Hey you all, happy holidays to you. Here’s me hoping you have had a wonderful, wonderful celebration. I managed to pick up fever, it affected everything but my appetite. Enough of the Christmas banter, let’s get into the reason for clicking.
For some days now, Crypto Mafia has been popping on CoinMarketCap.com. It has “pumped” an outrageous 804 million+ per within the last 7 days.
I first saw Crypto Mafia token on Reddit two days before it started featuring on the coin market cap. The most striking thing about Crypto Mafia is the Icon used. If you know Mario Puzo, you’d find the icon interesting like I did.
This Crypto Mafia review is for you if you are curious like me, a potential investor just getting to know about or you are already a holder (this demography of readers are usually very sensitive. Try to read the review with an open mind).
I desire to make “new” investors understand what they are getting into, so I try to explain crypto coins in a not-so-complicated manner, by breaking down crypto terms in simple English. Before we get into the main review, we need to establish an understanding.
“I’m not a banker or a financial expert, I don’t even consider myself a crypto “expert” (whatever that means). I will not be held responsible for your financial decision. Crypto investments, especially meme coin investments are high-risk, high-reward ventures. This article is just a guide, consider it alternative entertainment.”
With that said, let us get into the review.
Here’s is what CoinMarketCap.com has to say about the token.
“CRYPTOMAFIA is released on the basis of the Binance Smart Chain platform and fully complies with ERC20 standards. The two main focuses of the project are launching our own NFT Marketplace and Wallet. The Crypto Mafia wallet version will be supported on both Android and iOS. The wallet will be highly focused on enabling users to manage their tokens and interact with the ecosystem. The private keys for the wallet will be stored on the user’s device and are secured through Secure Enclave and biometric authentication technology. Users can complete all the normal functions that a wallet provides. They can monitor their balance as well as send and receive tokens. Users can also exchange on through the wallet and use and swap their tokens. The wallet enables users to access decentralized changes so that the holder can easily convert between their tokens. The wallet will be fast, secure and will have a lower transaction fee than its substitutes.”
We find out that Crypto Mafia is a Binance Smart Chain token that claims to have plans to launch an NFT marketplace and a secure wallet. This looks interesting to me. The idea is not new though, as many tokens already have or are planning to launch a similar project. Let’s begin by checking out Crypto Mafia’s website.
Also Read: GamingShiba Review Legit or Scam?
Crypto Mafia’s Website
Like the many token websites out there, Crypto Mafia’s website falls in the average category. It is not the best website and it is not the worst either. I however like the fact is SSL secure, dynamic, and optimized for mobile view. The website description begins with the below.
“Our mission is to “Lift Crypto Mafia to New Heights” by offering investors an innovative, user-friendly, one-stop-shop to find everything they need to not only locate a new token about to launch but to research and make a more educated decision, as to whether or not to invest, utilizing a platform with a decentralized blockchain, to give every person in the world an equal chance to manage and improve their financial security.”
Asides from having plans to launch an NFT marketplace and a wallet. It seems Crypto Mafia’s ‘core’ mission is to create a platform that will make finding new, legit, and safe investment opportunities possible.
Scrolling down, we find out that Crypto Mafia went through a presale. This means that some investors got the token before it was launched.
A brief introduction to the nature of the token was noted by the website saying that
“This will be a special Token that will offer great NFT’s with ETH Rewards 2% and Rebase functionality. Additionally, an NFT Marketplace will be released later down the road.”
Rebase? As an observer of tokens and coins, I know rebase tokens. They are some of the most controversial tokens around and 98% of them are major scams. By employing rebase and reward mechanisms, Crypto Mafia developers seem too eager to attract. It makes the token look like a mongrel.
I like the fact that Crypto Mafia token has its chart embedded on its website. That’s thoughtful of the dev team.
Many use cases were itemized. Let’s do a brief rundown of the Crypto Mafia’s use case.
The Crypto Mafia wallet is focused on allowing users to manage their tokens and interact with the other aspect of Crypto Mafia. The private keys for the wallet are stored on the user’s device and are secured through Secure Enclave and biometric authentication technology. Please be aware that this wallet has not been launched yet. It is a project they are looking to accomplish.
Exclusive CryptoMafia NFT’s
A collection of NFTs that will be completely purchasable with our token is currently being developed, along with an NFT marketplace to accompany it.
NFT Exchange Platform
The Dev team views the emergence of NFTs as a continuation of a progressive shift from centralized to decentralized systems. This framework is now unlocking fresh business models for the creators of digital and physical collectibles. The idea to me is unique to Crypto Mafia because it is the first time I’m seeing an NFT Exchange Platform on a project. If you know a token that has this model, let me know in the comment section.
Rebase Functionality and Eth Reward.
Also, the rebase functionality makes Crypto Mafia an attention magnet and the eth reward system gives it an additional advantage.
I agree that the above points are utilities. I however disagree that being on a binance smart chain is a utility. As suggested by the devs.
For the curious, who do not know what a rebase is? With rebase, tokens charts (the Crypto Mafia chart you probably saw, that made you want to invest), and the percent it has pumped, doesn’t mean anything in the grand scheme of things. The only things that matters are the market capitalization and the total supply of the coin. When the market cap goes down, the chart goes up, when the chart goes up, holders sort of lose money. But when the market cap is up and the total supply of the token increases, the chart goes down.
The value of the token increases. While the rebase mechanism burn investors’ token, reducing the number of tokens in investors’ wallet. The whole of Crypto Mafia is built on this mechanism that confuses investors. I hope I didn’t confuse you the more?
Crypto Mafia’s White paper
Crypto Mafia’s white paper is a carefully designed, 22-page downloadable pdf. The white paper begins with a disclaimer. Which I think is important and timely. Going through all the 22 pages of the white paper will be a little difficult for me, so I have decided to pick out something I consider important. On page 5 of the white paper, with the title what is Crypto Mafia. We find out that allegedly run by a team of 10 crypto enthusiasts. Who met on different platforms and decided to launch their token.
The dev confessed to only wanting to be a token without utility. A.K.A shitcoin initially. But with the giant strides NFTs have made this year, they changed their mind and gave the token utility by adding NFTs to its feature.
Crypto Mafia has a total supply of
Crypto Mafia is a binance smart chain token. With a total supply of 1 quadrillion, for context 1,000,000,000,000,000. There’s a 10% tax on each transaction. Here is how the compulsory 10% tax is distributed (used). 8% from the 10% from tax is used for marketing. Which provides the cash that enables the dev team to promote the token to potential investors. While 2% is used as reflection. For those who do not understand what reflection is. Reflection is simply a reward mechanism to encourage holders of any token to keep holding. This means that, as transactions are being carried out in the Crypto Mafia ecosystem, holders share 2% of every transaction, making them earn passively while holding the token.
Market Cap and Liquidity Pool
According to Poocoin.app, CryptoMafia has a total supply of 3,600,000.
This is a radically different info from Crypto Mafia’s website. I know it is a rebase token, but how has it gotten to that level so fast. I find this to be extremely annoying and a red flag. CryptoMafia’s current market cap is $670,281. For a token that was ‘up’ that million percent to have this pittance of a market cap is laughable.
The liquidity pool is estimated to be $114,887. With 99.7% of the liquidity pool locked in a contract on pinksale. The market cap and liquidity pool doesn’t exactly inspire confidence in the project. It appears that there was a recent mass sell-off of the token, which has brought it to its knees.
Developer Behind CryptoMafia
Developers behind crypto mafia are undoxxed. If you read my articles, you’d know that I do not appreciate undoxxed developers. This to me is always a sign that something is fishy. And these days even, projects have gone beyond just having fixed devs, the expertise of the dev team is also looked at. This token doesn’t offer any of that. This is a big red flag for me.
What Investors are saying about Crypto Mafia
On YouTube, there seem to be some folks calling it a scam. While others think it is not a scam.
On Reddit, the token seems to have been kicked out or has deleted their account, as they are no longer available on the platform.
On Twitter, many investors are complaining about the token, not understanding what the rebase is.
Like I said earlier, this token is a mongrel. It says its focus is on NFTs and rebase. It however also says that its mission is to “Lift Crypto Mafia to New Heights” by offering investors an innovative, user-friendly, one-stop-shop to find everything they need to not only locate a new token about to launch but to research and make a more educated decision.
There seems to be a disconnect between the mission of the token and the reality of the token. Rebase, is the go-to mechanism of scammers in the industry as they steal money through the taxing system. It is not hard to see that this token is all vibes with no realness. It will not be long before it fades away like the many others that have come before it.
If you enjoyed this review, leave a comment and share it with your friends. This review is probably late, but as they say, it is better late than never. Click here to read more reviews I have done.