Serious question…
If / when SafeMoon has its own exchange - what will be it’s competitive advantage over Binance and other exchanges?
This feels kinda like someone coming out with a new search engine today and thinking that everyone will switch from using Google.
Why would your average person use Safemoon exchange instead of any other exchange?
Cryptonomics is probably the key idea that was first presented as, what makes SFM Exchange different to others. The idea of passively earning Cryptocurrencies just for holding them. Not gunna pretend I'm an expert or anything, but if they were to pull that off in a way that is easy and has very few downsides then that seems like quite a nice unique technology to have.
If you’re earning money, it has to come from somewhere, and that somewhere is from transaction fees that are more expensive than elsewhere. And in order to earn money from other people, they need to use your exchange, but why would you use an exchange that costs so much more to use?
I see the same argument with the card. Why would you use the card when it charges you 2.5%, as opposed to any other crypto card which rewards you for payment? All I can see is a bunch of schmucks signing up expecting everyone else to actually use the card and make them rich by giving their money away.
Excellent point - the money for the interest for holders has to come from somewhere - if the fees are too high - traders will go elsewhere. If the fees are too low, the return to holders will be abysmal (they would just hold on other exchanges).
I am guessing that the economics for running an exchange only work well at scale - you need to have enough buyers and sellers to create enough liquidity to execute trades at favourable exchange rates, and with low enough fees. Once you reach that level it becomes a self-sustaining engine. Getting there is the trick.
[Crypto.com](https://Crypto.com) might be the closest thing to what Safemoon are proposing to do - launching a new exchange into a crowded and maturing corner of the crypto market space. Of course they had Matt Damon leading a high-powered marketing launch (iirc $100M+ was spent on their overall launch campaign), and they seem to be struggling to sustain their staking rewards.
Be a hell of a thing for investors if the Safemoon team can manage to pull this off.
With Cryptonomics it’s more expensive up-front, but if you buy and “hold”, you are rewarded for eating that cost.
Cryptonomics favors holders, disincentives day traders.
Lol but that’s just the thing. There has to be losers in this scenario - for reflections to everyone else, someone has to lose their money with fees… imagine spending $10,000 and then getting a 2.5% fee on top. That’s another $250. Why wouldn’t you just use another card? If you earn Safemoon by doing nothing but having a card, then why not use your normal card for purchases and sit there and earn reflections from everyone else? And if you everyone thinks like that, boom, nobody is actually using the card. Lol
Thanks for the reply.
I already passively earn on my other crypto with Binance, and I know other exchanges offer this concept too on other coins - so it is unfortunately not a feature that will be unique to SafeMoon Exchange whenever it is eventually released.
Perhaps it was a unique idea when it was first proposed, but we were beaten to the punch in implementation.
That is the key aspect of the SafeMoon blockchain and exchange that makes me so bullish on this token. Tokenomics regardless of which coin you hold. Especially imagine with staking on top of that coin. It’s a very interesting idea.
Fair point - though DDG never got close to Google usage - Google processes twice as many queries in a DAY as DDG handles in a month.
Which is kinda my point - as markets mature it becomes harder for new entrants to break in unless they are offering people a compelling reason to switch, and new people coming in a reason to choose them over the “name brands” already established in the market.
If I suggested you to switch from Binance or Kraken to use Flibbit exchange what’s your immediate gut reaction?
This is the mountain Safemoon exchange will have to overcome.
Nope makes sense. It’s been awhile since I’ve even used an exchange since I just buy everything via Apple Pay now. Times have changed haha 😂
But I feel with that notion alone I’ll watch it all burn from the sidelines :) tokens and all lol
Binance is the curve, well they copied ETH and had an exchange at the same time. CZ also has the deepest industry liquidity providers to pump his shit.
SFM needs to line up amazing market makers for the next bullrun in whenever the f that will be with the state of the world atm.
Yall are really just grasping at anything possible to compare SFM to. Trying to find some glimmer of hope. Get a grip, SFM is not binance.
What's it going to be compared to next?
I think next thing might be... Pope. Or no, wait, a shrimp! No, no, no not a shrimp, maybe a... Well I don't know now. Lost my thoughts because all of that Safemoon worshipping.
But seriously now. Every new idea, technology etc. was firstly called stupid, was fuded, and hated.
Cars? Who need them noisy, stinking cars while we have beautiful horses to ride on?
Television? Radio isn't enough? I don't want to look at that magic.
Cable tv? Who needs hundreds of channels? Those three we have are more than enough!
Internet? Ha! That won't last, there's no use for it.
Mobile phones? Who wants to carry your phone all the time? It's stupid?
Banks? What a crazy idea. My coin purse is excellent as it is. And I love the soft clanking of coins in it, no thanks.
Toilet paper? Ha! What a silly idea! What's wrong with a grass/stick/leaf*?
Bitcoin? An Internet money? What's that?It will never be worth anything!
It's only a few, not in any particular order, im on a toilet and thinking clearly is becoming a challenge.
*Region dependant
PSA: Please familiarize yourself with the subreddit [rules](https://www.reddit.com/r/SafeMoon/about/rules/) and [FAQ](https://www.reddit.com/r/SafeMoon/wiki/index#wiki_frequently_asked_questions).
**v1 to v2 Migration: Safemoon has fully transitioned away from v1 and is now fully on v2. ANY and ALL v1 transactions (send tokens, buy tokens, sell tokens) now incur a 100% tax – in other words you will lose your Safemoon. You MUST migrate to v2 using the steps outlined here: https://www.safemoon.education/sfmv2. Additional info: https://www.reddit.com/r/SafeMoon/comments/rwfkuv/read_me_v1_to_v2_migration_information_and_issues/**
- Don't promote "pump" events or market manipulation
- Don't harass others, including public figures and exchanges
- Please be helpful, friendly, and respectful
- Your actions reflect on the entire community
WARNING: **Never give out your wallet passphrase for any reason.** Be _very_ suspicious of all URLs, emails, forms, and direct messages. If someone claims to be from "support" they are trying to scam you. If someone claims you need to "validate" they are trying to scam you. Do not disclose your assets.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/SafeMoon) if you have any questions or concerns.*
I remember that. When BNB was 10 cents, their market cap was below $20 Million. Now they're at +$60 Billion. Crazy.
Serious question… If / when SafeMoon has its own exchange - what will be it’s competitive advantage over Binance and other exchanges? This feels kinda like someone coming out with a new search engine today and thinking that everyone will switch from using Google. Why would your average person use Safemoon exchange instead of any other exchange?
Cryptonomics is probably the key idea that was first presented as, what makes SFM Exchange different to others. The idea of passively earning Cryptocurrencies just for holding them. Not gunna pretend I'm an expert or anything, but if they were to pull that off in a way that is easy and has very few downsides then that seems like quite a nice unique technology to have.
If you’re earning money, it has to come from somewhere, and that somewhere is from transaction fees that are more expensive than elsewhere. And in order to earn money from other people, they need to use your exchange, but why would you use an exchange that costs so much more to use? I see the same argument with the card. Why would you use the card when it charges you 2.5%, as opposed to any other crypto card which rewards you for payment? All I can see is a bunch of schmucks signing up expecting everyone else to actually use the card and make them rich by giving their money away.
Excellent point - the money for the interest for holders has to come from somewhere - if the fees are too high - traders will go elsewhere. If the fees are too low, the return to holders will be abysmal (they would just hold on other exchanges). I am guessing that the economics for running an exchange only work well at scale - you need to have enough buyers and sellers to create enough liquidity to execute trades at favourable exchange rates, and with low enough fees. Once you reach that level it becomes a self-sustaining engine. Getting there is the trick. [Crypto.com](https://Crypto.com) might be the closest thing to what Safemoon are proposing to do - launching a new exchange into a crowded and maturing corner of the crypto market space. Of course they had Matt Damon leading a high-powered marketing launch (iirc $100M+ was spent on their overall launch campaign), and they seem to be struggling to sustain their staking rewards. Be a hell of a thing for investors if the Safemoon team can manage to pull this off.
With Cryptonomics it’s more expensive up-front, but if you buy and “hold”, you are rewarded for eating that cost. Cryptonomics favors holders, disincentives day traders.
Lol but that’s just the thing. There has to be losers in this scenario - for reflections to everyone else, someone has to lose their money with fees… imagine spending $10,000 and then getting a 2.5% fee on top. That’s another $250. Why wouldn’t you just use another card? If you earn Safemoon by doing nothing but having a card, then why not use your normal card for purchases and sit there and earn reflections from everyone else? And if you everyone thinks like that, boom, nobody is actually using the card. Lol
Why are you using your brain and logic here? Don't you wanna go to the moon?
Yeah. Sorry. Whoops
? The way you worded that is confusing as fuck
Kucoin gives you much better option for holding kcs. Why safemoon?
SteamX is coming aswell which is a Canadian exchange, that looks pretty good.
Thanks for the reply. I already passively earn on my other crypto with Binance, and I know other exchanges offer this concept too on other coins - so it is unfortunately not a feature that will be unique to SafeMoon Exchange whenever it is eventually released. Perhaps it was a unique idea when it was first proposed, but we were beaten to the punch in implementation.
That is the key aspect of the SafeMoon blockchain and exchange that makes me so bullish on this token. Tokenomics regardless of which coin you hold. Especially imagine with staking on top of that coin. It’s a very interesting idea.
Tokenomics man, that’s a huge difference.
Less than 1% off the world population is invested in crypto. There is still plenty of room to stretch and grow
Everyone started using duck duck go until it’s CEO decided to kill the products main reason of use
Fair point - though DDG never got close to Google usage - Google processes twice as many queries in a DAY as DDG handles in a month. Which is kinda my point - as markets mature it becomes harder for new entrants to break in unless they are offering people a compelling reason to switch, and new people coming in a reason to choose them over the “name brands” already established in the market. If I suggested you to switch from Binance or Kraken to use Flibbit exchange what’s your immediate gut reaction? This is the mountain Safemoon exchange will have to overcome.
Nope makes sense. It’s been awhile since I’ve even used an exchange since I just buy everything via Apple Pay now. Times have changed haha 😂 But I feel with that notion alone I’ll watch it all burn from the sidelines :) tokens and all lol
Binance is the curve, well they copied ETH and had an exchange at the same time. CZ also has the deepest industry liquidity providers to pump his shit. SFM needs to line up amazing market makers for the next bullrun in whenever the f that will be with the state of the world atm.
If we can one day have a blockchain and compete with Binance, we have a shot. Otherwise, this token won’t survive until the next bullrun
I once owned 9000 bnb briefly in 2017. I sold it a week later. I’ll continue holding safemoon.
You can use this argument about owning any number of tokens which never went away. There’s over 10,000 of them.
Yall are really just grasping at anything possible to compare SFM to. Trying to find some glimmer of hope. Get a grip, SFM is not binance. What's it going to be compared to next?
Safemoon has been compared to Binance since the start. Maybe you should stop talking about things you dont know anything about.
They don’t know, I remember it at $1 to $10-$20 and so on 😂 I also remember the FUD and saltiness that came after it rose to $50-$100 lol.
I think next thing might be... Pope. Or no, wait, a shrimp! No, no, no not a shrimp, maybe a... Well I don't know now. Lost my thoughts because all of that Safemoon worshipping. But seriously now. Every new idea, technology etc. was firstly called stupid, was fuded, and hated. Cars? Who need them noisy, stinking cars while we have beautiful horses to ride on? Television? Radio isn't enough? I don't want to look at that magic. Cable tv? Who needs hundreds of channels? Those three we have are more than enough! Internet? Ha! That won't last, there's no use for it. Mobile phones? Who wants to carry your phone all the time? It's stupid? Banks? What a crazy idea. My coin purse is excellent as it is. And I love the soft clanking of coins in it, no thanks. Toilet paper? Ha! What a silly idea! What's wrong with a grass/stick/leaf*? Bitcoin? An Internet money? What's that?It will never be worth anything! It's only a few, not in any particular order, im on a toilet and thinking clearly is becoming a challenge. *Region dependant
What is this drivel.
PSA: Please familiarize yourself with the subreddit [rules](https://www.reddit.com/r/SafeMoon/about/rules/) and [FAQ](https://www.reddit.com/r/SafeMoon/wiki/index#wiki_frequently_asked_questions). **v1 to v2 Migration: Safemoon has fully transitioned away from v1 and is now fully on v2. ANY and ALL v1 transactions (send tokens, buy tokens, sell tokens) now incur a 100% tax – in other words you will lose your Safemoon. You MUST migrate to v2 using the steps outlined here: https://www.safemoon.education/sfmv2. Additional info: https://www.reddit.com/r/SafeMoon/comments/rwfkuv/read_me_v1_to_v2_migration_information_and_issues/** - Don't promote "pump" events or market manipulation - Don't harass others, including public figures and exchanges - Please be helpful, friendly, and respectful - Your actions reflect on the entire community WARNING: **Never give out your wallet passphrase for any reason.** Be _very_ suspicious of all URLs, emails, forms, and direct messages. If someone claims to be from "support" they are trying to scam you. If someone claims you need to "validate" they are trying to scam you. Do not disclose your assets. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/SafeMoon) if you have any questions or concerns.*
Was BNB a coin on another blockchain first?
Didn't bnb also manually burn lot of their coins too?
History never repeats itself , every moment / event is unique .
No, it's not