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re: Safemoon crypto currency up 4783% in a month
Posted on 4/20/21 at 11:47 am to TigerTatorTots
Posted on 4/20/21 at 11:47 am to TigerTatorTots
quote:
For my own knowledge bc I haven't looked into Safemoon, what do you mean you have gotten thousands of coins after your initial purchase? If you buy X amount, does X amount arrive in your wallet? If so, what are the other coins arriving for/from?
The following was taken from the white paper on safemoon.net.
Each SafeMoon transaction is assessed a 10% fee/tax which is split two ways. 5% is redistributed to existing holders, and the other 5% is "split 50/50 half of which is sold by the contract into BNB, while the other half of the SAFEMOON tokens are paired automatically with the previously mentioned BNB and and added as a liquidity pair on Pancake Swap".
2
Posted on 4/20/21 at 11:56 am to 22jctiger22
quote:
he other 5% is "split 50/50 half of which is sold by the contract into BNB, while the other half of the SAFEMOON tokens are paired automatically with the previously mentioned BNB and and added as a liquidity pair on Pancake Swap".
This should scare you - rugpull will be epic
The token contract creator likely has access and can withdraw their liquidity, although each sell will continue to add it back.
This could be an epic exit scam
Posted on 4/20/21 at 12:08 pm to 22jctiger22
quote:I'm not a CPA, so CPAs please correct me here, but I think every one of those "airdrop" amounts distributed to your wallet will have a $0 cost basis (since you received them for free). That will make it somewhat easier for tax time as you have your purchased amount with its cost basis at the time of purchase. Then the rest will have a $0 cost basis.
Each SafeMoon transaction is assessed a 10% fee/tax which is split two ways. 5% is redistributed to existing holders, and the other 5% is "split 50/50 half of which is sold by the contract into BNB, while the other half of the SAFEMOON tokens are paired automatically with the previously mentioned BNB and and added as a liquidity pair on Pancake Swap".
ETA: Thinking through this and I may be wrong. I'm thinking of stock dividends, which you get for free based upon owning a stock. The cost basis is the price at the time the dividend is issued. That could be how it is treated here. If you are getting distributions multiple times a day, everyday, thats going to be a tax nightmare.
This post was edited on 4/20/21 at 12:10 pm
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