GM Readers!📪 It's BitDegree Insider, and what's better than a Friday?
⭐️Today's selection:
- 👁 Eye-Scanning IN ACTION
- 💡Make Things Easier For Yourself
- ⚖️Stablecoins > Bitcoin (?!)
- 👌Selected Meme of The Day
- 📰Bite-Sized News
EVERY 8 SECONDS, A NEW EYEBALL GETS SCANNED
Sam Altman, the founder of the Worldcoin project, has reported the high rate of technology adoption.
According to him, one person is verified every 8 seconds.
However, Altman did not provide any evidence except for a mobile phone recording that showed "crazy" queues.
This cannot be considered substantial evidence since the project has several points around the world where interested individuals can get verified.
According to users, such queues, as seen in the video, are not present in every city.
At the time of writing the article, only about 3,800 people outside of exchanges own the WLD token, and the number of transactions doesn't even reach 15,000.
On July 24, the WLD token was listed on several exchanges, including Binance, KuCoin, and others. At the time of writing this article, it is trading at approximately $2.19, a decrease of 9% after listing.
On the day of the project's launch, it faced criticism, part of which we analyzed. Later, the media reported that Worldcoin caught the attention of the UK regulator.
Now, let's look at what Vitalik Buterin said about this dystopian-looking innovation. He pointed out the main potential issues with Worldcoin are:
- Security: Vitalik has doubts about the security of funds in the event of a phone or server hack.
- Privacy: The Worldcoin system only stores a hash of the iris scan, but there is a risk of leakage of identification-related information.
- Distribution imbalance: The issue of accessibility is particularly acute, as users need to physically be near the "orb" to scan their eyes. But what about people from remote areas?
- Centralization: Vitalik doubts whether the concept can be implemented while adhering to the principles of decentralization. And if it can, there is a risk of introducing a backdoor and creating counterfeit IDs by the Worldcoin Foundation.
The question still stands, would you scan your iris today just for 25WLD (or about $50)?
TL;DR: Sam Altman, founder of the Worldcoin project, claims rapid technology adoption with one person verified every 8 seconds but provided no substantial evidence beyond a video showing queues in some locations. The project faced criticism from Vitalik Buterin, who highlighted potential issues with security, privacy, distribution imbalance, and concerns about centralization.
MAKE THINGS EASIER FOR YOURSELF
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STABLECOINS > BITCOIN
Imagine yourself in the Wild West of the crypto market, where chaos reigns, criminals run amok, and legal protection for investors is scant. Here, a change is blowing in the wind.
There's a shift in the undercurrents of cybercrime. Gone are the days when Bitcoin was the outlaw's best friend. Now, according to a report unveiled at EthCC6 in Paris, criminals are turning their backs on Bitcoin, and their interest is dwindling. Instead, they're saddling up with stablecoins like USDT for their nefarious activities.
But why the sudden change of heart? It's about flying under the radar. With stablecoins, criminals find it easier to launder their ill-gotten gains. However, their new tactics could become their downfall. The increased use of centralized assets like USDT makes tracking their activities easier, leading to a rise in frozen accounts.
Following the FOMC meeting, SEC chief Gary Gensler also spoke up, hinting at the regulator's intent to adapt and respond to the evolving landscape (and ask for extra funding, of course).
In a bid to clamp down on cybercrime, Gensler has made it mandatory for public crypto companies to report any major cybersecurity incidents within a tight four-day window. This move marks a clear stance against negligence and could put some outlaws on their toes.
Well, off course, Gensler warned about "rampant manipulations" in the crypto sector.
At the same time, Gensler declined to comment directly on the wave of applications for spot Bitcoin ETFs. He clarified that he would not make direct statements until the appeals were considered by a commission of five people.
TL;DR: Criminals are shifting from Bitcoin to stablecoins like USDT for easier money laundering, leading to an increase in frozen accounts. SEC chief Gary Gensler aims to clamp down on cybercrime, requiring public crypto companies to report major cybersecurity incidents within a tight four-day window and warning about rampant manipulations in the crypto sector.
SELECTED MEME OF THE DAY
