Here ya go.
Purpose of V2
There was a quote that was posted online that said “Currently 4% of the people on this globe own crypto. Imagine what happens if 30% of the people own crypto and use it as a currency. We’re still early.” In essence, this is part of what John Karony wants Safemoon to become. For perspective, 56% of the US population owns traditional stocks. There are some countries where the working class is require to put money into an investment portfolio to pay for their retirement (i.e. Australia – almost the entire population owns stock).
There were two main objectives behind the V2 consolidation. The first was that we had too many zeroes and the major exchanges wouldn’t list us. Now that we’ve fixed that, there are all kinds of rumors about being listed on Coinbase and Binance along with being listed on a few more mid-level exchanges that as of now haven’t been announced. There are also companies like Robinhood that have announced their intention to expand their listing of cryptos in 2022. It’s possible that Safemoon might be listed there too.
Once the gates on V1 close and the resulting burns have taken effect, you’re going to see the price rise as the supply lowers. Eventually, Safemoon will be picked up by institutional investors and be added to basket funds and ETFs among other diversified portfolios. This in addition to the expanding liquidity pool will create a more stable coin price which is another incentive to investors as well as anyone considering using the coin for commerce.
And speaking of the burns... I'm amused that John changed the tax rate to 20% for V1 to encourage people to move over. It wouldn't surprise me if he did that again soon up until the gates close. What happens then... who knows? He may close the gates and let everything behind it burn. He may manually move people over, as he has suggested he has the ability to do that. It's kind of a crapshoot at this point. If he doesn't move everyone over, it's going to be a very generous burn. Even just burning the dust from all the transactions that couldn't be made will be a decent size burn. Things to look forward to...
The second objective was that the V2 platform creates a foundation for practically EVERYTHING that Safemoon is doing. EVERYTHING is connected to V2 and it allows room to expand with new projects that haven’t even been conceived yet. This includes the wallet, the exchange, Safemoon Connect, the blockchain, the wind turbines, the web3 communications platform, commerce, gaming, the Safemoon card, integration into The Gambian Central Bank and financial centers, etc. John and Ryan have both said several times that when looking at projects the first test is the usage case; is there a need for the product and will it be widely used? The second test is does the product help the Safemoon ecosystem? So remember that all of these projects are going to help us burn tokens.
What I’m looking forward to the most is the exchange. This has the potential to be the biggest game changer out of every product in development. The Binance exchange made over $1 billion in profit last year. So did Coinbase. John is on record as saying he wants Safemoon to be one of the biggest players in the crypto/tech market; comparable to Binance or Ethereum. As long as he makes it easy for investors to purchase not only Safemoon, but every other token/coin on the Safemoon exchange, we’re going to be ok. This means adding bank transfers, credit/debit transactions, wire transfers, etc. Hopefully even PayPal. Coinbase offers all of those options. Be like Coinbase.
The V2 contract also changes its 10% tax formula to 4% reflection for holders, 4% for the liquidity pool and 2% for the burn. The original V1 contract had a tax that included 5% reflection for holders, 2.5% liquidity pool and 2.5% burned. This increase to the liquidity pool in V2 affects how much flexible the price will be to large sells. Meaning if there is a giant whale sale, it won’t impact the price nearly as much as it would have (and did) on V1.
Gaming
One of the early goals of Safemoon was to increase the burn of the token through the use of gaming. The general idea was that there would be integration of Safemoon into certain games, most of which would be mobile apps. There were also statements made that Safemoon was going to be creating its own games instead of just integrating with pre-existing ones. These games would allow for in-app purchases and NFTs that you could buy using Safemoon tokens. NFTs would include unique skins, items, etc. This was the main method for which Safemoon would generate money while increasing the burn through gaming. There were even rumors that you would be able to earn Safemoon in-game.
The MoonCraft test server was built on this premise. It was launched on July 10th of this year. It’s still being worked on. It’s still not connected to the Safemoon blockchain, meaning you’re still not earning or spending actual Safemoon within the game. I’ve heard that there’s not a lot of people on there and those that are on there are mostly devs. It’s going to be a small population server. It’s not going to be a situation where three million people will log on to MoonCraft. The capacity for that won’t even exist. On top of which, the current MoonCraft is on the JAVA platform which won’t appeal to a lot of people.
The Safemoon gaming chat server was reorganized in November and December. I’m still reading through it but so far it doesn’t seem like any new games are in development, integration is still on hold, and everyone is still wondering when something will be connected to the blockchain. Integrating into a game would likely be done in a small batch on a separate server, based on what we’ve seen happen with MoonCraft. There would be a testing process for each game/server. It would take time to launch and the use of Safemoon would probably be unique to that specific server as opposed to being a game-wide feature. That likely wouldn’t happen unless the game was built by Safemoon. Building a mobile app from scratch can take anywhere from a few months to a year. That may or may not include testing. Meaning the process could take even longer.
If you’re paying attention to the Safemoon Sundays, John isn’t even talking about gaming at this point. His priority is on all the other Safemoon projects that have the ability to actually develop his ecosystem and affect the world – V2 consolidation, the blockchain, the exchange, wind turbines, web3, commerce, etc. There are only so many resources that Safemoon has available to them right now and gaming is taking a backseat at the moment. In other words, by the time gaming gets up and running, everything else on the V2 blockchain is likely to already be in play and generating burn.
Wash Sales
A wash sale is when you take a security that you experienced a loss with, sell it, and then repurchase it or a “similar security” 30 days before or after the sale. Obviously we can’t claim losses or gains until we sell the security so the idea here is that you can claim a loss on your taxes while still holding on to the security. The IRS has a “Wash Sale Rule” that prevents this with most securities. They want you to sell and REALLY take the loss if you’re going to claim it. In other words, if you buy back the same security 30 days before or after your sell, you can’t claim it as a loss. So no - the Wash Sales Rule does not apply with crypto. You can sell your Safemoon at a loss, immediately buy it back, and still claim it as a loss on your taxes. Biden’s Build Back Better Act will close that loophole. If it passes, this will be the last opportunity to take advantage of it.
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