THELOGICALINDIAN - Popular crypto YouTuber Lark Davies tweeted a admonishing over the new Binance Smart Chain activity SafeMoon He likened its ascent acceptance to the nowdefunct Bitconnect betray adage the bliss of assets is blinding users to the obvious
Bitconnect accustomed on the arena in 2016, able aerial allotment for holding, trading, lending, and mining its BCC token. But things began unraveling in January 2018 back Texas and North Carolina regulators issued a cease and abandon order. Bitconnect has becoming a abode in history as one of cryptocurrency’s better scams. But, is Davies appropriate to agglomeration SafeMoon in with the aforementioned company?
Bitconnect was for a abrupt moment a top 10 #crypto, the bodies authoritative money did not appetite to acquire it was a ponzi, they fabricated every alibi to absolve it, and attacked anyone who declared the obvious.
Then it rug pulled and anybody absent big time. #safemoon is no different.
— Lark Davis (@TheCryptoLark) April 21, 2021
What is SafeMoon?
SafeMoon launched aftermost ages on March 14 with a admission amount of $0.00000008. Since then, decidedly over the aftermost anniversary or so, its amount has mooned. SafeMoon is up 980% over the aftermost seven days, hitting an best aerial of $0.00000919 yesterday.
SafeMoon is an auto-generating clamminess agreement that rewards holders and penalizes sellers. It imposes a 10% amends on sellers and redistributes 5% to absolute holders, while it’s cryptic who anon allowances from the added actual 5%.
“5% fee is breach 50/50 bisected of which is awash by the arrangement into BNB, while the added bisected of the SAFEMOON tokens are commutual automatically with the ahead mentioned BNB and added as a clamminess brace on Pancake Swap.”
The activity describes itself as a “community driven, fair launched DeFi Token.” It talks about three simple functions, those actuality Reflection, LP Acquisition, and Burn.
Its whitepaper says “Reflection” relates to the abstraction of changeless rewards, which they say tackles the botheration of falling APYs and encourages users to authority on to their tokens.
“LP Acquisition” relates to their apparatus of analogous buyers and sellers, which they say creates a “solid amount floor,” accordingly aspersing amount dips.
As the appellation suggests, ” Burn” relates to the afire of tokens, but in a accurate and cellophane way. The approach actuality is to abate accumulation and accordingly access the amount of tokens.
Some point out that the bureaucracy is agnate to a Ponzi scheme. SafeMoon’s success relies aloft added and added bodies affairs in and captivation – a archetypal it encourages by chastening sellers.
However, some accept accepted SafeMoon CEO John Karony for his alertness to authority AMAs and appoint with the community.
Binance Smart Chain Rug Pulls
Binance Smart Chain (BSC) is accepting arena as a austere adversary to DeFi on Ethereum. The affiance of bargain gas fees and quicker affairs appeals to users. But its acceleration in bulge has been bedridden by several rug pulls back its inception.
People apprehend rug pulls to appear on Ethereum due to its decentralized status. But because anyone can barrage a badge on BSC, the aforementioned botheration remains.
The better BSC rug cull to date was MeerKat Finance, in which $14 actor BUSD and 73.6k BNB, accretion about $30 million, went missing in aboriginal March. The activity claims it absent the funds through a hack.
