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

Karma | WEB 3.0
13 Mar 202407:58

TLDRThe video script introduces a bot created with Chat GPT to generate passive income through cryptocurrency trading. It emphasizes the importance of avoiding scams and securing assets. The bot operates on the principle of MEV (maximal extractable value), utilizing strategies like arbitrage and front-running on Ethereum's decentralized platforms. The script provides a step-by-step guide on configuring the bot using Metamask and Remix IDE, highlighting the need for a minimum of 5 Ethereum for profitability. It also explains the bot's open-source nature, its control panel functions, and how to track yields and withdraw earnings, promoting it as a source of passive income.

Takeaways

  • 🚀 The speaker introduces a bot created with Chat GPT designed to generate passive income through cryptocurrency transactions.
  • 🔒 A warning is given about the prevalence of scammers in the cryptocurrency world, emphasizing the importance of avoiding suspicious transactions.
  • 📈 The concept of MEV (Maximal Extractable Value) is explained as the foundation of the bot's operation, utilizing strategies like mempool analysis and arbitrage.
  • 💼 The bot is built for use with decentralized platforms on the Ethereum network, such as Uniswap, and functions by front-running transactions with higher gas fees.
  • 💡 A detailed setup guide is provided, including the requirement of having more than 5 Ethereum for the bot to operate effectively due to slippage considerations.
  • 🔗 Instructions are given on using Metamask and Remix IDE for deploying the bot as a smart contract on the Ethereum blockchain.
  • 🛠 The bot is open source for audits and modifications, with the user being responsible for any changes made to its functionality.
  • 📊 A demonstration shows how to interact with the bot's control panel, including setting trade balance, starting and stopping the bot, and withdrawing funds.
  • 💰 Results are showcased with the bot earning over 0.54 Ethereum in less than 12 hours, highlighting the potential for significant passive income generation.
  • 🔄 The process of withdrawing earnings from the bot back to the user's wallet is demonstrated, emphasizing the bot's lack of additional fees.
  • 🎥 The speaker encourages viewers to subscribe for more content on coding and web 3 technologies, aiming to provide further insights and opportunities for passive income creation.

Q & A

  • What is the speaker's main purpose in the video?

    -The speaker's main purpose is to explain how they created a bot using Chat GPT to generate passive income through cryptocurrency trading strategies, specifically focusing on MEV (Maximal Extractable Value).

  • 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 work in the context of the bot?

    -MEV stands for Maximal Extractable Value. It involves using mempool and arbitrage strategies along with front-running to capitalize on opportunities in the Ethereum network, such as transactions with slippage, by creating a higher-priced transaction that gets processed first and then reselling the original transaction at a higher price to profit from the difference.

  • What are the prerequisites for using the bot?

    -To use the bot, one needs to have more than 5 Ethereum in their wallet because smaller amounts do not provide enough slippage to make a profit. Additionally, a MetaMask wallet is required, and the user should be connected to the Ethereum mainnet.

  • How does one set up the bot using Remix and MetaMask?

    -To set up the bot, the user should go to Remix Ethereum, create a new file, and paste the provided code. After compiling and deploying the bot's smart contract, the user connects MetaMask as an injected provider and deploys the contract using an aggressive gas price for faster transaction processing.

  • What functions does the bot's control panel offer?

    -The bot's control panel allows users to set the trade balance, start and stop the bot, and withdraw funds. It also requires the user to input their personal API key for identification purposes.

  • How does the bot analyze and front-run transactions?

    -The bot scans the mempool for transactions with slippage, creates a new transaction with the same amount but a higher gas price, ensuring it gets processed before the original transaction. The bot then resells the original transaction at a higher price, profiting from the difference between the additional gas spent and the slippage.

  • What was the speaker's earnings after running the bot for 24 hours?

    -After running the bot for 24 hours, the speaker made more than one Ethereum, which was worth over $1,000 at the time of the video.

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

    -The user can track the bot's performance and earnings by using Etherscan to monitor the bot's smart contract balance and transaction history, as well as by checking the confirmed transactions and the bot's control panel for trade balances and yields.

  • What is the significance of the bot being open source?

    -The bot being open source means that it is transparent and can be audited for security and functionality. It also allows users to make modifications as needed, but they are responsible for the functioning of any changes they implement.

  • How does the speaker emphasize the importance of security in cryptocurrency transactions?

    -The speaker emphasizes the importance of security by advising viewers to avoid suspicious transactions and unofficial platforms, highlighting the risk of scams in the cryptocurrency world and the necessity of mastering asset safety rules.

Outlines

00:00

🤖 Introduction to Cryptocurrency Bot Creation

The paragraph introduces the speaker's experience in creating a bot using Chat GPT, designed to generate passive income by navigating the world of cryptocurrencies. The speaker emphasizes the importance of avoiding scams and maintaining asset safety. The bot operates on the principle of MEV (Maximal Extractable Value), using strategies like mempool analysis and arbitrage to profit from transaction slippages on Ethereum's decentralized platforms. The speaker guides the audience on setting up the bot with Metamask and Remix IDE, highlighting the requirement of over 5 Ethereum for effective operation and the benefits of a larger user base for increased profits. The bot is open source for audits and modifications, with the speaker's responsibility solely for any modified versions.

05:03

🚀 Deploying and Interacting with the MEV Bot

This paragraph details the deployment process of the MEV bot and its interaction with the Ethereum network. The speaker instructs on compiling and deploying the bot using Remix IDE, emphasizing the use of an aggressive gas option for faster transaction processing. After successful deployment, the speaker explains how to monitor the bot's activities and earnings through Etherscan. The speaker demonstrates how to start the bot with a specified amount of Ethereum and tracks the收益 over a 12 and 24-hour period, showcasing significant profits. The paragraph concludes with instructions on how to withdraw earnings back to the wallet, highlighting the bot's lack of additional fees since the user is the sole owner.

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 creator discusses building a bot with Chat GPT, which is intended to assist in generating passive income through cryptocurrency transactions. The chatbot is a central theme as it is the tool that facilitates the automation of trading strategies.

💡Passive Income

Passive income refers to earnings that are generated with little to no continuous effort on the part of the income recipient. In the video, the creator talks about using a bot to create passive income through cryptocurrency trading, which means that once the bot is set up and running, it can potentially earn money without the need for constant supervision or active work.

💡Cryptocurrencies

Cryptocurrencies are digital or virtual currencies that use cryptography for security and operate on decentralized networks, such as blockchain technology. They are an essential part of the video's content as the creator discusses the creation of a bot designed to trade and earn profits from popular cryptocurrencies on the Ethereum network.

💡Scammers

Scammers are individuals who engage in fraudulent or deceptive practices to obtain personal information or money from others. In the video, the creator warns viewers about the prevalence of scammers in the world of cryptocurrencies and emphasizes the importance of avoiding suspicious transactions to safeguard one's assets.

💡Mempool

A mempool, short for memory pool, is a collection of unconfirmed transactions that are waiting to be included in the blockchain. In the context of the video, the chatbot's code scans the mempool to identify transactions it can potentially profit from by using strategies like frontrunning.

💡Arbitrage

Arbitrage is the practice of taking advantage of a price difference between two or more markets to make a profit. In the video, the bot employs arbitrage strategies within the cryptocurrency market to capitalize on discrepancies in asset prices on different platforms or exchanges.

💡Frontrunning

Frontrunning is a trading practice where a party with knowledge of a large transaction about to take place executes similar transactions in advance to profit from the price movement that the large transaction is expected to cause. In the video, the bot uses frontrunning strategies by creating a transaction with a higher gas price to ensure it gets processed before the original transaction, allowing it to profit from the slippage.

💡MetaMask

MetaMask is a browser extension that allows users to interact with the Ethereum blockchain and use dApps (decentralized applications) directly from their web browser. In the video, the creator instructs viewers to install MetaMask to facilitate the deployment and interaction with the bot's smart contract.

💡Remix Ethereum

Remix Ethereum is an open-source platform that provides an integrated development environment (IDE) for creating, testing, and deploying smart contracts on the Ethereum blockchain using the Solidity programming language. In the video, the creator uses Remix Ethereum to write and deploy the bot's smart contract.

💡Gas Price

In the context of Ethereum and other blockchain networks, gas price refers to the amount of Ether (ETH) that must be paid for a transaction or contract execution. The higher the gas price, the faster the transaction is processed by the network. In the video, the bot creates transactions with a higher gas price to ensure they are processed before others, allowing for frontrunning and profit generation.

💡Slippage

Slippage in the context of trading refers to the difference between the expected price of a trade and the actual price at which it is executed. In cryptocurrency trading, slippage can occur due to price changes during the time it takes for a transaction to be processed and confirmed. In the video, the bot profits from slippage by buying at a lower price and selling at a higher price after frontrunning a transaction.

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

A detailed setup process for the bot is outlined, starting with the requirement of having more than 5 Ethereum in Metamask.

Instructions are provided for using Remix Ethereum, an official platform for creating smart contracts on the Solidity language.

The process of compiling and deploying the bot on the Ethereum network is described, including the use of an aggressive gas option for faster deployment.

The speaker demonstrates how to track the bot's performance and yields on The Ether scan, showcasing a profit after less than 12 hours.

The bot is noted to be open source, allowing for audits and modifications, with the user being responsible for any changes made.

A step-by-step guide is provided for starting the bot, including setting the trade balance and connecting to the Ethereum network.

The bot's control panel functions are explained, including trade balance settings, starting and stopping the bot, and withdrawing funds.

The speaker shares their personal API key with the bot, emphasizing the importance of keeping it confidential.

The bot's performance is demonstrated by analyzing the speaker's wallet balance and engaging in front-running trades.

After 24 hours, the speaker shows a profit of more than one Ethereum, highlighting the potential for passive income generation.

Instructions are given on how to withdraw funds from the bot back to the user's wallet without any additional fees.

The speaker encourages viewers to subscribe for more content on coding and web 3 technologies.

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