The Rise and Fall of Worldcoin: A Story of Financial Desperation and Privacy Concerns

Pablo Martín, an 18-year-old, was faced with a difficult decision in December. He had the opportunity to scan his iris by attaching his right eye to a futuristic metal sphere in a shopping center in Madrid. The process involved waiting for the lights to turn on LEDs and, after it was completed, he received his World ID and accumulated coins. This digital passport was intended to prove his humanity.

Thousands of people rushed to shopping centers across Spain to claim their coins in February when the value of the cryptocurrencies distributed by Worldcoin suddenly rose. However, the Spanish Data Protection Agency intervened and halted Worldcoin’s operations due to concerns about the handling of biometric information.

Despite the controversy surrounding Worldcoin, many people saw it as an opportunity to earn money, including those facing financial difficulties such as Daniel Guerrero, a Venezuelan awaiting asylum approval. The allure of free money and the promise of a digital passport led many to scan their irises and collect coins.

The rapid rise in the value of the cryptocurrency attracted even more participants, with individuals like Pedro Durán and Antonio Lledó investing in Worldcoin. The potential for profit and the association with OpenAI made it an appealing opportunity for many.

However, everything came crashing down when the Spanish Data Protection Agency intervened and suspended Worldcoin’s operations in Spain. This led to a decline in the value of the cryptocurrency but did not stop people from searching for it through alternative channels such as social media and personal transactions.

In March, Spain and Portugal banned Worldcoin altogether, marking the end of its party for many participants. The uncertainty surrounding its future left many disillusioned but also served as a lesson about investing in emerging technologies.

Pablo Martín is still struggling with whether or not he should have scanned his iris last December despite receiving world id and accumulating coins