I don't think the goal of the whitepaper is only to prepare an ICO nor any kind of fundraising, IMO it can be used to give a better understanding of the whole model of your business/project for anyone who wants to involved in it. Although you don't even gonna publish an ICO I think it's still important to have a whitepaper since most people don't easily put their money into an unknown business/project.
For me it's strange a project that did not have a whitepaper, because in whitepaper everything is explain deitaled. but he seems didn't care, even he already make a new step in this forum by hold some campaign on this forum.
https://bitcointalk.org/index.php?topic=5290918.0 Every individual has their own opinions on it and yes you can call it a strange one. But for me, it's something like the project doesn't have a strong foundation, just offering nonsense.
Since BTF tokens already tradeable on some various exchanges I guess most hunters would ignoring the legitimacy of the project and grab it as much as they can.
Fortunately, there are different opinions in the market. With your approach, most cryptocurrencies have no right to life. This is the opinion of those who do not take into account the power and unique properties of the blockchain, which is behind all cryptocurrencies. And that's 90% of the value of any ERC20 token. All additional properties of tokens (like DeFi) based on smart contracts can only enhance its attractiveness.