Topic: Be careful with scam copycats of YFI - page 2. (Read 748 times)
So many people will get rekt chasing all new YF tokens, especially on uniswap. Up to 5 surface daily and some run with investor funds. What they learnt to do now is to lock some tokens on uniswap via UNC to build investor trust, with no aims to deliver product, just to sell their tokens. The YFIE and YFIS that OP mentioned belonged to one project, till date they haven't updated website as promised then today they came up with a new token entirely YFIV or so. These rugs keep scamming cryoto investors and investors won't learn their lessons.
Just an advice from me to you, do not invest in new YFI copycats popping up on daily basis due to the huge success of YFI. We all saw the surge with YFI price currently above 22,000$ which surpasses BTC price right now. This is causing a lot of FOMO and scammers are taking advantage to launch their own scam coins (YFI copycats). Examples are YFIE, YFIS which launched even without website or team information, yet people still FOMO to buy. Be careful please, just a peaceful advise.
Everyone needs to be careful, I was shocked to see similar named tokens being purchased in large amounts at uniswap. I do not know if people are actually buying them or they are being scammed by presenting similar looking tokens, this game can turn ugly very quickly i hope authorities will be keeping an eye on the situation and the scammers who are selling fake tokens.Today I saw an article on Publish0x about all YFI forks, here is the link https://www.publish0x.com/paragism/know-all-yfi-forks-xyvdpoz. I was amazed how many of them there is, and when there is so many of them, most of them are probably scams.
Now people should be extra careful with new DeFi projects. Most of them are following hype and wish to take money from people.
I would go with well-known DeFi projects, every new one is huge risk.
Just an advice from me to you, do not invest in new YFI copycats popping up on daily basis due to the huge success of YFI. We all saw the surge with YFI price currently above 22,000$ which surpasses BTC price right now. This is causing a lot of FOMO and scammers are taking advantage to launch their own scam coins (YFI copycats). Examples are YFIE, YFIS which launched even without website or team information, yet people still FOMO to buy. Be careful please, just a peaceful advise.
Everyone needs to be careful, I was shocked to see similar named tokens being purchased in large amounts at uniswap. I do not know if people are actually buying them or they are being scammed by presenting similar looking tokens, this game can turn ugly very quickly i hope authorities will be keeping an eye on the situation and the scammers who are selling fake tokens.
Thank you so much for this. The rate at which this scams keeps coming up each day with new strategies, Its not even encouraging me to invest at all, I love taking risk tho... But it keeps going against my strong heart I wish scams can be totally gotten rid of
I feel like there is no need to be a copycat of YFI, it is not good enough to have its own copycat, let alone an interest towards that itself which is weird enough.
Crypto world is weird, you never know what thousands even tens of thousands of people will show attention towards, I remember like it was yesterday the moment when ICO world got its first billion dollar month, it made no sense to me that people would invest over a billion dollars inside one month into some new coin world where new coins weren't even researched that much and there was dozens of them, look at the market right now and you will not see even 10% of them high, most of them just died down and became nothings yet at the time people invested so heavily into them. All of these will be gone in few years as well I am sure.
Crypto world is weird, you never know what thousands even tens of thousands of people will show attention towards, I remember like it was yesterday the moment when ICO world got its first billion dollar month, it made no sense to me that people would invest over a billion dollars inside one month into some new coin world where new coins weren't even researched that much and there was dozens of them, look at the market right now and you will not see even 10% of them high, most of them just died down and became nothings yet at the time people invested so heavily into them. All of these will be gone in few years as well I am sure.
I hope people can be able to recognise and differentiate the fakes from the original because YFI have really witness a huge success this past few days so I won't be surprise to see many fake and copycat of this project, good thing to warn people about this.
Just an advice from me to you, do not invest in new YFI copycats popping up on daily basis due to the huge success of YFI. We all saw the surge with YFI price currently above 22,000$ which surpasses BTC price right now. This is causing a lot of FOMO and scammers are taking advantage to launch their own scam coins (YFI copycats). Examples are YFIE, YFIS which launched even without website or team information, yet people still FOMO to buy. Be careful please, just a peaceful advise.
Thanks for the heads up, I was surprised when I read about YFI. The major reason why the value increased that much was because of the supply of only 30,000 tokens and the tokens was earned by carrying out task in providing liquidity for other tokens of the project. Most people may get confused about the project name and invest in other similar ones without a use case
And aside from these YFI copycats, is YFI itself really worth to invest? In my opinion, they are just capitalizing also with FOMO as checking their site - https://yearn.finance/earn it says they are still in beta. So what added value are they offering to the community right now why they are very expensive in the first place? So you also need to be careful with this YFI project itself because they have no solid foundation why they are having that kind of price.
YFI is too good to be true) It has been a month and a half since the credit DeFi Protocol Yearn.Finance was launched. During this time, the token price has increased from $34 to 37,000. The new YFII and YFFI clones, which were designed for inattentive users, were not able to repeat the success of Yearn.Finance.
Yak im agree with you we have to becareful with all this hype just like all the trend in 2017 we take all the hype of ico that lot of scam project back then
Now with all the success to YFI and all the family of Y lot of scammer take the advantage and make lot of people lose lot of money
So we have to really know first where we spend our money was
Now with all the success to YFI and all the family of Y lot of scammer take the advantage and make lot of people lose lot of money
So we have to really know first where we spend our money was
Just an advice from me to you, do not invest in new YFI copycats popping up on daily basis due to the huge success of YFI. We all saw the surge with YFI price currently above 22,000$ which surpasses BTC price right now. This is causing a lot of FOMO and scammers are taking advantage to launch their own scam coins (YFI copycats). Examples are YFIE, YFIS which launched even without website or team information, yet people still FOMO to buy. Be careful please, just a peaceful advise.
Lets not forget, on uniswap you can find the exact same token (same name different contract) for a fraction of the current $33k price.
Many people will get swept by greed and buy in, only to find out, it's a fake scam coin
The wild appearance of YFI and how unnature it got to such a high price already put a lot of investor and trader at lost. Now, those YFI copycats come like a wildfire and I already saw a number of people fall for FOMO of them. This YFI coin really brings out a lot of trouble with it and I'm sure the YFI and its copycats are going to be dump soon.
I don't trust this project, it's concepts isn't that great and it's just based on DeFi hype, if you are me I would definitely walk away, good returns for those who buy very cheap but buying now is what you don't want to do, YFI can end up like YAM YAM
Be aware of YFI itself because there is absolutely no reason why it should be that high, I didn't even know there was that much attention towards YFI all together, looking at what is going on with the situation right now, I would be very very careful, it is centralized and there are people who are super rich thanks to this right now, meaning they may want to get out very quickly to have a ton of money and get out.
The price has gone up a ton recently, I don't know why there is absolutely a tear of a big increase in it right now, I would assume that people would show some interest but we are talking about some insane unthinkable amount of increase right now, that is not really believable and because it is so unrealistic I would assume that there must be something wrong.
The price has gone up a ton recently, I don't know why there is absolutely a tear of a big increase in it right now, I would assume that people would show some interest but we are talking about some insane unthinkable amount of increase right now, that is not really believable and because it is so unrealistic I would assume that there must be something wrong.
i check its price and its now 31,871 usd . it means that the coin is still growing till the moment you write 22kusd as its price . id never believe it at first but i witness it with my verry own eyes , damn this was the first coin i guess that surpass the value of btc .
is it ? so much hype happening on the crypto space by this year 2020 but so many bad events happened on the real world .
is it ? so much hype happening on the crypto space by this year 2020 but so many bad events happened on the real world .
hero member
Activity: 2912
Merit: 541
Leading Crypto Sports Betting & Casino Platform
Oh really so the scammers will take advantage of making YFI copycats. What a genius move by scammers lol. Maybe some newbies will fall for this, we should spread this to warn them.
I am sure the scammers will get their way to scam people with their knowledge. People tend to have a will to make a quick profit from the project, and that will be used by the scammers to tempt the people to join with their fake projects. We need to be very careful of this and don't get too deep if we do not yet know much about the project. I am sure that we can decide carefully, especially if we have a bad experience in the past, so that can be the lesson that will make us search for as much data as we can.
Just an advice from me to you, do not invest in new YFI copycats popping up on daily basis due to the huge success of YFI. We all saw the surge with YFI price currently above 22,000$ which surpasses BTC price right now. This is causing a lot of FOMO and scammers are taking advantage to launch their own scam coins (YFI copycats). Examples are YFIE, YFIS which launched even without website or team information, yet people still FOMO to buy. Be careful please, just a peaceful advise.
With the skyrocketing price of YFI, many projects are copied and I agree we need to be careful. If you want to invest in YFI, it's better not to buy copycats because they are prone to pump and dumps.
Investors need to be careful, not just YFI token has copycats now, even some DeFi tokens on uniswap are scam tokens, you need to check tokens smart contract very well and make sure it's the original, some have already fall for this
Just an advice from me to you, do not invest in new YFI copycats popping up on daily basis due to the huge success of YFI. We all saw the surge with YFI price currently above 22,000$ which surpasses BTC price right now. This is causing a lot of FOMO and scammers are taking advantage to launch their own scam coins (YFI copycats). Examples are YFIE, YFIS which launched even without website or team information, yet people still FOMO to buy. Be careful please, just a peaceful advise.
With the skyrocketing price of YFI, many projects are copied and I agree we need to be careful. If you want to invest in YFI, it's better not to buy copycats because they are prone to pump and dumps.
Just an advice from me to you, do not invest in new YFI copycats popping up on daily basis due to the huge success of YFI. We all saw the surge with YFI price currently above 22,000$ which surpasses BTC price right now. This is causing a lot of FOMO and scammers are taking advantage to launch their own scam coins (YFI copycats). Examples are YFIE, YFIS which launched even without website or team information, yet people still FOMO to buy. Be careful please, just a peaceful advise.
Even YFI is not a safe investment presently, before heading into this project just think about if the price start dumping, it will be a huuuge loss, I'd rather find a fresh DeFi project that's still affordable and take the risk instead of investing on a token that's already overpriced. Just an advice from me to you, do not invest in new YFI copycats popping up on daily basis due to the huge success of YFI. We all saw the surge with YFI price currently above 22,000$ which surpasses BTC price right now. This is causing a lot of FOMO and scammers are taking advantage to launch their own scam coins (YFI copycats). Examples are YFIE, YFIS which launched even without website or team information, yet people still FOMO to buy. Be careful please, just a peaceful advise.
I guess its fair to claim - it would be hard to find anyone at this forum who could invest in YFI copycats because of fomo.I mean I've considered a possibility to invest in YFI, but its not worth it anymore - the growth has happened, I can't hop on train that already left.
Jump to: