![]() “We’re innovating in multiple spaces, with cryptocurrency and blockchain technology being essentially the proverbial train track, and then the different products we build upon it being the train carts,” he explains. Once SafeMoon’s blockchain is out, Karony says, the company will then expand into other industries. Within three months we were top of the charts, we still are.”Īccording to Karony, SafeMoon’s roadmap includes building a macro Internet of Things infrastructure on a SafeMoon-created blockchain, which he says is currently in development along with a central exchange. “We have a very successful wallet that was launched. ![]() “People like to focus on the token, but SafeMoon is actually a tech company, it’s a blockchain innovation company,” he says. Karony has heard these critiques of SafeMoon before and counters that the company has products in the works. Since its launch earlier this year, SafeMoon experts have pointed out that the company’s token has fluctuated quite a bit, reaching a peak market capitalization of $5.7 billion in May and now with a market cap of just under $1 billion, still an impressive sum. It’s a crazy interesting experiment … but most of the time you don’t just make a coin because a coin is cool-you make a coin because maybe you’re going to build a global bank that allows people to deposit money and borrow money.” But this is a double-edged sword-at the end of the day, if no one wants to buy it because it doesn’t do anything and people only want to buy it because it goes up, that sounds sort of like a Ponzi scheme just built on blockchain. “Theoretically, it incentivizes it to go up over time. “You have this game of chicken where, if other people are selling, there’s less supply in the world of supply and demand,” explains Anthony Bertolino, VP of growth at iTrustCapital. Some crypto experts, however, are skeptical of SafeMoon’s model, which also “burns” some tokens with every transaction, reducing the available supply of the original one quadrillion tokens available. ![]() With Bitcoin, you don’t have more Bitcoins at the end of the year.” Now with SafeMoon, you have more SafeMoon after that year. With Bitcoin, what’s the reward for holding? It’s this speculation that after a year or so, it’ll be worth more than what it was before. “I call that the great compromise between those who want to day trade, and those like me who just want to put money into a cryptocurrency and then just hold. “On every buy and sell transaction, there’s a 10 percent fee,” SafeMoon CEO John Karony explains. What entices some investors to SafeMoon is the company’s claim that the structure of buying and selling tokens will cause the price of a token to go up over time. SafeMoon is one of these thousands and has had success in part because their push on social media platforms got millions of retail investors on board. The Utah-based company is less than a year old but has gained an impressive following, with millions of users holding SafeMoon tokens or coins.Įver since Bitcoin came into being several years ago, thousands of entrepreneurs have created their own cryptocurrencies. If you’re familiar with the crypto world you’ve undoubtedly heard of SafeMoon.
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