Be careful with scam copycats of YFI - page 5.

Twinkledoe

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Quote from: wmaurik on August 29, 2020, 04:52:30 PM

No wonder the copycats trend is because like in the past, when bitcoin bull run in 2017, there were a lot of projects using Bitcoin name and now it's happening at YFI, if you want to invest in projects that are indicated as copycats, you have to be a little vigilant and never be greedy when copycats project goes up because you can be caught in a trap

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.

wmaurik

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No wonder the copycats trend is because like in the past, when bitcoin bull run in 2017, there were a lot of projects using Bitcoin name and now it's happening at YFI, if you want to invest in projects that are indicated as copycats, you have to be a little vigilant and never be greedy when copycats project goes up because you can be caught in a trap

FontSeli

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Quote from: cryptolordd on August 29, 2020, 08:44:44 AM

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.

These tokens are scams and it is not difficult to understand an experienced investor and a person who has been investing in various projects for a long time. Your advice concerns more newcomers who have now came the crypto market amid the huge growth of DeFi projects. Perhaps you should write something on this topic in the section for beginners.

Shallow

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Quote from: cryptolordd on August 29, 2020, 08:44:44 AM

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.

As someone who hardly pays attention to fomo I do not care about some of these projects, however i believe you did the right thing by bringing it to the attention of everyone. People will not learn, people will not learn to be contented, people will not learn on how to carry out their research to make sure their investments in any project is legit. Scammers always takes advantage of every given opportunity the crypto space presents, hence the reason they see it fit to create those tokens such that the hype already generated by the legit cryptocurrency will spread to those new(fake) ones created.

pathapoddo

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Thanks for your notice before anyone falls on those scam projects. I would suggest everybody before you invest on any project, please do a briefer research on that project and know A to Z about them. It will help you to stay away from the scam projects. If you can't research on your own take the communities help. Post about that project here on the forum. Many good guys are available to help you and stop you from falling in a scam project.

Ryker1

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Well, they are now in the hype, the price hike upward and it seems it will beat the dominance of bitcoin. ^{[ https://coinmarketcap.com/currencies/yearn-finance/ ]}.
This is normal to the project especially if the team is active to manipulate on it. That was very obvious the price was manipulated and they pumped this too much in the market. Upon searching, I found out that there are 3 the same name of YFI, perhaps this was you meant that there is too many name copycat by others. I hope investors will do always research before they will put their money. Thank you for the advice, but in my self, I won't take this as my investment.

batang_bitcoin

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In times that when a project rises, the scammers will use that opportunity to get some victims and make money for themselves. Thank you for the reminder! YFI is rising and its price is very encouraging for investors to buy and that's the reason why there are plenty of new projects that are also attaching themselves to it. And also, it's not just for YFI but for other projects too. Always be careful in investing due to FOMO that the market is giving, it's always good to test the waters.

tvplus006

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Scammers will always find a way to deceive a trusting investor. There is nothing easier than to create a new token, call it DeFi, and place it on Uniswap yourself. Now we need a bit of hype around this coin and we will see 1000% unsecured growth.

TheMystic

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Alot already springing out as a clone or fork or in partner with yfi. Just like the poster had said, one have to watch out carefully.. But only yfi copycats, but so many copycats of defi projects, they are all out to scam gullible ones, watch carefully, do your own research on projects and its team, before you invest. Let's protect our fiat will all we can. Crypto is risky, so risk carefully.

lepbagong

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indeed we cannot avoid this kind of thing in order to benefit ourselves by not understanding what happens to it. because with a fantastic value of course all feel interested and ultimately do not realize that they can be careful so that fraud does not occur.

hopefully what you inform can make other colleagues more able to protect themselves for increasingly sophisticated fraud like this. thank you for the constructive information and so that everyone can not be deceived.

Ashes4Beauty

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Many people just want to amass wealth easily without been very careful or watching the redflags. Thank you for the heads-up, we can only hope newbies especially do not fall prey of such scams.

key4co.in

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I pity those who will end up getting trapped with some of these YFI copycats like you (OP) mentioned. I saw one YFIII and the likes, they just want to start a new trend of hype with these coins, seeing the success of the originator YFI. DEFI craze is real lol.

minairia3

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Thanks for the warning this inevitable since yfi price is really amazing and we can see how the pump really make its price goes up. I know that the trend of this coin is amazing but we can see a lot of copycat like yfii, yfl, and yfv follows their path but of course dyor is the best advice trader should do.

Like yfii is already become a legit one and being traded now on major exchanges. But the next after that is not worth it anymore.

cryptolordd

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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.

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