Is SafeMoon Coin a Scam?

Is SafeMoon Coin a scam? Is SafeMoon Coin reliable? SafeMoon Coin, the cryptocurrency that has gathered a lot of attention recently, is the project of Binance Smart Chain (BSC), which was launched in March 2021. Although SafeMoon is highly resonant, some analysts say it does not inspire confidence, stating that SafeMoon may be a Bitconnect-like scam. The author named 'order the phoenix' made a post in Ekşi Sözlük that includes all aspects of this coin.

Why Is SafeMoon Coin Untrustworthy?

'Order the phoenix' says: “To say that SafeMoon is a scam, one needs to look again at what makes a coin a scam. Rugpull, "whale count", manipulation possibility, honey pot, fake whitepaper, copy-paste code infrastructure and aimlessness. These are things that make a coin or token a scam. SafeMoon has got a passing grade on all of them. In addition, there is an audience of 2 million, sincere support of celebrities, an ambitious team and purpose."

Should a 2 Million Audience Arouse Suspicion?

Author, who finds the audience of SafeMoon exaggerated, said the following: "The audience of 2 million, which is about 4 times that of Shiba, has a market cap of around 5 billion dollars as of today. Can it reach the ten times, a hundred times the volume necessary for its rise, which is a standard conversation, yes, it can reach it at some point. The biggest issue in this volume event is the chauvinist approach, because everyone is doing math101, there is no marketcap of 500 billion dollars, as if they are getting a price from the carpet shop. The truth of the matter is not like that, thank goodness there are a lot of calculation methods that include the integrals we call advanced math, stochastic equations. In the structure called Tokenomics, there is a ten percent cut in every transaction; While five percent is burned, five percent is already distributed to coin holders. For this reason, since there is a distribution according to the amount of coins that the person has along with the amount of burning in each transaction, there is a constant circulation and theoretical valuation. Thanks to the concept of trade, an innovative sharing economy is born in SafeMoon, where all of its coins have already been mined. This proves that mcap's value increase is also likely."

Is It Right To Compare SafeMoon To The Thodex Event?

Referring to SafeMoon's bond with celebrities, the author explains it as follows: "Celebrity collaborations and advertisements; SafeMoon, which received a support tweet from Diplo today, has ties with many London-based celebrities. It should not be compared to Thodex's ad campaign, including Turkish celebrities that posed in front of the car in a fancy way for a car lottery. Because those celebrities deleted the photos as soon as the incident broke out and didn't even mention it. But the situation is different now; The tweets of names like Diplo and the support of the project create a kind of reference situation and establish a bond beyond taking a photo. In addition, there are names like James Corden who follow SafeMoon on social media. It seems possible that Safemoon, which advertises Times Square billboards as Dogecoin did before it exploded, could advance its marketing to British and American talk shows."

"The Team Is So Ambitious..."

Author states that the SafeMoon team is very ambitious and continues: "You can also tell this from the CEO's tweets. When sustainability and profitability factors come into play, the money that the mass money transfers will bring over commission, even in one year, is more valuable in the long run. Just as Binance guarantees never running away because it makes too much money, or even refunds accounts when hacked, SafeMoon plays a similar long-term relationship with the audience it captures. I think this project will be the crypto version of Robinhood. In other words, SafeMoon will receive zero commissions on transactions made from its own wallet and exchange, and this will be provided again with tokenomics or with an infrastructure similar to that established by Robinhood. In short, of course, we will wait and see, but to call this coin a scam, it is necessary not to have an economic, business and cultural background in general."