There's a lot of talk lately around the trump cryptocurrency going live tomorrow Tuesday October 15th 2024. I wanted to take some time and really look into it and break it down to see what it is, what it will do, how it works, what it will be used for and if it just a bunch of smoke and mirrors or something else?
*This article is for entertainment purposes only and is not financial advice. Do your own research before investing and understand the risks.
The site is called... World Liberty Financial and the token sale starts in just a little over 16 hours. You can currently register for the whitelist of this token on their site at WorldLibertyFinancial
Note a few things on the site.
The first being it does require KYC verification and there are legit no details at all about what is about to be offered. The only thing you have are a bunch of small print disclaimers which I love this one...
"DT Marks DEFI, LLC and its affiliates including Donald J. Trump and his family members has or may receive tokens from World Liberty Financial, and will be entitled to receive significant fees for services provided to World Liberty Financial, which amount cannot yet be determined."
Most in crypto are very pro trump as they seem him as being the president that would usher in a new mega bull run of crypto adoption. However it's becoming more and more clear that trump and his family are becoming increasingly greedy and want it to be all about them. They are stacking the tables for if trump gets elected as the next president. This new token and platform allows me a bulk control of assets of crypto in the USA in a so called "defi" system of which a vast majority of the fees from reading this will go to trump, his family and the company behind it.
Trump got a big rally cry from the crypto community with his speeches months ago promising things like replacing Gary Gensler which has been a clear attack on crypto and one of the largest bottlenecks for crypto advancement. He's also promised to make the USA government buy and hold crypto assets like bitcoin to help pay off the national debt and more.
What no one asked for though was a new crypto so called "defi" exchange from him and his family but should we have expected anything else?
WLFI is the token of the platform and is totted as a a "governance token" of the platform which would allow voting on the direction of the platform. However the big catch here is that 70% of the tokens are reserved for founders and service providers while just 30% are for public sale. That pretty much means your 30% would never count in the voting world as the few majority stake holders would still have control of the voting and how things go. This governance only token comes with no financial right and is only available to accredited U.S investors.
The initial launch of the platform is going to focus on a DeFi lending platform Aave on Scroll which is a layer 2 ETH token and focus on Bitcoin, Ethere and stablecoins.
Moving from there the platform is then looking into creating a stablecoin-focused credit card, integrating with exchanges for easier on and off-ramping, and fractionalized RWA like hotels and clubs.
To throw it back for a moment here as well Barron Trump is the so called "visionary" of the platform. Bro the kids 18 years old. Idk about you but when I was 18 all I cared about was money, blowing that money and dump stuff like that I really didn't have finances in order at the time and I'm sure no one ever really does. You haven't learned enough and made enough mistakes at that point. The kid was only 4 years old when bitcoin was launched lol
As we dig deeper we find that Zachary Folkman and Chase Herro who previously worked on the DeFi platform Dough Finance which saw a 2 million dollar crypto assets drained in July. That was just three months ago. We can back this up so far as the github repository for the project has seen code directly pulled into it from Dough Finance. Makes you raise a eyebrow or two...
For myself I like Trump but I also understand his flaws. No one is ever going to be 100% the same opinion that I have and that's ok. But to me this looks like the next level on money grubbing from a family that simply wants more and more money and to be at the front of it then really building a decentralized exchange in which will help usher in crypto. I was ok with the NFTs people can make their own choice if they want to buy and sell those you pretty much know what you're getting. The issue was he just kept and keeps doing it to legit drain as much money out of people as possible as none of these collections are holding any kind of value at all. We can tell this because there's pretty much been little to no action at all in terms of trading volumes of these NFTs which you would think it would be a near most popular thing going on right now. With the way he's treated his NFT collections I'm not seeing that this defi platform is going to be any different than a money grab for him and more control and for me it just leaves a bad image.
However this.... This seems to have some seriously "missing" details that feel left out on purpose and not in a good way. Out of everything Trump has done and said he will do for crypto the launch of this project leads me and I believe others in crypto a little off put now and second guessing things. It feels like a big blunder in what was a very successful crypto push just weeks before the elections take place.
Posted Using InLeo Alpha