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sebmellen · 5 years ago
Ah yes, the SAFEMOON literal Ponzi scheme. Beautiful.

Number go up, number go down. But damn, look at that chart https://coinmarketcap.com/currencies/safemoon/. It’s one of the cleanest looking pump-and-dumps I’ve ever seen.

This is not something to celebrate or condone. A lot of people who don’t know better are losing their savings trying to play along with the hype.

See https://stockhead.com.au/cryptocurrency/this-is-a-scam-crypt... or https://www.benzinga.com/markets/cryptocurrency/21/04/207213... for more.

rvz · 5 years ago
Exactly. That is a text book example of a pump and dump ponzi scheme.

This gives the SEC another reason, to 'protect' the retail investor by introducing regulations for cryptocurrencies.

So from here, I know that a lot of investors will become expensive bag holders from this. Just like the Bitconnect scam in 2017.

outsider7 · 5 years ago
Sad sad day. Cryptos need regulation bad, quickly...
tnzm · 5 years ago
...which would kill them.

Investors need education. Which might hurt - but won't kill them.

ctur · 5 years ago
This is inscrutable to anyone not familiar with whatever that site is and the underlying systems and terminology.

Someone should write a blog post or something to explain it, then link that here so we can all be in awe, or outrage, together.

ve55 · 5 years ago
Either way I think I have seen more than my fair share of 'this person got absurdly rich absurdly quickly doing absurdly little work' content recently.
ayoubElk · 5 years ago
Can someone explain how it was done?
px1999 · 5 years ago
Looks like they bought and sold the safemoon defi token (bought really low, sold [comparatively] high)
reidjs · 5 years ago
I’m confused. At what point did they convert it from crypto to USD?
quyleanh · 5 years ago
Such a clever movement. That is beautiful of blockchain.
foogazi · 5 years ago
ELI5: what happened here?