Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
Worldcoin [WLD] fell by over 4% just in the last 24 hours as reports of Elon Musk suing the OpenAI coin came to light.
The lawsuit was filed on the 29th of February, alleging that the platform has “deviated” away from its original mission of developing artificial intelligence for the benefit of humanity and not for profit.
Musk claims that there has been a breach of contract stating that Altman and his co-dounder Greg Brockman approached him to establish an open-source, non-profit company initially.
The project has received complaints about data privacy from regulators in various countries across the world. The UK, France, Germany, Kenya, and Argentina are taking action against the blockchain project.
For this article, I employed the services of ChatGPT, the popular AI-language model, to gain insight into Worldcoin’s potential, ethical concerns, and relevance of the project to the crypto space.
However, before I dive deeper into what ChatGPT thinks, let me quickly give a rundown of what Worldcoin entails.
Although Worldcoin was recently launched, the project was in development for three years. But what exactly is so important that it took three solid years to go public?
Well, you’d hardly find a project in crypto with an eye for preserving digital identity while solving identity-based challenges. But that is what Worldcoin has come to add to the ever-growing crypto industry.
Additionally, Worldcoin uses an eye-scanning technology called the “Orb” to differentiate between a human and a bot. With its WLD token, users can make payments, transfers, and purchases.
Does ChatGPT support its sister project?
Interestingly, Worldcoin was spearheaded by Sam Altman, the founder of ChatGPT. Now, you might think that asking ChatGPT about Worldcoin would mean having a preferential outcome, right?
Whether this happens or not, we’ll find out later in the article. Let’s get right into it. As I did in my previous ChatGPT conversations, I used the jailbreak model to ask the AI what it thought of Worldcoin.
And here was its response –
Source: ChatGPT
As expected, its classic response seemed indifferent about the project and a little backdated. However, its jailbroken response (as shown above) showed that ChatGPT seemed to “trust” the potential of Worldcoin.
However, you might need to be wary of its “hyperactive” response. I believe it has some sort of bias towards the project since, you know— Altman’s influence. Even so, do not consider my personal opinion as facts.
Ethical considerations get played down
My next line of action was to ask ChatGPT about the lingering concerns people have about Worldcoin. According to Forbes, for instance, a 2022 MIT technology review claimed that Worldcoin was using deceptive means to collect private information. The review had mentioned,
“We want to make it very clear that Worldcoin is not a data company and our business model does not involve exploiting or selling personal user data. Worldcoin is only interested in a user’s uniqueness—i.e., that they have not signed up for Worldcoin before—not their identity.”
Besides, Ethereum [ETH] co-founder Vitalik Buterin has also expressed his concerns about the project. According to Buterin, the privacy and ethical issues raised around the project would be valid.
Pseudonymous crypto-influencer and on-chain sleuth ZachXBT also raised some concerns. In ZachXBT’s opinion, Worldcoin aims to exploit users in developing countries.
I proceeded to ask ChatGPT about this issue. While it gave me a “do your own research” answer classically, its jailbroken response reeked of support for Worldcoin.
While I won’t conclude that it was partial, calling Worldcoin “a beacon of ethical practices and transparency” definitely raised some eyebrows.
Source: ChatGPT
In September, Kenya’s parliamentary committee called for its shutdown in Kenya for allegedly violating privacy laws. The country had earlier suspended Worldcoin’s activities soon after its launch due to similar concerns.
The Information Commissioner’s Office, a U.K. watchdog, was looking into concerns surrounding data privacy.
A Reuters report mentioned that the National Commission of Informatics and Liberty (CNIL), a French privacy watchdog, questioned the legality of Worldcoin’s biometric data collection.
Another report mentioned that the Bavarian State Office for Data Protection Supervision, a German data watchdog, had been investigating the project since November 2022.
While the real answer may not lie with AI analysis, I cannot deny that it sheds some light on the deliberation.
What lies ahead?
Worldcoin has allocated 75% of the initial WLD supply to its 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 loaned five market makers nearly all of its token supply. But unlike the former, liquidity spiked and balanced across exchanges.
One reason for this was the Binance [BNB] listing of WLD, which sent the combined volume of exchanges above $80 million.
Source: Santiment
However, ChatGPT’s response might be irrelevant to data privacy watchdogs worldwide.
While liquidity and volume seem to have fallen since, they still proportionately depicted market interest in the token.
If liquidity and volume recover to the heights of 24 July, WLD’s price action could be bullish at some point. But what does ChatGPT think of these metrics?
Like its previous answers, ChatGPT supported a surge in WLD’s price action, volume, and liquidity. This time, it backed its opinion up with reasons. Some of these include adoption, innovation, and market dynamics.
However, the bot cautions that the crypto landscape has its complexities, and several factors affect the outcomes of a project.
Source: ChatGPT
Well, in this case, one cannot infer that it was partially considering its grounds for the answer. At the same time, it would be in investors’ interest to do their own research before HODLing the token.
WLD’s price movements
Source: TradingView
Worldcoin was trading at $7.815 at the time of writing, with a 20.60% drop. The Awesome Oscillator or AO reflected this with red bars forming above the 0-level as it showed signs of a pullback.
The Parabolic SAR and On Balance Volume, or OBV, also reflected this same sentiment.
ChatGPT’s opinion may or may not matter in the grand scheme of things. However, the decision to HODL Worldcoin’s token requires careful consideration and due diligence.
As with any investment, understanding the project’s fundamentals, its long-term vision, and overall market conditions is crucial.
While some may choose to skip the project based on their assessment, others may find value in holding the token if they believe in its potential.