OpenAI's Sam Altman Set To Raise $100 Million For Worldcoin (businessinsider.com) 38
According to the Financial Times, OpenAI CEO Sam Altman is close to raising around $100 million in funding for his Worldcoin cyrpto project. Markets Insider reports: Worldcoin is in advanced talks to raise the cash from both new and existing investors ahead of a potential launch within the next few weeks, the Financial Times said Sunday, citing three people with knowledge of the deal. The startup wants to use eyeball-scanning technology to create a digital identification system that would give people across the globe access to a free crypto token called Worldcoin. It's previously received backing from Andreessen Horowitz's crypto fund, Coinbase's VC arm Coinbase Ventures, and FTX founder Sam Bankman-Fried.
Worldcoin pulled in $100 million from investors last year through a token sale that valued the company at around $3 billion, according to a report by The Information from March 2022. That fundraising effort came before a bruising period for crypto in which flagship tokens like bitcoin and ether cratered in price and high-profile companies including Bankman-Fried's FTX collapsed. "It's a bear market, a crypto winter. It's remarkable for a project in this space to get this amount of investment," one of the FT's sources told the publication.
Worldcoin pulled in $100 million from investors last year through a token sale that valued the company at around $3 billion, according to a report by The Information from March 2022. That fundraising effort came before a bruising period for crypto in which flagship tokens like bitcoin and ether cratered in price and high-profile companies including Bankman-Fried's FTX collapsed. "It's a bear market, a crypto winter. It's remarkable for a project in this space to get this amount of investment," one of the FT's sources told the publication.
Here we go again... (Score:2)
A new crypto currency: https://tenor.com/view/alone-l... [tenor.com]
Re: (Score:2)
Coinye was the promise for the future (Score:2)
At least it did have an awesome logo at the time, way before DogeCoin even existed.
Ye could have been a trillionaire if he would seen the significance of alt-coins.
I've always liked the idea of IOTA (Score:2)
Re: (Score:2)
My question is (Score:1)
Re: (Score:3)
The Rothschilds Bank barely scrapes the top ten today and is more or less irrelevant.
But the rest of the "global banking cartel" thinks something like: "Easy pickings for manipulation, but too risky to bother taking seriously yet. Let's invest a minuscule fraction of our fortune for fun and educational purposes."
Well, except Sam Bankman-Fried. He always did have a chip on his shoulder.
Re: (Score:2)
I think the current rating is "mostly harmless".
My $100M business plan in four "words." (Score:2)
Crypto blockchain AI nextgen.
Send money now. Never forget that the best way to make a small fortune is to start with a large one.
Re: (Score:2)
I never thought I'd miss the old days of shifting paradigms and giving 110%.
Re:My $100M business plan in four "words." (Score:5, Funny)
Re: (Score:2)
You forgot "biometrics" - that's good solid tech that's completely investable!
Biometrics are not useful for this application (Score:2)
Fingerprints have a false acceptance rate of 1 in one thousand.
Iris scans have a false acceptance rate of 1 in one million.
This sounds like a lot until you realise that there are 8 billion people on the planet right now (and growing), so if you are relying on iris scans to identify and secure your money in a global blockchain, you're basically sharing your money with eight thousand other
Re: (Score:1)
This sounds like the perfect application to identify and catalog those eight thousand people you've never met though. Not for your benefit of course.
Re: (Score:2)
There isn't any better idea though. The special iris scan is the best we have for "identifying people in a global context".
However, the phrase "identifying people in a global context" is not quite right. The goal is show "prove human uniqueness" and maybe they can add another biometric or other piece of data to show that it's not the same person.
Re: (Score:2)
Iris scan alone brings the "expected match set" down to 8000.
Add the fingerprints you already mentioned and we're down to 8000 / 1000 = 8.
Add a security key to that, even a shitty broken one, and you're down to 8 / 2^176 = 0.00000000000000000000000000000000000000000000000000008.
Yeah, not a problem.
Re: (Score:2)
The pitch which raised $100M is an iris scan plus a phone number to prove identity.
Re: (Score:2)
It's becoming increasingly visible that there's no relationship between having money and having a grip on reality, let alone having an ability to identify good engineering practice.
Orb (Score:2)
Hey Sam, use your Orb to scan yourself for morals.
Raises serious questions about OpenAI (Score:2)
Now does it?
Re: (Score:2)
Re: (Score:2)
I have no Questions about Musk. He profiteered and if that had been stocks, he would be behind bars now.
Re: Raises serious questions about OpenAI (Score:2)
Nothing like profiting off of problems you contributed towards creating.
Modern-day tech really seems to have a problem with letting these types of people run amok. Is it the culture that encourages these types? Their upbringing? Their mentality? A fair few STEM majors I have met do seem to be a bit unhinged.
Your soul for a few coins. (Score:2)
Translation (Score:3)
It's a bear market, a crypto winter. It's remarkable for a project in this space to get this amount of investment,
Even we didn't think that there's still fools left that have that kind of money.
Um what (Score:2)
What's "cyrpto" exactly?
Re: (Score:1)
Eyeball scanning tech? For free coin? (Score:2)
Not forehead or palm scanning tech? From the book of revelation
Missing quantum computing in the title (Score:2)
He's testifying to Congress today btw (Score:2)