The Crypto Comms #54; Proof-of-Work Vs Scam Altman

Chris on Crypto
4 min readMay 16, 2023


There is a growing rift developing in crypto; one which I’ve previously described as ‘decentralisation theatre’ versus actual decentralisation. This chasm has its roots in the irreconcilable differences between freedom-enabling technologies and inferior technologies which trend towards centralisation and capture.

In this issue

  • Bitcoin analysis
  • ChatGPT, false narratives
  • Scam Altman locks arms with Eth
  • Latest happenings
  • Listening material

Bitcoin analysis

  • Bitcoin/Dollar exchanges hands at $27,200 at the time of writing, down 4.4% week on week. The king crypto took out the ‘equal lows’ at $26,500, deviated lower and is in the process of reversing back to $30,000. If the upwards price-channel is respected, then bulls might find the next pocket of resistance at around $34,0000-$35,000.
BTC/USD levels of interest; possible H24 trajectory
  • Price tested the upper bounds of weekly support ($25,700) before climbing 5%. On the daily time-frame, bulls face a short-term hurdle at $27,700. Once bulls take the level, a move to previous weekend trading activity is on the table.
  • On the downside, rejection opens the door to $24,500. Volumes have declined since a spike on April 26th, following a general trend that’s been present since mid-January. Liquidity is also decreasing — there is less Bitcoin to go around.

ChatGPT, false narratives

ChatGPT is a cool tool, but it’s not the only language model out there. Earlier today I typed the following statements and asked it to comment.

As artificial intelligence models become prevalent, it will become more imperative for the ethical sceptic to exercise critical thought and dissent as a fundamental principle for understanding the world. The potential for generated narratives, which may be false, to become mainstream means this approach should be more pronounced. In addition, the possibility for human mental atrophy by way of exporting human thought to a language model is also something to consider. Comment on these statements.

You can check out the full reply here, but in so many words, there’s a growing imperative to exercise dissent as a working assumption to discern fact from fiction. One unintended consequence of large language models is the creation and dissemination of infinite narratives. In fact, it’s much easier to create convincing verbal salads that mean nothing with LLMs.

It is a uniquely human ability to be able to ‘dissent’, and in a world where regurgitating AI-generated insights will be commonplace, this human quality will be even more important.

Scam Altman locks arms with Eth

Speaking about dissent, OpenAI’s ‘Worldcoin’ funding round has reached $100 million, and this is a very depressing figure, which goes to show that so-called venture capitalists are hard at work building tomorrow’s biosecurity state. They’re encouraging the public to get excited about their own enslavement.

As noted in a blog post, Scam Altman’s ‘Worldcoin’ is a means to deliver universal basic income with currency that has zero-cost-of-production. In other words, another magic money tree, but from a tech mogul who wants to scan your iris purely out of the goodness of his heart.

And why wouldn’t you trust Worldcoin anyway? After all, it’s not like they already lied about storing your sensitive biometric data. It’s not like ‘OpenAI’ went from open-source to closed-source. And it’s certainly not as if the Ethereum marketing team is conjuring up narratives for these appalling practices and lies.

The number one proof-of-stake algorithm is showing its true colours; centralisation all under one roof — digital IDs, biometric data, changeable ‘ultra-sound’ money, everything and nothing.

More of the same power grabs that we’ve seen time and again. And this brings us to the beauty of the proof-of-work consensus mechanism; it forces human behaviour to adapt to a better reality where money is dissociated from a group of people who think they know how to run your life better than you do. Proof-of-work breaks the endless cycle of tyranny, obliging the next iteration of human evolution. Proof-of-stake is more of the same. Language models and AI technologies cannot be commingled with technofascist enablers such as Scam Altman’s Worldcoin.

This is the ‘Hunger Games’ district in China. Incentives lead to somewhere, no matter how unlikely you might think the outcome is. So let’s set the right ones, and have a laugh while we’re at it. Arise.


Latest happenings

Listening material

Dear readers,

The purpose of this newsletter analysis is to provide context to current events and cryptocurrency markets. It is released every Tuesday. I am not perfect and this is not a science — nor is this newsletter analysis a signals service or financial advice. While I cannot promise perfection I do my best to be honest and transparent.

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Chris on Crypto

Journalist-turned crypto-writer & analyst; forging the narrative, stacking sats.