I first heard about SafeMoon about 4 weeks ago from some random young kid on Tik Tok. Don't ask me why I was on Tik Tok, and don't ask me why I took the advice from a kid about crypto on Tik Tok. I just saw that the price was insanely low and could potentially make some profits. It was indeed low.
I went to the website that they had at that time. It was one of the worst websites I have seen. If any of you saw it you would agree with me probably. Definitely not what is right now. Their Twitter followers at that time were 4 to 5k or something like that. Since I like space and I like the moon and rockets, I am like why not throw some money into this. I first bought at $0.00000009 then bought again a $0.00000014 then at $0.00000040. Then I stopped buying. Total invested $400 to $500. I was already set up with a meta mask wallet on pancake swap, so it is was easy for me to buy.
Then things started to literally take off. If any of you have been following it you know it has grown a ton since then. People have started cashing out not really knowing how the SafeMoon tax system works. So I created a video for it. It isn't 100% accurate, because I didn't talk about exchange fees, taxes to the government, etc. My main focus was on the 10% Tax on every transaction, which a lot of new investors don't have a clue about, because they don't do their research! haha
Just to sum up what I say in the video. If you buy $1 worth of SafeMoon right away you only get $0.90 worth because of a 10% tax, less any transaction fees for the exchange. Then if you move it to another wallet or exchange another 10% tax, etc. If you tried to sell it right away after buying it, you would only get roughly $0.81 worth, because of the 10% tax less any exchange fees which are super high right now. Some people are reporting only getting 65 to 70% of the selling value in realized value.
Buyer beware! It is kind of fun for me to have gotten in super early for once. Here is the video if you want to take a look:
When reading up on this I thought I saw it was a 50% tax when making a transaction. Of which a 10% or so goes to those who are holding Safemoon at the time? This encourages people to hold on to their safemoon instead of making transactions with it kind of like a POS system is that right?
Yeah, so it is only a 10% tax for each transaction. You are very right, encourages people to just hold, and definitely not try arbitrage. Every 10% tax is split. 5% goes back to the holders. The other 5% is split "50/50 50/50 half of which is sold by the contract into BNB, while the other half of the SAFEMOON tokens are paired automatically with the previously mentioned BNB and added as a liquidity pair on Pancake Swap." take from their white paper. :) Kind of like POS but I don't think wallets are confirming transactions. This is the first Deflationary token I heard about there are others popping up as well.
If you really like MEME coins then my choice is MRAT.
Posted Using LeoFinance Beta
I hold some of those too hehe
Congratulations @mrchef111! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :
Your next target is to reach 3500 replies.
You can view your badges on your board and compare yourself to others in the Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPCheck out the last post from @hivebuzz:
Support the HiveBuzz project. Vote for our proposal!
Congratulations friend, what has happened to you is similar to winning the lottery, since in this great cryptographic environment where more than 4 thousand cryptocurrencies fight for a position, very few achieve that performance, enjoy it and keep keeping an eye on that child of tik tok that surely as he grows he will be a prodigy in cryptocurrencies!
Posted Using LeoFinance Beta
haha thank you!