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 one more option to squeeze some extra money out of his fanbase. However when YouTuber Coffeezilla analyzed the undertaking 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 improvement and insiders.
This implies they worth the WLFI undertaking round $900 million, instantly bringing it into the identical ballpark as one thing like Bitcoin SV (maybe fittingly). In actuality, nonetheless, lower than 1 billion cash have been offered to date, making it nearer to a $14 million market cap coin, extra much like tasks 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 fascinating (lending and borrowing on the present Aave protocol), or that it is not decentralized in any significant method, or that one of many undertaking’s cofounders has a dodgy historical past on this house already.
However what even I didn’t anticipate, is that WLFI is indefinitely non-transferable. That’s proper, in the intervening time, at the very least, you’ll be able to’t ship these cash to anybody. You’ll be able to 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 imagine the previous president really embraced Bitcoin, I don’t suppose he really modified his thoughts on cryptocurrency a lot in any respect since three years in the past… I feel he simply desires in on the rip-off.
Watch the complete Coffeezilla episode right here:
This text is a Take. Opinions expressed are solely the writer’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.
