TechX Technologies (TECX.C) spent $5 million in an all-share deal to buy the Cryptobuddy.ai predictive cryptocurrency trading signal platform, and its subsidiary, Bull Market Media, today, according to a press release.
CryptoBuddy is an artificial intelligence-based platform for crypto-traders that is supposed to help safely navigate the often unpredictable waters of cryptocurrency market conditions, evidently slicing through the market noise with AI-generated future price forecasts and trading signals. The company intends to rebrand the Cryptobuddy platform under the name “Alt Signals” or altsignals.com, to reflect the company’s evolution.
“We are beyond excited about acquiring the CryptoBuddy platform, an AI crypto trading platform that provides the most comprehensive AI-generated price forecasts and trade signals to retail investors. Retail investors are continuing to flock to bitcoin trading, meaning that secure, easy-to-navigate solutions with predictive, accurate analytics and predictions are essential. CryptoBuddy not only has the potential to provide crypto traders around the world with a competitive edge, it’s subscription model brings in a recurring revenue stream that will increase along with the market’s appetite for crypto,” said Peter Green, TechX CEO.
Techx Technologies is focused on emerging tech across growth sectors like crypto, blockchain, AI and cloud technologies. You really do have to wonder what they’re thinking with this acquisition. The sheer amount of data points required to adequately predict what the cryptocurrency markets are going to do tomorrow kinda boggles the mind.
Here’s a few:
- How Xi Jinping feels about bitcoin today
- The Fed
- The economic policy of any other country on earth
- The ETF race
- The pandemic shutting down mining production
- Organized crime
- What Elon Musk had for breakfast (and whether or not he tweeted about it)
- The amount of froth on top of the crypto-markets on that particular day
If you ask five people what the cryptocurrency market is going to do in the next five years, you’ll get five separate answers. Cryptocurrency aficionados will tell it’s going to the moon. It’s going to replace fiat currency and cure cancer and solve world hunger, and make the best apple turnovers you’ve ever had. Skeptics will tell you it’s going to zero and inform you and everyone who looks like you that you’re an idiot if you put so much as a dime into it.
The realistic course is probably somewhere in the middle. It won’t go to the moon. It’ll be regarded as another asset class, and it’ll be regulated and eventually the big name coins will be locked off from the rank and file investor by either direct manipulation, or by the simple function of its price movement. Bitcoin’s basically already there—having leapt 614.6% this year and presently trading at $54,903.57 at the time of writing. That’s a heavy price for entry on a meteoric rise that nobody could have predicted.
CryptoBuddy Key Features:
- Leverages big data to find machine-recognizable patterns that are impossible for humans to identify
- Easy-to-navigate dashboard that simplifies complex data and presents it in a user friendly and easy to understand way
- Predictive analytics – Different charts and graphics for easy visualization on trends, current price, historical price, and forecasts
- 70-77% prediction rate accuracy
- AI system ingests over 1 billion data points daily and analyzes over 1,000 features
- Subscription model creates recurring revenue stream
- Coins monitored – Bitcoin, Ethereum, EOS, Litecoin and Ripple
The bolded portion tells you an awful lot about this technology. It’s not a closed data ecosystem. It can only base predictions on the data it has rather than the data it doesn’t have, and that’s where we sit with cryptocurrency. The risk with Bitcoin, Ethereum, EOS, Litecoin and Ripple aren’t with the data presently in play, but what’s coming down the pike that we don’t know and can’t possibly predict.
Think about it, though. How much value would you put in a prediction algorithm that consistently pumps out C- to C+ quality advice?