The recent cryptocurrency bull market has seen a plethora of investors bet on new and innovative cryptocurrencies, some of these brought something to the table the market hadn’t seen before: a deflationary system meant to reward holders by improving scarcity.
Bitcoin revolutionized the financial world as it has a 21 million cap, meaning no more than 21 million BTC will ever be in circulation. In contrast the USD has no limit and, in fact, governments have been known to deflate the currency’s value whenever they deem fit.
A currency losing value is seen by some as theft on everyone who holds it, as people’s savings accounts are affected, as is their purchasing power. Their quality of life goes down because of something completely out of their control: the value of the currency they use.
Inflation fears have once again been rattling the markets these last few weeks, partly because of controversial monetary policy such as quantitative easing, in which central banks purchase long-term securities from the market to increase the money supply and encourage investment.
The Federal Reserve’s balance sheet has been steadily increasing over the last few months after jumping in March of last year. It’s now close to $8 trillion.
This significant increase in money supply is expected to reduce the value of the USD even further, and inflation figures have already been higher than expected. The answer to these problems is clear: a deflationary system.
Enter SafeComet, a deflationary cryptocurrency that has already seen over 89% of its circulating supply get burned on the blockchain.
What is SafeComet?
SafeComet is, as mentioned above, a deflationary currency. It’s built to reward its holders by applying a 10% tax on every transaction made using it. 5% of those funds are auto-locked to provide liquidity for the cryptocurrency on a decentralized exchange, while 5% are distributed to every holder.
Over 80% of the token’s supply was burned after launch by its developers and sent to a black hole address. It currently holds 89.3% of the token’s circulating supply, and that figure is only set to increase as time goes by. The address also participates in the protocol, so it also receives tokens when transactions are conducted.
SafeComet holders will, as a result, benefit from an effect contrary to the one pushed by central banks such as the Federal Reserve. As more tokens are burned, every token holder is rewarded through an increase in scarcity. As scarcity increases and demand remains unaltered, prices go up.
Other advantages of SafeComet include the use of static rewards when providing liquidity on automated market makers (AMMs). Static rewards mean that the amount rewarded to LPs is based on the volume of the token being traded, allowing for the downward sell pressure early adopters put on the market when they cash out their earnings to be reduced.
It also uses an automatic liquidity pool (LP) that sucks up tokens from sellers and buyers and adds them to the LP to create a price floor. This acts as an arbitrage-resistant mechanism that secures the volume of SafeComet as a reward to token holders and adds stability.
How Can You Buy SafeComet?
Anyone can buy SafeComet tokens as these are listed on the decentralized exchange PancakeSwap. To do so we need a few things first: to know its contract address, and to have a wallet compatible with the decentralized platforms.
MetaMask and Trust Wallet are two wallets users can use to interact with PancakeSwap. These allow them to connect to the Binance Smart Chain (BSC), on which the exchange is built on. SafeComet’s contract address, as listed on its website, is: 0xB667bbfE0DcEdae1a53555a0e8B0a14EAf0d5231
Next, head on over to V1 of PancakeSwap, select “trade” and click on “exchange.” Here, pick the SafeComet token using the smart contract listed above to get to the trading pair right away. Before buying SafeComet, it’s important to click on the setting button and set its slippage to 12% to avoid any errors.
You can learn more about SafeComet on the project’s website.
Important information: This is a sponsored story. Please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. If you are unsure of the suitability of your investment please seek advice. Tax rules can change and the value of any benefits depends on individual circumstances.
Bitcoin proponent Max Keiser announces the F*ck Elon Tour
Bitcoin maximalist Max Keiser has announced the F*ck Elon Tour scheduled to take place on July 8 -9 in Austin, Texas.
Earlier this month, Keiser hit the headlines during the Bitcoin Conference in Miami for several reasons. But chief among them was his antics on stage with MicroStrategy CEO Michael Saylor, in which he repeated the words, “we’re not selling,” and “f*ck Elon.”
This was in reaction to the Elon Musk energy-FUD, which many believe was responsible for Bitcoin’s 45% slump from its all-time high of $65,000.
“F*ck Elon” has now become something of a tagline for Bitcoin maximalism. But with tribalism responsible for toxicity in the cryptocurrency space, is the F*ck Elon Tour doing more harm than good?
What’s the F*ck Elon Tour about?
Despite this week’s bloodbath in the markets, as well as continuing uncertainty at the macroeconomic level, in linking tour information, Keiser confidently stated that Bitcoin can reach a new all-time high in the coming weeks.
— Max Keiser (@maxkeiser) June 22, 2021
The F*ck Elon Tour is introduced as a Bitcoin maximalist event that encourages more maximalism for the simple reason that maximalism is what “got us here.”
“We don’t need less toxicity from Bitcoin maximalists. We need MOAR!!! A LOT MOAR!!!! Toxicity and plebs got us here.”
Rather than a discussion of developments and educational content, the Tour is pitched as a party event featuring special guests. But more importantly, for Bitcoiners only with no mention of altcoins allowed, and most of all no Karens.
Ticket prices range from $50, for “Plebs” tier, to $200, for “JIMI” tier. The cheapest tiers, “Plebs,” “Buzzcocks,” and “Casbah” are already sold out.
Bitcoin maximalism accused of cultism
Keiser has always maintained a maximalist approach towards Bitcoin. But his stunts during the Bitcoin Conference have drawn fire on several fronts.
One such incident was an interview with CNBC Africa in which he launched into a tirade on political corruption. Although there is truth in what he said, it was his outburst and overzealous reaction to the questioning that drew condemnation.
“Do you know that with the Bitcoin I have I can buy any frickin senator or congressman I want? I make the laws. He who has the Bitcoin makes the laws Ran. We’re not just going to sit around and let the God damn government tell us what to do…”
However, the f*ck Elon rant is perhaps the most controversial. Social media responses to the video include comments about presenting a poor image, parallels with the cultism of Bitconnect, cringe, and so on.
There’s no doubt that Keiser is a passionate believer in Bitcoin, which shows through during his public engagements.
But at the same time, his showmanship is rubbing people the wrong way, which in turn does little to convince the undecided on the merits of the leading cryptocurrency.
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Billionaire Mark Cuban Says Bitcoin Is ‘Better Than Gold’
Billionaire investor and entrepreneur Mark Cuban has revealed on social media he believes bitcoin is better than gold as the flagship cryptocurrency is easier to trade, transfer, and convert. Both bitcoin and gold are seen by many as inflation hedges, with some calling bitcoin “gold 2.0.”
In a tweet, Cuban said that bitcoin requires no intermediaries and can be factionalized. He also referenced “William Devane type commercials” that would sell the cryptocurrency as a hedge against inflation.
Devane, who starred in the popular soap opera Knots Landing, has for the past decade been promoting the precious metal for Rosland Capital, telling potential customers that gold is the only currency he trusts.
When TD Ameritrade’s Oliver Renick replied that bitcoin’s “relationship with real interest rates is as random as it was day 1 ten years ago,” implying the cryptocurrency does not work as an inflation hedge, Cuban said he never defended it as such.
Gold is useless, pretty much across the board, but particularly as a hedge. BTC is a digital asset that is similar to gold because they both are driven exclusively by supply and demand. BTC does a better job with both.
The billionaire investor noted that right now there is more demand for the precious metal than for the flagship cryptocurrency, although he believes this will change as “BTC is easier to transact,” and will in time be “better understood and marketed.”
The gold market, Cuban predicted, will shrink as a result. Cuban, as CryptoGlobe reported, invested last month in Ethereum layer-two scaling solution Polygon (MATIC) but has not disclosed the size of his position on the cryptocurrency. The investment has been disclosed on one of his websites.
Earlier this year, billionaire investor Jeffrey Gundlach, CEO of DoubleLine Capital, revealed that while he is still a long-term dollar bear and gold bull, and that he sees bitcoin as a better bet after turning neutral on both the U.S. dollar and gold.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Unsplash
I’m Putting My Billion In Bitcoin, Billionaire Ricardo Salinas
Billionaire Ricardo Salinas talked with the director of Blockchain Land about his investment in Bitcoin. Salinas has said that he has 10 percent of his assets in bitcoin. Salinas is a staunch believer in bitcoin. One of the high-profile advocates of the coin with the bitcoin hashtag on his Twitter profile.
He has always been an advocate for bitcoin. He posted on his Twitter profile that paper is worthless. And the best thing to put your money in is Bitcoin. The third richest man in Mexico has revealed that he is not afraid to put his money in bitcoin.
Bitcoin Is As Solid An Investment As Gold
Ricardo Salinas still believes strongly in bitcoin despite the recent price crash.
Enumerating the benefits of bitcoin, the billionaire compares it to gold. Saying that bitcoin with all its benefits qualifies it as a modern form of gold.
Related Reading | Senator Cynthia Lummis: I’m All In On Bitcoin
He made the argument that bitcoin is easy to carry. It enjoys extreme liquidity internationally. And most of all, bitcoin supply is limited. The limited supply of the coin is why Salinas has so much faith in the coin.
Bitcoin supply is hard-capped at 21 million. No one can create more bitcoins. This means that it cannot be manipulated by the government for their gain. The coin supply can also not be manipulated by any developer.
This imposed scarcity means that bitcoin is not subject to inflation. Which is a major concern for the billionaire.
Bitcoin back in the green | Source: BTCUSD on TradingView.com
Salinas continued on to talk about inflation. He mentioned that when he first started working in 1981, a dollar was 20 pesos. Now 40 years later, a dollar is worth 20,000 pesos. Bitcoin’s limited supply is a way to avoid this. If you cannot make new coins, you cannot devalue them.
How About Altcoins?
While Ricardo Salinas is very bullish on bitcoin, he is not so much on altcoins. He attributes his reluctance with altcoins to their inflationary models. He gave Ethereum as an example.
Ethereum has an unlimited supply. This means, unlike bitcoin, an endless number of coins can be produced. Governments can create new coins when they want. An endless supply means that the value depreciates over time instead of appreciating. Due to the fact that there are so many coins in circulation.
Salinas stated that he does not believe that altcoins have the potential to outpace bitcoin. Bitcoin is a finite asset which makes it more valuable.
Related Reading | Is It Too Late To Buy Bitcoin?
Although he does have faith in some altcoins because they provide privacy.
A finite resource does not depreciate. Instead, due to its scarcity, it becomes even more valuable. This is because the number of people that want it increases, while the supply available remains the same. Hence there is a higher demand for it than there is supply.
Ricardo Salinas believes that every investor should have a part of their portfolio in bitcoin.
Featured image from Smart Liquidity Network, chart from TradingView.com
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