Today, Vitalik Buterin had said that WorldCoin has 4 major issues he faces concerns with.
Iris scans collect sensitive data without the users consent, such as their sex, ethnicity, and underlying health conditions.
World IDs are now a thing. Even though completely useless at this point in time, people are beginning to experience FOMO.
Both founders of WorldCoin have no experience with economics, which defeats the whole point of the token as they claim it’ll be distributed equally to everyone - are they not worried about inflation or deflation? How about how their “UBI” concept (paying everyone just for being human), how will that effect national and international economies? How will it reach such a point with uneven spread of wealth considering investors of WorldCoin have already received over 20% of the tokens in supply? These will all have to answered over time as the founders seem to be very private about a very public project.
Perhaps it’s all just a big scam and there’s nothing to worry about - only time can really tell.
Anyhow, The latest figures (which are likely inflated?) from Worldcoin suggest 1,500 Orbs will be available in 35 global cities as the year moves forwards, likely bringing the total number of weekly registrations from 40,000 people a week to 200,000. These are all estimates and not absolute fact.
If basic economics applies, assuming we get a bit technical here, inflation would be represented on a graph similarly to this:
Inflation in crypto is inevitable. There’s a really detailed post on Reddit about it, and instead of summarizing it into 250+ words, I’ll just link it here
If I had to summarize..it compares the modern day S&P500 to the BTE. If you don’t know what they are, the S&P500 is the top 500 companies in the US bunched into 1 stock - this is known as an index fund.
Right back to the point: Worldcoin will not be viable long term as it will 100% cause inflation. A UBI (Universal Basic Income) is simply Unrealistic. Every theory around them have always led to a failed economic process - there’s no economic growth - there’s no reason for workers to exist, and all humans will cease to become useful. It’s the same as saying “through our concept of UBI, we plan on making all humans not have to work, lay at home, consume things forever, and then die”. Humans are made to struggle, without struggle humans won’t be human.
The most logical argument Buterin makes is that the proof of personhood system will not be effective, and that not everyone will even be able to receive a World ID ??. And that if they do, there might be a chance of misuse and/or abuse. In fact, it’s guaranteed. Every system is exploitable. Who’s to say AI can’t make fake irises? Or fake fingerprints? Like come on.
Anyhow, that concludes the end of this story. I hope you’ve learnt a few things.
P.S you can find Vitalik’s full blogpost here: https://vitalik.eth.limo/general/2023/07/24/biometric.html
