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So we need to talk about Safemoon.

In case you haven’t heard, Safemoon is a new cryptocurrency that was launched on 8 March 2021 – just a few weeks ago.

And as I am recording this video, Safemoon has a market cap of $2.8 BILLION. That’s more than Lending Club and IMAX combined.

And yes – unfortunately this is a giant Ponzi scheme that is designed to attract young people who have not seen how giant Ponzi schemes work before so I thought I’d talk about it before the inevitable happens.

I am fully aware of the number of "believers" in Safemoon out there with hundreds of thousands of people being "invested" so I know I am going to get a huge amount of hate and dislikes on this video.

But I hope that at least some people who actually want to understand how it works and what the system behind is will find this useful because this is a car crash in the making.

In case you are too young to have witnessed the unfolding of huge ponzi schemes in the past, it's not much fun.

A few people early on in the process will make some money, but the vast majority will then go on to lose a lot more money.

The design of Safemoon is almost literally the dictionary definition of a Ponzi scheme.

You can ONLY earn money from it while new people are joining the bandwagon and thereby increasing the price and quite literally "PAYING" you through the fee distribution system.

There is zero utility to the product - the 10% fee means it serves no purpose other than to be held while waiting for more people to join.

If I help at least one person avoid this game of musical chairs, I'll be happy despite the inevitable amount of negativity I am going to receive.

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