“TrumpCoin: Yet Another Overstated Cryptocurrency with Excess Hype Over Actual Innovation”

Trump’s New Crypto Endeavor: WLFI Analysis

WLFI also fails to introduce any significant innovations. It functions merely as a lending and borrowing platform built on the established Aave protocol. There is a lack of meaningful decentralisation, and one of the cofounders has a questionable reputation in the crypto industry.

For Australian investors, this should stand out as a serious warning. The Australian crypto community is typically well-informed and cautious, especially following high-profile scams like BitConnect and OneCoin. The inability to transfer WLFI tokens essentially locks users into a system where exit strategies are non-existent, starkly contrasting with the decentralised, open nature of cryptocurrencies such as Bitcoin or Ethereum, which allow complete user control over assets that can be moved freely on the blockchain.

This situation is reminiscent of the notorious OneCoin scam, where users were similarly prevented from transferring their tokens. Back then, the lack of transferability served as a critical indicator that the project was a Ponzi scheme, limiting users’ abilities to cash out or move their assets. While WLFI hasn’t been directly branded a scam, the parallels are hard to overlook. The inability to transfer coins raises serious doubts about the project’s legitimacy and whether it is designed to keep users trapped in a closed environment without true asset control.

The recent entry of Donald Trump into the cryptocurrency arena with World Liberty Financial (WLFI) has certainly caught people’s attention. At first, it comes off as merely another strategy to monetise his dedicated followers, but a deeper examination uncovers some concerning aspects. WLFI is entirely pre-mined, with 20 billion coins—accounting for 35% of the total supply—available at Moreover, the allocation of 65% of the total supply to insiders and for protocol development only exacerbates concerns. This centralised hold over most of the supply gives the project’s founders and early backers significant clout regarding the token’s trajectory. Should they opt to liquidate their holdings, it could lead to a price collapse, leaving retail investors facing heavy losses. This centralisation is precisely what the crypto community has aimed to move away from, and it raises further doubts about WLFI.

Check out Coffeezilla’s comprehensive analysis of WLFI:

A prominent concern about WLFI is its non-transferability. In the cryptocurrency realm, the capacity to transfer assets freely is a fundamental principle that ensures decentralisation and user control over funds. However, with WLFI, once you purchase coins, they remain locked in your wallet with no possibility of transfer to another user or exchange. This is a significant warning sign for anyone knowledgeable in the field, as it dramatically restricts the token’s functionality.

Concerns Regarding WLFI’s Validity and Transferability

This article reflects a personal perspective. The views presented are solely those of the author and may not mirror the stance of BTC Inc or Bitcoin Magazine.

The most concerning aspect is that WLFI is entirely non-transferable. Yes, these coins cannot be sent to anyone. While you can acquire them, you may be left wondering what to do next—perhaps consider selling them back at a later point? This feels eerily similar to OneCoin, the notorious crypto scam that was only a cryptocurrency by name.

Some may argue that Trump has taken a liking to Bitcoin, but I’m not so sure. It seems to me he hasn’t adjusted his stance on crypto since three years ago. Instead, he appears to be chasing a slice of the scam pie.

Source: bitcoinmagazine.com

Valued at about 0 million, WLFI stands alongside Bitcoin SV in terms of market position. In actuality, though, less than 1 billion coins have been sold so far, which effectively places its market cap around million. Think of lesser-known projects like Pikaboss or Boba Oppa—names that likely don’t ring a bell for many.
In a climate that values transparency and decentralisation, WLFI’s shortcomings in these areas pose significant issues. The combination of its non-transferability and centralised token distribution makes it difficult to envisage how the project could make a genuine impact within the broader crypto ecosystem. For the time being, it appears to be yet another attempt to capitalise on the crypto trend without delivering anything of true value to the community.