{"id":328743,"date":"2023-05-26T12:30:59","date_gmt":"2023-05-26T11:30:59","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=328743"},"modified":"2024-03-06T15:27:39","modified_gmt":"2024-03-06T15:27:39","slug":"mccormack-slams-worldcoin-saying-bitcoin-is-world-coin","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/mccormack-slams-worldcoin-saying-bitcoin-is-world-coin\/","title":{"rendered":"Peter McCormack slams Worldcoin, saying ‘Bitcoin is world coin’"},"content":{"rendered":"

Peter McCormack<\/a>, the host of the ‘What Bitcoin Did' podcast, tweeted a scathing assessment of Worldcoin, inferring the project is redundant as “Bitcoin is world coin.”<\/p>\n

McCormack slammed Worldcoin using several unflattering descriptors, including “sh*tcoin,” “VC dystopian rug pull,” and “exit liquidity” – enforcing its already dubious reputation.<\/p>\n

Worldcoin unable to shake its reputation<\/h2>\n

Worldcoin burst on the scene in late 2021<\/a>, immediately stirring controversy over its goal to scan people's eyes in exchange for cryptocurrency.<\/p>\n

The company's vision<\/a> proposed a global participation model, with people collectively benefiting from a growing decentralized digital economy. For this to happen, widespread mass adoption of the underlying cryptocurrency would require incentivizing new users to join at scale.<\/p>\n

To manage new joiners and combat fraud from duplicate registrations, the project put forward using biometric safeguards via its Orb-iris scanning technology.<\/p>\n

“Our approach relies on a custom biometric device – we call it the Orb<\/em> – that verifies the uniqueness of a person through iris recognition, while ensuring their privacy through zero-knowledge cryptography.”<\/p><\/blockquote>\n

Critics voiced concerns on several fronts, including invasion of privacy, the long-term goal of introducing a universal basic income, which some<\/a> deem a “flawed idea,” and the scope for Orwellian control. However, proponents argue<\/a> that the project could lead to more widespread adoption of cryptocurrencies and contribute to a more inclusive global economy.<\/p>\n

This unsavory reputation has plagued Worldcoin since it was first announced. But with the project ramping up development efforts recently, including raising $115 million<\/a> in a Series C fundraise led by Blockchain Capital, the concerns are mounting.<\/p>\n

Blockchain Capital is not phased.<\/h2>\n

VanEck Advisor Gabor Gurbacs<\/span><\/span><\/a> questioned why investors would “throw money at nonsense” instead of backing Bitcoin and other truly egalitarian projects.<\/p>\n

“VCs and fund managers continue to throw money at nonsense with perverse incentives yet fail to support Bitcoin and real infrastructure projects that make the world better<\/span>.”<\/p><\/blockquote>\n

Referencing desperate sign-ups, particularly in under-developed parts of the world, On-Chain Detective, ZachXBT<\/a> said Worldcoin users “are just people that were exploited<\/span>.”<\/p>\n

Twitter account Bit Paine<\/a> echoed McCormack's sentiment, predicting the project will be “the biggest dump-the-premine-on-retail in history<\/span>.” On the other hand, Worldcoin supporters<\/a> believe that the project's focus on biometrics and privacy could lead to a new and more secure identity verification system as World ID keys are reportedly self-custodied.<\/p>\n

General Partner at Blockchain Capital Spencer Bogart<\/a> said he, too, thought Worldcoin was “some dystopian Orwellian nightmare<\/span>.” However, Bogart said he changed his mind after looking deeper – as iris scanning solves the problem of Sybil attacks by differentiating bots and humans.<\/p>\n

“Worldcoin has a unique opportunity to establish and scale a new privacy-preserving primitive for the internet (World ID) that enables any application to easily distinguish between machines (bots) and humans.”<\/span><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Peter McCormack, the host of the ‘What Bitcoin Did’ podcast, tweeted a scathing assessment of Worldcoin, inferring the project is redundant as “Bitcoin is world coin.” McCormack slammed Worldcoin using several unflattering descriptors, including “sh*tcoin,” “VC dystopian rug pull,” and “exit liquidity” – enforcing its already dubious reputation. Worldcoin unable to shake its reputation Worldcoin […]<\/p>\n","protected":false},"author":460,"featured_media":336125,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"\nPeter McCormack slams Worldcoin, saying 'Bitcoin is world coin'<\/title>\n<meta name=\"description\" content=\"Worldcoin ramps up its development efforts drawing a fresh wave of criticism centered around its Orwellian vision.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/mccormack-slams-worldcoin-saying-bitcoin-is-world-coin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Peter McCormack slams Worldcoin, saying 'Bitcoin is 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