Ahh! so I have some gist for you guys, I was in some twitter space in the early hours of the morning and was it LIT or what! Oh it was about crypto if you didn't know that already, Safemoon guys and Doge guys were in a room and it was epic, eventually there was discord between the two and each tribe went their separate ways.
Doge guys say, Safemoon guys need to reinvent, with the biggest point being that crypto is a movement of freedom at the core, from the perspective of freedom of inclusion, access, choice, usage,...the business model whose entire success is reliant on tax/fees/penalty generated from usage of that service seems sort of anticrypto if you think about it.
So in safemoon, you have to pay 10% ‘tax’ to get in, 10% to get out in the most basic idea of it. 5% of the fees generated are distributed to the holders of the Safemoon token in proportion of their holdings, 5% is sent to the Liquidity pool and everybody makes money as people go in and out, pretty cool isn't it,.....but really, is it?
What good is a cryptocurrency that constraints you? You can't transact with it, you'd pay 'fine' if you do, you don't want to send it cuz if you do you'll pay 'fine', remember, I'm unbanked and hella broke, I barely had 20$ to buy the token, I'm automatically compelled to holding.
This isn’t Satoshis dream and that’s okay, what’s not okay is projects with a facade of Cryptocurrency only give the real Cryptocurrency’s a bad face.
Thing is, there are business models commonly practiced in some parts of Africa, people within communities contribute specific amounts of funds to a pool, each month, a member of the community takes the entire funds in the pool at the end of that month, this process is repeated every month and the rewarded members are rotated.
You’d be surprised that people are willing to wait the entire cycle till it’s their turn to take the pool, essentially people are compelled to wait their turn, it might not be convenient for everyone but it works.
This is the same case with Safemoon, like I said, while Safemoons business model works or will work,...or won’t, I don’t know....but how much of this do newbies know? This is the major concern for not just Doge holders but for every Crypto holder.
In extension of Satoshis dream, Utility is the bedrock of every cryptocurrency, if the success of your crypto relies upon ‘penalizing’ its usage to favor holders, then it’s no longer a crypto IMO😏...If your crypto is only successful at the expense of later adopters....then....
Let’s not get it twisted, inasmuch as people call Doge ponzi on the street, Doge is a legendary community deeply rooted in Satoshi dream of decentralization and freedom from failing traditional economic finance systems, it may fail as a store of value, but it’s useful around the globe, the technology is a fork of Lightning network, designed to scale the idea of Bitcoin encapsulated in a meme.
But then, Dave Portnoy, also known as stoolpresidente on Twitter announced that he’s becoming an advocate of Safemoon, note that this guy has 2.5M followers on Twitter, I want to slap my face, but it will do no good,....
To make it worse, Dave Portnoy further went ahead to say that he doesn’t know what he’s part of!
Thank you to the 1.5 million people who watched this video and the #SAFEMOONARMY who made #SAFEMOON trend all day. I’m humbled to be part of whatever it is I’m part of. Hopefully the #Crypto community can come together. Love not peace. Remember we are all magic coins.
What? Whattttttt? Part of whatever it is I’m part of??????? I’m not seeing this right now,..,this smells of rektity, there’s no two ways about it under normal circumstances! This also shows how much influencers don’t care about their followers.
However crazy things are the order of the day these days, for me, I’m not up for crazy....I’m here for the Satoshi dream, I’m here to harness the tools that will give me the freedom held back from me by the corrupt systems and society...hopefully I get rich on the way.
I was really glad to be in that space, learned a lot, I hope you have too or somehow your curiosity has been pricked, perhaps you’ll have a reconsider of where and what you invest your money into.
Certainly these are only my opinions, I’ve been wrong many times. I stand to be corrected about Safemoon, if anyone perhaps has a different perspective, I’ll be glad to learn.
Thanks for reading.
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My gut feeling tells me the days or safemoon and doge are numbered once the big boys start pumping.
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I wonder what types of blows the U.S SEC is preparing to throw at them
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Yeah the practice really works,though one of the challenges in the practice is when of the contributors refused or delaying in paying his or her contribution....it have some negative effect on the rotation of the contribution funds...but generally the practice really works and helps people to be able to save money and embark on wonderful personal projects and fulfil their needs...
Yeah if the entire system was modeled this way that’s a different thing, they will only require blockchain to store the records.....but you know, it passes as a gamified currency as it actually works, only that it is ponzified by making the early adopters rich at the expense of later adopters, isn’t that what pyramid schemes do?
Well, I could be wrong though
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Safemoon is like a pool “Partner Program”, like you have in Africa we have them here in Jamaica as well.
It’s definitely not for transactions but it has it’s place as a savings instrument on the user end and liquidity provider on the other.
Only worry is the usual ruggpull 😒
Also check out safemars, the penalty is on 4% which makes it cheaper to transact than ETH 😅
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Hmmmn thanks for throwing more light on this...as long as people keep going in and out, they’ll make some money....it’s a model that could work.....we’ll see....I’ll check out safemars as well...
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I also wrote about Dave Portnoy’s Safemoon crypto investment today.
To be fair, Portnoy is just a funny sports guy that has sort of fallen into crypto investing due to his huge online following.
He was the one that was doing those stocks only go up videos with the green hammer.
Remember those haha?
His entire brand is about playing dumb and it's obviously working for him.
The guy is MINTED.
"If it is a ponzi, at least you're getting in on the ground floor".
LOL, what a dick.
So many people are going to lose money because they will blindly follow him into this scam coin.
Just picture if guys like this used their platform to talk about legit projects that solved real world problems.
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Lmao what a dick indeed! Dang!
Exactly what I’m sayinnnng!!!like wth! But then again, I blame the people, I blame the non thinking people! The sheeples
Brooo.,,. I don’t know why only about 2% of the people with these kinds of influence only ever do the right thing...isn’t it something
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