BITCOIN

Scottex99

Just neatly sidestepping the 2.2tn dollar market cap of the asset class?

mooneysaver

For anyone that needs a quick catch up, Safemoon has moved to a V2 of their token for "Reasons"TM

This new contract has a 1000:1 reverse split of tokens, meaning 1,000,000 Safemoon V1 becomes 1,000 Safemoon V2, but so far out of the ~3,000,000 wallets holding V1, only 300,000 have moved over so far. This is still pretty trash if you consider that there's just over 1m Safemoon holders with anything more than back-of-the-couch change in their wallets, therefore the conversion rate of people with what you could call a beginning of an investment is just 30%.

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There have been various methods to encourage holders to move from V1 to V2, but over the past two weeks there has been a huge arbitrage opportunity where people could freely buy X tokens on V1 (losing 10% on the buy), swap them to V2 and sell them at a higher price (losing another 10%, but overall being more than 20% up and making some free profit)

This has caused a problem with an easy fix - just remove the liquidity on V1 so people can't buy it at all, and put the liquidity on V2. For some unknown reason, this isn't happening and there's still liquidity issues on V2. Plus the fact the contract is unaudited means holders are naturally quite wary.

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So the solution from brainiac Karony & co? Simply tax everyone 100%

The best news is that this was introduced mere hours before the change went live, so anyone that attempts to move from one wallet to another will find all their Safemoon tokens drained.

There are two problems with this:

• The total and utter lack of clarity, first there was no tax, then a 20% tax, now a 100% tax?

• The fact that under no illusion of being an actual Cryptocurrency, the centralised team at Safemoon decide to impose a massively punitive measure which can have consequences for those who don't follow the social media messaging. No vote, no consensus, "My way or the highway".

It's just another brick in the !!!!!!-wall really.

Scottex99

Who could have guessed that someone as well named as SAFEMOON could actually lead to you losing money.

Mine are on Pancake Swap, I'll see what I can do with them later

silvercue

Well I have made quite a lot of money from Crypto the last 18 months (1000%).    Well technically, I have made nothing as I have not sold.

Now I am making those cryptos earn for me.  ADA, SOL etc all staked.  Bitcoin and Ethereum earning 6.5% a year from CDC.   Also invested in some stablecoins (no fees to buy or sell and price is always £1 for 1 TGBP) and earning 12% a year on that from CDC too.

I also have a CDC Card that rewards 3% cashback on every purchase paid in CRO

There are great opportunities to make money that have worked for me.  

Passive income from these cryptos is now 5 figures a year for doing nothing.  

Shocking_Blue

Hi,

Apologies if this has been asked and answered somewhere above, but I'm looking to just invest as very small part of my portfolio in a blockchain / cryptocurrency etf. The problem seems to be their availability via iWeb. Have searched for numerous etfs on their funds search and only come up with BLOK https://www.morningstar.co.uk/uk/etf/snapshot/snapshot.aspx?id=0P0001D40O&tab=3&InvestmentType=FE, which is not the same as BLOK https://www.morningstar.com/etfs/arcx/blok/quote (what I was searching for). Funds would be equally as good, if any members are aware of any available via iWeb

Thanks for any comment.

lozzy1965

Scottex99 said:

Who could have guessed that someone as well named as SAFEMOON could actually lead to you losing money.

Mine are on Pancake Swap, I'll see what I can do with them later

I don't know what Pancake Swap is, but I love that you can criticise the name "SafeMoon" and then - apparently seriously - mention that in your next sentence!

silvercue

lozzy1965 said:

Scottex99 said:

Who could have guessed that someone as well named as SAFEMOON could actually lead to you losing money.

Mine are on Pancake Swap, I'll see what I can do with them later

I don't know what Pancake Swap is, but I love that you can criticise the name "SafeMoon" and then - apparently seriously - mention that in your next sentence!

Pancake swap is a Decentralised Exchange (DEX).  They are very serious, despite the names!

Scottex99

lozzy1965 said:

Scottex99 said:

Who could have guessed that someone as well named as SAFEMOON could actually lead to you losing money.

Mine are on Pancake Swap, I'll see what I can do with them later

I don't know what Pancake Swap is, but I love that you can criticise the name "SafeMoon" and then - apparently seriously - mention that in your next sentence!

Haha, hold on to your hats, it gets much weirder than that.

But yeah PS is the major DEX on Binance's Smart Chain (BSC). A good alternative to Uniswap if you want to avoid all the ERC20 gas fees. But maybe not the source of the most legit projects. I use their liquidity pools to farm CAKE. Have also bought into a few BSC projects, most of which have gone to 0, probably.

I'm winding down some of my pools recently as APY has been dropping over time but I still put my CAKE in the AutoCaker, c.70% APY for that.

If CAKE starts dumping I'll probably flip some of it into BNB and get it back on to Binance...

silvercue

Haha, hold on to your hats, it gets much weirder than that.

But yeah PS is the major DEX on Binance's Smart Chain (BSC). A good alternative to Uniswap if you want to avoid all the ERC20 gas fees. But maybe not the source of the most legit projects. I use their liquidity pools to farm CAKE. Have also bought into a few BSC projects, most of which have gone to 0, probably.

I'm winding down some of my pools recently as APY has been dropping over time but I still put my CAKE in the AutoCaker, c.70% APY for that.

If CAKE starts dumping I'll probably flip some of it into BNB and get it back on to Binance...

I avoid everything on ERC20 due to the insane fees.  I will be jumping on board Sundaeswap when it goes Live (soon) on Cardano network..

The opportunities for passive income from Crypto are incredible right now.   The problem is in the UK they have decided to tax stake rewards, yield profits and other "earn" profits as Income and not Capital Gains.  Frustrating.  

[Deleted User]

A new CNBC survey shows that 83% of Millennial millionaires now own crypto. Nearly 1/3 of the respondents have put at least 3/4 of their wealth in the assets.

Seems to be that only MSE "veterans" reject Bitcoin/crypto. It's not the case the new generation, who will eventually replace them.

In the meantime, all "veterans", enjoy your 0.25% PA in your savings account.

Happy New Year to all who are not afraid!