Disclaimer: The information presented does not constitute financial, investment, trading or any other type of advice and is solely the opinion of the author.
Worldcoin (WLD) is down more than 4% in the last 24 hours amid reports that Elon Musk is suing OpenAI Coin.
The lawsuit was filed on February 29, claiming the platform “deviated” from its original mission to develop artificial intelligence for the benefit of humanity rather than profit.
Musk claims there was a breach of contract between Altman and his co-founder, Greg Brockman, who initially approached him to form an open source non-profit company.
The project has received data privacy complaints from regulators in several countries around the world. The UK, France, Germany, Kenya, Argentina, and others are taking action against blockchain projects.
In this article, we used the services of ChatGPT, a popular AI language model, to gain insight into Worldcoin’s potential, ethical issues, and the project’s relevance to the cryptocurrency space.
But before we dive deeper into what ChatGPT thinks, let’s quickly summarize what Worldcoin entails.
Although Worldcoin was recently launched, the project has been in development for three years. But what exactly is so important that it took three years to list?
Well, you will rarely find a cryptocurrency project with the perspective of preserving digital identity while solving identity-based problems. But this is exactly what Worldcoin adds to the ever-growing cryptocurrency industry.
Additionally, Worldcoin uses eye scanning technology called “Orb” to distinguish between humans and bots. Using WLD tokens, users can make payments, send money, and make purchases.
Does ChatGPT support sister projects?
Interestingly, Worldcoin was led by Sam Altman, founder of ChatGPT. Now you might think that if you ask ChatGPT about Worldcoin, you will get preferential results. Yes?
We will find out later in the article whether this happens or not. Let’s get right into it. As I did in a previous ChatGPT conversation, I used a jailbreak model to ask the AI what it thought about Worldcoin.
And the response is:
Source: ChatGPT
As expected, that classic response seemed indifferent to the project and a bit outdated. However, the jailbroken response (as shown above) showed that ChatGPT seemed to “trust” Worldcoin’s potential.
However, you may need to watch out for “hyperactive” reactions. I think that’s kind of biased against the project. Because of Altman’s influence. Even so, please do not take my personal opinion as fact.
Ethical considerations are ignored.
My next move was to contact ChatGPT about the ongoing concerns people were having about Worldcoin. For example, according to Forbes, a 2022 MIT Technology Review claimed that Worldcoin was using deceptive means to collect personal information. The review noted:
“We want to make it clear that Worldcoin is not a data company and our business model does not involve leveraging or selling personal user data. Worldcoin is not interested in your identity, but only in your uniqueness, i.e. that you have never signed up for Worldcoin before.”
Moreover, Ethereum (ETH) co-founder Vitalik Buterin also expressed concerns about the project. According to Buterin, the privacy and ethical issues raised regarding the project will be valid.
Pseudonymous cryptocurrency influencer and on-chain detective ZachXBT also raised some concerns. In ZachXBT’s opinion, Worldcoin For the purpose of exploiting users In developing countries.
I contacted ChatGPT about this issue. While the classic “do your own research” response was given, the broken response smacked of support for Worldcoin.
I wouldn’t conclude that’s partial, but calling Worldcoin a “beacon of ethical practice and transparency” certainly raised a few eyebrows.
Source: ChatGPT
Last September, the Kenyan Parliamentary Committee called for the closure of Kenya’s parliament for allegedly violating privacy laws. The country suspended Worldcoin’s activities shortly after launch due to similar concerns.
The UK’s watchdog, the Information Commissioner’s Office, was investigating concerns related to data privacy.
According to a Reuters report, France’s privacy watchdog, the National Commission of Informatics and Liberty (CNIL), has questioned the legality of Worldcoin’s collection of biometric data.
Another report noted that Germany’s data watchdog, the Bavarian State Data Protection Supervisory Authority, has been investigating the project since November 2022.
AI analytics may not be the real answer, but it cannot be denied that it sheds some light on deliberations.
What lies ahead?
Worldcoin has allocated 75% of its initial WLD supply to the community. 13.5% went to investors and 10% to the development team.
There are still plans to unlock other tokens, but only 1% of the total supply is in circulation.
Worldcoin has lent almost all of its token supply to five market makers. However, unlike the former, liquidity surged and balanced across exchanges.
One of the reasons is Binance (BNB)’s listing of WLD, which brought total exchange trading volume to over $80 million.
Source: Santiment
However, ChatGPT’s response may not be relevant to data privacy watchdogs around the world.
Liquidity and trading volume appear to have decreased since then, but still represent proportionate market interest in the token.
If liquidity and volume return to their July 24 highs, WLD’s price action could become bullish at some point. But what does ChatGPT think of these metrics?
Similar to the previous answer, ChatGPT supported a surge in price action, volume, and liquidity for WLD. This time, he supported his opinion with reasons. Some of these include adoption, innovation, and market dynamics.
However, the bot warns that the cryptocurrency landscape is complex and many factors affect project outcomes.
Source: ChatGPT
Well, in this case it cannot be inferred that you have partially considered the basis for your answer. At the same time, it would be in investors’ interest to conduct their own research before holding any tokens.
Price fluctuations in WLD
Source: TradingView
Worldcoin was trading at $7.815, down 20.60% at the time of writing. The Awesome Oscillator (AO) is showing signs of decline, reflected by the formation of a red bar above the 0 level.
Parabolic SAR and On Balance Volume (OBV) echoed this same sentiment.
ChatGPT’s opinions may or may not be important in the overall scheme of things. However, deciding to HODL Worldcoin’s tokens requires careful consideration and due diligence.
As with any investment, it is important to understand the fundamentals of the project, its long-term vision, and overall market conditions.
Some may choose to skip the project based on their evaluation, while others may find value in holding the token if they believe in its potential.