Safemoon won't die because John Baloney won't let it. After the being hacked for 10% of their market cap, Baloney threatens to raise their 10% buy/sell fee and 2% transfer fee. For his next trick, Baloney and team file a patent for their new discovery of

As always, Twitter is the source for all the sauce of the internet. Twitter user foobar took a jab at Safemoon comparing the new policy by the government. In the scheme, essentially on the surface customers with better credit scores are given worse loan terms in an effort to subsidize the higher risk borrowers. It's sort of incentivizing bad risk management but it can get very nuanced, and that's a whole other rabbit hole. Probably DYOR as that's besides the point of the post.

Foobar was making a comparison between the the high 'taxes' paid by those with good credit and Safemoon's 'taxes' or rather fees.

Safemoon has a:

1. 100% transfer tax of V1 tokens(yes, it's as bad as it sounds. If you make a transfer, you lose all your tokens)
2. 10% Buy/Sell Fee.
3. 2% Transfer Fee.

https://preview.redd.it/epummeqfdjva1.png?1284&format=png&auto=webp&s=103dee1d0a7602cf3b52d65d23ef4edd12647fa8

In response to the tweet, John Baloney made a comment of a threat to raise the fees even higher. foobar then rightfully stated the current position of Safemoon and comment on Baloney's arrogance. As an update for the unititiated, Safemoon was exploited for 8.9B. Some call it an inside job as the exploit was a pretty basic one generally. Safemoon managed to 'recover' the funds and paid the 'hacker' 20% of the funds keeping 80%. Not enough to humble Baloney however.

Baloney and team have also recently filed a patent. What about? Well they have made the discovery of seed phrases! Finally! You see Safemoon Orbital Shield(no one really knows what that is) uses username and passwords for login to the Wallet. (Don't ask, know one knows why). They've come along to seed phrases now, but in the worst possible way. Here's a little visual.

​

https://preview.redd.it/ma5vrxcdgjva1.png?828&format=png&auto=webp&s=f409cbf9ad3df4fbd7f18a0d5cb52a59751dabb7

The patent application states:

"the virtual private key is used to generate a valid sequence of 24 words selected from a list of 2048 words and the factory generates a separate public key that is associated with the virtual private key"

The patent itself is pretty long and vague and definitely not worth the read and as I read though it myself but how it works is this.

Safemoon will NOT give up on email/password.

The email and password is what is fed to the credential generator which then generates 'virtual' private key. This key can be regenerated on user request and is stored on the user device "secure" database. Here are some major issues:

1. You still need and can use username and password to generate and regenerate the private key, which is not really permanent and can be erased which also defeats the purpose a permanent private key.
2. A non-permanent private key also very much defeats the purpose of a seed phrase as you can end up recovering an...empty wallet.
3. The private key is also stored on Safemoon's server, but this also defeats the purpose of a private key since it is no longer private. And now we have to trust Safemoon's security.
4. The fourth issue is with the patent. None of this is novel. Actually it's mostly quite standard. Actually, I do suppose than Safemoon making the typical system less secure is an innovation. Not a good one, but an innovation nevertheless.

TLDR: John Baloney continues doing baloney. Safemoon new patent application is nothing but a another ploy to distract investors as it simply uses current industry standards(that it failed to use in the first place) but also uses them in the worst ways possibly still needing username/password, a seed phrase that isn't a seed phrase because it can be changed, and storing your private key on their server, which makes it not very private at all.