For the lucky few that have had the pleasure of never actually knowing about Safemoon, let me introduce you.
It’s a copy-paste of BEE token, minted on the Binance Smart Chain, with a few variables changed and general CTRL+F to replace “BEE Token” with “SAFEMOON”
The idea is, when you sell, you are taxed 10% and 5% of that goes to a liquidity pool & (2.5% BNB + 2.5% SFM) and the other 5% is split proportionally amongst holders.
The clever amongst you may notice two things here;
When you buy, you are actually buying 10% less than you bargained for, which means you need a de-facto 20% gain when selling Safemoon to just break even
The structure of the tax of every use of the token benefiting early investors proportionally makes Safemoon a strange kind of Pyramid-Ponzi hybrid.
My last chapter of this omnishambles – a situation that has been comprehensively mismanaged, characterized by a string of blunders and miscalculations
– focused on the clear evidence on the blockchain that the developers had programmed a little flaw into the Liquidity Pool function, which allowed a small portion of those 2.5% of taxed funds to be sent to an undisclosed developer wallet, which was then wash-trading the funds and selling for cash
BUT LET’S TALK ABOUT THE WALLET. BUCKLE UP, THIS IS ONE HELL OF A RIDE.
For any other Cryptocurrency, this is just not a big deal.
A wallet is simply a place to hold Cryptocurrency(s) securely off exchange. In fact, it’s kind of a given. They’re nothing special. For Safemooners, it’s some kind of perverse salvation. This is because it’s the first actual product Safemoon have developed and delivered. A test of their mettle, so to speak.
The hype leading up to the wallet has been unreal. To start with, Safemoon CEO John Karony was advertising “industry leading security!” (no details) and “unparalleled usability” (no details)
So July rolls around and people start to notice, still no news. Turns out, there’s some kind of closed Beta, 500 participants, all sign some NDA that is allegedly this life or death “sued into oblivion” thing. This will become a handy excuse as the end of July looms closer and closer and not one single drop of detail emerge.
People get nervous, questions get asked. John Karony comes on discord to assure everyone that it’s going fine and the wallet will exceed expectations. People ask what his favourite feature of the new wallet is and he replies “The calculator”.
Now, immediately people start to speculate. The wallet is so hyped, after all, that it MUST have this revolutionary calculator, like an earnings, investment, profit and loss calculator, something crazy to take into account the Safemoon reflection system and future profit, something wild, like that! Right?
End of July hits, no wallet, nothing. This causes three massive sell offs on the 30th, 31st of July and the 2nd August.
Safemoon fires back, public beta launching! Early August.
Jubilation in the hearts of minds of many Safemooner, deliverance at last!
The beta is released, and people pick out a few issues:
For one, the wallet appears to be a simple re-skin of Trust Wallet.
For two, most importantly, the calculator – literally highschool programming – is non-functional. If you perform any function with a decimal place, it errors to zero. Multiply 1,000 by 4.5? Zero. Divide 759.32423 by 2? 0.
The CEO’s favourite feature of the wallet was a bog standard calculator you can find on any PC, Laptop or Phone, and it was a calculator that did not even work.
For three, the app can’t seem to stay open for more than a couple minutes before crashing and needing to be restarted.
Just to remind everyone, through all this and the people pointing out genuine flaws with the first public appearance of a project apparently made by Safemoon, the wolves came out and declared it all FUD, mass-banning from Discord, Reddit, Telegram, etc.
Safemoon Defense Force geared into action with some legendary quotes:
Everyone should understand that beta is not the final product.
Isn’t that the point of a Beta?
This app proves the Closed Beta in fact never happened. They cobbled this crap together like a week and a half ago so they could string along investors a little further..
Thats why there are beta’s out. And yea it has a lot of issues but they can now work on it… …I still trust in this team.
Its just a Beta don’t forget
Do you get the idea? Well, a Beta is basically feature complete, undergoing final stress testing. The Safemoon open beta wallet was clearly an app cobbled together in less than a week by some half-illiterate team assembled from Fiverr.
What’s important to remember is implications from the CEO that this wallet had been worked on for months.
As the weeks go by, the wallet has numerous bugs fixed (further proving it was cobbled together last minute) all in the backdrop of the largest Safemoon whale selling trillions upon trillions of tokens, which prompted this thread from me:
In summary, the price entered a deathly freefall. Safemoon had been shedding value against the dollar / BNB for months on end, and then in the space of a day it lost 36%, with 22% happening in the last hour as one whale cashed out tens of millions of dollars all in one go. This is in the context of the entire Crypto market significantly rising over the course of a couple weeks.
This left the price at the lowest it had been since way before it took off. To anyone who invested at any point between mid-March and mid-August, they had now lost significant funds (and then will lose another 10% if they sold)
Copium kicked in to overdrive and the ongoing sentiment was “Just sell and give me those tasty reflections!”
I’m not sure if the thought ever occurred to them that receiving fragments of a nearly worthless and rapidly depreciating asset does not offset the fact that the initial investment is now -80% on price, but there you go.
Something big needed to happen. The full release of the wallet was announced. August 28th – the day of days.
The price quickly recovered from the low. Even now if you sort my thread by “new” you will see the shit-eating grin of investors, jubilant their -85% investment is now just -46%.
I gave them one warning:
You aren’t out of the woods yet.
As the price recovered it broke the 3-month downward trendline. The wallet release really seemed to spur the community on.
Hype built along with the price, and there ended up being Safemoon Wallet advertisements in Picadilly Circus, Trafalgar Square and Times Square.
SAFEMOON WALLET, ONE DAY TO GO!!
The release date was 4PM GMT on the 28th August 2021. You may notice that’s nearly two weeks ago. I bet you want to know what the wallet is like?
Well you won’t know, because IT NEVER RELEASED
Twenty minutes before the release, CEO John Karony was busy fluffing the wallet up on Twitter.
It was supposed to be a simultaneous release on the iOS App store and the Android Play store.
4PM rolls around, and… nothing happens. Nothing on the stores, nothing on the website. The app-store download buttons simply refresh the Safemoon home page!
But another whale decided to cash out. Hindsight shows this was an excellent time to depart. He did it just thirty minutes before the wallet was supposed to launch.
An hour goes by, two, with no explanation other than “Technical issues”
Three, four… Then a day.. Then two.
And the excuses are coming out. “You guys broke the app store!” “You guys crashed Safemoon again!” “We got DDOS’d!”
It was abundantly clear that nothing was scheduled for release, and Safemooners weren’t buying the excuses.
Apple / Play Store wouldn’t have invalidated the release minutes before the scheduled launch. Validating an app can take a couple days.
And now the beta wallet is finally in the hands of a few trusted moderators from the discord / reddit communities. You should see the changelogs. Basic, simple errors are being corrected left, right and centre, and the CEO of Safemoon pretended this was ready up until the very last second before it didn’t launch due to technical difficulties.
It’s not hard to put 2+2 together here, the wallet wasn’t ready so they just let the price hype up while they intended to not release it. Their excuses don’t add up because the app-store would’ve released a submitted app, and the buttons on the website never once linked to either app stores.
We are now coming up to two weeks since the “launch” and still no sign of a release date. The whole thing has been a fiasco from start to finish and the show is still going on.
That’s from Charles Karony, John’s brother. These images have been sourced from their private discord and posting them earns you an immediate timeout on the Safemoon sub.
Hank was in charge of the wallet, Thomas (known to the cult members as ‘Papa’) is supposed to be developing the blockchain and exchange). Jack is the Chief Operating Officer.
The overwhelming impression I have now is “rats fleeing a sinking ship”
Since the news broke, a leading Youtuber “Safemoon Whale” has sold up, and not only that but they deleted their Youtube and Twitter accounts. The price has been plummeting to lows last seen when the largest previous whale sold out.
As always, the devoted immediately spout “buy the dip”. THIS IS NOW THE 11TH DIP SINCE MAY At some point, these guys will ruin out of fiat to plow in to feed the whales.
And that “Safemoon Whale”? They only cashed out 500 Billion tokens. THERE ARE STILL 43 WHALES WITH OVER 500 BILLION TOKENS! SOME HAVE TRILLIONS AND TRILLIONS OF TOKENS!
At some point, the hype will be gone. The wallet will release and people will go “Oh, it’s just a wallet. So what.” and it’ll all unravel.
And the price? It’s still on the 4-month downward trend since May. The phoney wallet release was just a blip.
So you have a copy-pasted token, a team of amateur kids with zero experience, a “Blockchain Wizard” with literally no proof of his technical skills faking rejecting a position at Ripple (this debacle is another thread entirely), a bunch of ripped off assets for marketing, a phoney wallet, a non-functional calculator, three missed wallet deadlines and now core team members all quitting at once, and all the while this happens, whales dump trillions of tokens, cashing out tens of millions of dollars, and the faithful lap it up and say “Thank you for my reflections”.