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Safemoon is the opposite of safe – please don’t lose all your money.

I apologize beforehand if what I type seems really depressing or wrong or something, I’m honestly really tired of wasting my energy on this “project” since most of my friends won’t listen or don’t want to.
TL;DR will be at the bottom.

I’ve heard so much about Safemoon these last few days, from friends telling me that I should get in on it to seeing it being shilled on this subreddit.
Some people saying just to ride the way, it’d be stupid not to!! I’m honestly tired and appalled of this behaviour. So after already spending way too much time trying to save my friends’ bank accounts, one last time I felt like putting out my reasoning behind why “riding the wave” of Safemoon is appalling and why Safemoon isn’t safe. Maybe I will help at least one more person to not lose all their savings into this scam.

Okay first off let’s start with the basics.
[Safemoon.net](https://safemoon.net/), great the site looks pretty clean! Let’s even ignore the countless clones like for example [safemarscrypto.com](https://safemarscrypto.com/) that were supposedly registered on the same day. Okay. The team, they have 5 people in their team and one website developer. They have their names and everything!? Or? The only thing with their personal details are linkedin profiles where anyone can fill in whatever information they want.

Their details are not consistent either, for example: On “Henry Wyatt”‘s profile he said the work he is most proud of is that he created an MMORPG with 300k users that blew up practically overnight. On “HLWGroup” which is the company several of the people in the team have on their profiles as experience it says “Started one of the largest legal RuneScape Private Servers in history with 500,000 accounts and $300,000+ annual revenue.”.
Okay that doesn’t confirm anything, I just thought it was an interesting thing to note. Creating an MMORPG that blows up overnight or creating a private server for Runescape is pretty different. But fair enough, let’s say Mr. Wyatt here just wanted to sound a bit more accomplished than just creating a big private server.
Should we also ignore the fact that HLWGroup links to a website with the link “[imagine.ps](https://imagine.ps/)” when, if you do some tiny digging on google, you find out the fact that every mention in the past of the actual private runescape server that existed had the link “[imagine-ps.com](https://imagine-ps.com/)”?

Anyway, to note is that the “developers” don’t seem to have any connection with anything that contains real personal information as in they’re not connected to their facebook page with their real accounts nor do their twitter accounts have much activity before all these shenanigans started.

Okay, let’s move on to some more incriminating stuff than just some feelings of stuff being shady.

[Tokensniffer.com](https://tokensniffer.com/) is a website that compares the similarities behind different tokens to find out if a token is just a simply copy paste of something that has existed in the past or if it’s original. If you go to [https://tokensniffer.com/token/0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3](https://tokensniffer.com/token/0x8076c74c5e3f5852037f31ff0093eeb8c8add8d3) which is the Safemoon contract you can see it has already extreme similarities with projects that were deployed weeks before. 94% of the code from a project has been reused in Safemoon. These projects are also flagged due to being run by a known serial scammer. Funny thing to re-use 94% of a code that belonged to someone known for scamming. If you want to you can compare the projects and see how little difference there is, more or less the only things changed being amount of tokens and the name.
Literally anyone with just a basic understanding of programming can do these changes. So they need 5 “developers” for copy-pasting a code being run by a serial scammer and changing a few lines of code?

This is a 4B market cap project by the way. Changing a few lines of codes, hype and claiming to develop things further down the line with no proof whatsoever that they have any type of skill needed to create actually unique things. Let that sink in if you think this will go to the moon forever as well, a 10x from here and it’s already a top 10 crypto.

Now what does this 4B market cap project do? What is its reason for existing? What problem does it solve?
It exists to make money. 5% of every transaction gets burned, 5% gets redistributed to previous holders. It has no fundamental reason to exist past this, if you think this is some type of genius mechanism to make everyone money you are misled. A scheme like this feeds on itself with the money that gets invested from newer investors to older investors. The market cap gets bigger and bigger and the amount of money needed to make everyone profit also increases exponentially until there is no longer enough new people willing to invest in it, what happens then with a project like this that has no reason to exist past making money?
Earlier investors will start taking out their money and put them in another project that has better returns, the price will drop, more investors will take out their money while they can and the price will drop further and a panic drop will most likely ensue and the project will be worthless since there is no use case for it.

Who gets burned? The large amount of new investors who got in just before the growth no longer was sustainable.

Now why should you not just join in and ride the wave while you can on a project like this? What’s the difference between something like and Bitcoin?
Well. Bitcoin has an underlying reason to exist. It’s valued where people think or expect the blockchain technology of bitcoin to be valued. It also has the computing power behind it that secures Bitcoin‘s blockchain. This token solves nothing, provides nothing, and does nothing except lure people in with promises of great returns. You’re simply profiting of people that got in later than you and every scheme like this grows quickly then falls quickly because 10% growth for every person really is not sustainable after some point.

It’s a smart ponzi scheme. And you’re making the most predatory people the most money, and burning the most trusting people by participating in schemes like these.
There are endless copies of Safemoon, or similar schemes, Safemoon just got the most traction from social media. There will be more in the future, and there has already been a lot of very similar schemes. Don’t participate in them if you understand what is happening, even if you manage to make money from it (which is not a guarantee even if you actively search them out), it’s counterproductive and dangerous for the cryptocurrency market and you only steal money from people who are less informed. Things like these are criminal in most places for a reason.

I’m pretty new to economics in general so I might not have given the perfect explanation, if anything I said was wrong or if something could be explained better I would love to hear it. But this is what I’ve understood from wasting a lot of hours trying to help people.

Don’t lose all your savings, don’t make other people lose all their savings.

TL;DR:
Safemoon is a “smart” ponzi scheme.
It has nothing original in it and only grows because of a predatory unsustainable mechanism built into its code (stealing 10% of the transaction and benefitting earlier investors).
It has no reason to exist except make money quick, and when it stops because of unsustainable growth the price will collapse.

Stop telling people to ride the wave, you’re hurting innocent people and the crypto market as a whole.



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38 Comments

  1. Everyone commenting on this post, yeah totally these are shit coins! Also everyone posting on this, yeah I definitely owned those shit coins and sold way too early LOL

  2. Fun fact – at close to $5B cap, it only needs to 11x to eclipse Bernie Madoff, the orchestrator of the largest ponzi scheme in US history. I think it has the potential to bring a lot of government scrutiny to the crypto markets.

  3. Doesn’t anyone remember POWH, or it’s 50 clones that came out in the span of a few days like ShadowPOWH, EthPyramid, or POWH3D? Let’s not forget the “token burn” craze a few years back that was just a different flavor of a smart ponzi.

    This is just history repeating with noobs. Hopefully when it blows up they’ll have time to save their bets and it doesn’t blow up overnight or worse, the smart contract gets exploited and forever bricked or the funds completely drained like others did.

  4. I’m glad you’re bringing awareness to it. The amount of crap I’ve seen about people talking about it online reminds me of the classic pyramid scheme “get rich quick” bullshit and blows my mind people are falling for it.

    HOWEVER. I did buy in on this 3 weeks ago, my $100 is now $1,000. So as much as I’m fully aware this is a ponzi scheme, 10x is 10x.

    (I am cashing out btw)

  5. You are rationalizing human behaviour to a specific set of rules.

    The value of an item is what someone pays for it. If they want to buy it to a dollar, they’ll buy it to a dollar. Just as “good” projects never get as high as you want it to be. That’s because you’re relying on humans to rationally follow the rules of value.

    Simple economics.

  6. The Dark forest of de-fi, hopefully the ambiguity of projects like this will come as the BSC matures.
    I’m highly sceptical, and you’re correct on everything you’ve said from [the project being a fork of another](https://github.com/safemoonprotocol) to the team being highly illusive and the marketing and hype is abhorrent.
    I know BNB is fake ETH etc etc, but i wanted to learn about DEXes’ and de-fi and didnt want wait for ETH.2.0. or lower fees.
    I bought some safemoon relatively early on and have been sure to take my original investment and some profit.
    Im happy for what its taught me about defi markets, in learning stumbled upon a few projects on BSC with a bit more foundation than Safemoon.
    But the saturation of Safe[ANY] or [MEME]moon projects is tiresome.
    I’d love to some worthwhile projects come out of the BSC space this run, I think safemoon has sketchiness to it, but id love to see it mature, which is its only eventual option aside from collapsing.

  7. I’ve already seen this kind of post on doge… a lot….. and look at doge now.

    Maybe the best way to tell people not to buy something is to not write anything about it.

  8. I dont think anyones who using their head is denying its a ponzi scheme, but in an unregulated market things like this are gonna pop up whether we like it or not. Just 2 choices to make, join in and try to time it to make some very good profits, or just stay a footpole away.

  9. Preach the word, brother.

    But still, I was one of the early buyers (below 30k holders) and I bought in with a couple dozen USD, at the moment I’m already 50x my investment. Safe to say I’m cashing out half of it and foegetting about the rest.

    The current growth is unsustainable and it will crash – probably very soon.

  10. Anyone using Trustwallet and hoping to ride the momentum should be aware that the value displayed in Trustwallet seems to be pretty far off how much safemoon is actually exchanging for in Pancake Swap.

    At one point today there was a 50% discrepancy for me.

    (I’m not condoning this thing as I feel pretty iffy about the ethics of participating in a ponzi scheme, but I put a little bit of money in on a whim earlier without thinking about it that I will be taking back out)

  11. I put 20 usd and now it worths 550. I could just take out the 20 now so I can say its feee money but thats not even that much to really care about. The hype is real and doge showed that sometimes they dont have to be solid projects. I think this is how crypto will be when its mass adopted. Avarage Joe just care about making profits. Safemoon is still a shitcoin but cmon putting 10 or 20 usd is worth to see what the future brings. This is a good article to show dont put all your money into this. Its more like a lottery ticket but more fun. Put a small amount and dont watch it for a year. You could spend 20 usd on so many rubish things in real life as well. It is still better than that.

  12. Excellent, rational post. However none of that matters. This is an irrational market. Dogecoin is literally a joke/meme with infinite supply, it’s literally one of the worst coins ever made. But it keeps climbing because people don’t care, they just buy cheap coins because they think they will get rich. SAFEMOONS seems to be the same. I’m not sold on the project or technology but if all the average Joe’s looking to get rich jump on the bandwagon then there will be money to be made.

    Gamble wisely.

  13. I’m new to crypto, so obviously I’m trying to figure out the best and safest way to make the most money… like we all are.

    But man, Safemoon just sounds like a scam. Seriously it has SAFE and MOON in the name. That’s a huge red flag to me.

    And it’s ridiculously difficult to buy.

    And its proponents are everywhere, hawking it like it’s some kind of cult.

    I’m glad to see my instincts were right on this one.

  14. There’s safemoon billboards up in cities, there’s one in Michigan that I saw the other day on the highway. They are all in on advertising this. You’re jealous, bitter, and recklessly spreading false info. FAKE NEWS

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