why safemoon isn't the crypto you want to buy
If you been getting into cryptocurrency recently you might have heard of a little cryptocurrency know as safemoon. What this cryptocurrency tries to do is make a crypto coin safe to invest in no matter what and that it will always go up in terms of value. There are many ways they go about achieving this goal. But that doesn't mean its legit and a good smart investment. That's why in todays blog I'm going to be covering the reasons why you should not invest into this crypto at all. Hopefully I will convince you enough to drop this pyramid scheme type scam and invest into an actual legitimate cryptocurrency that won't sucker you into there to good to be true scheme. Lets now dive into this cryptocurrency I think is a shitcoin.
How safemoon makes and keeps its gains
What makes this crypto so special is the fact that it is meant to be the safest cryptocurrency you can invest in and is suppose to guaranteed you profits no matter what. So how this crypto operates is whenever a transaction happens on the blockchain there is a 10% fee not matter the size of the transaction. However where this fee goes is split up between 5% going back to the safemoon holders community wallets. Then the other 5% is burned away to keep the value up. If you don't know what burning a coin means then let me explain. What it basically means is that amount of cryptos that is selected is then deleted and destroyed to increase the value or relive traffic from the blockchain to increase speeds and lessen fees. This is how the price is kept stabled.
How safemoon is a scam or a shitcoin
What this fee tries to do is add a penalty to those that try to day trade the crypto or manipulate it's price. However what this is aimed for is for the small budget and investment holder. Which is you average retail investor. Which is who this crypto is exactly trying to aim for. Why that well it's because these types of investors don't do to much research before buying into cryptos or just don't care enough. This isn't all retail investors but it is your typical one. They know they can get away with whatever with these investors because they know they're not going to look into them. However I've been doing some research myself so I can tell you exactly why this crypto is a scam. One is because of the fee that's meant to keep people to hold. With a ten percent fee you can't do do big transactions without loosing a huge chunk of your profits. if you trade a thousand dollars worth of safe coin you already loosing $100 dollars in profit just from the fees. Plus out of the coins that are given back to the community none go to you. So most serious investors who use lots of money to invest don't invest into this coin. Which means the coin doesn't have a strong investment and liquidity backing. Which means the it needs more retail investors to keep investing into it in order for it to keep going up and do you know what that sounds like. It sounds to me like a pyramid scheme in the form of a cryptocurrency. If you don't know what a pyramid scheme is then I'll explain. Its a scam where the people at the top of the pyramid usually the ones who started the scam get others to buy into the scam. Then they relay on those people who bought into the scam to spread the word to keep the scam going. Usually at the end of the scam the people at the bottom of the pyramid are the ones who suffer the most and the ones at the top profit and sometimes get away with it.
How The Safemoon Team Is Sus
One last thing I wanted to point out that is suspicious about this crypto is it's development team. What they don't have is a huge record of experience and to make it worse they don't have any history with cryptocurrency development or coding. Then on top of that they have very short work history records. Also the CTO of safemoon has been a CTO before and a founder of a company that only lasted 10 months not even a whole year. This just goes to show the team has no experience and has no real goals with this coin. Their only worried about putting money into there pockets and the easiest and best way for them to do this is to conduct a pyramid scheme scam which is sad to say. So I would be cautious if I was you if I were investing into this coin.
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