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@ TheBitcoinManual
2025-01-07 19:13:58I normally try to avoid the noise that is the crypto market only because I've been in that situationship before back in 2016, got rugged in the ICO phase and learned my lesson. There is nothing left for me to take from crypto apart from watching from the sidelines and enjoying the endless amount of schadenfreude it produces.
So every so often I find myself checking in on the ugly step-child of Bitcoin just to see what the left side of the bell curve are up to and you know what?
I wasn't disappointed.
In fact, I'm kind of impressed at the number of times shitcoiners can come up with a new meta to get the degens excited enough to take another spin at the casino, it's honestly pretty impressive.
After ordinals were cooked, the shitcoiners were left to head back to the drawing board, and the obvious pivot was AI tokens. AI and LLMs were the new hotness and try they did but AI tokens didn't really take off in 2024.
Sure there's tokens like NEAR, Internet Computer, and RENDER all with a few billion in market cap and according to CoinGecko there's around 50 billion in AI shitcoins, but for these coins to pump they need to provide some sort of product.
That requires investment and some thinking and who has time for that?
F AI, AI Agents are the future
Wtf are AI agent tokens you ask? Bad question, but I'll edify you anyway.
AI agents are autonomous software programs designed to perform very specific tasks and make decisions independently. Hardly very AI and more repetitive loops, cronjobs if you will.
Using an AI agent and giving a blockchain wallet these agents can interact with smart contracts, dApps and DEXs and start to get up to some shenanigans, or at least distance the agent creator from the actions.
No, I didn't rug pull you, that was the AI Agent malfunctioning.
I guess the killer app for AI agents is plausible deniability when you have to plead your case with the SEC.
As this new batch of vapourware gains popularity, every moron with a ChatGPT pro subscription and a dream is going after this market of suckers. Right now there are several AI agent tokens you can speculate on with a combined market cap of $16 billion according to CoinGecko
It's all about the meta-baby
I'm old enough to remember when the idea for a shitcoin was
- Utility, it had to do something and wall it off, so you needed to token to access a feature, that failed
- Then we went into culture and community, its all about the memes, that failed
- Then it was all about etching in on Bitcoin block space, using that rare commodity made my shitcoin valuable, that failed
Now we've got a bit of a mish-mash of memes + AI utility equals new grift.
To illustrate the unserious nature of this nonsense, AI agents, associated meme coins, and the protocols used to create these agents are among the top five best-performing crypto assets of the day, according to CoinGecko.
For example, Truth Terminal—the agent that started much of this wave—has promoted Goatseus Maximus (GOAT) and Fartcoin (FARTCOIN) causing both to skyrocket.
Fartcoin surged to a new all-time high price of $1.3 and a market cap of $1.5 billion as a result, FML, what a complete waste.
Growth in the FART coin Market Cap
ChatGPT-wrapped crypto scams
The Truth Terminal chatbot is a customized version of Anthropic's Claude 3 LLM, that tweets out random nonsense and somehow shitcoiners take this text as gospel and try to bet on tokens it shills or creates tokens based on its tweets as if it were Elon himself.
Can't wait for Elon to pump your bags, well, let's all dogpile on the random brain farts of a chatbot.
Again this just seems like a way to obscure insider trading and pump and dump influencer scams by hiding the human element behind a bot.
In fact, shitcoiners are creating tokens or sending tokens to a known wallet tied to this AI agent, hoping it uses this data to formulate it's next round of bullshit, I mean bullish tweets.
AI in name only
Still, most agent autonomy is limited. Truth Terminal, for example, still has creator Andy Ayrey looking over it's shoulder before it's thoughts and decisions go out to the public.
So if there's someone watching it, there's someone with access to the wallet and master access to prod it in a certain direction no?
Sigh! Reading up on this all just made my brain hurt and not in a good way.
“Do you want to be right or do you want to make money”
— ZachXBT (@zachxbt) January 6, 2025
99% of it is a scam and the AI agent wrapper grifts are probably worse than other past trends tbh.
bc at least meme coins promise nothing whereas AI coins try to larp as much as possible to appear legit to unsuspecting…This AI agent field itself is still relatively nascent and doesn't seem to provide any value other than being a filter for random tweet generation, and we all know computers aren't good with being random.
Most if not all projects promising AI-powered solutions will not deliver on their promises, potentially leading to significant losses for investors.
But that's the game they choose to play.
The cryptocurrency market is primarily driven by hype and speculation, and AI agent tokens are no exception. Many projects are overvalued based on potential rather than actual achievements.
Is this the future?
