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One of the key principles of smart investing is: Never invest in anything you don't understand.
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"For any centralized service, we have to do [client verification] and hold customer data," Zhao said. "On top of that we have to hold customer assets. Unlike banks, when the assets get stolen it's difficult to get them back. There's a high responsibility on the centralized exchanges we need to carry out well."
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Spot trading means you’re not technically “buying” the cryptocurrency, but instead trading your USD for it through either a market or a limit order. A market order means you agree to trade for the currency at the current market price. A limit order lets you put in a designated price at which you want the trade to occur, and when the currency reaches that price, the trade happens automatically. These orders then incur “maker” (for limit orders) or “taker” (for market orders) fees — though on Binance.US, there’s just a standard 0.1% fee.
One investor who wasn’t deterred was Barstool Sports Inc. founder Dave Portnoy. In May, he announced to his 2.6 million followers on Twitter that he’d bought US$40,000 worth, despite saying that SafeMoon could be a Ponzi scheme, a scam in which early investors’ returns are paid with funds coming from later buyers that collapses when new deposits dry up or too many people try to cash out.
A look at the recent charts shows that Safemoon has been on a downward trend since the start of November. Safemoon has also not been doing very well since its last all-time high around 21st April 2021. Despite a surge in mid-May, the next time Safemoon experienced bullish growth was the end of October.
The decision by Tesla, and announced by Musk, was seen by some as a slight on the credibility of cryptos to become a viable method of payment against physical currencies.
XLM price has been on a massive consolidation phase since October 16 as it failed to shatter an overhead barrier. Stellar is currently making a run at this hurdle and indicates that a breakout will result in an explosive breakout.
Douglas Horn, the chief architect of Telos, told Business Insider that they kept away from marquee investors because they didn’t want to create any big whales that could influence the price of the TLOS token.
However, in the wake of the technical issues, the DeFi protocol has met its share of criticisms and FUD. Some Twitter users have even accused SafeMoon of scamming its users.
However, as scheduled, the Binance community should expect the Axie-listing today exactly at 8 am EST / 5 am PST. As we are all waiting for the event, users currently have the option to deposit their AXS in preparation for trading.
The global cryptocurrency market cap has grown by 2.63 percent over the previous day to $2.94 trillion, data from coinmarketcap.com shows.
Launched in 2015, Ethereum (ETH) is the second most popular cryptocurrency and, on most days, the second most valuable after Bitcoin.
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The flag-wavers point to these and other concerns to warn that SafeMoon may not, in fact, be safe.
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