What to Know About Worldcoin and the Controversy Around It
time.com
time.com
Since the Orb's signature is trusted, it could just attest that you recovered your identity and here is the new key pair. Doesn't matter how hard you audit the hardware, it is a problem with the design.
Whoever has that key can use an emulated Orb, and sign your identity away.
It's a fatal design flaw, and I don't see why not many people figured it out. Proof of personhood needs another way.
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A lot of people will say, well doesn't government IDs operate in the same way?
No. Government ID is issued with a photograph. And Government IDs are used when you are there with your ID. Anyone clearly can see if you are that person or not (we cannot nanobot our faces to look like others). And when you use your ID online, it is tied back to your address, and sends mail to that address, and you clearly know when you have access to your local state account or if someone stole your identity, it is an easy recovery process.
If someone created a false government ID, worst you could do is immigrate into a country that you do not have citizenship for, for at least a while. Every other occurrence is tied to matching your ID to your face in real life, where a human evaluates.
If someone created a false Worldcoin ID, try and go to the Orb to recover it, but the next day it could issue the identity again and the process never ends.
He’s openly admitting it’s a Ponzi scheme:
> A Ponzi scheme (/ˈpɒnzi/, Italian: [ˈpontsi]) is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors.