Foreign of chat GPT Last year, Openai co-founder and CEO Sam Altman was not well known to the general public, but today he is considered to be one of the most influential technologists in the entire world. Openai, which used to be a non-profit is now valued at close to 30 billion dollars in private. Market Transactions Sam Altman is best known for his role in Open AI but this is not the only Venture he's involved in. In 2020, he founded a for-profit company called Tools For Humanity.

They raised hundreds of millions of dollars from Venture capitalists, including Andresen Horowitz Tools for Humanity created a cryptocurrency called World Coin, which launched in the summer of 2023. It currently has a market capitalization of about 18 billion dollars. Like any cryptocurrency, Worldcoin is basically Monopoly money with zero real world utility. But as my investigations continue, the entire project seemed weirder and weirder.

Allman created an orb-shaped device which can scan and record the shape of someone's eyeball. Each person's iris is unique, kind of like a fingerprint. If you know what someone's Iris looks like, you can potentially attract them. In short of eye surgery, they would have no way to conceal their identity.

Tools for Humanity has already scanned the iris of over 2 million people, primarily targeting poor countries in Asia Africa and Latin America Their ultimate goal is to eventually collect data from billions of people from all around the world. So what is going on? How does Sam Altman plans a profit from such a strange project? Join us as we take a deep dive into the world Coin and how it is perhaps the greatest technological threat facing Humanity Today making videos like this one takes a lot of time, so maximizing productivity is always a key priority. I Noticed that I spent 30 to 45 minutes three times a day in the kitchen, but thanks to today's video sponsor Factor I've been able to cut this down to just two minutes. Factor is a subscription service that delivers pre-made meals straight to your door.

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This allowed Worldcoin to receive over 200 million dollars of investment from well-known crypto grows including Andreessen Horowitz Coinbase, Ventures and FTX founder Sam Bankman freed. the peak valuation of Worldcoin was reportedly three billion dollars with 200 million dollars of cash in the bank. The World Coin team got to work in what might be the single most ambitious crypto project in recent memory. Most cryptocurrencies exist purely as computer code with no tangible representation in the real world, but Worldcoin was different.

They were going to make something tangible that nobody could ignore. This came in the form of the orb, a high-tech spear-shaped device roughly the size of a basketball. It has an extremely high resolution camera which can take a picture of someone's face and importantly, it can scan the eyeball. It is estimated that Worldcoid has manufactured 1500 orbs so far, with each one costing five thousand dollars.

So what's going on? Why did Worldcoin invest so much money in these orbs? When you scan your eye with an orb, the data is stored in a centralized database. If you try to scan your eye again, Worldcoin will know it was your second time. The orbs are part of a broader plan to launch the World Coin Cryptocurrency. When you agree to scan your eye, you'll receive Worldcoin as a reward.

The eye scanning prevents people from double dipping to get more than one World coin. Worldcoin has a maximum supply of 10 billion coins, enough for every person in the world to get one coin. hence the name World coin. But according to the UN, there are only 8 billion people in the world today.

Why did they create an additional 2 billion coins? Remember that tools for Humanity And by extension, Worldcoin is a for-profit company, but the primary goal of making money. Ten percent of the coins go to the Founders including Sam Altman Another 10 go to the investors including Sam Bankman freed. It's unclear what SPF is going to do with his world coins from his new residence and Federal prison. So everyone in the world could theoretically receive a world coin.

but what's the purpose? What are they going to do with them? Altman has long talked about the risks AI poses to income inequality. Tools like chat GPT could theoretically displace many human workers and cause mass unemployment in poverty. If this does play out, the economic benefits will accrue to the technological Overlord such as himself. Allman believes that a universal basic income is the only way to solve this problem and make sure the gains of AI are spread evenly amongst the population.

In a statement to Bloomberg News Altman claimed, the purpose of the Worldcoin is to act as a crypto-based universal basic income. The World Coin will increase in value over time based on AI or something. Because everyone in the world gets a free Worldcoin, they'll benefit from the appreciation. Also, the World Coin identification system could theoretically be used by governments to distribute a universal basic income in the future.

Of course, this is absurd because the governments and the poor countries they're operating in don't have the money for a Ubi Thank you for Altman's Iris-based identification system to work! They needed more than just the orbs. While everybody's eyeball is unique, the differences are very subtle and it takes an advanced AI based algorithm to detect differences with a high degree of certainty. In order to train these algorithms, Worldcoin needed Iris data from hundreds of thousands or even millions of users. So before even launching the coin, they need to get a huge number of people to scan their eyes.

So they set up operations around the world, mostly in poor countries. In Southeast Asia Africa and South America, they would give orbs to local people who would act as independent contractors. Worldcoin paid them about one dollar for each person they scanned. For people who got scanned, they would receive a World Coin as compensation, but the World Coin had not launched yet.

so they instead got the promise that they would eventually receive World coins upon launch. Many of these people knew nothing about crypto and weren't interested in the World Coin, so the operators might pay them the equivalent of about 50 cents to scan their eyes. Basically, some guy comes to your village offering you a little bit of money to scan your eyes. You have no idea what this is about, but you might as well do it for the free money.

The participants were required to download the Worldcoin app and agree to the terms and conditions, but in many cases the terms and conditions were in English not in the local language so the participants had no way of reading it. The terms and conditions allow Worldcoin to use the Iris data to train their AI recognition models. Having people agree to terms and conditions they can't read is highly unethical and possibly illegal. We'll get to the legality issue shortly.

The reason they targeted poor countries in the global South is so they could convince people to participate with very low rewards of about 50 cents each. In developed countries, you would have to pay people a lot more to scan their eye with some weird ore that looks like it came out of a dystopian science fiction film. Throughout 2022, Worldcoin was able to collect enough Iris data to train their AI models. In 2023, they were ready to launch the coin foreign.

In July Of 2023, the World Coin officially launched. If you can find an orb, you can scan your eye and get your World Coin, which has begun trading on a few offshore exchanges. As of the time of recording this video, the value of the coin is 1.77 There is a theoretical maximum supply of 10 billion coins, giving a market capitalization of almost 18 billion dollars. At first, this looks like a huge success.

The investors like Mark Andreessen and SPF get 1 billion coins, which at today's price would be worth 1.8 billion dollars, far more than their initial investment. Because there are currently only 1500 orbs in circulation, the rate of Supply growth has been very slow. Currently, only 1.25 percent of the theoretical Max Supply is circulating. With such a small free flow, it only takes a small number of buyers to pump up the price.

The 1 billion coins owned by the investors is worth a lot on paper, but if they tried to dump their entire stake, they would tank the price and get much less cash from the sale. The main problem is that World Coin currently has zero real world utility. You can't buy anything with it, so there is very little demand. If the investors want to cash out, they need to create some sort of use case to motivate people to buy the coins.

In the early stages, Altman was very Coy about the ultimate use case of the World Coin and the massive amount of Iris data he was collecting. But now we're finally starting to get some information. They recently said they would start allowing private companies and governments around the world to use their Iris-based identification system. Presumably, they'd be required to buy World coins to use this, which would put upward pressure on the cryptocurrency's price.

When we start thinking about potential use cases for the World Coin, it's easy to see dystopian possibilities which would make even the most brutal autocrats. Green With Envy Worldcoin claims that they will only collect the data of the Iris and won't collect any other data from participants. While this may be true, this doesn't necessarily preclude corporations from integrating World coin into broader data collection efforts. Imagine, for instance, a future where logging into your favorite social media platform or making an online purchase requires an eyeball scan.

The merger of Worldcoin's Iris data with these platforms could lead to invasive data profiles. Consider a hypothetical scenario where a multinational corporation let's call it Neotec partners with Worldcoin. Every time a user wants to access one of Neotec's myriad. Services Ranging from streaming music to buying groceries online, they're required to use an eyeball scan.

Over time, Neotech builds a detailed profile that connects a person's Iris to their preferences, habits and daily routines. A user's preference for political documentaries, their pension for ordering junk food past midnight, or their recurring purchase of a specific medication could all be linked to their unique Iris signature. The consequences of this data amalgamation could range from hyper personalized advertising to more Sinister outcomes like health insurance companies adjusting premiums based on inferred health conditions from purchase histories linked to the individual. Furthermore, consider a setting where brick and mortar stores Implement Iris scanning terminals just by walking into a store, a customer's iris is automatically scanned and recognized by the time they approach the aisle.

Digital price tags could adjust in real time based on their purchase history or perceived buying capacity. Those deemed high value could even be approached by store representatives for special deals While Others might be subtly directed towards discounted or clearance items. The dystopian implications extend beyond commercial purposes. Governments could start using Worldcoin to keep track of their citizens.

Imagine if every time you renew your driver's license or apply for a Visa you're required to scan your Iris by setting up Iris scanning orbs in High Drive traffic areas. They could identify suspected criminals, undocumented immigrants, or even political dissidents without probable cause. In essence, while the singular Act of scanning one's Iris for a cryptocurrency might seem benign, the amalgamation of this data with other personal information presents profound ethical concerns. The possibilities for surveillance, profiling, and discrimination could be unparalleled, challenging the very fabric of personal freedom and privacy.

in the digital age. Worldcoin may claim that they would never allow their technology to be used in this way, but we must consider the financial mechanisms that play behind the scenes. Venture Capitalists have injected over 200 million dollars into World coin, propping up its valuation to three billion dollars such Hefty Financial Stakes are not poured into projects out of sheer benevolence or speculative lamp their Investments made with the expectation of significant returns. To provide these investors with the desired returns, Worldcoin needs to not only attain widespread adoption, but also generate strong and lucrative use cases.

While Altman claims Worldcoin will eventually be decentralized. currently, Tools for Humanity is the only company that can make the orbs, so all the powers ultimately held in the hands of one man. Sam Altman Foreign. On the bright side, it looks like Altman's plan to scan everybody in the world's eyeballs is so far a complete flop.

They originally planned to scan 1 billion users by 2023. As of August, they'd only scanned 2.2 million people, which represents just 0.2 percent of their target. On August 7th, Kenyan police raided World Quinn's facility in the country. They suspect the Crypto project deceived users into giving up their Iris data.

European Governments, including the UK, Germany and France have launched similar investigations and will hopefully ban the project. Worldcoin never even launched in the US or China as they knew that it would likely be manned. With such paltry early adoption, it looks like World coin is collapsing under its own creepiness. Most people don't have any interest in having their eyeballs scanned by some weird orb in exchange for worthless cryptocurrency.

But whatever you think of Sam Altman as the co-founder and CEO of Openai, he clearly has a high level of intelligence as well as the backing of sophisticated Venture capitalists. We should not underestimate him as individual tools. The best thing we can do is spread the word, warn your friends and family about the potential dangers of Worldcoin, and make sure they don't get deceived into scanning their eyes. And if you see Orb operators active in your community, notify the local authorities as they may be violating data protection laws.

All right guys, that wraps it up for this video. What do you think about World Coin? Are we being alarmist or does this truly pose a threat to humanity? Let us know in the comments section below. As always, thank you so much for watching and we'll see you in the next one. Wall Street Millennial Signing out.