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Since it is shitcoin season, I'm making a series of posts to warn against why 'investors' should avoid these tokens altogether. Here I'll use a prominent example of Safemoon, to once again show how these scummy devs trap investors and prevent them exiting the scam and keep the slow rug going. Here's a post from their sub: We here see a user trying to sell their Safemoon tokens, but they are being prevented from doing so. This is "strange" as the user appears to have more than enough BNB for gas fees. Now you need to know a number of things about Safemoon. They have:
Obviously, all of these three fees are focused on trapping investors and squeezing as much money from them as possible along the way. A 100% V1 fee means you are forced to transaction to V1 or else you literally lose all your funds for actions otherwise. So you're trapped on V1. So you say okay, my only choice is to move to V2. Now, you're trapped on V2, which itself has even more traps. If you want to sell, you have to pay 10%, and if you want to send funds you pay 2%, So you're unwilling and unlikely to do either. On top of that, many invest in Safemoon without knowing about the 10% buy fee so they make an instant 10% loss on entry, and are also unlikely and unlikely to sell to end up taking an immediate 20% loss. Ironically, it would be better to take that 20% than be down upwards of 95% that most holders are. But that's not all. Even if you want to sell, there are still more hidden traps. A helpful user commented the following: I will explain. The 'main' Safemoon investment pool is Safemoon/BNB(SFM/BNB). In the pool, you 'buy' Safemoon(SFM) using BNB, and 'sell' Safemoon(SFM) to receive BNB. However, remember the 10% sell fee we mentioned previously. Sellers need to pay this 10% fee. Ordinarily, you would be able to sell a token for BNB and then the 10% fee is taken from the BNB that you would receive. But these are shitcoins we're talking about. So what they do instead is require you to have 4%(of the 10% fee) upfront in your wallet already. This obviously makes no sense, as it only confuses users like in the screenshot who have enough gas fee money but can't sell because of some tokenomics stupidity. It makes no sense….unless you've done it on purpose, so a huge number of users have no idea why they can sell and are forced to hold. And now you've just trapped liquidity and can continue your slow rug. submitted by /u/OneThatNoseOne |
