the wallet without any additional fees, as the user is the sole owner of the bot.

Mindmap

Keywords

💡Chatbot

A chatbot is an artificial intelligence (AI) software designed to simulate conversation with human users, especially over the internet. In the context of the video, the chatbot is created using Chat GPT technology to assist in generating passive income through cryptocurrency transactions.

💡Cryptocurrencies

Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks, such as blockchain technology. They are an alternative to traditional currencies and can be used for various transactions.

💡Slippage

Slippage in the context of trading and blockchain transactions refers to the difference between the expected price of a trade and the actual price at which it is executed. This can occur due to market volatility and is often factored into trading strategies, especially in decentralized finance (DeFi) platforms.

💡Mempool

A mempool, short for memory pool, is a collection of all unconfirmed transactions that are waiting to be included in the blockchain. Transactions in the mempool are not yet part of any block and are pending confirmation.

💡Arbitrage

Arbitrage is the practice of taking advantage of price differences in different markets to make a profit. In the context of the video, it refers to a trading strategy where the bot exploits price discrepancies on decentralized platforms to earn a profit.

💡Frontrunning

Frontrunning in the context of blockchain and cryptocurrency is the act of executing a trade ahead of a large transaction, anticipating that the price will move in a certain direction based on the anticipated transaction. This is done to profit from the price movement caused by the large transaction.

💡MetaMask

MetaMask is a browser extension and mobile wallet that allows users to interact with the Ethereum blockchain and use its decentralized applications (dApps). It enables users to manage their Ethereum-based assets and smart contracts.

💡Remix Ethereum

Remix Ethereum is an open-source platform that provides an integrated development environment (IDE) for writing, compiling, and deploying smart contracts on the Ethereum blockchain. It is used for creating and managing dApps and is the platform mentioned in the script for setting up the bot's code.

💡Gas Price

In the Ethereum network, gas is a measure of the computational effort required to execute a specific operation or contract. The gas price is the amount of Ether (ETH) that must be paid for each unit of gas. Higher gas prices can lead to faster transaction processing times but incur greater costs.

💡Smart Contract

A smart contract is a self-executing contract with the terms of the agreement directly written into code. The code and the agreements are stored on the blockchain network. Smart contracts automatically execute, control, or document legally relevant events and actions according to the terms of these contracts.

💡Passive Income

Passive income refers to earnings derived from a rental property, dividend income, or any business venture that only minimal work is needed to maintain it. In the video, the bot is designed to generate passive income through cryptocurrency trading strategies without the constant need for active management.

Highlights

The speaker introduces a bot created with Chat GPT designed to generate passive income and simplify lives.

A warning is issued about the prevalence of scammers in the world of cryptocurrencies, emphasizing the importance of avoiding suspicious transactions.

The concept of maximal extractable value (MEV) is explained as the foundational principle behind the bot's operation.

The bot utilizes strategies like mempool analysis, arbitrage, and front-running on decentralized platforms such as Uniswap.

A detailed setup process for the bot is outlined, starting with the installation of Metamask.

Instructions are provided for creating a smart contract on Remix Ethereum, an official Solidity language platform.

The bot requires more than 5 Ethereum for operation due to the need for sufficient slippage to generate profit.

The bot is open source for audits and modifications, with the user being responsible for the functioning of any modified versions.

A step-by-step guide is given on how to compile, deploy, and run transactions for the bot using Remix Ethereum.

The deployment process is detailed, including the use of an aggressive gas option for faster transaction processing.

Instructions on how to track the bot's performance and yields over 12 and 24-hour periods are provided.

The speaker demonstrates how to withdraw funds from the bot back to the user's wallet without any additional fees.

The bot's balance is shown to be zero on Ether scan, confirming that all profits go directly to the user.

The speaker shares their own positive experience with the bot, highlighting its potential as a source of passive income.

The video concludes with an invitation to subscribe for more content on coding and web 3 technologies.

Casual Browsing

I just created MEV bot with ChatGPT and earned avalanche of cash on fees

2024-03-26 20:20:02

MEV and Slippage: How to Generate 3ETHs

2024-04-13 02:35:01

MEV and Slippage: How to generate 3Eths

2024-04-14 11:45:01

How to Deploy ChatGPT MEV and make 1.5e on Fees

2024-03-31 11:35:00

Get the Most Out of Stable Diffusion 2.1: Strategies for Improved Results

2024-03-31 12:00:00

Generate AI Avtar Photos like midjourney AI Bot | Best AI Avatar Image generator

2024-03-26 20:25:02