Worldcoin, the brainchild of OpenAI CEO Sam Altman, has launched its own Ethereum Layer-2 network dubbed World Chain. This platform, built upon the OP Stack, promises faster and cheaper transactions than Ethereum’s mainnet, attracting developers and users from various corners of the crypto ecosystem. It aims to onboard millions of “verifiable human users” through its iris-scanning device, the Orb, and offer them a slice of the Worldcoin token. All this while championing financial freedom and digital identity tools. Sounds utopian, right?
From my perspective, this is just another shitcoin project designed to fleece newcomers in the space. Let's break down the red flags:
- Worldcoin is another altcoin built on Ethereum. This immediately raises concerns about security and centralisation. Ethereum, with its reliance on Proof-of-Stake and the influence of a small group of developers, goes against the principles of decentralisation that Bitcoin embodies.
- The promise of financial freedom through a new altcoin is a classic lure. Countless altcoins have made similar claims, only to leave investors holding worthless tokens. The focus should be on Bitcoin, the only truly decentralised and secure cryptocurrency.
- The iris-scanning Orb is a dystopian nightmare. The idea of handing over biometric data to a centralised entity in exchange for a speculative token is alarming. It raises serious privacy concerns and reeks of a social engineering tactic to create a captive user base.
- Worldcoin’s reliance on gas subsidies and stablecoin markets is unsustainable. These measures are designed to mask the inherent inefficiencies of the platform. True financial freedom comes from a sound monetary system like Bitcoin, not artificial incentives and centralised control.
Worldcoin exemplifies the worst of altcoin culture: hype, empty promises, and a disregard for the principles that make Bitcoin valuable. Newcomers to the space should be wary of these elaborate schemes and stick to the fundamentals of Bitcoin.
Don't be fooled by the shiny veneer of Worldcoin. It's just another shitcoin waiting to implode, leaving unsuspecting investors with nothing but regret.
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