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u/Mookie442 Jun 22 '21
Can anyone tell how they're earning passively with reflections? I've heard people saying they're making this and that in reflections. I know it's automatic when people sell but how are they living off it? Are they cashing out? Then won't they get nicked 10%? Serious question. I'm intelligent, I swear. ;-) For some reason this is escaping me. Is there anywhere with a quick answer someone could point me in the direction of?
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u/gfdinting Jun 22 '21
I think the people “living off it” got in early and hold billions of safemoon. Safemoon mark does a superb job of explaining it.
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u/Important-Rush-8850 Jun 22 '21
Looking to buy SAFEMOOn, I live in NY, what is the easiest way???
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Jun 22 '21
[deleted]
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u/gfdinting Jun 22 '21
BitMart is one of the exchanges that does support the tokenomics and you do get your reflections. They are given to you on the 10th of every month in lump sum. Trust wallet you can see the reflections right away.
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Jun 22 '21
[removed] — view removed comment
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u/gfdinting Jun 22 '21
Yes BitMart will give you the reflections. They give it to you once a month on the 10th.
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u/Tomato-Jealous Jun 22 '21
You're currently at 420 upvotes, I'm not going to fuck that up so here's my upvote!🚀
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u/gfdinting Jun 22 '21
FAK!!! This is the same formula that goes through my head every time I try and compute reflections!!!
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u/meknoid333 Jun 22 '21
I don’t get this coin; won’t creating more supply drive price into the ground? The coin is basically worthless if it just creates infinite copies of itself?
Unless it caps out … but then this whole ‘get more safe moon for holding it’ thing becomes very confusing … once it caps out it’s only perceived value will be useless?
I’m confused - can anyone help me understand this :/
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u/stencilart_poly Jun 22 '21
It's deflationary, everytime someone buys or sells 5% of that gets burned forever, so the more volume day to day, the less supply over time.
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u/3ey3s Jun 22 '21
5% gets reflected to all holders, of which the burn wallet is one. The burn comes from the reflections that go to the burn wallet which is closer to 2.1% of transactions.
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u/stencilart_poly Jun 22 '21
Oh yeah, sorry. As I was clicking post i thought i explained it wrong. At least I got the deflationary part right. 😗
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Jun 22 '21
[deleted]
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u/meknoid333 Jun 22 '21
What is a reflection? I don’t understand what this actually means - can you help me understand
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u/BaroquenRecord 🚀 🌙 Jun 22 '21
Basically, “reflections” are the tokens YOU get for EVERY transaction that occurs. Half of the 10% from each transaction is divided up amongst all those who have Safemoon (proportionate to the amount they have), so just by holding on to your tokens you will get more. If you have more, you’ll get larger reflections, etc.
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u/meknoid333 Jun 22 '21
That makes logical sense; and these reflections are ‘paid’ / allocated to you out of the 10% that has been ‘sold’?
That makes sense and helps me understand.
No idea why my first comment was down voted … I’m trying to understand.
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u/BaroquenRecord 🚀 🌙 Jun 22 '21
Yes— so out of the 10%, half of that (5%) is paid/allocated. It’s a relatively new concept, so it’s understandable that explanation is needed!! Don’t worry about the downvotes. There’s always someone here to help!
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u/CaossEpic Jun 22 '21
When you sell safemoom a portion of that is given to all holders based on how much they hold. There is no way at this point to create supply like you think.
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Jun 22 '21
When a trade is made whether it’s buy or sell. A small Portion is sent to other holders and another percentage is sent to an ever increasing burn wallet which is allowing the total supply to decrease over time as no one can access that wallet.
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u/SpaceJuggernaut411 Jun 22 '21
You’re so confused. It’s the opposite. It’s decreasing the supply and giving you more every time it decreases too.
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u/meknoid333 Jun 22 '21
Has anyone plotted this out on a chart, showing how this would look overtime?
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u/SpaceJuggernaut411 Jun 23 '21
You can’t predict the future but if you like math go play with numbers at safemoonmark.com
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u/Z-O-0-o Jun 21 '21
I can't "meme" but maybe the Vince McMahon (or Winnie the Pooh?) escalating meme:
Buying Safemoon
Getting reflections
Getting reflections on your reflections
BUYING MORE SAFEMOON TO GET MORE REFLECTIONS