Crypto investments

Xadoman wrote:

Xadoman wrote:Safemoon is also audited by CERTIK. It is clean as a whistle.

Xadoman wrote:"I'm ready to take on anyone." - Safemoon Mark, 2021

Are you ready for him, IbdaMann?

Simon Says:

1. SafeMoon doesn't have any utility
It may be several months old now, but still no one really knows what it is supposed to do. Safemoon describe the coin on its website as a "DeFi token," but this doesn't tell us much. Its 'whitepaper' is also laughably thin, describing only the coin's internal economics and nothing else.

It therefore seems that SafeMoon has designed its coin only to rise in price, and to have no wider use. This is fine for as long as it does rise in price. But if it falls, and if other altcoins offer better gains, it may collapse in a hurry.

2. SafeMoon penalises you for selling
While SAFEMOON is designed to rise in price, it charges holders for cashing out. If you sell your SAFEMOON, the SafeMoon protocol takes 10%. Half of this 10% goes to existing token holders holders. The contract also uses a quarter of the fee to 'sell into BNB,' according to the brief whitepaper. Basically, the owners of the contract use your sold SAFEMOON to buy Binance coin (BNB). They then pair the remaining quarter with the newly acquired BNB, adding both as a liquidity pair on PancakeSwap.

Safemoon intends this 10% fee to deter selling and to help SAFEMOON rise in price. But it's not clear what exactly happens to the 5% which goes towards BNB. Do the contract owners — i.e. Safemoon — keep all the proceeds from adding liquidity to PancakeSwap? If so, they're arguably profiting at the expense of SAFEMOON traders.

3. The protocol has a 'critically severe' issue related to safeguarding fees
DeFi security firm HashEx recently published an audit into the SafeMoon smart contract. It makes for some grim reading. Most notably, HashEx discovered two issues of "critical severity."

The first relates to a lack of "safeguards for fees," with the contract controlling fees (paid during SAFEMOON sales) being owned by an external account. According to HashEx, this means that if the owner of the smart contract were a bad actor, they could easily drain it of its accumulated fees. In other words, the fees you pay for selling SAFEMOON will end up lining someone else's pockets.

4. It has another critical issue related to ownership of its smart contract
HashEx identified another issue of critical severity. It found that the ownership of the SafeMoon smart contract can be temporarily renounced. This can create confusion among users, who may incorrectly think the contract has no owner. Ultimately, HashEx says it identifies "this behavior as fraudulent."

5. SafeMoon's contracts have a ton of other issues
In total, HashEx identified 12 issues affecting SafeMoon's smart contracts. Two of these are of critical severity, as described above. Another two are of high severity, with four being of medium and another four being of low severity. What's worse is that many of these issues can be exploited at the same time, greatly increasing the risk for investors that something will go badly wrong with SafeMoon. Here's what HashEx concluded in its report:

At the time of the audit, the owner of the token contract is set to an EOA account (externally owned account), which implies high risks for token holders as if the owner account is compromised an attacker can break the token functionality completely (for example, by blocking any transfer).

6. It runs on the Binance Smart Chain, which has had its own issues
SAFEMOON is a BEP-20 token, meaning it runs on Binance Smart Chain. In itself, there's nothing really wrong with this. However, BSC has suffered a number of issues recently across several of its platforms.

7. SafeMoon has very low liquidity
SafeMoon has extremely low liquidity. It's such a small market that, if a big holder sells, its price is likely to fall steeply. For example, its price crashed by more than 80% in late April when a whale sold $8.5 million's worth of it.

Smaller holders will never be able to predict when a larger holder is going to sell. This arguably makes holding SAFEMOON tantamount to gambling.

8. SafeMoon is hard to buy and sell
SafeMoon isn't really listed anywhere. Right now, the only place you can really trade it is on PancakeSwap, a decentralized exchange on Binance Smart Chain. Traders therefore need to go through a relatively involved process to get their hands on it. They need to create a Binance account, buy Binance coin (BNB), swap BNB for SAFEMOON, download a wallet such as MetaMask, and also enable such a wallet to work with BSC.

With major exchanges such as Coinbase and Kraken steering clear of SAFEMOON, traders have to work quite hard to acquire the coin. But with few outlets to buy and sell it, it further worsens its problems with low liquidity.

9. SafeMoon's team appear reluctant to answer hard questions
Back in late April, some members of SafeMoon's team participated in an Ask Me Anything (AMA) at the Miami Crypto Experience. The thing is, they didn't really answer any relevant questions, instead choosing mostly to speak with guests about unrelated topics. This didn't create a good impression, and the coin promptly fell shortly after.

Such an appearance arguably fits in with the lack of detail on SafeMoon's website and in its so-called whitepaper. There seems to be an avoidance of accountability and transparency, something which could potentially ring alarm bells.

10. It is well below its all-time high
SafeMoon has fallen much further from its recent all-time high than major cryptos such as bitcoin, ethereum and Binance coin. It's now down by just over 61% from its ATH, according to CoinGecko. By contrast, bitcoin, ethereum and BNB are down 42%, 38% and 44% from their respective ATHs.

Xadoman wrote:Safemoon is also audited by CERTIK. It is clean as a whistle.

duncan61 wrote:My son needed $45K for a deposit on his house and he sold the bitcoin he bought for 3K 3 years ago.

duncan61 wrote:There is no relationship between a roulette wheel in a casino and trading cryptocurrency.

duncan61 wrote:If someone wants to invest money in trading why not.

duncan61 wrote:Its their money if its not your thing dont do it

duncan61 wrote:I trade on plus 500 and just look at how stocks have performed and if they are down but usually at a higher level.

duncan61 wrote: I will buy a small amount and close out once there is a profit.oil and silver a fairly reliable and I have done USD to GBP and made a quick $600 in the time I caught the train to getting off about 45 mins.

duncan61 wrote:I met a Canadian girl while working at a tourist place in Shark Bay ... Every morning between 9 and 11 she would do trading

duncan61 wrote:.One morning she cleared $1850

duncan61 wrote:... I never saw her again.

HarveyH55 wrote:Investments are almost always about putting money into something tangible.

HarveyH55 wrote: Crypto, is only a token, a marker, that accounts for how many times you are entered, to play the game.

HarveyH55 wrote: The use as actually currency is kind of sketchy, more of a marketing scheme.

HarveyH55 wrote: The price of tokens can be manipulated, to give the appearance that it's a good buy.

Xadoman wrote:
https://www.safemoonmark.com/

He made a quick web page. He is a computer guy and very good in math. IbdaMann, you should check it out.

IBdaMann wrote:

Xadoman wrote:
https://www.safemoonmark.com/

He made a quick web page. He is a computer guy and very good in math. IbdaMann, you should check it out.

This is a misinformation site. This guy might be good at math but he certainly sucks at economics and finance and investing.

Notice the coverage of "burned" tokens. Safemoon doesn't burn any tokens.

Notice the "ROI Gained Today." Safemoon as a currency has no ROI. One has to be totally financially inept to fall for this line.

Notice the "Roadmap" of good-sounding "nice-to-dos" instead of any Statement of Work which spells out what must be performed under contract. Since Safemoon directors are under absolutely no obligation to do any of these things we can presume that there is no intention to accomplish any of the big-ticket items.

Notice the "Weekly Giveaway" of 10,000,000 Safemoon! Yesssss! Notice that it amounts to a whopping ... ummm ... just under $37.

Notice that there is nothing on this website that instills any confidence in Safemoon beyond playing on the gullibility of lemmings with excellent gibber-babble.

... but thank you for pointing out this site to me. I don't need to see it anymore.

[img]https://media.giphy.com/media/i3RASkXNKtQe7V5M4B/giphy.gif [/img]

Into the Night wrote:In digital currency, a 'burned' coin is one that is lost and not available anymore (locked in someone's wallet and they forgot the password to it).

The coin still exists, but it is no longer in circulation and probably never will be.

duncan61 wrote:
I have just had a discussion with my wife and I was wrong.Cryptocurrency is gambling.Buying silver or gold is not.

duncan61 wrote:
I have just had a discussion with my wife and I was wrong.Cryptocurrency is gambling.Buying silver or gold is not.

Into the Night wrote:Buying silver or gold is gambling as well, even though both silver and gold have inherent wealth.

Over time, however, both have been a good bet.

Personally, I think cryptocurrency is just another liberal/socialist scam, to take excess wealth from people. Vast majority of gamblers play, with more than they can afford to lose. Quite a few will gamble with loaned money as well.

Xadoman wrote:At least you have a free will to participate or not in this " scam" , unlike covid scam, where people are forced to testing, masking, hiding and jabbing. 13000 people are already dead after getting the jab and millions have complications.

Xadoman wrote:

Personally, I think cryptocurrency is just another liberal/socialist scam, to take excess wealth from people. Vast majority of gamblers play, with more than they can afford to lose. Quite a few will gamble with loaned money as well.

At least you have a free will to participate or not in this " scam" , unlike covid scam, where people are forced to testing, masking, hiding and jabbing. 13000 people are already dead after getting the jab and millions have complications.

Can you give direction toward the 13,000 vaccine fatalities?

IBdaMann wrote:

Into the Night wrote:Buying silver or gold is gambling as well, even though both silver and gold have inherent wealth.

Over time, however, both have been a good bet.

Specifically, precious metals is a hedge against market fears regarding currencies and liquid investments, which is why it is a good idea to include them in your portfolio.

If a currency or stocks or other financial instruments decrease in value for whatever reason, precious metals nudge upwards because of their inherent value, i.e. people start buying more of them because they are then seen as safer than the other financial instruments. If events transpire across an economy that cause a currency *and* the stock market *and* the bond market to drop, precious metals surge dramatically in response to people's fears.

Conversely, when all aspects of a free market are strong with a high velocity of money, precious metals will tend toward their lowest price as people have high confidence in the currency, the markets and the economy.

The above are factors affecting demand for precious metals. As you pointed out, the price realization of precious metals can be manipulated by controlling the supply.

Xadoman wrote:

Can you give direction toward the 13,000 vaccine fatalities?

Guessing the euro government does the same deny and dismiss crap the CDC does.

John Magufuli, president of Tanzania, may be the wisest world ruler alive today. A chemist by
training, Magufuli submitted samples to the World Health Organization (WHO) for Covid-19
testing. Said Magufuli, "We took samples from goats; we sent samples from sheeps; we took
samples from pawpaws; we sent samples from car oil; and we took samples from other
different things; and we took the samples to the laboratory without them knowing." His
officials named the sample of car oil Jabil Hamza, thirty years old, male. The results came
back negative. They named a sample of jackfruit Sarah Samuel, age forty-five, female. The
results came back inconclusive. Pawpaw got sent in as Elizabeth Ane, twenty-six years old,
female. The poor pawpaw came back positive. Samples from a bird called kware and from a
goat also tested positive; rabbit was indeterminate; sheep was negative.15 (Jessica Lee, "Did
Tanzania's President Expose Faulty COVID-19 Testing by Submitting Non-Human Samples?" Snopes, May 7, 2020,
https://www.snopes.com/fact-check/tanzania-president-covid-tests/.) President Magufuli is not wasting any
government money on testing for his people, but in the West, governments have spent
millions for the PCR test kits.

The State of New Mexico has a lottery now of $5m to anyone with the vaccine.

When you need to bribe people to do something, the government has failed.

We also have the worst public schools in the nation and some of the highest poverty and unemployment.

But let's give tax dollars away to the sheep.

At a $250 million marketcap or larger held for at least 7 consecutive days, we'll award 1 "lambo"
At a $500 million marketcap or larger held for at least 7 consecutive days, we'll award 2 "lambos"
At a $1 billion marketcap or larger held for at least 7 consecutive days, we'll award 3 "lambos"

Xadoman wrote:Those new hype coins distribute part of the transaction fees to the holders.

Xadoman wrote:Your bag is slowly growing bigger and bigger with each and every transaction being made. It seems to me that this way holding is rewarded.

IBdaMann wrote:

Xadoman, Harvey,

... it might make conversation easier to just stop calling Safemoon a cryptocurrency because it is not. It's more like imaginary pet rocks. Safemoon is not centralized around its own blockchain. There is no burn, only fleecing of the community.

Those who buy in are buying imaginary pet rocks on the promise that they will increase in value. Owners of the imaginary pet rocks are told that they will each be awarded some imaginary pet gravel every time someone's imaginary pet rock is ground into sand.

The trouble is that imaginary pet rocks cannot be ground into sand.

Xadoman wrote:Those new hype coins distribute part of the transaction fees to the holders.

Except that there won't be any transactions. Everyone holds their tokens, remember?

Xadoman wrote:Your bag is slowly growing bigger and bigger with each and every transaction being made. It seems to me that this way holding is rewarded.

... and effecting a transaction is heavily penalized, so they won't ever happen.

It should be called "Safe-moon-rocks."

The Safe-moon-rocks community has become a mindless collective that has created a dismissive buzzword for all precautionary warnings about Safemoon, i.e. "FUD" and those who try to warn the Safe-moon-rocks community of the glaring red flags are "purveyors of FUD."

The Safe-moon-rocks community doesn't want to be saved.

HarveyH55 wrote:Cryptocurancy, is just the name given, for marketing purposes for a product.

HarveyH55 wrote: They are all pretty much the same, different brands.

HarveyH55 wrote:You are free to create your own buzzwords, or argue semantics, on any word or phrase people commonly use, of course.

HarveyH55 wrote: I try to use words, most appropriate to the audience I'm addressing, to better communicate.

HarveyH55 wrote:Most people don't follow well, if they have to Google fancy words, and try to figure out what I meant, in the context they were used.

HarveyH55 wrote: Been schooled on my use of 'fossil fuels', but everybody understands what I said,

HarveyH55 wrote: I'll continue to pick words that best describe what I'm discussing, for simplicity sake.

HarveyH55 wrote: You'll have to strain yourself a little, and do the corrections in your head, to make yourself happy...

Xadoman wrote:Hey IBdaMann, thought you should see it:

IBdaMann wrote to Harvey: It would be very hard to criticize your posting style without pivoting to petty spelling and grammar errors.

James___ wrote to Harvey:Because of people like you who can't spell climate.

James___ wrote to Harvey:And for some issues, we have 1, maybe 2 decades to start implementing solutions.

IBdaMann wrote to Harvey:We have at most twelve years until the tipping point, although it might already be too late.

duncan61 wrote:I have opened a wallet with OKEx and it trades CFD as well.Now I plan on burning my hard earned money because I can

IBdaMann wrote:

duncan61 wrote:My son needed $45K for a deposit on his house and he sold the bitcoin he bought for 3K 3 years ago.

He gambled and he won. Good for him.

duncan61 wrote:There is no relationship between a roulette wheel in a casino and trading cryptocurrency.

... except that they are identical. The only difference is the odds.

duncan61 wrote:If someone wants to invest money in trading why not.

You mean to ask if someone wants to gamble with their own money, why not?

I give up, why not?

duncan61 wrote:Its their money if its not your thing dont do it

Well said.

duncan61 wrote:I trade on plus 500 and just look at how stocks have performed and if they are down but usually at a higher level.

What does owning a piece of a company have to do with gambling on cryptocurrency?

duncan61 wrote: I will buy a small amount and close out once there is a profit.oil and silver a fairly reliable and I have done USD to GBP and made a quick $600 in the time I caught the train to getting off about 45 mins.

You should probably learn the difference between investing and gambling first before continuing to confuse the two. You don't make much sense jumping back and forth between the two as if they are the same thing.

If you mean to say that you never lose anytime that you gamble then you should certainly gamble all of your money every day.

duncan61 wrote:I met a Canadian girl while working at a tourist place in Shark Bay ... Every morning between 9 and 11 she would do trading

She was a day trader. Most cease day trading after a while once they have a really bad day and lose everything. It just takes one really bad day.

duncan61 wrote:.One morning she cleared $1850

Let me guess. She never told you about the times that she lost money. Am I right?

duncan61 wrote:... I never saw her again.

... so you don't know if she eventually had her really bad day and lost everything.

James___ wrote:

IBdaMann wrote:

duncan61 wrote:My son needed $45K for a deposit on his house and he sold the bitcoin he bought for 3K 3 years ago.

He gambled and he won. Good for him.

duncan61 wrote:There is no relationship between a roulette wheel in a casino and trading cryptocurrency.

... except that they are identical. The only difference is the odds.

duncan61 wrote:If someone wants to invest money in trading why not.

You mean to ask if someone wants to gamble with their own money, why not?

I give up, why not?

duncan61 wrote:Its their money if its not your thing dont do it

Well said.

duncan61 wrote:I trade on plus 500 and just look at how stocks have performed and if they are down but usually at a higher level.

What does owning a piece of a company have to do with gambling on cryptocurrency?

duncan61 wrote: I will buy a small amount and close out once there is a profit.oil and silver a fairly reliable and I have done USD to GBP and made a quick $600 in the time I caught the train to getting off about 45 mins.

You should probably learn the difference between investing and gambling first before continuing to confuse the two. You don't make much sense jumping back and forth between the two as if they are the same thing.

If you mean to say that you never lose anytime that you gamble then you should certainly gamble all of your money every day.

duncan61 wrote:I met a Canadian girl while working at a tourist place in Shark Bay ... Every morning between 9 and 11 she would do trading

She was a day trader. Most cease day trading after a while once they have a really bad day and lose everything. It just takes one really bad day.

duncan61 wrote:.One morning she cleared $1850

Let me guess. She never told you about the times that she lost money. Am I right?

duncan61 wrote:... I never saw her again.

... so you don't know if she eventually had her really bad day and lost everything.

With Day Trading, one company who made money off of it said they require people to have $50K. And they will lose it. Major players manipulate the stock market. They pay millions of dollars to be next to the server and to have a high speed connection. They can effect trades in milliseconds. No day trader can keep up with this. Just a well know fact.
An example is if day traders execute a buy or sale, bigger fish will be ahead of their transactions. If you're not on a fiber optic network near the server making trades, everything will change before your slow high speed internet connection makes a trade. How do people not know this?