Safemoon members are now joining in the thousands with competing cryptocurrencies, like Bitrise, and this could continue if the Safemoon team does not address the fundamental issues. However, Safemoon remains one of the most powerful crypto coins out there, but dominance may be short-lived.
The country will be the first to recognise the crypto-currency as legal tender from September 7.
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Binance.US claims to have undertaken appropriate measures dedicated to protecting its customers from theft and hacking, in line with its policy of prioritizing security.
Squid's developers have made off with an estimated $3.38m (£2.48m), according to technology website Gizmodo.
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.
Nuclear Medicine Market size worth $ 10.87 Billion, Globally, by 2028 at 4.8% CAGR: Verified Market Research®
Notes: This figure plots weekly averages of log price and log network size (log of unique active addresses) of Bitcoin and Ethereum over the period from August 2015 to January 2019. We normalise both the time series by subtracting their mean and dividing by their standard deviation.
VERY PRODUCTIVE WEEK ALL THINGS #SAFEMOON LOADS OF UPDATES TO COME OVER THE NEXT FEW WEEKS/MONTHS! AS #SAFEMOON GROWS EVERYDAY SO DOES OUR VISION AND TEAM. 🚀🌕
It is also important to mention that Bitrise is one of the coins that Safemoon lost whales to a while back. This is just one of the signs that Safemoon is in deep trouble.
In June, SafeMoon launched a beta version of SafeMoon Wallet, a place for storing and trading coins and required applicants to sign non-disclosure agreements.
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And while the cryptocurrency has since dipped slightly on Tuesday afternoon, it is still up by a whopping 350% on Bitcoin’s price at 7 November 2020 after nearing the new $70,000 threshold.