After these elegant gold sneakers and his God Bless the USA Bible, Donald Trump’s cryptocurrency World Liberty Monetary (WLFI) instantly appeared to me like yet one more strategy to squeeze some extra money out of his fanbase. However when YouTuber Coffeezilla analyzed the challenge in additional element, what he discovered was much more ridiculous than what I used to be anticipating.
For starters (although unsurprisingly), WLFI is totally pre-mined. 20 billion cash, which signify 35% of the whole provide, are being offered for $0.015 every. The opposite 65% of cash is allotted to protocol growth and insiders.This implies they worth the WLFI challenge round $900 million, instantly bringing it into the identical ballpark as one thing like Bitcoin SV (maybe fittingly). In actuality, nevertheless, lower than 1 billion cash have been offered to date, making it nearer to a $14 million market cap coin, extra just like initiatives like Pikaboss or Boba Oppa— I’d by no means heard of them both.
It’s equally unsurprising that WLFI doesn’t accomplish something new or attention-grabbing (lending and borrowing on the prevailing Aave protocol), or that it is not decentralized in any significant approach, or that one of many challenge’s cofounders has a dodgy historical past on this area already.
However what even I didn’t anticipate, is that WLFI is indefinitely non-transferable. That’s proper, in the intervening time, no less than, you possibly can’t ship these cash to anybody. You may simply purchase them, and, I suppose, promote them again later? Perhaps? This sounds extra like OneCoin — the infamous fraud that was a cryptocurrency in title solely — than any critical altcoin I’ve ever heard of.
Whereas Nikolaus and Calli consider the previous president actually embraced Bitcoin, I don’t assume he really modified his thoughts on cryptocurrency a lot in any respect since three years in the past… I feel he simply needs in on the rip-off.
Watch the complete Coffeezilla episode right here:
This text is a Take. Opinions expressed are completely the creator’s and don’t essentially mirror these of BTC Inc or Bitcoin Journal.
