Potential of AI: Attain 2.4ETHs effortlessly

0xTwixteron
12 Apr 202408:03

TLDRDiscover how to create a passive income-generating bot using ChatGPT and the MEV principle on Ethereum platforms. The bot, requiring over 1 Ethereum, scans the mempool for profitable transactions, utilizing strategies like Frontrunning. Open-source and customizable, it offers a dashboard for managing operations, with real-time tracking of yields. The video demonstrates the setup process, from Metamask to deploying and running the bot on Remix Ethereum, showcasing significant earnings potential within a day.

Takeaways

  • 🚨 Beware of scammers in the cryptocurrency world; avoid suspicious transactions for asset safety.
  • 🤖 The bot operates on the principle of MEV (Maximal Extractable Value) using strategies like mempool analysis and arbitrage.
  • 💼 To set up the bot, you need a Metamask wallet and access to Remix Ethereum for smart contract creation.
  • 🔧 The bot's code is open-source, allowing for audits and modifications, but you're responsible for its functioning after changes.
  • 💰 A minimum of 1 Ethereum is required for the bot to operate effectively due to slippage considerations.
  • 🛠️ Compile the bot's code on Remix Ethereum with optimization enabled to reduce future gas costs.
  • 🔗 Connect Metamask to Remix using the 'Injected Provider' for wallet interaction and contract deployment.
  • 💼 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 earnings of 0.89 and 1.5 Ethereum within 12 and 24 hours respectively.
  • 📊 Track the bot's performance and yields using Etherscan by monitoring the transaction ID and smart contract balance.
  • 🔄 To withdraw funds, ensure the bot is stopped to prevent interference with ongoing frontrunning activities.

Q & A

  • What is the primary focus of the video?

    -The primary focus of the video is to explain how to create a bot using ChatGPT that can potentially generate passive income through cryptocurrency trading on the Ethereum network.

  • What is the significance of MEV in the context of the bot?

    -MEV, or Maximal Extractable Value, is the principle on which the bot operates. It involves strategies like mempool analysis, arbitrage, and frontrunning to capitalize on opportunities in the Ethereum network for profit.

  • What are the necessary precautions one should take before engaging with cryptocurrency bots?

    -Before engaging with cryptocurrency bots, it's crucial to avoid suspicious transactions, unofficial platforms, and to master the rules of asset safety to protect your investments.

  • What is the role of Metamask in setting up the bot?

    -Metamask is a digital wallet that is required to interact with the Ethereum network. It is used to connect to the bot and provide it with the necessary Ethereum to conduct trades.

  • How does the bot determine which transactions to frontrun?

    -The bot scans the mempool for transactions with slippage, checks if it can benefit from them, and if so, creates a transaction with a higher gas price to ensure it gets processed first.

  • What is the minimum amount of Ethereum required for the bot to function effectively?

    -The bot requires more than 1 Ethereum to function effectively, as smaller amounts do not provide enough slippage for profitable trading.

  • How can one modify and audit the bot's open-source code?

    -The bot's code is open-source and can be audited and modified for free. However, users are responsible for the functioning of any modified versions.

  • What is the process for deploying the bot on the Ethereum network?

    -To deploy the bot, one must use Remix Ethereum, compile the bot's code with optimization enabled, and then deploy it using the 'Deploy' button while connected to Metamask.

  • How does the bot's control panel work?

    -The bot's control panel in Remix Ethereum allows users to set the trade balance, start and stop the bot, withdraw funds, and view the bot's balance and activity.

  • What was the reported profit after 24 hours of operation?

    -The video reported a profit of more than 1.5 Ethereum in just one day, which at the time of the video was equivalent to over $2,000.

  • How can one withdraw funds from the bot?

    -To withdraw funds, one must first stop the bot, set an aggressive gas price, confirm the transaction, and then use the 'Withdraw' button to transfer the funds back to the creator's wallet.

Outlines

00:00

🤖 Introduction to Cryptocurrency Bot and MEV

The paragraph introduces the concept of creating a bot using ChatGPT technology to generate passive income. It emphasizes the importance of avoiding scams in the cryptocurrency space and outlines the principles of Maximal Extractable Value (MEV), including strategies like mempool analysis, arbitrage, and frontrunning on decentralized platforms like Uniswap and 1inch. The script details the initial setup process, requiring more than 1 Ethereum for the bot to function effectively and the open-source nature of the bot, allowing for modifications and audits. It also guides the user through the installation of Metamask and the use of Remix Ethereum for smart contract creation and deployment.

05:06

🔧 Configuring and Operating the MEV Bot

This paragraph explains the process of configuring the MEV bot, starting with obtaining an API key and specifying the amount of Ethereum the bot will use for frontrunning transactions. It describes the bot's functionality, including starting and stopping the bot, as well as tracking yields over 12 and 24-hour periods. The user's experience with the bot is shared, highlighting the earnings made in a day and the process of withdrawing funds back to the wallet. The paragraph concludes with an invitation to subscribe for more content on coding and WEB3 technologies.

Mindmap

Keywords

💡passive income

Passive income refers to earnings that are generated with minimal effort and maintenance over time. In the context of the video, it describes the potential of the AI bot to generate profits through cryptocurrency trading without the need for continuous active involvement from the user. The video emphasizes this as a means to make life easier and create a steady stream of income.

💡cryptocurrencies

Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks, such as blockchain technology. In the video, the speaker warns about the risks of scams in the world of cryptocurrencies and emphasizes the importance of avoiding suspicious transactions to ensure the safety of one's assets.

💡MEV

MEV stands for Maximal Extractable Value, a concept in the cryptocurrency space that involves profiting from the temporary nature of pending transactions on the Ethereum blockchain. The AI bot described in the video operates on the principle of MEV, using strategies like mempool analysis, arbitrage, and frontrunning to identify and capitalize on profitable opportunities within the Ethereum network.

💡mempool

The mempool is a collection of all unconfirmed transactions that are waiting to be processed and added to the blockchain. In the video, the AI bot scans the mempool to find transactions with slippage, which it can then frontrun by submitting a similar transaction with a higher gas price, allowing it to be processed first and potentially profit from the price difference.

💡gas price

In the Ethereum network, gas price refers to the amount of Ether (ETH) that must be paid for a transaction to be processed by a miner. The video explains that the AI bot uses a higher gas price to ensure its transaction is processed before others, allowing it to capitalize on the slippage of other transactions for profit.

💡Metamask

Metamask is a digital wallet that allows users to interact with the Ethereum blockchain and manage their digital assets. In the video, the speaker instructs the audience to install Metamask and connect it to the Ethereum Mainnet to use the AI bot for trading and managing funds.

💡 Remix Ethereum

Remix Ethereum is an open-source platform that allows developers to write, compile, and deploy smart contracts on the Ethereum blockchain using the Solidity programming language. The video guide uses Remix Ethereum to create and configure the AI bot's smart contract and provides links to the platform for viewers to follow along.

💡frontrunning

Frontrunning in the context of the video refers to a strategy where the AI bot anticipates and takes advantage of pending transactions by submitting its own transaction with a higher gas price, aiming to profit from the price differences that arise due to slippage. This is part of the MEV strategy employed by the bot.

💡slippage

Slippage in the context of cryptocurrency trading refers to the difference between the expected price of a trade and the actual price at which it is executed. In the video, the AI bot looks for transactions with significant slippage, which it can exploit for profit by frontrunning and reselling the transaction at a higher price.

💡smart contract

A smart contract is a self-executing contract with the terms of the agreement directly written into code. In the video, the AI bot operates through a smart contract deployed on the Ethereum blockchain, which allows it to autonomously manage funds and execute trades based on the predefined MEV strategies.

💡Etherscan

Etherscan is a blockchain explorer for the Ethereum network that allows users to view and track transactions, smart contracts, and balances. In the video, the speaker uses Etherscan to monitor the deployment of the AI bot's smart contract, check its balance, and verify the success of transactions.

Highlights

Creating a bot with ChatGPT for passive income and ease of life.

Caution against scammers and the importance of avoiding suspicious transactions in the world of cryptocurrencies.

The concept of Maximal Extractable Value (MEV) and its operation principle involving mempool and arbitrage strategies.

Utilization of popular decentralized platforms on Ethereum such as Uniswap and 1inch for MEV strategies.

The process of transaction scanning in the mempool and creating a higher gas price transaction for profit.

The requirement of more than 1 Ethereum for the bot to function effectively due to slippage considerations.

Open-source nature of the bot allowing for audits and modifications, with the user being responsible for any changes.

Instructions for Metamask installation and connection to the Ethereum Mainnet Chain.

Detailed steps for creating and deploying the bot using Remix Ethereum and Solidity language.

Explanation of the control panel functions: Set trade balance, start, stop, withdraw, and key management.

Demonstration of the bot's real-time analysis of wallet balance and transaction confirmation process.

Tracking of 12 and 24-hour yields to showcase the bot's profitability.

Achievement of 0.89 Ethereum profit in less than 12 hours and over 1.5 Ethereum in 24 hours.

Withdrawal process of the bot's earnings back to the wallet without any additional fees.

Final confirmation of successful withdrawal and smart-contract balance check on Etherscan.

Encouragement to subscribe for more content on coding and WEB3 technologies.

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