Called it.
Less than a month after it was speculated World Liberty Financial might start selling their own WLFI token, they started selling their own WLFI token They had 20 billion, yes, billion, tokens available for sale on October 16. At the start of the next day, 848.63 million had been sold for a total of $12.7 million.
Who could buy these? Not just your average Joe. No, you have to be an “accredited” investor that lives in the U.S., earns $200K/year, has a net worth of >$1M, or are general partner, executive officer, or director of a company issuing unregistered securities. Raise your hand if you’ve got that kind of dosh. Raise your hand if you’re willing to pass a KYC check by uploading your passport or driver’s license.
Once you buy a $WLFI, you can’t transfer it to another wallet and you can’t sell it. According to the terms and conditions, you’re supposed to think of them as any other non-refundable purchases of goods and services “and accept the risk that once you’ve paid the purchase price, your interest in the Token may decline and you have no expectation of resale of the Token.” Very literally, “You should assume that the Tokens are non-transferable indefinitely.” Because of this, don’t expect the company to create a secondary market for the tokens.
What you do get is the ability to vote on how the DeFi protocol will work after it’s released. If you and others vote to add transferability, they’ll do it if it doesn’t “contravene applicable law”, and you have to wait a year after the completion of the token sale. If they manage to keep the current pace, they could have all 20 billion sold before Thanksgiving, so in December 2025, you might be able to sell your tokens.
The website crashed and was offline for 2-3 hours. Way to instill confidence in your company, Donald, by not having robust enough servers. Okay, technically, it’s not your company. You’re just a paid spokesperson for them with a Rhodium parachute of being part of the group that has 70% of the tokens reserved for themselves.
Oh, how about that? I just realized that when you have a group of less than a dozen people that have 70% of the available assets, wouldn’t that mean they’d have 70% of the voting power if $WLFI stuck around long enough to be eligible for a vote? How easy would it be for them to quash any and all votes?
I think the tokens were supposed to sell for 1.5¢ each. But the first day’s sales came to an average of 0.067¢ each. The Coin Market Cap website says that as of a couple hours ago, one $WLFI is worth $0.000000000003274. A third of a billionth of a cent.
I had to scroll back through the previous messages to find the other crypto scam that used a “buy item A now and wait for item B to become available” method. That one was the Squid Coin, where you bought squids that would later be traded for marbles that you used in an online competition. It would have cost you >$500K before you made it to the final round. If you want to read about it, here’s the link.