"Don't let yourself be deceived" {something to do with Worldcoin ๐Ÿ˜ฑ}

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(Edited)

A sentence that crossed my mind more than once last weekend. A weekend of pleasure. In a setting of music, art and super friendly and open-minded people, all tried to enjoy the here and now. As I did ๐Ÿ™ƒ With here and there a sidestep going over previous conversations with some peeps about this new crypto-based project: Worldcoin.

The Good

At first, I was quite positive about Worldcoin. It is the combination of a service that we need - web3 based ID systems in which the user can control what and who can make use of our identity - and a team that is entrepreneurial enough and able to reach a wide audience. From a distance, three ticks in the box, no doubt about that.

  1. The service: that's a 100% clear one, we need such a service to be able to progress in web3.
  2. Entrepreneurial: I think that must be clear as well with founders that are well known and likely will be prioritised by anybody with influence when they receive a phone call from the team.
  3. Reach: by now the mass familiarised themselves with at least one of the founder's names, Sam Altman. With OpenAI and ChatGPT, his name is everywhere. I believe this is a recipe for success.

However...

IMAGE: trying AI to generate an image and this came out, the disk, the words I had to add since this KapWing AI is a bunch of crap. the prompt "worldcoin" turned into this unreadable, by far from an elegant coin. I suppose this AI has a lot to learn ๐Ÿ˜‰

The Bad?

In all my convo's with peeps I had about Worldcoin I was told I take a bit of a naive view. Perhaps, but the ingredients combined are the recipe to bring an idea to a successful implementation. Though a successful implementation, may not be the implementation we want. Assuming the team has all our interests at heart, and will do nothing that harms our interests, we are in good hands. But can we (or better said, I) take such an assumption? My standard response in said conversations was: "Sam Altman has too much to lose to play dirty". But is it? Since playing dirty doesn't prevent peeps from using the service. We all know this from many of the free and popular internet services. Many private companies running these services, take our data and monetise it. Those who understand the simple model of commercials understand that nothing can be offered for free. Everything has associated costs and must be covered somehow. And this is where we are in the dark about the plans around Worldcoin.

Revenue models are not clear. Or better said: Unknown. The ambition is to provide a universal basic income (UBI) to everybody on our planet (and perhaps those who may live somewhere else in our Milkyway system). Nothing is mentioned about the HOW though. To provide all people on our planet with 1 Euro UBI, a value of 8 Billion Euro is needed. This scales linearly: For just 1000 Euro per world citizen, 8 Trillion Euro is to be provided for. Assuming every year on average a world citizen requires 5000 Euro income to be able to pay for all basic necessities, a staggering amount of 40 Trillion Euro is required to fund and execute the UBI idea, per year. How the team is planning to bring such value to Worldcoin is left unspoken.

Taking the side of a positive thinker, we can argue the unclarities around revenue models as well as how UBI will be funded, is a good thing. In the crypto space, too many promises are made by too many projects. Promises that stay words, but never brought to life. Added to the fact we still need to learn a lot, we can argue it's better to underpromise than to overpromise.

But there is a risk associated with this. Companies like Meta, ๐• (former Twitter), Google and so many others, started their business without a revenue model. At some point, their investors wanted to see an earning model, and most of these companies started to use our data to create such a revenue model. In essence, it is not bad perse for such companies to use and sell our data, but in the end, it all depends on what data we share, hence what data these companies can monetise.

With Worldcoin we will provide our most sensitive data, our identity in forms that are unique to us, from ID information we have in our passports and driving licenses to iris scans and perhaps fingerprint scans. "What if this data ends up in the wrong hands?" Assuming these guys at Woldocin know how to develop hackerproof systems (nothing is 100% hackerproof though), what if a revenue model is created by providing access to our identities to e.g. government institutes and/or private organisations who will start using this data against us? For a reason, centralised digitised healthcare data was denied in my country of the lowlands (aka The Netherlands). It was deemed too dangerous; Not hackerproof enough; With a single company being responsible for the whole setup; With data that is too personal and can easily be held against us. I never had the problem of my identity being leaked or stolen and subsequently abused, but I heard numerous stories of peeps whose identity ended up in the wrong hands and used to open new bank accounts, get loans and such. BIG problems these peeps got into. When our identity is abused by others, suddenly our law system turns against us. Instead of protecting us, it makes us responsible. The system requires proof it wasn't us, giving all the advantages to the criminals making use of our identities.

At this stage, we simply don't know what the Worldcoin team is gonna do with our data. Hence it is better to be safe than sorry.

What we do know is that Sam Altman is CEO of a commercial company that at its core was supposed to be a fully open-source company without a commercial model to benefit mankind. By now we know they are not. OpenAI should be rebranded to CloseAI, in my honest opinion. And it's not only OpenAI influence anymore but also from stakeholders like Microsoft. With their latest 10 Billion Dollar funding and the contractual lock-in to run all OpenAI software on the Microsoft Cloud (Azure), OpenAI ended up on the corporate side of things where stakeholders (equals shareholders) value is the sole driver.

Can we trust this same guy to evolve Worldcoin in such a manner it actually benefits all of us? That he and his team aren't going in directions it only benefits some peeps, or groups of peeps, while the rest is falling victim? As mentioned before: My initial argument was: "Sam has too much to lose". But has he? And even when he doesn't want to play dirty, will he be able to counter external forces? His track record with OpenAI doesn't speak for him.

Added to the arguments I already made, I was a bit baffled by the chat message that reached me last weekend. Supposedly, the earliest investors (private seed rounds for Worldcoin) only paid 7 Dollarcent (0.07 US Dollars) for a whole unit of Worldcoin. While the token got listed for something like 2 US Dollars, or 2.5 US Dollars or something like that. Since we don't know anything about the tokenomics of Worldcoin, we enter dangerous territories. The rules of the game for early investors are unknown. We know most early investors monetise their tokens as early and as much as they can. When they can make a 20x + profit, they for sure will sell as quickly as they can. We run the risk to see the value of Worldcoin plummet big time. We may not only lose our investment but what to think of what this can do to create a revenue model that works? In essence, a Worldcoin value of 10 Dollarcent, or even 1 Dollarcent may not be a problem, however, it makes the creation of a business case a lot more difficult. With a current fully diluted market cap of around 20 Billion US Dollars, we can also assume whenever the early investors are able to sell their tokens, they will do this. Likely it will take years before big steps are made, putting today's value under a lot of pressure.

25 Worlcoin is given to someone who enters the system with all their ID information. 25 Worldcoin is around 55 US Dollars with today's value. For many 55 US Dollars may seem a lot, especially when earning e.g. 200 US Dollars per month. But even then, a weekly income in exchange for our most sensitive data isn't the smartest action for any of us.

The large difference between the early investors and public sales and launch price gives a wrong taste of how this team is operating. It isn't giving the trust that this team is there to benefit all of us. True: I didn't research the 0.07 US Dollar early investor price and assume this is correct. So I may be wrong here ๐Ÿ˜‰

Time will Tell

I suppose time will tell. I just know that after I downloaded the "World App" and subsequently reserved my 25 Worldcoin, I stopped entering any further information. At the same time, I'm not planning to get myself scanned. Even though I think it is kinda cool to be part of this massive project aiming to solve one of the key elements required for crypto-based projects to displace any system we have today.

My thanks to those who tried their best to warn me of being a tat to naive. Thanks to those that entered debates and discussions with me to bring forward their concerns. It did change my mind. Perhaps this festival last weekend was needed for me to put everything in perspective. To not make assumptions with big implications. Rather take an objective view as much as possible and weigh the pros against the cons. To assess the risks and bring these into the equation. 55 US Dollars for our own identity. To be given out to a team that isn't giving us insides into how they will use the data. To a team that started on the wrong foot with the BIG ass delta between early bird investors and launch price. "Better to be safe than sorry", is now my credo for Worldcoin, replacing my initial one: "Sam has too much to lose."

Your Thoughts?

Any information and/or opinion you may have on Worldcoin project, you may share in the comment section below. I like the debate and open discussions. Perhaps my change of view isn't justified. Perhaps it is. Let me/us know your thoughts. Will you enter this project? Will you get yourself scanned up? What application do you think such a project can and shall allow? What applications it shall stay away from?

Links

For more information, you may check the following links:

a LEO FINANCE / HIVE original
all images by edje unless stated otherwise

Posted Using LeoFinance Alpha



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11 comments
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Great post @edje.
I was never a fan of this project since the first day of release. Is not as if i hated it, just that i did n't find interest in it.

Receiving such amount for id verification is kinda crazy. Trying to offer such deal means those id which appears as information can later be sold to either government or big tech firms.

Cryptocurrency is all about transparency and that transparency is n't sure again with this worldcoin project.

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It is kinda strange to me they only said they run this project to distinguish AI from a human. Great. But they miss the point regarding ID verification for any other service, while they take our bodily data. They also didn't say anything regarding who is in control of our data, the user, or Worldcoin. As you said, we would expect transparency on this, but they didn't give any. In one of the interviews they even said they can't disclose the details on tokenomics. Very strange attitude. I am afraid though plenty of peeps will get themselves scanned up. By now more than 2M+ registered users. Again, not clear if these users are all those who reserved the Worldcoin claim, or if this number also includes those that actually got him/herself scanned up. But in the end, 2M+ users already is a lot! I suppose soon we will see marks like 5M, even 10M.

Thanks for your comment ๐Ÿ˜‰

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The reason for this number of high registration is because everyone is desperate for money, with most people not even applying proper thinking before registration.

We hope it doesn't get bad.

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Probably you are correct, but that was one of my points. A week's salary for those living in some Asian or African countries isn't worth it to take the risk in my honest opinion. Perhaps I'm mistaken, maybe some countries have like 100$ income per month, then the money that can be earned with Worldcoin scans is kinda like 2 weeks of income. Still less than 5% of an annual salary/income. But hey, in the end, these peeps have to decide for themselves.

Let's use our Hopium indeed ๐Ÿ˜‰

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In crypto I always believe it is healthy to think, if in doubt, its a scam ๐Ÿ˜€

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Agree. Iโ€™ll add to that: Even outside crypto we need to think since plenty of information brought to us isnโ€™t correct, or a blunt out lie ๐Ÿ˜ฑ The truth doesnโ€™t seem to be the truth anymore. Even factual truths are pushed aside for fictional โ€˜truthsโ€™. Interesting times ahead of us, thats for sure ๐Ÿ˜‰

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The truth doesnโ€™t seem to be out there anymore. that's a good catchphrase for modern times!

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(Edited)

i won't touch worldcoin with a barge pole.

i cannot see UBI working.

However, free provision of (Holistic) Basic Human Needs using a system such as Copiosis but also using a *Decentralised Community Governance System# with each members having Trusted Reputation score could work. This should also solve the issue of proof of person.

There is a blueprint for such a Community Governance system which requires further refinement and some deep thinkers and doers to join the very few already attempting to bring into the light.

The system of which i speak is to be free and open source to individuals and in my opinion is an evolutionary system which could be a solution for developing equitable solutions for everything. Big claim i know!

It is called The Matrix-8 Solution.

This post offers a peep into the inner workings.

Will you be One of that small group?

Sat Nam
Atma

#matrix8

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I do think a form of UBI is possible, though in the longer run, I truly believe no human will work anymore, since AI provides for us. When that happens, our economic model evaporated, since we don't earn money anymore by 'working' with which we can pay for our life expenditures including the roof over our head, food and drinks we so much need to survive.

Matrix-8: Seen this before, and I even believe you mentioned this to me before as well. Need to find the time to look into this more. Can't promises you when I'll do so, but am always interested in alternative and novel ways of living together in such ways we can find more positivity for all of us.

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