08-01-2021, 03:41 AM
I think we are in the midst of Safemoon collapsing.
<!-- SC_OFF --><div class="md"><p>I'll get it right out from the start, this post is half Schadenfreude and half disappointment. I also don't own nor ever will own any Safemoon. I've been following it purely out of interest for the cult-like mentality around the project. </p> <h5>What is Safemoon?</h5> <p>Safemoon launched in the first quarter of this year, with a copy-paste code from BEE token that they changed some parameters to allow the "tokenomics" (A phrase popularised around this time period) </p> <p>In that time, it absolutely exploded in popularity with a very aggressive marketing campaign centred around onboarding new users. </p> <p>To all crypto-vets, especially those around the Bitconnect time, there were a number of alarming red flags. </p> <h5>"Tokenomics"?</h5> <p>So as far as I understand, all transactions are effectively taxed 10% as a punitive measure against selling. 5% is burned, 2.5% is sent to a liquidity pool and 2.5% are sent to all holders, proportionally based on their holdings, as <strong>reflections</strong> </p> <p>In a nutshell, this can be boiled down to "Get excited about 0.03% portfolio quantity gain, while the price tanks 15%"</p> <hr/> <p>A ponzi scheme is defined as one where investors are promised continual and easy appreciation on their investment which relies on a constant onboarding of new users. </p> <p>Of course, it's easy to pretend like this applies to all Cryptos, but the crucial difference is what makes a ponzi a ponzi, is promising appreciation in investment - "SAFE" "MOON" and an aggressive strategy to bring in new investors. </p> <hr/> <h5>So what's happening?</h5> <p>After an admittedly impressive start fueled by the insane Dogecoin gains and the flooding of the shitcoin market after, Safemoon has been on a reliable downward trend for well over a month, seemingly totally decoupled from Bitcoin - when BTC goes up, Safemoon goes down. When BTC is stagnant, Safemoon goes down. When BTC goes down, Safemoon goes down.. you get the idea. </p> <p>On Saturday, the top Safemoon whale sold 2.4 Trillion tokens. That number is ridiculous. Let me write it out - 2,400,000,000,000. This caused the price to tank by 18% almost straight away. </p> <p>Unfortunately, the Safemoon faithful with their general inexperience in the Crypto Market decided to "Buy the dip", not realizing it's the start of a crash, and have just bought the dead-cat bounce before it's dropped further still. </p> <p><strong>At time of writing, Safemoon is worth $0.00000222, when a few days before it was nearing $0.00000300 - and the trend line is looking terminal.</strong> </p> <p>If you go to the Safemoon sub (on NP mode, please) and sort by controversial you can see the scale of the damage: </p> <blockquote> <p>We are the only crypto that is below 3% down in the last 7 days, and we are 16% down! If you can convince yourself this is healthy for the coin please tell me what you are smoking so I can get on it too. </p> </blockquote> <p>.</p> <blockquote> <p>Everyday this looks more and more like a scam </p> </blockquote> <p>.</p> <blockquote> <p>Wtf was I thinking dropping 5k into this. </p> </blockquote> <p>.</p> <blockquote> <p>I wish I had stopped buying the dips/downs from june. </p> </blockquote> <p>.</p> <blockquote> <p>I personally have no faith in safemoon anymore. </p> </blockquote> <hr/> <p>It's gonna be hard for them to come back from this. The subreddit has been quite negative for a while, but now it's almost entirely people asking what is going on. Any new investor would rightly question what's up when everyone sounds completely miserable and pissed off. </p> <p>In a way, I'm disappointed because these were new people to Crypto and their first experience is very bad. It will make it hard for them to trust and invest elsewhere. </p> <p>But in another way, I could give a fuck. We gave them repeated, intelligent, non-offensive warnings and genuine advice, which was thrown back in our faces time after time. </p> <p>So, enjoy the ride, whatever side of the fence you sit on. But never go all in on a shitcoin. Ever.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/TNGSystems"> /u/TNGSystems </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ov4btz/i_think_we_are_in_the_midst_of_safemoon_collapsing/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ov4btz/i_think_we_are_in_the_midst_of_safemoon_collapsing/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>I'll get it right out from the start, this post is half Schadenfreude and half disappointment. I also don't own nor ever will own any Safemoon. I've been following it purely out of interest for the cult-like mentality around the project. </p> <h5>What is Safemoon?</h5> <p>Safemoon launched in the first quarter of this year, with a copy-paste code from BEE token that they changed some parameters to allow the "tokenomics" (A phrase popularised around this time period) </p> <p>In that time, it absolutely exploded in popularity with a very aggressive marketing campaign centred around onboarding new users. </p> <p>To all crypto-vets, especially those around the Bitconnect time, there were a number of alarming red flags. </p> <h5>"Tokenomics"?</h5> <p>So as far as I understand, all transactions are effectively taxed 10% as a punitive measure against selling. 5% is burned, 2.5% is sent to a liquidity pool and 2.5% are sent to all holders, proportionally based on their holdings, as <strong>reflections</strong> </p> <p>In a nutshell, this can be boiled down to "Get excited about 0.03% portfolio quantity gain, while the price tanks 15%"</p> <hr/> <p>A ponzi scheme is defined as one where investors are promised continual and easy appreciation on their investment which relies on a constant onboarding of new users. </p> <p>Of course, it's easy to pretend like this applies to all Cryptos, but the crucial difference is what makes a ponzi a ponzi, is promising appreciation in investment - "SAFE" "MOON" and an aggressive strategy to bring in new investors. </p> <hr/> <h5>So what's happening?</h5> <p>After an admittedly impressive start fueled by the insane Dogecoin gains and the flooding of the shitcoin market after, Safemoon has been on a reliable downward trend for well over a month, seemingly totally decoupled from Bitcoin - when BTC goes up, Safemoon goes down. When BTC is stagnant, Safemoon goes down. When BTC goes down, Safemoon goes down.. you get the idea. </p> <p>On Saturday, the top Safemoon whale sold 2.4 Trillion tokens. That number is ridiculous. Let me write it out - 2,400,000,000,000. This caused the price to tank by 18% almost straight away. </p> <p>Unfortunately, the Safemoon faithful with their general inexperience in the Crypto Market decided to "Buy the dip", not realizing it's the start of a crash, and have just bought the dead-cat bounce before it's dropped further still. </p> <p><strong>At time of writing, Safemoon is worth $0.00000222, when a few days before it was nearing $0.00000300 - and the trend line is looking terminal.</strong> </p> <p>If you go to the Safemoon sub (on NP mode, please) and sort by controversial you can see the scale of the damage: </p> <blockquote> <p>We are the only crypto that is below 3% down in the last 7 days, and we are 16% down! If you can convince yourself this is healthy for the coin please tell me what you are smoking so I can get on it too. </p> </blockquote> <p>.</p> <blockquote> <p>Everyday this looks more and more like a scam </p> </blockquote> <p>.</p> <blockquote> <p>Wtf was I thinking dropping 5k into this. </p> </blockquote> <p>.</p> <blockquote> <p>I wish I had stopped buying the dips/downs from june. </p> </blockquote> <p>.</p> <blockquote> <p>I personally have no faith in safemoon anymore. </p> </blockquote> <hr/> <p>It's gonna be hard for them to come back from this. The subreddit has been quite negative for a while, but now it's almost entirely people asking what is going on. Any new investor would rightly question what's up when everyone sounds completely miserable and pissed off. </p> <p>In a way, I'm disappointed because these were new people to Crypto and their first experience is very bad. It will make it hard for them to trust and invest elsewhere. </p> <p>But in another way, I could give a fuck. We gave them repeated, intelligent, non-offensive warnings and genuine advice, which was thrown back in our faces time after time. </p> <p>So, enjoy the ride, whatever side of the fence you sit on. But never go all in on a shitcoin. Ever.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/TNGSystems"> /u/TNGSystems </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ov4btz/i_think_we_are_in_the_midst_of_safemoon_collapsing/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/ov4btz/i_think_we_are_in_the_midst_of_safemoon_collapsing/">[comments]</a></span>Kind Regards R