GM friends.
Our benevolent overlords are ready to begin disbursing our $2.37 in weekly welfare payments. All that’s required is strict compliance and an iris scan.
Pour your coffee black for this one. Here’s your mid-week crypto update. 🖤☕️📰
Here’s what’s in today’s issue:
- David & Sam share their thoughts on Worldcoin launching, the Twitter rebrand leading to DOGE pump, the Fed rate hike meeting today, Japan pivoting to crypto, Hamster racing with crypto, new Bitcoin trend strategy ETF, crypto is not gambling in the UK, the SEC possibly appealing the Ripple ruling & OpenSea launching NFT deals.
- This Week On Chain.
- Rekt Capital has the latest technical analysis for you on the market.
- This week’s trending coins by Rebecca
- Erik has a report for you on Chainlink CCIP.
- Defi Dad has a tutorial for you on how to earn up to 139% APY with leveraged stablecoin LPs on Extra Finance.
- Jesse has a ton of hot new airdrops for you.
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The News Now
Worldcoin has Launched
On Monday, Worldcoin (WLD) – a blockchain cryptocurrency and human verification project – officially launched. Worldcoin was co-founded by Sam Altman, the CEO of OpenAI which created ChatGPT.
Here’s how the project works. Persons elect to have their irises scanned by a Worldcoin “orb” machine, which verifies that the individuals are in fact human. The orb creates a unique digital ID for each individual and links that ID to the World App, which users download to their phones. From there, “verified” individuals can claim 1 WLD per week for free (1 WLD equals $2.37 at the time of this writing).
Currently, just over 2M individuals across 120 countries have taken the scan, with approximately 250 orbs in operation (another 2,000 are under construction). Anyone can purchase and transact with WLD, but the weekly distributions of free coins are only reserved for those who’ve been verified.
Understanding the why behind this project is extremely interesting. Here’s the impetus for Worldcoin, according to the co-founders.
- AI will continue to advance and will eventually out-compete humanity.
- These advancements will produce enormous gains in productivity (wealth).
- In such a world, in order to stave off unprecedented social unrest and economic collapse (from extreme income inequality), universal basic income (UBI) will be needed.
- However, a UBI program only works if it can’t be manipulated, especially in the age of AI. So, a robust human verification and wealth distribution system is required.
- Therefore, Worldcoin.
What I described above reads like a dystopian sci-fi script. It’s not. This is a dead-serious project backed by extremely intelligent, well-funded, and connected individuals (e.g. Altman attended a closed-door Bilderberg meeting in May). So it’s no surprise that many in the crypto community are opposed, especially the cypherpunk cohort. We won’t go through all the opinions, but instead close with a summary of Vitalik Buterin’s blog post that he published Monday.
Buterin outlined four concerns.
- Privacy: He’s concerned that third parties at some point…
