Rappers Lil Yachty and Soulja Boy and several other celebrities allegedly played key roles in pumping up the SafeMoon cryptocurrency token V1 on social media. Other defendants include Jake Paul, Nick Carter, and YouTuber Ben Phillips. Before anyone gets too excited, these lawsuits often fail, It’s difficult to prove that someone was deliberately misleading you.
According to classaction.org, the defendants’ conduct over the last year amounted to a “slow rug pull” on investors, who time and again were inundated with encouraging statements about the purported value of SafeMoon tokens. They were constantly promised future success, Meanwhile, company execs and celebrity promoters slowly sold off their own holdings amid inflated trading volume.
The class-action complains that through 2021 the token was pumped astronomically. It bottomed out by December 31 amid the departures of a number of executives under less-than-clear circumstances. In fact, as you can see below, it’s gone to zero.
All this kind of trauma can be avoided by sticking with a tried and true currency that has a real purpose. Bitcoin has its ups and downs, but over time it has proven to be resilient as a currency. Any real innovations introduced by other currencies can be integrated into bitcoin if the need is there.
Don’t Believe The Hype
Even other stalwarts of the crypto era such as Dash and Litecoin have lost value in relation to bitcoin overall. I use them sometimes to make cheap and fast transactions but I don’t hold them (except a little for masternodes on stakecube). Bitcoin is the best.
I’m not saying don’t buy anything else. It’s fun to speculate. Just don’t spend anything you would be upset to lose. Don’t listen to hype. If celebs are pushing something while there is silence from people who know the business, be cautious. Buy some shitcoins by all means, but consider them lost as soon as you buy them. That way it will be a pleasant surprise if, occasionally, one reaches the moon without crashing.
Bitcoin is first and foremost a currency. A token or coin is not real currency if it is not being used. It doesn’t matter how much its creators say it’s worth. Can you actually buy something with it? It’s so fundamental that sometimes we forget.