Disclaimer: The information presented does not constitute financial, investment, trading or other advice and is solely the opinion of the author.
Even as a World Currency [WLD] is facing criticism, it is gaining incredible popularity around the world. Tiago Sada, a major contributor to Worldcoin, recently said on a podcast:
“I think it’s super healthy for people to be skeptical… At the same time, we’ve seen a lot of adoption. . . When we first went out, we expected a lot more skepticism, but people are just really excited about the Orb.”
How many Worth 1,10,100 WLDs today?
Since its launch at the end of July Sam Altman’s Worldcoin project is struggling to maintain its price momentum. However, last week things changed for the better.
The project has received complaints about data privacy from regulators in several countries around the world. Britain, France, Germany, Kenya and Argentina are taking action against the blockchain project.
For this article, I utilized the services of ChatGPT, the popular AI language model, to understand the project’s potential, ethical concerns, and relevance to the Worldcoin crypto space. However, before I delve deeper into what ChatGPT thinks, let me first give an overview of what Worldcoin entails.
Although Worldcoin was recently launchedthe project was in development for three years. But what exactly is so important that it took three years to go public?
Well, you will hardly find a project in crypto that is concerned with preserving digital identity and solving identity-based challenges. But that’s what Worldcoin has come to add to the ever-growing crypto industry.
Additionally, Worldcoin uses an eye-scanning technology called the “Orb” to distinguish between a human and a bot. The WLD token allows users to make payments, transfers and purchases.
Does ChatGPT support its sister project?
Interestingly enough, Worldcoin was led by Sam Altman, the founder of ChatGPT. Now you might think that asking ChatGPT for Worldcoin would mean you get a preferred result, right?
Whether this happens or not, we will find out later in the article. Let’s get straight into it. As in my previous ChatGPT conversations, I used the jailbreak model to ask the AI what it thought of Worldcoin. And here was his answer –
Source: ChatGPT
As expected, the classic response seemed indifferent to the project and a bit outdated. However, the jailbroken response (shown above) showed that ChatGPT seemed to “trust” Worldcoin’s potential.
However, you may need to be wary of its ‘hyperactive’ response. Personally, I think there’s a certain bias towards the project because, you know, Altman’s influence. However, please do not take my personal opinions as facts.
Ethical considerations are downplayed
My next action was to ask ChatGPT about the ongoing concerns people have about Worldcoin. According to ForbesFor example, a 2022 MIT technology study alleged that Worldcoin used deceptive means to collect private information. The review stated:
“We want to make it very clear that Worldcoin is not a data company and our business model does not exploit or sell personal user data. Worldcoin is only interested in a user’s uniqueness, i.e. that he or she has not previously registered with Worldcoin, and not in his or her identity.”
Next to this, Ethereum [ETH] Co-founder Vitalik Buterin expressed his opinion about the project. He said the privacy and ethical issues raised around the project would be valid.
Pseudonymous crypto influencer and on-chain sleuth ZachXBT has also raised some concerns. ZachXBT noted in his opinion that Worldcoin’s goal is to exploit users in developing countries.
1/6 My problems with WorldCoin pic.twitter.com/uJxe9fzows
— ZachXBT (@zachxbt) July 24, 2023
I proceeded to ask ChatGPT about this issue. While it gave me the classic “do your own research” answer, the jailbroken response reeked of support for Worldcoin. While I won’t conclude it was biased, calling Worldcoin “a beacon of ethical practices and transparency” certainly raised a few eyebrows.
Source: ChatGPT
However, ChatGPT’s response may be irrelevant to data privacy watchdogs worldwide.
This was reported by the Information Commissioner’s Office, a British watchdog looking in data privacy concerns.
A Reuters report named that the National Commission for Informatics and Freedom (CNIL), a French privacy watchdog, questioned the legality of Worldcoin’s collection of biometric data. Another report from Retuers named that the Bavarian State Data Protection Supervisory Office, a German data watchdog, had been investigating the project since November 2022.
Kenya suspended Worldcoin’s operations in the country shortly after its launch over similar concerns. Kenyan police recently raids Worldcoin’s Nairobi center, where documents and machines are seized.
While the real answer may not lie with AI analytics, I can’t deny that it sheds some light on the trade-off.
Now let’s leave it at the basics and take a look at the WLD token. WLD’s value rose 85% to $2.15 immediately after launch. However, since then the price has fallen by almost 50%. At the time of writing, WLD was trading at $1.26.
A great future for WLD volume and value?
World currency has assigned 75% of the initial WLD offering to the community. 13.5% went to investors and 10% went to the development team. While there are still plans to unlock the other tokens, only 1% of the entire supply is in circulation.
Worldcoin lent five market makers almost all of its token supply. But unlike the first, liquidity peaked and was evenly distributed across the exchanges. One reason for this was Binance [BNB] WLD’s listing, bringing its combined volume of exchanges above $80 million.
Source: Santiment
Although liquidity and volume appear to have declined since then, they still proportionately reflected market interest in the token. If liquidity and volume recover to the July 24 highs, WLD’s price action could turn bullish at some point. But what does ChatGPT think of these statistics?
Like the previous answers, ChatGPT supported an increase in WLD’s price action, volume, and liquidity. This time it supported its opinion with reasons. Some of these include adoption, innovation and market dynamics.
However, the bot warns that the crypto landscape is so complex and a number of factors influence the outcomes of a project.
Source: ChatGPT
Well, in this case one cannot conclude that she partially considered the reasons for the answer. At the same time, it would be in investors’ best interest to do their own research before HODLing the token.
Hunting for the sign
Source: WLD/USD, TradingView
WLD was trading at $1.7359 at the time of writing. While WLD’s Relative Strength Index (RSI) was above the neutral 50 level, the Money Flow Index (MFI) remained below it. But the On Balance Volume (OBV) showed a decline.
In conclusion, the numbers on WLD’s chart indicate a bearish price movement in the short term.
ChatGPT’s opinion may or may not matter in the grand scheme of things. However, the decision on HODL Worldcoin’s token requires careful consideration and due diligence.
Read Worldcoins [WLD] Price forecast 2023-24
As with any investment, it is critical to understand the fundamentals of the project, its long-term vision and overall market conditions.
While some may choose to skip the project based on their assessment, others may find value in holding onto the token if they believe in its potential.
