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 advice but the fact is only those who want to learn will listen, investors don't care much about the risk, whichever ways the profit comes from doesn't bother them much, in 2017 many people made lots of profits from scam ICO projects too 
Topic: Be careful with scam copycats of YFI - page 3. (Read 775 times)
The rate of the copy cat is just outrageous, infact I see so many these days that I can't even remember, traders and investors should be careful and do more research before investing and especially those ones only listed on uniswap, only today I saw two coins exit scam, all posing to be in the y family. Well, in everything you do, try to be unique and there will be lots of copycats all over you.
Don't know why people get so upset in this space when copycatting has been around since crypto was born. Some copycats get so brazen (everyone forgot about how EOS just basically cloned a blockchain and then went on to raise almost a billion dollars in a whole year ICO) but people just blink and forget. Either leave it. Or get over it.
This reminds me about the ICO Boom period back in the day, because you got a load of tokens being pumped for no reason. This is definitely not going to end well for many people.
We also had the "Cloud mining" (Ponzi scheme) thing on this forum, where people actually thought they invested in actual hashing power and it turned out that it too was a scam.
Roger Ver used this naming strategy to use a close name to the original to confuse people into buying the wrong token and this is what we are seeing here with all these Copy cats.
We also had the "Cloud mining" (Ponzi scheme) thing on this forum, where people actually thought they invested in actual hashing power and it turned out that it too was a scam.
Roger Ver used this naming strategy to use a close name to the original to confuse people into buying the wrong token and this is what we are seeing here with all these Copy cats.
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 your prompt warning here I hope greedy investors or newbies will not defy this warnings these copycats YFI projects will surely surface in bounty section in multiples in days ahead while some might be legitimate a lot of them will turn scam, YFI price is too volatile and obviously difficult to trade or hodl it can also dump massively thus inflicting huge losses to investors who bought at peak. copper member
Activity: 2800
Merit: 1179
Leading Crypto Sports Betting & Casino Platform
There are lots of YFI versions already so better to do quick research before anyone go into fomo. I always do some background checking on the project especially if the product is working or not. YFI is really a hidden gem with limited supply like that, there is no suprise that the price already peaked at that level if you also consider the max total and circulating supply. Landing on major exchanges also boosted the way yfi earns.
YFI is a garbage Ponzi coin, You should never trust all its cooynproject and also YFI itself. The value of the coin is pure speculation and hype. They are offering a 95% APR which is crazy and most the traders that buying this coin is just riding there hype. This will dump in an instant once it reach the point that no new buyer entering the market. Keep safe guys and always DYOR.
There are lots of YFI versions already so better to do quick research before anyone go into fomo. I always do some background checking on the project especially if the product is working or not. YFI is really a hidden gem with limited supply like that, there is no suprise that the price already peaked at that level if you also consider the max total and circulating supply. Landing on major exchanges also boosted the way yfi earns.
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.
Yes, you are right, i also often find the same scamer moldy nowadays.YFI (yearn, finance) currently has only two twins bearing the same emblem / logo.
Twin:
Apart from this, it is a YFI copycat coin.
Be careful with scamer on behalf of a fraction of YFI.
Yes, that's right, don't let us be influenced by new coins on behalf of YFI, now we have to be extra careful before investing in newly emerging coins, because in cryptocurrency investing there are a lot of scams like this.
Well, this is the first coin I know to be popular that has a price greater than bitcoin. however, I also discovered this out of the blue, and have been listing heavily in several markets. yeah, but I won't invest in this coin either. some coins in the past that had very high prices suddenly didn't last long. I hope these coins don't have the same story.
legendary
Activity: 3010
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
Actually, this is people's habit when any project got to succeed or famous in the market than other people copycats that project will little changes in name or brand. In the past, this is a no new technique to copycat the successful project. So really appreciate to you informing us.
That's true and then when the hype has gone and people who are still holding these copycat tokens will be dumped. So many times we have experienced the same thing started from the ico bubble, and then bitcoin fork coin bubble, altcoin copy cat bubble and this time defi token bubble. They were all the same. 
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.
And just as expected, this is the usual style of scammers and cyber criminals, they copy the success of other projects and even have a close name to the original so that those unsuspecting victims wouldn't notice it and instead think that it is the same project or a new one and it will also be a success. As for the original, you have to be very careful as well, it has grown so much that there is a big bubble already. FOMO is real and so when this burst, it is going to have a negative impact to altcoin market.
I'm not sure if that is not obvious to see but as you as an investor, we should have to know it.
a lot of ways that scammers and any form of Ponsi Scheme sprung around and it was not new to us, however, still a lot of people send complaints that they have been scammed. I'd don't think that we don't know about scam but because we blinded by those attractive offers, double your money, easy gains, become a millionaire after investing?
Definitely, you'll get caught and fall into a scamming scheme and you just realize it after.
FYI copycat's is a new trick but this kind of scam isn't new that is why we know already if this the same or not. Should we have to invest them? Well, that be your choice.
a lot of ways that scammers and any form of Ponsi Scheme sprung around and it was not new to us, however, still a lot of people send complaints that they have been scammed. I'd don't think that we don't know about scam but because we blinded by those attractive offers, double your money, easy gains, become a millionaire after investing?
Definitely, you'll get caught and fall into a scamming scheme and you just realize it after.
FYI copycat's is a new trick but this kind of scam isn't new that is why we know already if this the same or not. Should we have to invest them? Well, that be your choice.
People have gone crazy, yfi is only pure FOMO, the coin's function is not worthy of being appreciated that much, I have lost my mind with the crypto ecosystem, this is just a pure hope, don't buy yfi at the current price.
This goes beyond warning people not to buy the real YFI. No matter how much you try to say that, some people will still remain headstrong in buying. The best thing at this juncture is to guide them not to go for the the scam coin, because it will lead to a total loss. Scammers are always around coins with hype. You cannot stop them.
It's a normal thing for people to fomo , those that will get burnt will surely be burnt and regret it. It's kind of a new level of wave. The copycat are just here to move away with peoples funds. The perspective that is being given about Cryptocurency Investment is just for profit alone. If people keep focusing on it alone it will take much time for other goals to be achieved. It's what we need to let newbies understand.
Actually, this is people's habit when any project got to succeed or famous in the market than other people copycats that project will little changes in name or brand. In the past, this is a no new technique to copycat the successful project. So really appreciate to you informing us.
These projects are really crazy, they go up fast and even exceed the price of bitcoin. I didn't find anything interesting in their project. Of course this increase makes bad people take advantage of it by making similar projects and claiming to be part of them. Everyone should be careful about it all and also on the recent Defi project
DEFI Hype is like the ICO days when it started every projects even no definite use became successful due to hype. The price of YFI now exceeds BTC and can create more hype into new investors I see the price of it before around 0.5 and considered it already high then its too high now. Those who will still invest should think carefully they might left hang in there since it's all just about being FOMo.
These projects are really crazy, they go up fast and even exceed the price of bitcoin. I didn't find anything interesting in their project. Of course this increase makes bad people take advantage of it by making similar projects and claiming to be part of them. Everyone should be careful about it all and also on the recent Defi project
Thanks for this advise. Even the YFI can't be said to be legit project still because of it rate of profits. I think we should be more careful than during the ICOs days because similar things like this has happened when investors had to loss all their investment. Scammers has already entered into the defi world as we have seen with YAM. Copycats springing out of this digital innovation is inevitable, as such the entire cryptocurrency community should be mindful of their involvement with new defi projects without solid and convince utility.
well as the OP said, now very many tokens have similar names, so if you really want to invest in the original YFI, make sure you visit coinmarketcap and buy via link exchange there
There is this finance movement on new alts that has been coming recently, am I the only one seeing them? The likes of dice_finance, Dex_finance etcetera on coin market cap and they are heavily pump. I hope this is not repeating of 2017 ICO days. Many hands will be burn and they will blame it on bitcoin as usual.
Jump to: