Donald Trump dodged another bullet this weekend when a second assassination attempt against him was foiled at his West Palm Beach golf course. In an apparent show of assertiveness on Monday, Trump appeared at Elon Musk’s X Spaces to discuss his upcoming crypto project.
This summer, Trump and his sons announced a new crypto business, the details of which have been slowly coming out. Called World Liberty Financial, the project is a DeFi trading platform that will soon issue a traditional governance token, WLFI. Monday’s interview was intended to reveal new details about the fledgling business, though Trump, himself, shared little in the way of specifics on the matter, preferring to do his usual schtick.
During most of his 40-minute appearance on Monday, Trump focused on many of his familiar campaign topics, including evil extremists, “Comrade Kamala,” the “destruction” of the United States by illegal immigration, and the premise that if he didn’t win in November, America would be “Venezuela.” on steroids.” Trump also spoke about a recent shot that nearly derailed his golf game, saying: “I would have liked to sink that last putt.” Regarding the repeated attempts to kill him, he added: “Something is happening. I mean, maybe it is God who wants me to be the President to save this country.” He also appeared to reveal information that had not been released before, noting that it was an illegal woman who first saw him about to shoot and then reported him.
In a specific response to the president, Trump ended up focusing on the topic of the crypto industry, expressing vague excitement about it and accusing the Biden-Harris administration of any hostile regulation companies are currently facing. Not long after praising NFTs and slamming the SEC, he left.
The conversation did not end with the exit of the former President. Instead, Trump’s offspring and business associates continued to conduct the conversation in a vague and nonsensical manner for two hours. Towards the end of this discussion, the speakers, finally, revealed some details about the work. The most important information shared involves the breakdown of project assets. 20 percent of the project’s tokens will be reserved for the founding team, said founder Zak Folkman, while 17 percent of the tokens will be set aside for “user rewards.” The remaining 63 percent of the goods will be available for purchase by authorized members of the public. There will be no pre-sale (a practice where tokens are sold to early investors before the initial coin offering), Folkman said. It is still unclear when exactly the first sale of WLFI will take place.
World Liberty Financial was previously criticized after a Coindesk report claimed that the project would involve an unusually disproportionate ratio of public to private tokens. In general, crypto projects will release most of their recorded tokens to the public through sales, while keeping a small percentage of the property for insiders and investors (for example, Ethereum, kept about 16 percent of its initial ETH tokens) . In comparison, World Liberty Financial may have originally planned to keep 70 percent of the project’s “management” crypto tokens for “founders, team, and service providers,” according to a leaked white paper cited by Coindesk. At the time, just 30 percent of said tokens would be sold through the public sale.
With little detail provided, the rest of Monday night was a cacophony of bro-banter and backslapping, with a significant aggregate of web3 PR-speak sold and distributed. More than his father, Don Jr. he was able to put it together in parallel raison d’être of a new family business. With his usual Kendall-Roy-on-coke energy, Trump portrayed DeFi as a safe haven for financial “freedom” amidst bureaucratic corruption and red tape. Banking has “become political,” he said, and crypto and DeFi are taking “that political part out of it.”
According to the Trumps, the world of crypto is not – as some observers have often portrayed it – a state of food where rich artists use (and make money) the hopes and dreams of low- and middle-class uneducated investors. , but rather a bold technological landscape that can democratize finance and render traditional gatekeepers useless.
However, some information revealed that Monday will appear to be undermining the project that is said to have been done in a democratic manner. Fortune notes that “by making the token available to accredited investors (those with more than $1 million in capital), the project” would seem to defeat the “obvious goal of helping the underpaid get a loan.” However, the practice will likely allow the platform to “qualify for an important SEC exemption that allows companies to issue unregistered securities,” the outlet wrote. After two hours of listening, it is honestly not clear what the purpose of this project is or how investors are supposed to make money from it.
Over the weekend, Bloomberg published a story about one of the project’s most controversial figures, a former get-rich-quick class instructor named Chase Herro. Before joining the board of World Liberty Financial, Herro is said to have dabbled in several unusual ventures (including a “colon cleansing” weight loss product), and previously described himself as an “internet dirtbag.” Herro seems to be straight out of the middle cast of Trumpworld, though he has done one thing that really makes him stand out. Bloomberg cites a YouTube video published by Herro in 2018, where he said, about crypto: “You can literally sell shit in a pot, covered in piss, covered in human skin, for billions of dollars if the story is right, because people buy it.”
When it comes to impressive achievements, Herro can stand out more than any other member of the World Liberty team simply because he coined this metaphor. Visually, it is one of the most reliable and appropriate definitions of cryptocurrency in existence.
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