I’m sympathetic to cryptocurrency but here are the things that seem scammy to me, compared to other, non-scammy cryptocurrencies.

1. You are paid in a pyramid scheme model where you are paid for each recruitment you make regardless of economic contribution. Other cryptocurrencies pay for economic value (mining, validating, etc.). This pays just for signing people up.

2. Except actually you’re not paid because WorldCoin is having (surprise) regulation issues.

3. WorldCoin suddenly pulling out of countries due to regulation. In crypto-Twitter vernacular, a rug pull for the operators.

4. Closed source everything. Hardware design. Zero knowledge proof algorithm.

5. 3% pre-mine to founders. If this were to become a large currency, a few people would have 3% of the world’s money.

I'm not at all dismissive of crypto. I actually think there's a ton of opportunity to build a decentralized version of the large cloud providers like AWS and GCP as their pricing continues to increase. For example, I'm interested in seeing how [the Graph](https://thegraph.com/en/) develops. The current implementation isn't a totally decentralized GraphQL service, but I think it's a step in the right direction.

One the other hand, Worldcoin is just another layer-2 coin built on top of Ethereum, and a regular CRUD app and database to upload/verify a hash of someone's retina scan. I just don't see anything novel about what they're doing, besides having a large VC capital infusion. It's just another crypto coin giveaway.