Is SafeMoon legit or scam?

By Anonymous 3 years ago
86% Upvoted
Gopinath M Gopinath M Skilled 3 years ago
SafeMoon said that it is emphasizing to solve the issues that afflict other cryptos on the market, specifically token price volatility and a tendency of traders to sell assets quickly and not hold them for a long term.
They discourage traders from selling assets quickly by having 10% transaction fee, half of which will be redistributed to other token holders.
They plan to launch SafeMoon Exchange for NTF's and an educational app.
In the third quarter, SafeMoon says it will start fundraising for listing on more well known exchanges like Coinbase, Binance and Kraken. Right now, one drawback is that SafeMoon tokens are not as accessible as other popular altcoins.
I found this nice calculation on Quora:
- Suppose, you make a $5k investment
- And set 12% slippage on pancake conversion = $4400
- When the Price doubles – you will have $8800
- When you go to sell, SafeMoon you will be charged a 10% liquidity fee
- Additional 10% pancake liquidity fee
- The transaction won’t accomplish till you set the slippage to 12%
- A 32% of total loss on exit
- $8800 X 0.32 = $2816 exit fee
- $8800 – $2816= $5984
- While the price goes 2X, you receive less than 20% ROI!
It's also worth noting that more than 50% of tokens is held by few selected people. The whole community is made upon the framework of another coin. Several data drives and audits have shown ‘ghost wallets’ having been constantly sending few amounts of coin to falsely inflate the number of holders to give the project a deceitful thought of growth.

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