- Worldcoin’s iris scanning raises privacy and data capture concerns.
- Tokenomics skepticism persists, yet WLD surges 17.82% in 24h.
The newly launched “Iris biometric crypto project, Worldcoin,” founded by OpenAI CEO Sam Altman, has been generating a lot of buzz in the digital world. It aims to differentiate humans from online AI while safeguarding privacy, empowering democratic processes, and potentially introducing AI-supported UBI.
Despite the decent welcome, the project has faced significant negativity, with netizens holding signs mentioning “Scam” and “Rekt soon,” and expressing concerns about potential loopholes.
Why Is There So Much Negativity Around Worldcoin?
One of the reasons behind the mounting speculations is the skepticism surrounding iris scanning. Ethereum founder Vitalik Buterin has voiced his concerns about the risks associated with capturing sensitive data like sex, ethnicity, and medical conditions through this technology.
He also highlighted the challenge of limited access to the required scanning machines called Orbs. As there are only a few hundred of them, making it challenging to have broad adoption.
Moreover, some critics, like X (Twitter) user @00forrest, have outright labeled Worldcoin as a scam. They argue that the tokenomics of the project are flawed, with a large fully diluted valuation. And significant amounts of supply are controlled by insiders and market makers. This has led to suspicions that early participants may be at risk of losing value, especially given the large circulating supply and the potential for market manipulation.
It hasn't even been out a day and Worldcoin is already dumping their bags on retail
— Steven Lubka (@DzambhalaHODL) July 24, 2023
Market makers are a helluva drug https://t.co/LT7Munz6p0
When questioned about the coin’s tokenomics, Worldcoin co-founder Alex Blania’s vague response about unclear regulations has added fuel to the speculations. It even left some feeling skeptical about the project’s transparency.
Despite the negativity and skepticism, Worldcoin’s token, WLD, has seen a surge of over 17.82% in the past 24 hours. Sam Altman, in a tweet, acknowledged that “like any really ambitious project, maybe it works out and maybe it doesn’t,…. In either case, we especially love our haters, it gives us energy, please keep it coming!”
In conclusion, the negativity surrounding Worldcoin stems from concerns about its proof-of-personhood technology, worries about potential market manipulation, and tokenomics. Nonetheless, the project’s team remains optimistic and focused on making strides in the digital world.
