Polar.bear.Stacker
Well-Known Member
I just reread it. This shouldn't be your first purchase in crypto. Always btc or eth. An argument can be made for bitcoin cash but I don't like the argument
SH*T Coin Speculation Thread
- Thread starter STKR
- Start date
I have no interest in crypto other than speculation. I just noticed there was a lot of hype surrounding this particular token and wanted to flex my gambling arm for a share of the perceived cake.
SafeMoon has only been around for several weeks, has celebrity endorsement and excellent marketing strategies. There's talks about it being listed on Binance and it's currently at the top of the search list for cryptos on twitter and coinmarketcap.com . it's gaining a tonne of traction.
As I understand it:
- 1 Quadrillion tokens released
- 400 trillion tokens have already been burnt/destroyed since.
- 10% of tokens are essentially taxed upon sale, of which 5% gets destroyed and the other 5% gets redistributed to holders.
They're raising funds ($1 million) to create their own exchange and reached 50% of their target donations within 20 minutes. They also aim to integrate with other exchanges (like Binance) by the third quarter of this year. It will be interesting to see how that unfolds.
Polar.bear.Stacker
Well-Known Member
I did a rough calc, there are 1 quadrillion tokens in existence, with a price of $0.00000172 per token, giving a market cap of 1.2 billion dollars. Looking at 24 hr trading volume of 104 million dollars, 5% of that is burnt meaning 5 million dollars worth of tokens are destroyed daily. I must be missing something important because the numbers don't make sense. It implies by necessity that trading volume must fall off a cliff in order to prevent further burning past 240 days
Where you hold them to get extra 1000 in minute? Cheers
donkarnash
Member
I bought some the other day and I think I've seen a 100% return since. Every second more tokens get added to my position via their reward system - it's nice to watch.
This is just a gambling venture for me. My first crypto purchase, so brace yourself for a drop in the overall markets
You bough the coins at Binance ?
Polar.bear.Stacker
Well-Known Member
You have to get onto pancake swap through binance smart chain and swap with BNB
They just get added to my position in my Trust wallet. I don't think you specifically need a trust wallet to have them added.
Over half a trillion tokens have been burnt since yesterday. If this token gains enough momentum, we could see some crazzzzzy returns by the end of the year. I'm already at 2.5x ROI in a couple of days - if it hits 5x I'll withdraw my initial investment and let the rest sit pretty for 6-12 months.
Polar.bear.Stacker
Well-Known Member
Can I be clear on my thoughts? This is essentially a pyramid scheme. This coin functions on people buying in later (pushing up the price, and paying the 5% burn and 5% tax that goes other holders). That's where the 1000 tokens comes from. You can make a very quick buck, but it essentially rewards the people who buy in first and can potentially penalise those who buy in later.
In addition, this does not function at all as a medium of exchange, due to the 10% tax on all transactions. It's essentially a yield farm with all the associated risks
In addition, this does not function at all as a medium of exchange, due to the 10% tax on all transactions. It's essentially a yield farm with all the associated risks
It could dump and be worthless tomorrow. I have no ethical hangups with holding a position at all, it's gambling 101 - be prepared to lose it all.
It's delfationary nature means that paying a 10% fee is trivial when compared the Daily gains. As the days go by, the circulating currency will reduce and so will the token burn rate (by volume not %).
I own over half a billion tokens, so the 500 trillion in circulation isn't as much as people think, especially when the current burn rate is more than 1 billion tokens per minute and over 40% of all tokens have already been destroyed.
Edit to add: you don't pay any fees for buying (other than typical transaction fees not associated with SafeMoon protocol), only when you sell does it tax you 10%. It might sound like a decent chunk, but it's offset by the tokens you gain from holding. I've already received a 0.5% return from added tokens in 2 days.
Pyramid Ponzi scheme or not, it's still an exciting thing to be involved in.
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Jason1
Well-Known Member
Probs has as much merit as most other alt coins on the market, which is no merrit what-so ever lol, but that doesnt mean they dont make people money taking a gamble on them via speculation, so you may as well have a go if you think others may jump in and go for a pump. As you said your prepared to lose it on a gamble then no harm done. Hopefully you make a few bucks, and you get out when you get ahead. With allot of cryptos it doesnt seem to matter of its a bullshit coin, as long as people jump on it money can be made
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It’s funny this cycle (the stupid parts) reminds me more of 2013/14 than 2017/18.
In two days we find out if SafeMoon is being listed on one of the major exchanges, like Binance or Coinbase. I think the market is already factoring that in.
