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 method to squeeze some more cash 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 overall provide, are being bought for $0.015 every. The opposite 65% of cash is allotted to protocol improvement 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 bought to this point, 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 fascinating (lending and borrowing on the present Aave protocol), or that it is not decentralized in any significant means, or that one of many challenge’s cofounders has a dodgy historical past on this house already.
However what even I didn’t count on, is that WLFI is indefinitely non-transferable. That’s proper, in the interim, not less than, you possibly can’t ship these cash to anybody. You possibly can simply purchase them, and, I suppose, promote them again later? Perhaps? This sounds extra like OneCoin — the infamous fraud that was a cryptocurrency in identify solely — than any severe 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 believe he simply desires in on the rip-off.
Watch the complete Coffeezilla episode right here:
This text is a Take. Opinions expressed are completely the writer’s and don’t essentially replicate these of BTC Inc or Bitcoin Journal.