Be careful with crypto news (DEFI with Y)!!

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legendary

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Quote from: Galley on September 11, 2020, 08:02:42 AM

How is it that coins that came from nowhere in a short period of time soared in value? How to understand this diversity yourself and understand who is who? For one real DeFi project, there are a dozen fake ones. This kind of worries me very much. Without careful assessment, you cannot follow anyone.

The price went up really high because of the FOMO about DeFi, if the FOMO was not that strong I'm sure the price won't go up until the price beat Bitcoin,
and because this is FOMO, there is a chance that a big dumb will occur at any time and the price will fall very deeply, my advice is to avoid coins or projects like this, choosing a project with good fundamentals is the right choice.

X-ray

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Quote from: hrunya102 on September 12, 2020, 11:21:38 AM

Some of these projects still make money, it is clear that this is not a long-term story, but it is not always an outright scam.

It's not only some but almost all of these projects were scam

This is only an example about how the ycrap projects have scammed the investors https://news.bitcoin.com/defi-project-yfdex-finance-vanishes-with-20m-investors-funds-just-two-days-after-launch/

This story will be the same as ico story of there was no prevention act to prevent this scam y projects to come. There was only a very small percentage for the y project to not be the next scam project.

It's also very difficult to make awareness for people to not throw their money into these scam circle called y family defi.

bobyhodob

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Quote from: rahmathidayat93 on September 12, 2020, 12:06:06 PM

Quote from: hrunya102 on September 12, 2020, 11:21:38 AM

Some of these projects still make money, it is clear that this is not a long-term story, but it is not always an outright scam.

Yes, and in order to avoid a scam that can happen suddenly, we must always monitor it carefully and well while looking for a little profit on the token as well, because taking advantage of the current trend is not a bad thing to do either.

Indeed, it seems that it will be very difficult to do that because human activities do not only monitor exchange places, if you want to invest in a project, you should be able to see the project concept at the beginning they provide a whitepaper that can be read and understood by the public, so that from the white paper given that at least we can find out which projects will be developed and can be a determinant of whether to support the project or not.

rahmathidayat93

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Quote from: hrunya102 on September 12, 2020, 11:21:38 AM

Some of these projects still make money, it is clear that this is not a long-term story, but it is not always an outright scam.

Yes, and in order to avoid a scam that can happen suddenly, we must always monitor it carefully and well while looking for a little profit on the token as well, because taking advantage of the current trend is not a bad thing to do either.

ethereumhunter

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Quote from: TopT3ns on September 11, 2020, 09:21:22 AM

Quote from: ethereumhunter on September 11, 2020, 09:04:41 AM

If you think that Defi with Y project is suspicious and not worth investing, you don't have to invest, and you can search for the other projects. I think that is the best thing you can do if you want to prevent or be afraid if the Y projects are a scam. But to be honest, the Y project takes attention for the investor, and many of them invest in that project. Or you can try to join with other investors in making money from the Y project, but you should get out of the market before the price goes down.

I think the OP just wants to remind other traders not to get trapped because I believe the OP is caught in the trap of a coin with the initial Y and has suffered a lot of losses, trading will always have such risks.

I hope that the OP realizes that trading can not always make a profit, but we can also get losses. Trading is not easy because there are many things that we need to analyze, so if we can not make a profit this day, just believe that we still have the other days to make a profit. As long as we can keep trying to do that, I am sure the chance will come to us, and we will make a big profit again.

deathcode

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Quote from: sangjoewara on September 12, 2020, 11:03:40 AM

Quote from: Kunnu on September 12, 2020, 09:42:22 AM

Scammers are always ready to infect crypto industry now they're taking advantage of DeFi concept but it can be stop if crypto community don't fall in temptation of huge profit in short time and avoid to not involve in these kind of pump and dump projects which has no future at all.

Yes, scammers are constantly trying to make fake projects that are very similar to the real ones so that it is difficult for everyone to distinguish, this is where sometimes everyone has to be smart in looking and further analyzing all projects that use the DeFi system.

once popular, you can see so many new projects that are almost similar and make a campaign on telegram. I am following several telegram groups and now there are many campaigns on behalf of the DeFi project which will bring huge profits. most of them are scammers, and that will hurt a lot of people.

hrunya102

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Some of these projects still make money, it is clear that this is not a long-term story, but it is not always an outright scam.

XCANA

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Quote from: SquirrelJulietGarden on September 11, 2020, 02:40:28 AM

If you find any similarity between DeFi projects and scam projects from the stake - masternode trend, please be cautious with your investment in DeFi group

Define the (scam) DeFi. It is never late to wake up.

No matter what warning given to these quick hustlers in the world of cryptocurrency, they won't listen as this same pattern of event took place in the past. During the year 2017 the ICOs was a Messiah to millions of investors and many made it out while millions were wrecked during the process. #Defi will surely wreck thousands if not millions investors; if care isn't taken by these investors. Noobs investors should be warned.

sangjoewara

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Quote from: Kunnu on September 12, 2020, 09:42:22 AM

Scammers are always ready to infect crypto industry now they're taking advantage of DeFi concept but it can be stop if crypto community don't fall in temptation of huge profit in short time and avoid to not involve in these kind of pump and dump projects which has no future at all.

Yes, scammers are constantly trying to make fake projects that are very similar to the real ones so that it is difficult for everyone to distinguish, this is where sometimes everyone has to be smart in looking and further analyzing all projects that use the DeFi system.

cabron

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Its very alarming already that YFI almost hit the $40K. Quite not fitting already that the yare trying to grab more BTC on their platform while BTC isn't climbing because of these projects. Is there even a team we can check for this project?

Defi though are also being used by real projects to ride the trend. While there will be a bullrun coming because of defi, it could also turn devastating when finally the developers turn greedy.

Kunnu

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Scammers are always ready to infect crypto industry now they're taking advantage of DeFi concept but it can be stop if crypto community don't fall in temptation of huge profit in short time and avoid to not involve in these kind of pump and dump projects which has no future at all.

xOdiumNostrumx

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Crypto devs getting rich on the backs of clueless investors, similar story than in 2017 when every other crypto "enthusiast" created their own project and collected millions via crowdfunding. The difference is that the transparency of this current wave in much bigger, everyone knows that playing around with those Y-yield farming projects is extremely risky, while back in 2017, not may were aware of dangers of ICO investing.

ecnalubma

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This is how serious they are in making money noticed a lot "Defi and Y" in social media and its quiet scary in my opinion because people don't know where these projects coming from and who runs it. We like decentralization but this is a one disadvantage that it can be abused by bad actors that won't miss any chance by going with flow of the new trends.

This is much worst than past scam ICO's that rake money from investors even though the hangover of the past craze still exist. Defi is attracting new batches of fomo's in the crypto space but this wave could be different.

TopT3ns

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Quote from: ethereumhunter on September 11, 2020, 09:04:41 AM

If you think that Defi with Y project is suspicious and not worth investing, you don't have to invest, and you can search for the other projects. I think that is the best thing you can do if you want to prevent or be afraid if the Y projects are a scam. But to be honest, the Y project takes attention for the investor, and many of them invest in that project. Or you can try to join with other investors in making money from the Y project, but you should get out of the market before the price goes down.

I think the OP just wants to remind other traders not to get trapped because I believe the OP is caught in the trap of a coin with the initial Y and has suffered a lot of losses, trading will always have such risks.

ethereumhunter

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If you think that Defi with Y project is suspicious and not worth investing, you don't have to invest, and you can search for the other projects. I think that is the best thing you can do if you want to prevent or be afraid if the Y projects are a scam. But to be honest, the Y project takes attention for the investor, and many of them invest in that project. Or you can try to join with other investors in making money from the Y project, but you should get out of the market before the price goes down.

bayu7adi

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paper money is going away

maybe they see great luck when using the letter Y at the beginning of their project name. LOL. If we look at it from another point of view, the Y token does not only give a negative impression as explained in the post before me.

Trader
They can get their profits faster than they are trading BTC / USD. Of course this is due to the very high hype of the entire crytpcurrency network. After a long time ago the IEO had sunk and the public lost its life-brightening sun. They are looking for a new sun to be used as a medium for making money. And this Y is their choice. So when the hype gets popular, what happens is like this
Yearn Finance Token Jumps 270% in 5 Days - Defi Token YFI Now Worth More Than a Single Bitcoin

zaim7413

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Quote from: Galley on September 11, 2020, 08:02:42 AM

How is it that coins that came from nowhere in a short period of time soared in value? How to understand this diversity yourself and understand who is who? For one real DeFi project, there are a dozen fake ones. This kind of worries me very much. Without careful assessment, you cannot follow anyone.

Yes, but in a case like this everyone can only judge logically, i.e. on a short spike in the value of the token, because it was the original DeFi project, so everything else is what everyone is worried about despite the concept written on the project is DeFi.

Galley

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How is it that coins that came from nowhere in a short period of time soared in value? How to understand this diversity yourself and understand who is who? For one real DeFi project, there are a dozen fake ones. This kind of worries me very much. Without careful assessment, you cannot follow anyone.

djmixen

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For what is the trending now, that will be the number one tool of the scammer to find a victim.
To be honest, scammers are stupid actually, they are wise enough actually. That's why as one of the community
target by them we need to be careful at all cost so that we won't regret in the end.

michellee

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As long as you can take care of yourself from the scamming that can happen to the Y project, you should not worry. People who traded Y tokens should be careful, so they know when they need to leave the market. It is not right if you still trade that tokens if the situation is not good. It is happening for Bast and Sushi before. When the price increase, I see many people buy and sell the tokens, but suddenly, the price is down, and the price now gets a lower price, and I don't think it will have a chance to increase in a short time.

Topic: Be careful with crypto news (DEFI with Y)!! (Read 475 times)