Hello and welcome back to the daily Safemoon news and updates review. In this content, I will talk about Safemoon and some of the crazy news regarding safemoon wallet that recently appeared on the internet. So yeah, this content is super interesting so make sure to watch it until the very end. Disclaimer. Also if you are interested in getting price predictions and crypto news literally every hour, then join my telegram channel, we already have more than 2000 people.
By the way, be careful of scammers pretending to be me on social media. I would never ask your 12 secret words. Links to my official Social Media accounts are in the description. This is a giveaway winner from yesterday. During the last 24 hours, a lot of FUD around Safemoon appeared. Before they grow, I feel that I must explain to you why some of these statements are stupid and have no sense in them. Then we will move to Safemoon wallet. Alright, so as you probably know, there’s still plenty of some saying that Safemoon is a rug pull.
But let me share a Reddit post that explains why rug pull is impossible. Today I received this question in fud-busters-educational: Question: “I’ve noticed a lot of people mentioning the liquidity pool and saying because the devs have a percentage that they are doing a slow rug pull? Has anyone been seeing that? I’m not really understanding why the team would do a slow rug pull.
Not that I think they will hit curious on what the conspiracy is surrounding the pool.” I thought it may be helpful to share my response to this question below as I’m certain many will run into this later on: Answer: They wouldn’t. There’s absolutely no logic in that. Firstly, all transactions are tracked through Certik via Skynet 24/7. If there was any malicious liquidity movement, it would be immediately detected, and the team would be reported.
This is something the team voluntarily submitted to, which a lot of projects would not do. Secondly, there’s no logic in choosing to rugpull a few million dollars in liquidity when the project is projected by many (including the team) to be worth far more than that.
The team has stuck to their guns and vindicated themselves through constant open communication to the community on what they can discuss, whether it be Safemoon community questions or outside organizations (SSB, Certik, Gambian Govt Officials). If the trust isn’t gained by now, then those people should just await further action before deciding to spread FUD, because any claim of malfeasance up to this point is just desperate speculation. The primary fud still being spread to this day still originates from NSFMs reports titled “flaws with other moon coins”.
While some aspects of what they discuss in the analysis are true, the risk conclusion that the analysis comes to is a complete fallacy.” But still, if you go to a Reddit group where all of the cryptocurrencies are being discussed. There will be thousands of people saying safemoon is a scam, just because of its name. These people are funny. If you think the same, comment down below. Alright, so now let’s move to the main topic of this content.
Just today, John Karony the CEO of Safemoon tweeted this. “Hashtag SAFEMOON will begin taking listing applications from other projects starting at the open stage of the safemoon wallet.” It is not yet revealed how this listing application will look like. But let’s check on How Binance listing process looks like and then I will explain why safemoon will be much different. Getting a token listed on Binance is considered to be an uphill task which makes it a challenge for almost all token issuers to fulfill. It is the largest exchange as per trading volume and also based on the value of trades on the exchange.
More than 1.2 million transactions happen on Binance every second. Considering the importance of Binance as an exchange and the impact that it can have on the popularity and growth of your token, it is not surprising that almost all token issuers desire to list on Binance. The process of getting listed on Binance is based on strict screening and a process through which the issuers would be required to showcase the viability of the Token and their business model.
While hundreds of applications for listing are received by Binance, only very few actually make the cut. A key part of the process is that the successful applicants normally have a reliable legal consultant like Empire Global who has years of experience with hundreds of clients to assist them during the process. Basic essentials towards listing on Binance. Listing on Binance is a complicated process and a number of cryptocurrencies see their applications rejected. In fact, out of the thousands of applicants who wish to be listed on Binance, very few are ever accepted to list on the exchange.
The listing process involves multiple steps including listing on Binance DEX and the need to make changes to the project. There are a few basics that have to be fulfilled by any cryptocurrency which expects to be listed on Binance. If these basics are in place, then half the job is already done. These basic essentials are a strong team for the project, tested technological infrastructure for the project, a functioning platform, and a legally compliant project.
A strong team for a cryptocurrency project generally indicates that the project has the knowledge base to progress ahead and has a degree of reliability in delivering what it promises. A team should consist of experts from all areas including blockchain technology experts, financial experts, software developers, marketing experts, and legal experts to name a few. Clients and the exchange look for successful completion history of projects for the team members which provides them an added assurance that a particular project will perform well.
The technology used by a project is also essential in determining its viability. A product based on tested technology that is already functional presents a better perspective about the project than any project which does not have a reliable technological base or is running on software still in beta or early development phases. Tried and tested technology ensures that the project is less likely to face technological hurdles which might hamper or cut short its development in the future.
A functioning platform for a project is considered as a major positive and provides the exchange with a much-needed assurance that tokens based on a functional platform are less likely to be considered as securities. It also provides potential token investors an assurance that their Tokens will have a definite utility in the future.
Last but not the least, Tokens that have been issued in compliance with the law and have not invited legal scrutiny for any violation are preferred. Exchanges aim to conduct their business in a legally compliant manner and any Token which violates laws is may hamper their business. As we all know, safemoon is not listed on Binance at the moment. So there’s a theory that safemoon and their listing application will be super simple and SFM team will list lots of coins and tokens.
Just because SFM team knows how hard is it to be listed and how important for a fresh project to get some of the support. By the way, take a look at this message a safemoon fan received from Barclays bank. “As you’ve made a payment to binance this year, we wanted to let you know that we’re stopping payments made by credit/debit card to them until further notice. This is to help keep your money safe.
For further info, please search FCA binance online. We’re sorry for any disruption this may cause you.” TO be honest, it is funny how they restrict people from depositing to binance, while buying lottery tickets being made in just 2 clicks. But anyway, this tells you how Binance keeps getting restrictions and bans all over the world. If safemoon can avoid that, their wallet and exchange will be one of the most popular. Also, I want to tell you that if the price doesn’t grow like crazy every day, there’s nothing to be suspicious of. Bitcoin grew 1000% almost a year. And yet you whine for Safemoon growth of more than 5,000% since March.
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