Beijing's crackdown on cryptocurrency sends bitcoin entrepreneurs moving to the wild wild west.
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Bitcoin futures ETFs are designed to allow investors to make trades on futures contracts and away from the usual means of crypto exchanges like Binance, which have come under greater scrutiny from regulators worldwide.
But what is SafeMoon and why has it garnered such an interest? And is it something you should look out for?
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Safemoon is one such smart contract-based token. It does not have its own blockchain; its supply is managed by a smart contract on Binance’s in-house blockchain.
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“This is because if the bill passes, exchanges will have to issue 1099-B tax forms with cost basis information to investors,” Shehan Chandrasekera, CPA, head of tax strategy at CoinTracker.io, a crypto tax software company, recently told NextAdvisor. “This will significantly reduce the crypto tax filing burden.”
Yet tales of meme-coin holders becoming millionaires have attracted new waves of retail investors to crypto -- along with a growing number of nefarious players. In May, the Federal Trade Commission tallied a record number of crypto investment scams, with Americans’ losses totaling around $80 million since October.
Cryptocurrency has come a long way over the last decade, advancing at a lightspeed pace. Value can be stored, transferred and spent in different ways through various assets and solutions, while DeFi has pioneered the way for new borrowing and lending avenues.
Competing and bracing in the tough markets, SafeMoon is a cryptocurrency that refuses to bow down to central government pressures or be chained in defective and regulatory monetary shackles. SafeMoon has made it possible for everyone to store and transfer value in a currency that is resistant to manipulation.
"My advice to mainstream investors is to wait for the Certik audit (Q4 of 2021) and improvements in the liquidity pool before proceeding."
The Bank of England's Sir Jon Cunliffe raises concerns about the financial stability risk of cryptocurrencies.
SafeMoon listed three reasons why the V2 upgrade is expected to boost the demand for the token in a recent tweet:
Its value has now plummeted by 99.99%, said cryptocurrency data website CoinMarketCap.