In a significant development in the Artificial intelligence (AI) industry, Daniel Gross, known among other things for his investment in the cryptocurrency platform Coinbase, has teamed up with Ilya Sutskever, former Chief Scientist at Openai, and Daniel Levy, a former Openai employee and an expert in AI privacy, to launch a new venture. The new […]
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Openai Reportedly Mulling For-Profit Shift
Openai, the artificial intelligence (AI) company, is considering shifting to a for-profit model, according to The Information. Sam Altman, CEO of the company, is said to be contemplating this decision and taking Openai’s non-profit board out of the picture, given that it would not have control over this new venture. The shift might spur an […]
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Openai Co-Founder Ilya Sutskever Steps Down, Jakub Pachocki Named New Chief Scientist
Ilya Sutskever, a co-founder and the chief scientist at Openai, announced his departure from the company after nearly a decade to work on a “personally meaningful” project, without specifying further details. Jakub Pachocki, previously the director of research at Openai since 2017 and the lead on the development of the GPT-4 large language model, has […]
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No Ties To OpenAI: Worldcoin Drops 9% As Top Trader Issues Warning
Worldcoin (WLD) has seen its value plummet by nearly 9% in just 24 hours, with the price settling at around .20. This decline aligns with a critical analysis issued by DeFi^2 (@DefiSquared), the current top trader on the crypt exchange Bybit, who has raised concerns about the potential for substantial inflationary pressures and misleading marketing associated with Worldcoin.
Notably, the WLD plunge comes just after OpenAI, the creator of ChatGPT, announced on Monday its plans to unveil a cutting-edge AI model named GPT-4o. This advanced model boasts the ability to engage in lifelike voice conversations and seamlessly interact across text and images. Worldcoin is usually a beneficiary of OpenAI announcements, but this time WLD price plunged.
Why Worldcoin Is Plummeting
In his analysis shared on X, DeFi^2 expounded on the mechanics behind the rapid devaluation of Worldcoin, emphasizing that the token is suffering from significant daily depreciation due to both emissions and strategic sales maneuvers by the Worldcoin Foundation.
Specifically, the token’s value is deteriorating at a rate of 0.6% each day, driven by the emissions related to grant and operator claims. These tokens, as per DeFi^2’s observation of on-chain analytics, are predominantly sold off almost immediately upon issuance, adding to the downward pressure on Worldcoin’s price.
Adding to the supply concerns, the Worldcoin Foundation recently declared its intention to offload 0 million worth of Worldcoin to trading firms. This move will effectively increase the circulating supply by an additional 18%. DeFi^2 criticized this decision, pointing out that the tokens, misleadingly attributed to a “Community” allocation, are being sold at a discount to entities that may not prioritize the broader community’s interests, potentially diluting the value for existing holders.
The most critical issue highlighted by DeFi^2, however, pertains to the near future, when unlocks for venture capital and team-related tokens are set to begin. He forecasts that in just 70 days, the supply of Worldcoin will start to inflate at an alarming rate of 4% per day due to these unlocks combined with ongoing emissions. This scenario could unleash nearly million worth of sell pressure daily, profoundly impacting the token’s market price and stability.
DeFi^2’s analysis did not shy away from addressing the perceived misconceptions surrounding Worldcoin’s affiliation with notable tech personalities and organizations. He clarified that Sam Altman, known for his role with OpenAI, has no active involvement with Worldcoin, which operates as a completely separate entity. This point addresses a common misconception that potentially misled investors about the nature and backing of the token.
Moreover, DeFi^2 drew parallels between Worldcoin’s tokenomics and what he describes as “predatory” economic models that are engineered to disproportionately benefit early investors and insiders at the expense of general retail investors. He noted that similar strategies had been used in the past in the crypto industry, where the manipulation of token supply and market conditions facilitated significant gains for insiders while leaving regular investors exposed to heightened risks and losses.
“Worldcoin realistically might become the greatest transfer of wealth of this entire cycle. Unfortunately, this wealth transfer isn’t in the form of universal basic income as their mission suggests, but instead to the pockets of the team and insiders,” DeFi^2 stated. He added that “the manipulative low float / high FDV design is straight out of the SBF playbook, and directly enriches insiders as they hedge their locked allocations at high valuations pre-unlock via perps / OTC; yet retail somehow sadly still think they’re beating the system trying to push the price up.”
As the crypto community digests DeFi^2’s stark warnings, the immediate reaction has been a surge in trading activity to 6 million (up 104% in the last 24 hours), with investors and speculators likely reassessing their positions in Worldcoin in light of these revelations. At press time, WLD traded at .24.
Openai CEO Sam Altman Believes Processing Power Might Be the New UBI
Sam Altman, CEO of Openai, the company behind the artificial intelligence (AI) model Chatgpt, has reflected on how the new wave of universal basic income (UBI) initiatives might be organized. In an interview at the All-in podcast, Altman stated that he favored UBI initiatives given the magnitude of the changes implementing AI might bring to […]
Bitcoin News
Did The OpenAI and Microsoft Saga Just Trigger Massive Interest in AI Tokens?
The recent saga surrounding OpenAI and its co-founder Sam Altman has sparked a surge of interest in AI tokens, with total weekly trade volume surpassing billion for the first time since March, fresh data from Kaiko, a blockchain analytics platform, shows.
According to statistics, WLD, the native token on Worldcoin, a project co-founded by Altman, and other tokens, including FET, the primary coin behind the AI-reliant blockchain, Fetch.ai, appear to be primary gainers. Even so, WLD prices remain below November 2023 lows when writing.
WLD Remains Volatile
Even so, looking at market data, the spike in crypto AI trading volume seems driven mainly by WLD activity. Looking at the project’s share, trading volume comprises over 33% of all related crypto AI trading volume.
While there is a noticeable spike in activity, it remains below the all-time high of above billion in Q1 2023. Then, traders and investors were keen on AGIX, the SingularityNET token. However, over the months, Worldcoin has since taken over as investor interest shifted to WLD, evidenced by the gradual rise of trading volume.
Looking at WLD price action over the past three days, prices have been volatile, though trading volume has been mostly up from November 13. Following news of Altman’s removal as CEO of OpenAI, prices fell before slightly expanding with news of negotiations to return to the role, followed by his appointment to lead Microsoft’s AI team.
All these events have contributed to the market’s heightened interest in WLD. Accordingly, trading volume across the broader crypto AI scene stands above the billion level for the first time since March.
The Sam Altman And OpenAI Drama Turns Attention To Worldcoin
Though there is no direct connection between OpenAI and Worldcoin, crypto participants focus on events at OpenAI and how the board handled Altman as a factor catalyzing WLD’s activity.
The general lack of clarity on why the board ousted Altman as CEO worsens the situation, sparking speculation that this could also impact WLD’s prices and how Worldcoin is governed, considering the former CEO is also behind the crypto AI project.
Looking at the co-founder’s previous role as the team leading Worldcoin’s developments, Altman also holds significant sway, contributing to discussions on how the government should regulate AI at the end of the day.
Altman’s influential role has impacted Worldcoin and its prices since the blockchain project aims to create a global identity system. Worldcoin’s operations would rely on AI, including fraud prevention, data analysis, verification, and more.
OpenAI Setback No Match For FET’s 160% Surge: Time To Invest In AI?
The Artificial Intelligence (AI) sector in the crypto space has enjoyed one of the most prominent rallies despite the debacle with OpenAI. The company behind ChatGPT fired one of its founders and CEO, Sam Altman, sparkling downside pressure for AI-based tokens, such as FET.
The native token for Fetch.ai, FET, has been trending to the upside following the general market sentiment. Over the past month, the cryptocurrency recorded a 160% rally, and it’s poised for further profits as it breaches critical resistance levels.
OpenAI Controversy Adds Fuel For FET’s Rally
Data from Coingecko indicates that FET’s bullish momentum took a hit last week as news about Sam Altman leaving OpenAI broke. The token has been moving with any development from the broader AI sector, and the uncertainty surrounding this company has impacted its performance on low timeframes.
Over the weekend, FET regained its bullish momentum and reclaimed territory, extending a more significant rally. In that sense, a pseudonym trader looked into FET’s potential target as the cryptocurrency continues “its rally without a dip.”
In the past week, FET breached the resistance at .56, targeting its 2022 highs, as seen in the chart below. If the bullish momentum continues, the token could rise to its 2021 highs between .70 and .90.
FET Rally Could End In Massive Correction
Our Editorial Director and analyst, Tony Spilotro, has been bullish on FET’s trajectory. The analyst believes FET could rise 2x to 4x before losing steam and re-visiting support.
In the past, whenever the token followed a similar trajectory, printing a buy signal above the monthly Bollinger Band, as Spilotro stated, FET corrected by an impressive 80%. Thus, the analyst recommended new investors to tread carefully. Spilotro said:
(…) its safe more than likely to buy FET at such levels, so long as you have a plan to get out before the next 70+% correction happens. Otherwise, price could retrace back to your entry here. Be smart and don’t expect the rally to go on forever.
Today, Microsoft announced the hiring of Sam Altman to spearhead a new AI division. The company will commit to providing resources for the new division, which could ignite a new bull era for AI and AI-based tokens.
Cover image from Unsplash, chart from Tradingview
Sam Altman’s Worldcoin Token Makes Headlines With 24% Surge Amid OpenAI Drama
The narrative around Sam Altman and OpenAI seems to have had a major impact on the value of WLD, the token that Worldcoin, a cryptocurrency that Altman co-founded, is issuing.
As the drama surrounding Sam Altman’s dismissal from OpenAI and possible reinstatement continues to captivate the crypto space, the Worldcoin digital token has been one of the most unpredictable in the cryptocurrency market as of late.
As of today, the trading price of Worldcoin (WLD) has reached .43, indicating that the cryptocurrency has made a strong recovery. In comparison to the previous 24 hours, this is a significant gain of 19%, with an impressive 24% rally in the last week, data from crypto price aggregator Coingecko shows.
Worldcoin’s Unpredictable Market Behavior Amid Altman’s Controversy
From a high of .50 on November 16, WLD started to weaken as digital asset markets backpedaled the next day, with Altman’s dismissal only making the decline worse. In the hours following his departure, the token dipped to .85 according to statistics compiled by CoinGecko.
As artificial intelligence (AI) develops at a rapid pace, Worldcoin is working on a digital identity network that will collect retina scans to verify users’ identities.
The project’s orbs collect users’ retina scans, and in return, they give users WLD tokens as a compensation for giving their biometric data.
Events at OpenAI, which Altman acted as a go-between for Worldcoin and, by extension, WLD, continue to impact WLD price, even though the two projects are unrelated.
With a market value of approximately 0 million, the token holds the 160th position in the crypto market, as reported by CoinGecko on Monday.
The surge in the token’s value is intricately linked to the news surrounding Altman and the uncertainties arising from his removal at OpenAI, according to Richard Galvin, co-founder at Digital Asset Capital Management.
Altman As The Face Of Worldcoin: Impact On Investor Appeal
As events unfolded, the token experienced a rebound, gaining momentum as it became evident that there was no significant negative event fueling the board’s decision.
Digital asset platform VDX’s head of research in Hong Kong, Greta Yuan, predicted that WLD will experience additional volatility in the coming weeks.
Altman is the face of Worldcoin, so depending on how this drama plays out in the next few days, the token may fluctuate, but its appeal to investors will not diminish, Yuan said.
Meanwhile, even though OpenAI’s stock dropped to .04 over the weekend after the announcement of Altman’s resignation as chief executive, the company’s efforts to reassign his role as CEO helped propel the stock back up.
(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
Featured image from Business Wire
Worldcoin (WLD) Crashes By 11% As OpenAI Pushes Out Sam Altman
Worldcoin (WLD) experienced a sharp decline in its market price on Saturday after its founder, Sam Altman, was removed as the CEO of popular artificial intelligence company OpenAI. This development follows the heavy regulatory scrutiny on the crypto project due to privacy concerns.
OpenAI Votes Out Sam Altman, Cites Loss Of Confidence
In a shocking development on Friday, OpenAI announced a leadership change, stating that Sam Altman will immediately exit the company as its CEO.
In this statement, the company expressed its gratitude to Altman for contributing immensely to their development during his four-year tenure as their global leader.
However, after an intense review process by the board of directors, it was concluded that the Worldcoin founder had not been fully honest in his exchanges with the board, leading to a loss of confidence in his ability to continue his duties as CEO.
Following Altman’s departure, Mira Murati, OpenAI’s chief technology officer, will now act as interim CEO pending the appointment of a permanent successor.
However, as one could expect, Altman’s removal as OpenAI CEO, combined with the scathing statements in the company’s announcement, has created a negative sentiment around the Worldcoin project.
According to data from CoinMarketCap, WLD is currently down by 12.75% over the last 24 hours. Meanwhile, the token’s daily trading volume has managed to remain afloat with a 15.13% gain.
What Next For Worldcoin?
Worldcoin was officially launched in July with the goal of creating the largest digital identity and financial network. The project relies on the use of iris-scanning orbs to physically admit new members, prompting concerns about privacy, anonymity, and user data protection.
After Altman’s departure from OpenAI, there are currently speculations on Worldcoin’s future trajectory. Clearly, Worldcoin benefited from Altman’s visibility as OpenAI’s CEO, as reflected in the token’s current downtrend.
Notably, WLD gained by over 25% in October, with many analysts citing anticipation of the OpenAI developer conference in November as the driving force.
Therefore, the removal of Altman from OpenAI may not bode well for Worldcoin in terms of credibility and public investor sentiments. On the other hand, Worldcoin could soon recover from its market slump and rise to higher heights despite this new challenge.
Following its public official launch in July, Worldcoin came under much criticism from global regulators who expressed concerns over operations in regard to the collection of data using iris scanning orbs and the potential applications of user data.
Notably, Worldcoin has been suspended from Kenya, while the governments of the United Kingdom and Germany have opened investigations into the project’s operation.
However, the crypto project has remained resilient despite these regulatory hurdles, marking a milestone of 4 million app downloads and 1 million monthly active users, as reported earlier in November.
At the time of writing, WLD trades at .85, with a 0.86% decline in the last hour. Meanwhile, the token’s market cap stands valued at 1.37 million.
Openai Shakeup: Sam Altman Out as CEO, Worldcoin’s WLD Plunges
Following the announcement by Openai, a firm dedicated to artificial intelligence (AI), that Sam Altman is stepping down, Worldcoin, a crypto venture backed by Altman, experienced a 13.5% decline in its native asset WLD compared to the U.S. dollar. Openai, in an open letter addressed to the public, revealed that its board has reached a consensus that it “no longer has confidence in his ability to continue leading Openai.”
Sam Altman Departs Openai, Triggering Worldcoin Slide
On the day of Friday, November 17, 2023, Openai, known for developing Chatgpt, declared that its CEO, Sam Altman, is exiting the organization. Mira Murati, the CTO, has been named the interim CEO to guide Openai during this transition. The letter articulates Openai’s gratefulness for Altman’s “many contributions” to the inception and expansion of the company. Nonetheless, it also underscores the AI firm’s board’s loss of “confidence” in his ongoing leadership at Openai.
The company’s board stated:
Mr. Altman’s departure follows a deliberative review process by the board, which concluded that he was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities.
Altman was not only at the helm of Openai but he also played a crucial role in the crypto project Worldcoin, which utilizes the native token WLD. Following the recent announcement, the WLD token has experienced a notable decline of 13.5%, with its 24-hour trading range fluctuating between .89 and .25. Following the significant slide, WLD rebounded a hair and is now only down 8% against the U.S. dollar.
Presently, it’s trading at per unit. In the vast landscape of over 10,000 cryptocurrencies, its market capitalization stands at 9 million, ranking it at the 171st position in the global crypto economy. Additionally, WLD has seen 4 million in trading volume in the last 24 hours, with the dominant trading pair being tether (USDT).
What do you think about Sam Altman stepping down from Openai? Share your thoughts and opinions about this subject in the comments section below.