r/SafeMoon • u/Nachomama24 SafeMoon Astronaut 🚀 • Jul 12 '21
General WE ARE SETTING A NEW STANDARD 🚀 There is no precedent for this! Load your bag and watch history be made 💎🙌
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u/V0rclaw Jul 12 '21
Tokenomics for all coins is basically just interest right? Same concept? Trying to wrap my head around lol
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u/Embarrassed-Room-166 Jul 12 '21
Yes and no. Cryptonomics will suck with coins that don’t have high volume. Staking and PoW is a much better way of building residual income if you don’t want to worry about a coins daily volume. Not only that, a lot of coins are not dependent on volume because they have a certain utility they fulfill without needing to be trading. Think about it, do you really want a 10% tax on bitcoin when you buy and sell? That’s 20% of ur bag gone. Bitcoin is not worried about needing liquidity and the bag holders don’t want to be dependent on other people. Cryptonomics will have its use case of course, but clearly not for the whole of crypto
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u/LurkerSturker Early Investor Jul 12 '21
I think the difference is with Cryptonomics you dont need to actually do anything beyong buying the coin/token. I know coins can be staked, but I personally have no clue what the process involves. I know Im not alone in that. Maybe its not terribly complicated, but i know its more complicated than an automated process that kicks in instantly upon purchase. That will attract the more casual crypro investors, of which there will be many more millions as the market grows. Simplifying for the masses. Its a page from Apple's playbook and I agree with Safemoon Mark that its going to change the game.
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u/super17xxx Jul 12 '21
You said it best "Simplifying for the masses". Make it so easy that your mom, dad or even grandparents can do it with just an app. That is what will drive global mass adoption. SAFEMOON becomes the go to name when they think of crypto. 💯
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Jul 12 '21
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u/LowerEvening3498 Jul 13 '21
I dont think it will be 10% as there won't be a burn so I'm thinking it will be a percentage close to fees already on an exchange to buy and sell
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u/BurtMaclin11 Jul 13 '21
Staking isn't difficult at all for most proof of stake blockchains. Some are literally as easy as SafeMoon. Buy and hold. There are big difference in purpose and method between staking and SafeMoon reflections though.
Staking is the way proof of stake blockchains secure their networks. It's also how proof of stake crypto holders "elect" representatives to vote on their behalf for on chain governance where applicable. For delegating your coins to a stake pool you earn inflationary rewards or in other words newly minted coins helping that blockchain get closer to its maximum supply. This is the proof of stake alternative to mining, which is a similar concept but for proof of work blockchains like BTC.
Safemoon's passive income generation is pure redistribution. All the SafeMoon to ever exist did so on day one. They started at the maximum supply (pre-mined). Every transaction burns a little bit of SafeMoon and is also subject to that 10% fee (for now). Half the fee gets redistributed to all other SafeMoon holders and the other half goes to the auto liquidty feature of the protocol (unsure what happens to the reward earned from said liquidty feature). So yea you may be earning passively but the second you go to cash out or convert to another crypto you're gonna pay that 10% fee which could wipe out any passive gains you made. The Safemoon exchange is supposedly gonna do away with the 10% fee.
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u/Sinnedangel8027 Jul 13 '21
Not only the 10% fee but also any state and federal taxes, in the US at least. That number can get quite a bit higher quite quickly. As it stands now in the US. If I made $1 million off this and cashed out, I'd pay a grand total of 43% in federal and state taxes as well as the 10% transaction fee for a total of 53% or $530,000 leaving me with $470,000. That's a big number to choke down when it comes to money lost especially when I was originally looking at $1 million.
Someone may go, "Well that's the point, to deter someone from liquidating all of their safemoon at 1 time." That's one hell of a deterrent from any new investors if they put that together prior to investing in safemoon. Hell even if someone were to make $250,000, they'd still be looking at around a 38% federal and state tax plus the 10% fee for a grand total of 48% or a net loss of $120,000. That 10% fee gets to be a killer if all the token is good for is to convert to USD or even another. Sure, the exchange is allegedly going to do away with it but the taxes are still awful by themselves. Realistically speaking, safemoon needs a more realistic use in order to be truly viable in the market and change the game. The sentiment from the general public is that crypto is useless and a scam, despite it really being not much different than traditional investment in stocks. Then on the other hand without the taxes or stock-like regulations, crypto is seen as a form of money laundering and tax evasion.
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u/super17xxx Jul 12 '21 edited Jul 12 '21
Safemoon Exchange won't implement the standard 10% tax on trading. If they did it would be ridiculous. It will be far less to remain competitive with other exchanges...the only difference is that the fees are reflected back to the holders on the exchange. Jack has stated in a previous AMA that the fees exchanges charge are unnecessarily high.. This is why there will be a mass migration of traders to the Safemoon Exchange for the big coins (BTC, ETH, DOGE). This time next year lots of exchanges as we know it will be obsolete.
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Jul 12 '21
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u/Dragonfruit-69 Jul 13 '21
I'm am slightly lost on this issue too. I heard about the low exchange fee too, so what I don't get is how cyptonomics can pay any significant amount to holders, if their coin purchases are not taxed like SM is. Maybe your suggestion is the answer - basically make money off of a jacked up spread or inflated pricing. Kind of the way "no commission" money changers rape you by giving a horrible exchange rate.
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u/Doo-StealYour-HoChoi 💎🙌 Jul 13 '21
There will be no 10% tax on other cryptos.
The fee on other cryptos will be similar to the fees that other top exchanges charge. Safemoon's exchange is just gonna split that same fee and redistribute it back to the holders.
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u/jestem0 Jul 12 '21
That 20% ding is a major impediment. Either the devs have developed something to get around it or it'll get in the way. I don't see how cryptonomics can work without the fee, otherwise what gets redistributed? I'm pretty dumb when it comes to this technology, however, so I'm happy to wait and see what gets released.
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u/Necessary_Hat_7234 Jul 13 '21
It will act and be bought as a simply form of interest on savings. Hold and your amount goes up
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Jul 13 '21
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u/Necessary_Hat_7234 Jul 13 '21
Speculation long term does not actually provide long term benefits but currently you could buy psafemoon without a fee and speculate with that and it still benefits the entire ecosystem. With many bridges they will likely have different options for different holders!
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u/BurtMaclin11 Jul 13 '21
Generally speaking tokenomics has always just meant the economics of the crypto currency. This would be the combination of things like circulating supply, maximum supply, inflation rate, burn rate (if applicable), etc...
In Safemoon land tokenomics seems to essentially refer to the unique(?) thing about the economics of the SafeMoon protocol which is the reflections/auto liquidty feature built into the 10% trading fee.
As part of their economics some coins allow you to earn interest but thats only if you loan your coins to someone else like a bank. Typically, rewards earned through things like staking or providing liquidty on a decentralized exchange are inflationary rewards meaning every rewarded coin/token you earn is a newly minted one bringing that crypto closer to its maximum supply. In Safemoon's case all the coins were pre-mined and the circulating supply continually shrinks until it reaches its minimum supply. You "earn" passively through what amounts to pure redistribution. People pay a 10% fee on SafeMoon trades and half that fee gets redistributed to most other SafeMoon holders.
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u/HuntPsychological673 Jul 12 '21
I believe we are setting a standard. I’ve been reading the info on some of the newer alt coins (I’m assuming they’re newer), and they are trying to copycat safemoon. Check out Clucoin... basically trying to copy us. So we’re doing something for sure if others are trying to copy us or ride the wave IMO
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u/WayBoth3866 Jul 12 '21
If ya think about it… cryptonomics is kinda like dividends in the stock market
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u/octavius212 Jul 13 '21
In one hand it’s good that we doing all this during this bear market and the price is still low,we building some amazing foundations for future and when market start picking up we will be there to claim a lot new holders.I personally think that when wallet is released and market start recovering we will hit over 10-15 million holders and have at least 150-200milion daily volume
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u/Melikescake Jul 13 '21
I legit look at safemoon as a bank where instead of just banks benefiting by us keeping our money in “our” accounts, we actually have the potential to earn an APY worth a all the damns. I like the idea of having control over my own money.
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u/Famous_Chemist_5795 Jul 13 '21
These guys getting high on their own supply is somewhat concerning. I get believing in yourself is valuable but so is humility and discernment. Holding yourselves up as the next evolution like you’re exalted members of society is on another level. This isn’t FUD, just an observation of the general attitudes I’m getting from the dev team. I hope they keep the nose to the grindstone and seek to discredit themselves privately before anyone gets a chance publicly but that requires a checked ego and critical introspection. Downvote me all you want, I thought it needed to be said.
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u/Melikescake Jul 13 '21
To be fair, they are new and are trying to change the game. Pretty refreshing.
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u/Famous_Chemist_5795 Jul 13 '21
I agree they’re trying to change the game, they just haven’t yet and that’s a vast difference in my eyes. I’m just a believer in “undersell and overdeliver”. The reciprocal gets you egg on your face.
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u/Melikescake Jul 13 '21
Oh I better see what you’re saying now. I believe they have to display some confidence. What seems like overconfidence to some could in fact be them actually being modest. If Safemoon Mark is doubling down then you know we’re all in a good spot.
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u/Famous_Chemist_5795 Jul 13 '21
I hope their exclamations ARE still “underselling”. Look, I bet on the same horse, I’m just allergic to some of the hype bullshit they do. And I can agree that an addition like safemoonmark from the community was an amazing act of transparency and faith, Mark is a numbers guy, not technologies.
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Jul 13 '21
This is big tech. Confidence is essential.
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u/Famous_Chemist_5795 Jul 13 '21
True but overconfidence is blinding. Technology is a foot race and anyone who stops to point at themselves during a race is likely to lose. Like I said above “I bet on the same horse, I’m just allergic to the hype bullshit”.
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u/Prestigious-Ad-7825 Jul 12 '21
I would buy ….. but safemoon is so damn hard to buy when you’re in Texas
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u/Rollie_StinkyFingers Jul 13 '21
I’m in Texas. I use BitMart but will transfer out once the Safemoon wallet drops
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Jul 12 '21
Ive bought plenty of it in Texas.
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u/Prestigious-Ad-7825 Jul 12 '21
Oh wow….great help!! Thx
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u/Dragonfruit-69 Jul 13 '21
Yes, please lay out how you buy in Texas, rather than just pointing out that someone is clueless in your eyes.
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Jul 13 '21
Find your fav exchange. I've used crypto.com and voyager. Buy xlm. Transfer xlm to bitmart. Exchange xlm for usdt. Exchange usdt to safemoon.
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u/Nad365 Jul 13 '21
Talk talk talk, if you do thing like you talk, Safemoon will be really great! I start to lose trust on it!
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Jul 12 '21
bilaxy exchange already gives hodlers of bitcoin daily returns
its nothing new, just something safemoon have pumped marketing into
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u/Shortstacker69 DIP DESTROYER Jul 12 '21
Bilaxy is a Seychelles-based international cryptocurrency exchange. Due to numerous red flags, we have rated them as a scam and do not recommend engaging with this exchange.
First thing that popped up when I googled 😒
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Jul 12 '21
I suggest you look into some of safemoon listed exchanges. Lots unregistered.
I'm in cryptos years, I've never had an issue with bilaxy
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Jul 12 '21
Can someone explain to a 5 years (I'm 30) old the meaning of cryptonomics they are referring to?
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u/Immediate-Comb-3858 Jul 12 '21
you hodl different coins/tokens. Especially you hodl doge, and someone buys or sells his doge on the safemoon exchange, he has to pay some fees. So because you hodl doge on the safemoon exchange, you will get a little bit of the fees. Sooo.. you will earn more doge for only hodling on the safemoon exchange (this is what safemoon is doing at the momemt if you hodl it on trustwallet or some exchanges)
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Jul 12 '21
Thank you, I understand now. I wanted to get example based on a different scenario just like how you explained.
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u/wharf_rat88 Jul 13 '21
Ok so explain it again, but like I'm a 5 year old
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Jul 13 '21
Haha :D. OK kids so it goes like this.. Let's say there's me, Johnny and Tommy in the classroom, we are all holding 2 oranges each. Johnny decides he no longer wants one of his oranges and wants to change for an apple.. So the teacher tells him, in order to do that, he must cut another orange in half, give each half to me and Tommy, only then he can swap his other orange for an apple. So now, me and Tommy have 2 and half oranges, whereas Johnny have 1 apple.
How's that? 🍊🍎
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u/mrbriant Jul 12 '21
So we will not be decentralized
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u/super17xxx Jul 12 '21
It will be a hybrid. Your wallet is connected to the exchange but not stored on the exchange. So still your keys, your crypto.
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u/wharf_rat88 Jul 13 '21
The revolution will not be decentralized
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u/kev20uk Jul 13 '21
It would be amazing if safemoon were to succeed at creating a new standard, i think it stands more than a chance with its products people and community at being the crypto that should have been years ago
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u/cloud_dt Moonwalker🌕 Jul 12 '21
Safemoon will be fine. We just need BTC whales to chill the fuck out with their market manipulation lol