The flag-wavers point to these and other concerns to warn that SafeMoon may not, in fact, be safe.
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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The inability to get SEC approval really held back bitcoin and cryptocurrencies in general. It sent the message, says Innes, “that there wasn’t underlying support from Wall Street.” Meanwhile, the price dropped from around $10,000 to $6,000.
Today, many countries have understood that depending on conventional money alone is not losing any brighter future advantages and thus gradually moving towards cryptocurrencies. As a deflationary asset and digital, safety and decentralization are ensured with SafeMoon as much as value appreciation.
Despite its size and name recognition, Binance has had issues with regulators. In 2017, Binance left China and re-located to Japan and Taiwan before eventually moving to Malta. However, in February 2020, after Malta announced that Binance was not actually within its jurisdiction, the exchange quickly changed positions and declared that it doesn’t have a headquarters because Bitcoin doesn’t have a central headquarters.
There have been previous reports that Binance.US keeps users’ USD in FDIC-insured accounts, but posts on the Binance.US site containing that information have since been deleted. While it doesn’t guarantee the same in case of a Binance.US hack, the international version of the exchange, Binance, covered all consumer losses after a $40 million hack in 2019.
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Zhao recently said that Binance.US is expecting to close a funding round shortly. He reiterated that the U.S. business, which was launched in 2019, is planning an eventual public offering.
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But even this kind of pullback could not kill the inherent uptrend and in one of our previous reports, we mentioned that a breakout above $62,500 was required for BTC to resume strength.
Not a huge amount is known about SafeMoon meaning the risk to your investment may be even higher.
But no true cryptocurrency emerged until the late 2000s when Bitcoin came onto the scene.
While Bitcoin tumbled, Ethereum was heavily rejected on Oct. 21 as it approached its mid-May all-time high at $4,380.
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Using vast amounts of computing power, often manifested in private server farms owned by mining collectives that comprise dozens of individuals, miners use highly technical methods to verify the completeness, accuracy, and security of currencies’ blockchains.
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