How Safe Is SafeMoon — The DeFi Token described as “Crypto’s Newest Ponzi”
An Investment Opportunity or a Scam?
As long as money has existed, there have existed get-rich-quick schemes too. Victims are lured with promises of easy riches within double-quick time, and often with minimal or zero risk.
Sadly, such schemes are usually little more than scams that prey upon vulnerability and innate human greed. Representing as it does the technological evolution of money, cryptocurrency has seen more than its share of such scams.
Besides criminal activity, the credibility and trust placed in legitimate and well-established cryptocurrencies like Bitcoin and Ethereum is undermined further by many of the Alt-Coins and so-called Meme-Coins that continue to emerge. While some of these have a genuine potential role in making decentralised finance (DeFi) a reality, most amount to little more than modern-day get-rich-quick schemes for their founders and a few lucky investors.
When crypto-skeptics hear of recent phenomena such as DogeCoin (a Meme Coin that was originally started as a joke) having climbed in value by 6500% in 2021, mostly fuelled by tweets and bluster from people like Elon Musk, it reaffirms their belief that crypto as a whole is just a bubble or worse, a scam.
