After this stylish gold sports shoes and his God bless the American BibleDonald Trump’s cryptocurrency World Liberty Financial (WLFI) immediately seemed to me like yet another way to squeeze some more money out of his fan base. But when YouTuber Coffeezilla analyzed the project in more detail, what he discovered was even more ridiculous than I expected.
For starters (although not surprisingly), WLFI is completely pre-mined. 20 billion coins, representing 35% of the total supply, will be sold for $0.015 each. The remaining 65% of the coins are allocated to protocol development and insiders.
This means they value the WLFI project at around $900 million, which immediately puts it in the same ballpark as something like Bitcoin SV (perhaps fitting). In reality, however, less than 1 billion coins have been sold to date, putting it closer to a $14 million market cap coin, more comparable to projects like Pikaboss or Boba Oppa â I’d never heard of them either.
Nor is it surprising that WLFI doesn’t accomplish anything new or interesting (lending and borrowing via the existing Aave protocol), or that it isn’t decentralized in any meaningful way, or that one of the project’s co-founders is a unreliable history already in this room.
But what even I didn’t expect is that WLFI is indefinitely non-transferable. That’s right, at least for now you can’t send these coins to anyone. You can just buy them and sell them back later, I guess? Maybe? This sounds more like One coin â the infamous fraud that was a cryptocurrency in name only â than any serious altcoin I’ve ever heard of.
While Nicholas And Calli While I believe the former president really embraced Bitcoin, I don’t think he has changed his mind about cryptocurrency since then three years agoâĶI think he just wants in on the scam.
Watch the full Coffeezilla episode here:
This article is a To take. The opinions expressed are solely those of the author and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.