The podcast announced the creation of WLFT, a non transferable governance token.
How do you actually make a token "non transferable?"
Ultimately, the cryptographic key decides who owns the token. So even if the token isn't directly transferable, you can still package the key within a vault, and transfer the vault. Sadly this is an area I haven't really kept up on in detail over the past 5 years. Can someone explain if there is a way to make something that can't be encapsulated into a different instrument?
What exactly are your purchasing when buying this governance token?
Influence? voting rights? OK. But if you can't transfer the token, and you become disillusioned with the direction your peers are taking the organization, is there no exit strategy at all? How exactly does this work? You and your progeny are stuck with this forever?
Why does the team need 20% for incentive?
If it's a non transferable token for governance only, how exactly does withholding 20% of these for team compensation help? In order for this to make sense, the tokens must have a financial value. What is the financial value for these things? It seems this is just to make sure that insiders have significant control of the board of this organization. This is probably the most disappointing aspect of the announcement. Similarly, what is the 17% for "incentives"? How does a non transferable governance token incentivize people? I don't think I want people "incentivized" to control me or platforms that I use. The customers should be the ones ultimately dictating direction.
The general talk around this platform is they are going to be lending "stable coins" to the public. Sadly, there is exactly zero information so far about how they intend to administer or audit these stable coins, or even what the products are going to be.
Trump really failed spectacularly on this one. If he was hoping to energize the crypto community in his favor, this was a massive bust. And it doesn't give me any confidence he's going to do a good job reshaping the US economy as we move forward through this crisis if this is the best he can do at sharing his vision. I understand this is his company and not the government (yet), but people have patterns. And this pattern is disturbing to say the least.
Honestly? All that is necessary is a completely decentralized, public, Proof of Work blockchain like Bitcoin. That was always the whole point of the blockchain technology. A system that required no trust, and no governance structure. It gives me great pause when people start trying to get government involved in things that should be nothing more than personal choice.
I don’t see how government is involved other than a former president offering an endorsement to his son’s private business venture. That sounds kinda effed up after typing it.
The way I took the WLF announcement was the Trump kids trying build a competitor to CoinBase or something. Crypto is going to be HUGE it’s understandable they want to establish a foothold in that space. Here’s the question, will the Trumps help that industry or scam what they can out of it? I don’t know enough about it to have an opinion. I don’t know jack shit about crypto. This is just what a novice like me sees between the lines.
Trumps have been honorable so far. With them offering a top quality product, crypto market, at the most competitive pricing perhaps they force others in the space to be more honorable (edit: or more competitive) as well.
Who knows? I’m a metals guy so I don’t really care but I have been waiting to drop a grand or two on some kind of crypto just to diversify and not be left out of the party and I can tell you I feel better throwing my currency at a Trump backed business that jackwads that do crooked shit like shut down there storefront to keep people from selling or lock people out of buying certain products.
Edit: I will most likely buy BTC just not through CoinBase or Binance. Is River any good? I have no idea what I’m talking about prolly…lol