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Comment by exitb | Hacker News Reader

> A.I.-powered system for evenly distributing money to the world’s population, a form of universal basic income. (...) When a person is scanned, verified, and onboarded to Worldcoin, they are given 25 proprietary crypto tokens, which are also called Worldcoins. The tokens may carry the promise of future riches, but they’re worthless unless the project launches at scale.

Wait, what?

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They’re giving you fake money in return for your identity. What’s not to like?

This AI stuff and crypto are a natural match. Anyone paying attention to crypto in the last few years has seen the identity experiments happening, and we're in for a ride if OpenAI taps into this.

Can we use AI to generate fake retina scans and then use that to earn fake money?

> The tokens may carry the promise of future riches

ahem Howey test

Any local financial services or data protection agency should present these guys with a list of very awkward questions like "what are you going to do with this data" and "under what circumstances will these 'coins' have value".

Isn't that the actual definition of a pyramid scheme?

No, because there is no payment from new signups to people who already have tokens.

It is something much more bizarre than a pyramid scheme.

No. Pyramid scheme requires people to bring in new money to pay the earlier people.

This is giving “monopoly” money in exchange for eye scans (under the pretense of preventing bots), and hoping for said monopoly money be become valuable

If you're including the VCs that have already invested in Worldcoin(s) and have lots of pre-allocated tokens between them, hoping that new VC money + retail money with an eventual ICO happening, then yes it is indeed a pyramid scheme.

Worldcoin is another 'Scam Altman' pyramid scheme, waiting to pump and dump on retail using AI scaremongering tactics.

No but it sounds like it could fall into unregistered security territory.

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