Background: WorldCoin is a biometric identity crypto project designed to solve the "proof of humanity" problem.
If WorldCoin does not publish reliable figures or if there's no way for me to come up with a reasonable estimate of issued IDs, I'll resolve N/A sometime in Q1 2024.
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I have an account, but can not even use it because the only locations in the US are in Miami, NYC, and LA.
All you can do with the app is buy USDC or add $ to it like Google/Apple Pay.
DUMB AF APP.
Theyve only added 28,568 "Unique Humans" Since first hour of launch when I downloaded the app. (14,284/day at this point / 408.11 per "country")
@SirCryptomind Good question...if all US users are invalidated by a court finding by being illegal users, how will this resolve? Are they still counted as users if they are illegal users? (This is not counting fraudulent accounts, but rather humans who registered, but the use of the app was later found to be legal in a particular jurisdiction).
Proof of humanity is not a real problem for an end user, it's a contrived problem for the B2B space. It's only a problem if you're a super-high capital individual who wants to centralize and en-serfify swaths of humanity, forming a defacto central bank and government system.
People have had no problem doing business online for decades now without a proof of identity.
This would suggest that the natural growth rate of users will be very low, that WorldCoin will have to spend a huge amount of money to onboard every individual user.
Worldcoin will only capitalize a small percentage of their total fictional currency, much like FTX, and could continue to artificially pump up the value, much like FTX did. E.g. "I valued my house at 1 billion dollars, released 1 billion shares, and sold 1 share to my wife for $1, so therefore the valuation is accurate."
There's going to be more skepticism than previously because of recent cryptocurrency failures
There's no real need from a user perspective, there is literally zero incentive to go to a world coin and get a retina scan.
I could see something similar to this idea becoming a thing over a 20-year timeframe, with a much lower cost of execution, maybe even something that is quasi-government funded, but the chance of one given instance of this type of project being successful is close to nil. This very much seems like Altman having been successful in one area looking to double down newfound unexpeted gains into a yolo idea.
@PatrickDelaney as a single reference point, I think the total amount of scams and money I have lost buying and selling things on ebay, craigslist, amazon, facebook marketplace, grubhub, uber, various apps that don't work, etc., has been something like 1% or less of everything I spent. This 1% cost is far worth the price of not having to go scan my retina and do all of my business through one odd company for, "reasons." I see no reason why that 1% cost is going to suddenly going to go up to 5%, 10% over the next decade and if it did I would probably just buy more things from physical stores, as I would expect everyone else to do so as well.
2,068,294 As of 6:15am 07/25/2023
