ChatGPT wallet. Bitcoin/Stablecoins really lost their AI economy narrative.

[Eichensul]

OpenAI just launched ChatGPT Wallet so agents can buy stuff for you. Built with Visa/Mastercard . Not Bitcoin. Not stablecoins.

We were told crypto would be the payment rail for AI. The first mainstream consumer version runs straight through the card networks.

And where crypto is winning, it’s dollar-pegged tokens from regulated companies paying 20 cents for API calls.

What ever happened to the austrian dream

Crypto spent a decade chasing number-go-up and hodling while the incumbents built products

Money ruined the crypto space.

[General_Bitcoin]

You didn't give the source link. I think you are talking about this.

https://openai.com/index/introducing-chatgpt-wallet/

I wouldn’t say this shows crypto failing. The main use case for the ChatGPT Wallet is allowing users to give permission for their agents to make purchases. This doesn’t compare to an AI Agent needing to make a tiny payment for accessing another service or API call. This isn’t even a crypto wallet. It uses your existing bank card and payment token and requires authorisation from the user. This can’t really be seen as crypto failing. It does however show that the current payment system is much easier to use when purchasing. This still needs to prove that crypto can do something better.

[Darker45]

If you want to call it a loss, then no problem. But, just so you know, Wirex and MoonPay have also Navoka and PayBox, respectively, AI wallets which support cryptocurrencies.

But I don't think this is a big deal. As a matter of fact, it's completely understandable for developers to even prioritize fiat payments. This is a race at the earliest phase. Why should a mainstream AI company prefer crypto payments over fiat for their wallets when potential revenue, market size, and wider merchant acceptance all point to fiat being the more solid choice? The entire world is accepting Visa, Mastercard, American Express, and whatnot, so why choose Bitcoin? This is still a fiat world.

[pooya87]

I think you missed the point.

The problem is that they are trying to make something that has not been profitable, profitable!
That's the issue with bubbles too. The bigger they get, the harder it is to pump them bigger. And the AI bubble is huge right now and the companies have not been able to really return profits, some are even losing money and yet they need to attract more investment to get pumped more and stay above the water so that maybe some day they reach profit!!!

So they keep coming up with new fancy but usually useless features to keep the hype alive. Not so long ago there was a campaign of advertising AI as having solved unsolvable problems but when you checked each case, you would see that not only AI has not solved anything but what they were selling as a solution AI found was just running a script of a solution someone else had found LOL.

[Don Pedro Dinero]

We were told crypto would be the payment rail for AI.

That was Michael Saylor who said it, and at this point we can see that it was just another piece of the rubbish he’s been spouting. If we look at it in the right perspective, it’s not as if it were the only payment method agents could use. As well as fiat payments, there are also cryptocurrencies they could use. For example, stablecoins, which avoid volatility.

[348Judah]

OpenAI just launched ChatGPT Wallet so agents can buy stuff for you. Built with Visa/Mastercard . Not Bitcoin. Not stablecoins.

We were told crypto would be the payment rail for AI. The first mainstream consumer version runs straight through the card networks.

It is better that we know what we wanted and not what they are offering us, if you don't want to be manipulated by their intention, most people will be saying this as an offer or opportunity for them to quickly grab, but there are more conditions attached to things like this when we fail to critically look into the condition that surround every decision-making process and why a centralized network should not be in place of a decentralized one.

[RGBTC]

I wonder, are there any electronic devices that aren't exposed to AI at all? Chat apps, trading platforms, web browsers, search engines, cameras, mobile assistants, everything has been contaminated. So, what exactly do you mean "AI economy" narrative? Do you want machine learning systems integrated into crypto wallets? Oh, absolutely not, it seems you have no idea about the kind of crimes happening out there.

[Sammysmart001]

This doesn’t compare to an AI Agent needing to make a tiny payment for accessing another service or API call. This isn’t even a crypto wallet. It uses your existing bank card and payment token and requires authorisation from the user.

ChatGPT wallet it for shopping it not for machine to machine payments. Agent that will want to buy shoe for you will use Visa cause merchant do already accept Visa.

The real AI economy it another different game…… agent to agent 20 cents for API call and thousands of micro transactions per day. Card networks can not handle that efficiently with fees and chargebacks.

That’s we’re Lightning and stablecoin can actually shine so crypto never loses the narrative OpenAI just pick the easy path for consumers first.

[Zlantann]

OpenAI just launched ChatGPT Wallet so agents can buy stuff for you. Built with Visa/Mastercard . Not Bitcoin.

I would like to see the sources of the information that said crypto will be the currency for AI. Bitcoin was created to promote privacy. Now, how do you want AI, which is controlled by a central body, to make payments for you? Using Visa/Mastercard and others for this service is perfect because they operate centrally. And it would be easier to use card networks in different countries since they are generally accepted. Meanwhile, crypto payments are restricted in some countries.

[joniboini]

That’s we’re Lightning and stablecoin can actually shine so crypto never loses the narrative OpenAI just pick the easy path for consumers first.

I'm not sure how easy it will be to implement Lightning for agents to agents interaction, or if it's worth it. I'm not even sure fighting for AI narrative is really what crypto should be aiming for, not to mention Bitcoin. The network is designed to prevent double spending without trusting a third party, not for millions of calls per seconds. I'm sure some alts will use it to increase their marketshare, but I doubt Bitcoin needs it that much.

[slapper]

So they keep coming up with new fancy but usually useless features to keep the hype alive.

Companies losing something like $10 billion a quarter (if the numbers floating around are any indication) don't build toys. They build a checkout. Sure, you're right they're living in a bubble, but calling it useless is a little extreme.

Not the fancy route (crypto, sadly), but the tried and true one: building a bot to help with shopping, paid with plain old cards. Sure, this might not sound all that exciting. Implementing a payment system that every merchant already accepts isn't new. Fraud detection and chargeback processes are already in place, which matters a lot when it's a bot that buys the wrong thing. Not exactly hype material. If hype was the goal they'd have launched a token.

But this is what you do when investors start asking, "Hey, where's the money coming from?" Taking a cut of what people buy is how you build a business on top of a chatbot. (Other than subscriptions and ads, of course.) Which kinda proves your bubble point anyway.

[o48o]

OpenAI just launched ChatGPT Wallet so agents can buy stuff for you. Built with Visa/Mastercard . Not Bitcoin. Not stablecoins.

We were told crypto would be the payment rail for AI. The first mainstream consumer version runs straight through the card networks.

And where crypto is winning, it’s dollar-pegged tokens from regulated companies paying 20 cents for API calls.

What ever happened to the austrian dream

Crypto spent a decade chasing number-go-up and hodling while the incumbents built products

Money ruined the crypto space.

"We were told"... So you are mad at "crypto space" that random people promised you things that weren't delivered. I am not sure if this is a rage bait.

You know that you can still make AI agents to use crypto wallets, right? Or maybe you don't know that. Because why else would you get pissed off by something that's basically unrelated to "crypto space". I am sure that you are aware that AI tech has zero to do with cryptocurrencies other then AI is being used to mass create some crypto scams.

[Davidvictorson]

OpenAI just launched ChatGPT Wallet so agents can buy stuff for you. Built with Visa/Mastercard . Not Bitcoin. Not stablecoins.

We were told crypto would be the payment rail for AI. The first mainstream consumer version runs straight through the card networks.

And where crypto is winning, it’s dollar-pegged tokens from regulated companies paying 20 cents for API calls.

What ever happened to the austrian dream

Crypto spent a decade chasing number-go-up and hodling while the incumbents built products

Money ruined the crypto space.

I would not trust ChatGPT wallet. But that is another topic.
As for the payment choice, I think they made the decision with the best evidence available to them.
I even doubt anyone in their right senses would even connect their crypto wallet to this GPT agent. Never.
That is already disaster waiting to happen for so many reasons both the disaster of hackers.

[batang_bitcoin]

OpenAI just launched ChatGPT Wallet so agents can buy stuff for you. Built with Visa/Mastercard . Not Bitcoin. Not stablecoins.

Not a problem if that's their option, they'll get to which one is adopted most and that's fiat with these providers. I am not surprised whether they choose bitcoin or any other crypto or mastercard or visa. It's a start of the service for this wallet and next time, they can easily add the other options for this wallet to have a tremendous support for what it can hold.

Money ruined the crypto space.

Nope, crypto is money.

[crwth]

Value is just an agreed-upon thing, and that is represented by currency. For wallets, it's not meant for profitability, but rather as a way to send and receive cryptocurrency, which is a different goal.

I'm not comfortable giving my AI money completely; if I were to do it, I'd only give an amount that is okay for me to lose.

[Saint-loup]

OpenAI just launched ChatGPT Wallet so agents can buy stuff for you. Built with Visa/Mastercard . Not Bitcoin. Not stablecoins.

We were told crypto would be the payment rail for AI. The first mainstream consumer version runs straight through the card networks.

And where crypto is winning, it’s dollar-pegged tokens from regulated companies paying 20 cents for API calls.

What ever happened to the austrian dream

Crypto spent a decade chasing number-go-up and hodling while the incumbents built products

Money ruined the crypto space.

I've never believed this claim TBH, crypto is already highly at risk from hacking so using it with an AI agent isn't the safest way to protect your funds up to now IMO. In addition, big tech companies don't want to face a scandal because a family lost all its funds thanks to a mistake or a bug from their AI model. So for the moment it's certainly not the worst move from OpenAI, and I'm sure they will offer a similar service for the crypto universe in the coming years. You can already use tools like the one from Coinbase, Metamask or even one dedicated to Bitcoin called Claw Cash AFAIK to let your AI agents spend your cryptos.

https://www.coinbase.com/en-fr/developer-platform/discover/launches/agentic-wallets
https://docs.metamask.io/agent-wallet

[General_Bitcoin]

The real AI economy it another different game…… agent to agent 20 cents for API call and thousands of micro transactions per day.

They are definitely different scenarios. When we buy shoes using a AI agent it is still a standard purchase so cards are fine. However, when you are making multiple payments each minute for API calls or other services it becomes a different scenario. If you have small charges it can become costly if you have thousands of transactions. We would also look at controlling how much they can spend and ensuring payments are secure. We wouldn’t want payments to be made automatically by our AI agent without any controls in place.

[bitbollo]

it's also something related to the scale.  how many users would be ready to use their coins... in such way?
how you would deal with some actions like buying scams/illegal products and using your coin?
there are already a few of "wallet for AI or for agents".  Anyway it could be something premature, or at least it's just an experiment with really few use-cases.

[STT]

Its a fair call as a subject but its not new news as such.  BTC always had the FIAT parallels to its progress, this is just another competitor and we cannot assume who wins overall; FIAT has its own ongoing problems being undermined by political debasement and corruption.
  Bitcoin remains very different to any dollar based system.