My thoughts about Safemoon Coin
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I could not believe the amount of comments I got asking me to talk about the newest, hypest, crypto coin – Safemoon. Over the last 30 days, it’s 3,300%, it has a trading volume of 167 million dollars, and a fully diluted market cap of roughly 4 billion dollars and it’s still cheap – fractions of a fraction of a fraction of a penny – each coin costs .000006 millionths of a dollar. It’s doubling every single day since it went live. Before I give my thoughts, I’d like to give a disclaimer:
I’m very lucky to have a platform on YouTube and have a voice talking about money and investing and one of the things that I’m most proud of as far what I’ve achieved on this platform, isn’t the million subscribers, it’s not the money – but it’s that I got to this point. I never tried to leverage views by criticizing people who were more popular, successful and more relevant than me, even when I believed they might deserve a bit of criticism – and that’s because if you have nothing good to say, generally you shouldn’t say it.
However, I think there are times when there exceptions can be made, especially in the finance world where classic investing in the stock market and dividend stocks making 7% per year doesn’t sound as exciting as 737% in the last 7 days right? So in this video, I want to bring some balance and some sense to what is going on. I truly wish the best for everyone investing – at the end of the day – if crypto wins – we all win and I want everyone to succeed.
Safemoon Coin – what is it? It’s a cryptocurrency that was launched very recently on March 8th.
Why is everyone talking about it? The truth is, no one knows why but it’s increased in price exponentially since launch. The word “safemoon” sounds like we’re going to the moon – safely.
What is it trying to solve / what is the product? Tokenomics is the product which is fancy for saying token economics or in other words – what’s the reason for holding on to it?
How it works: There’s an automatic 10% fee for selling. Let’s say you sell $100 worth of Safemoon, $10 of that is going to be used as a fee of which 50% or $5 will get automatically distributed to all the other token holders on the network depending on how much they own, the more you they own, the more they earn. So by selling, you are making everyone else richer which obviously has a lot of appeal for people to just hold them. The other 50% of that 10% which is the other $5, gets split up 50/50 again. 2.50 goes toward Binance or BNB which is a token from Binance which is the largest crypto exchange in the world, and the other $2.50 gets added to a liquidity pool as a bnb/safemoon pair on pancake swap.
What does it actually solve? It’s supposed to solve unfair distribution of tokens. However, there is no actual real world use case at this point other than future promises.
What is the supply? 1 quadrillion, which is a 1 with 15 zeroes, which is 1,000 trillion – tokens – that’s an unimaginably big number.
My thoughts: A lot of people will make money in the short term but in the long run I have my doubts. When you create a token / currency that’s based purely on a product of tokenomics without an underlying product, which also rewards early adopters with more coins than late adopters – that is by very definition a pyramid scheme. Since I do not know the developers or their intentions I can’t conclusively say it’s a bad investment, but people should be very careful with this one.
Warning: I know it might not be fair to single out Safemoon because at the end of the day, I don’t know the developers, I don’t know their intentions, but the success of SafeMoon has spawned a ton of other crypto projects all with very similar ideas and they all have the same sounding names like SafeMars, SafeBTC, SafeNebula, etc. Please invest only what you’re willing to lose.
*None of this is meant to be construed as investment advice, it’s for entertainment purposes only. Links above include affiliate commission or referrals. I’m part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.