SharkBNB Token Review – The same scam over and over, lies and more lies.
March 18, 2022, 9:13 a.m.
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This token review is about the sharkbnb token. First lets start with the core issues about shark bnb that bother me.
There is no innovation, they use the same open source code like 99% of the newly created tokens with slight modifications. And they call that "Enginering" on their web. The scam schema is the same as always, fancy words.
A sharkbnb token, a killer tax on buy and sell
This is a fact that you should not be happy about, because every time there is a transaction developers get part of your money in different ways under different names .. marketing fund, dev fund etc.
Ok, let’s proceed to analyze their web page and see the way they use fancy words in order to take your money.
Deception claim Number 1 Sharkbnb:
As per their web page:
“SharkBNB is a new token on the Binance Smart Chain, which will allows all holder’s to receive permanent passive earnings paid in $BUSD. That’s GREAT Rewards for Holding $SHARK token.”
“All holders receive permanent passive earnings in $BUSD – The use of the word Permanent here is a lie, because for you to receive payments in BUSD they must be transactions in SharkBNB, what if they are no transactions(nobody buying), where is your permanent passive earnings? Answer no permanent earnings.
And to add something important reflections are cool, but you pay before hand for them, so in reality you dont need them, they are used as a scam tool. Example: What if I get overall 2% in reflections per month but the token value has fallen 50% and there is an 12% buy tax and 13% exit tax? Do the math the results are an horror!
More Deception claims Sharkbnb:
“There is a small tax on buy / sell to fund busd” they say. Lets quantify this small tax. Actually 12% for buying and selling, this is a killer not a small tax, imagine buying 100 worth of usd you pay 12% to enter and 13% to exit. If the sharkbnb price is the same how much you lost? 23,5 USD! Or 23.5%. For comparison Binance comissions are 0.1%. Tell me is that not a scam?
MORE sharkbnb LIES:
REFLECTIONS are automatic
For the first time they say, well all new tokens have the same feature, no need to lie that this is for the first time.
SUSTAINABLE REWARD POOL
They claim to have a reward pool. But also claim that users get 7% of transaction rewards in Busd. So someone is lying, how this reward pool gets filled, from where?
LIQUIDITY POOL BUILDER
Ugly lie, they say: “increased liquidity means an increase in price stability and makes it that much easier for holders to convert $SharkBNB to cash” , really?
Here they are two lies:
Increasing the liquidity it is a good thing, but can not be looked separately in the context of high probability of dev dumping tokens. Devs usually have big % of the tokens so incrasing the liquidity with 2% from every transaction has a marginal effect on price stability.
Converting a token to cash in the context of decentralized exchanges is always easy and one click away as long as there is liquidity(bnb). In other words you can convert or not, no middle point.
This makes me literally laugh and it is used by many scammers. So to prevent big sales a restriction is introduced 1.5 billion tokens per address in 24 hours. Is that an effective anti whale mechanism? Of course not , it takes 2 minutes to create a new bnb/ethereum address and transfer tokens to it and then sell and repeat. And if the process is automated it takes milliseconds. It is a pointless/scam mechanism.
Conclusion: Because they use many lies and fancy words and because of the high buy/sell taxes I consider $SHARKBNB token is a scam. You should not buy it if you have minimum respect for your money.
Listed on coinmarket cap and goingecko, you need a wallet like metamask to make purchases.