A New Wave of Scams: AI and Crypto
As the crypto industry evolves, scams are emerging that combine the hype of artificial intelligence (AI) with crypto, according to Kathleen Breitman, co-founder of the Tezos blockchain. In a commentary for Fortune, Breitman warns of opportunistic individuals attempting to blend these seemingly unrelated fields to take advantage of unsuspecting investors.
Three Types of AI-Related Crypto Scams
Breitman identifies three distinct types of scams in this emerging trend. The first involves using crypto tokens to access AI models or services, exploiting the overlap in the usage of the term “tokens” in both AI and crypto contexts. The second type revolves around tokens that claim to reward individuals for contributing personal data to AI training models through supposed “data marketplaces.” Breitman dismisses this concept, stating that personal data is not a monetizable asset. The third type predicts the emergence of tokens branded with “AI” or “GPT” in their names to capitalize on the excitement surrounding these technologies.
The Lack of Sense in the Crypto and AI Merger
Breitman concludes that attempts to merge AI and crypto make little sense from the perspective of genuine AI developers. She cautions against falling for these “shoehorned” tokens and highlights the tendency of the crypto industry to generate questionable business models to lure unsuspecting investors. Breitman reminds readers that the main value of crypto is its role as a censorship-resistant store of value that unites people across borders.
Hot Take: Beware of Scammers Exploiting the Fusion of AI and Crypto
A new trend is emerging where scammers are blending artificial intelligence (AI) with cryptocurrency to deceive unsuspecting investors. There are three types of scams in this space: using crypto tokens to access AI services, peddling tokens that claim to reward individuals for contributing personal data to AI training models, and creating tokens branded with “AI” or “GPT” in their names. Genuine AI developers see no sense in merging AI and crypto, and caution against falling for these scams. The crypto industry has a history of questionable business models aimed at luring investors. Remember that the true value of crypto lies in its censorship-resistant nature and ability to unite people globally.
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