It follows recent crashes brought on by Tesla making a u-turn on accepting Bitcoin as payment for its products and China clamping down on initial coin offerings, block exchanges and warned against speculative trading.
Anyway, SafeMoon has been under the eyes of skepticism. Professionals say that it is an unpredictable business to put money into SafeMoon as it isn’t directed by using any particular means. It has been compared with a Ponzi Scheme as most liquidity is claimed by the group. SafeMoon has excused these cynics and has declared its precise path for the coming years. The group intends to coordinate SafeMoon with African Markets, investigate different trades like Binance, and even begin its own trade.
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In order to not only favor early investors, 4JNET plans to decrease service charges by up to 10%. The decrease will go into effect as transaction volume increases, providing a bridge between early and late investors.
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Google Trends returns data with different granularity depending on the historical time interval queried: daily search volumes are returned for queries under 90 days and weekly search volumes for queries of length over 90 days. However it is possible to reconstruct daily data for long time intervals using a combination of daily and weekly data and the method described and validated by [4]: Daily data is retrieved in buckets of under 90 days, and weekly data is also retrieved for the complete time interval of interest. Then using the daily data, the percentage change of each day in a week from the first day of the week is calculated; these percentage changes are then applied to the weekly data to build a daily time series over a longer period.
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.
Yet some crypto watchers have raised red flags over SafeMoon’s unusual structure. It charges a 10% fee to buy tokens and another 10% to sell -- almost unheard of in the digital currency world. Half of these fees are paid to owners as an incentive to keep holding and the other half goes into a liquidity pool controlled by the developers. SafeMoon calls itself a DeFi token, or one that uses decentralized finance to govern functions through software, but it has a chief executive officer and chief operating officer. Critics also worry about the discretionary nature of the “manual” coin burns used to adjust its circulation.
As this platform does business as a separate entity from Binance, the users’ digital assets will be stored in Binance.US wallets only.
Hank Wyatt, SafeMoon’s vice president of research and development, said in a Discord chat that the team will eventually “host an open beta” version before releasing the full application.
Still, an increasing number of big, powerful players are validating crypto’s potential.
It’s true that the source codes and technical controls that support and secure cryptocurrencies are highly complex. However, laypeople are more than capable of understanding the basic concepts and becoming informed cryptocurrency users.
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.
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Safemoon is a cryptocurrency token that was launched in March 2021. The token is housed on the Binance Smart Chain (BSC), a blockchain developed by Binance that runs parallel to the traditional Binance Chain (BC). The difference between the two is that Binance Smart Chain has smart contract functionality, opening up many avenues for decentralised applications (dApps) to be constructed.
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This company has made different products, including one called “Bitrise Dapp,” a deflationary payment network token that also does well with its price right now.