💩DeFi scams [history]💩 - page 4.

zasad@

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Buy on Amazon with Crypto

Quote from: MoonIsBlue on August 24, 2020, 07:43:09 AM

Quote from: zasad@ on August 13, 2020, 06:59:14 AM

1. YAM token
https://yam.finance/

https://www.gate.io/trade/yam_usdt

What happened?

The team launched the project without auditing a smart contract
Added PR, hyped social networks and launched token sale
The price has risen to $ 175 per token.
Due to a critical error in the smart contract code, the token price drops to 70 cents.
https://medium.com/@yamfinance/yam-post-rescue-attempt-update-c9c90c05953f
Liquidity is lost on the 1inch and Uniswap exchanges.
Gate.io and Bibox continue to trade a scam

YAM 2.0 is coming, we are waiting for the continuation of the party

2.MEME token
https://bitcointalksearch.org/topic/m.55019734

3. yearn.finance (YFI)
https://bitcointalksearch.org/topic/m.55021873

https://bitcointalksearch.org/topic/m.55024801

Exchanges in this case still provide the necessary liquidity. It can drop to 0.0001 as long as there are buyers and sellers an exchange can make money. What are they supposed to do when you buy something thinking its legit? You're the one who has to make decisions based on the information available. Maybe they fix the contract or fork (idk if thats possible) and people will want to buy.
Sucks what happened, but you cant blame an exchange doing its business which is to match buyers and sellers.

There is such a thing as reputation. If you are trading a scam, your reputation suffers.
If the exchange in the midst of trading closes the input and output of deposits, then this already speaks of price manipulation.
I saw that on gate.io the input and output of tokens was blocked and the rates were significantly inflated relative to the market price. This is not the correct behavior for the exchange. If the exchange is trading a scam, then it should not prevent users from withdrawing funds to other accounts.

MoonIsBlue

full member

Activity: 406

Merit: 111

Quote from: zasad@ on August 13, 2020, 06:59:14 AM

1. YAM token
https://yam.finance/

https://www.gate.io/trade/yam_usdt

What happened?

The team launched the project without auditing a smart contract
Added PR, hyped social networks and launched token sale
The price has risen to $ 175 per token.
Due to a critical error in the smart contract code, the token price drops to 70 cents.
https://medium.com/@yamfinance/yam-post-rescue-attempt-update-c9c90c05953f
Liquidity is lost on the 1inch and Uniswap exchanges.
Gate.io and Bibox continue to trade a scam

YAM 2.0 is coming, we are waiting for the continuation of the party

2.MEME token
https://bitcointalksearch.org/topic/m.55019734

3. yearn.finance (YFI)
https://bitcointalksearch.org/topic/m.55021873

https://bitcointalksearch.org/topic/m.55024801

Exchanges in this case still provide the necessary liquidity. It can drop to 0.0001 as long as there are buyers and sellers an exchange can make money. What are they supposed to do when you buy something thinking its legit? You're the one who has to make decisions based on the information available. Maybe they fix the contract or fork (idk if thats possible) and people will want to buy.
Sucks what happened, but you cant blame an exchange doing its business which is to match buyers and sellers.

hulla

hero member

Activity: 1834

Merit: 566

Quote from: 50 Cent on August 22, 2020, 01:01:13 AM

This is cryptocurrency.
assets that are very volatile and high risk.
in a day, it can increase by 5000%, but it can be -90%. the thing to note is always looking at the profile of the project. dev, roadmap, team, etc. in order to minimize losses. especially to the scam.

The volatility in nature of cryptocurrency is not something new and even all newbies are aware of it. However, the volatility in nature of crypto investment was not the reason why Yam investors lose their investment cause the mistake was from the project team ending, cause the project was not thorough checked before launching it.

Quote from: arufox on August 22, 2020, 10:24:19 AM

Quote from: 50 Cent on August 22, 2020, 01:01:13 AM

This is cryptocurrency.
assets that are very volatile and high risk.
in a day, it can increase by 5000%, but it can be -90%. the thing to note is always looking at the profile of the project. dev, roadmap, team, etc. in order to minimize losses. especially to the scam.

it's less risk if you choose the top coin with a good track record. but it will be so high risk if choose new coin

Maybe but choosing the top coins doesnt guarantee investor will make profit and an example is Dave which invested in Link and lost $12K.

arufox

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Activity: 1119

Merit: 206

Next Generation Web3 Casino

Quote from: kindbtc on August 18, 2020, 02:57:42 PM

So what will happen to the failed YAM holders and investors? I mean will they get refund or will their tokens be swapped to YAM 2.0 automatically when the dev launch it as announced? Can you please confirm this.

We know the answers, they lose if still hold the token, but if have an opportunity to sell it when the price pumped, he lucky.
Do you think the team can refund to all loss investors? No bro but you can go direct to telegram channel if you don't believe it

Quote from: 50 Cent on August 22, 2020, 01:01:13 AM

This is cryptocurrency.
assets that are very volatile and high risk.
in a day, it can increase by 5000%, but it can be -90%. the thing to note is always looking at the profile of the project. dev, roadmap, team, etc. in order to minimize losses. especially to the scam.

it's less risk if you choose the top coin with a good track record. but it will be so high risk if choose new coin

ampu

full member

Activity: 504

Merit: 102

CLEARSIGHT- THE #1 BLOCKCHAIN JOB PLATFORM

The DEFI cryptocurrency market is very weird. It does not depend on the volatility of bitcoin. It is the same way IEO organizing projects did last year. Projects with FOMO populations and IEO values are pushed too high. I find that it is the decentralized exchange that helps DEFI projects get pushed up faster because price orders are being eliminated, only the decision to buy or sell. In such a space, it is easier to manipulate value. It is also thanks to the DEFI cryptocurrencies that have brought cash flow back into the crypto market.

Lizzylove1

member

Activity: 858

Merit: 13

Christ The King

I have now bought the rebase Yam2, I hope this won't have a code error! Trying to support farmers. The way of DEFI is a crazy year, don't advise newbies to invest in all these new projects, it's too risky and carries high level of uncertainty.

TimeTeller

hero member

Activity: 2744

Merit: 588

Would be happy to see if the OP will continuously update the list and the progress of the projects involved.

Quote from: thesmallgod on August 22, 2020, 07:20:09 AM

Defi is the order of the day now. People jumping and overhyping the tokens without even understanding what it is. I am very sure this will bring much awareness to people that might also be talking about investing in Defi. We might as well witness the first series of scam project that will be listed on many exchange platforms that have been touted to not support scam project including coinmarketcap after the takeover by the binance team. I thought the promise not to list scam project.

And another issue here is that these DeFi projects found Uniswap exchange to list their crap tokens so easily.
I won't be surprised if once this DeFi hype is over, this exchange will also struggle to survive.
I am positive that the list will be long in the next coming months.

pikkie

sr. member

Activity: 924

Merit: 256

Quote from: disconnectme on August 22, 2020, 07:29:06 AM

Quote from: JungleOnion on August 21, 2020, 12:10:51 PM

I still don't understand what is sustaining the rise in YFI. I mean seriously how can people be pouring in money to it when there's really nothing other than a concept similar to a masternode on steroids.

I like the way you put it, Masternodes on Steroids, those people buying into it now would regret it because as the reward dry out people would start looking for the next big thing to put their money. Though I have regards for the developer and the transparency in the project but reality has been thrown away and just like any bull market, I just pity any newbie in the market now because most of them lacks the knowledge about how this market works

yes of course they will keep a secret about how the money process works in the developers, so I think beginners should be able to learn more about how to make good and correct investments, so they can avoid projects that are scam like that, it is very difficult to know which is a good project, but at least any effort to find more information about this DeFi project will be a good experience for you.

disconnectme

hero member

Activity: 1876

Merit: 512

Quote from: JungleOnion on August 21, 2020, 12:10:51 PM

I still don't understand what is sustaining the rise in YFI. I mean seriously how can people be pouring in money to it when there's really nothing other than a concept similar to a masternode on steroids.

I like the way you put it, Masternodes on Steroids, those people buying into it now would regret it because as the reward dry out people would start looking for the next big thing to put their money. Though I have regards for the developer and the transparency in the project but reality has been thrown away and just like any bull market, I just pity any newbie in the market now because most of them lacks the knowledge about how this market works

thesmallgod

full member

Activity: 1498

Merit: 129

Defi is the order of the day now. People jumping and overhyping the tokens without even understanding what it is. I am very sure this will bring much awareness to people that might also be talking about investing in Defi. We might as well witness the first series of scam project that will be listed on many exchange platforms that have been touted to not support scam project including coinmarketcap after the takeover by the binance team. I thought the promise not to list scam project.

tvplus006

legendary

Activity: 2268

Merit: 1655

To the Moon

Quote from: hd49728 on August 21, 2020, 08:13:20 AM

It blasted off and the question now is only when it will be bursted? To be honest it is my first time after 4 years in crypto market I have seen a coin or token has its value higher than bitcoin. Years ago, at the all time high, Ethereum did not reach 0.2 BTC for each ETH. What happened with YFI? And what happened with the market capital flow? Does the market have a very fresh capital from newbie investors?

I am sure that time will put everything in its place and the price of Yearn.finance (YFI) will stabilize at a lower level. Just remember that after listing ZEC on Poloniex in October 2016, it was trading at a record price: 1 ZEC = 3299 BTC. And look at the cost of ZEC today, it is equal to 0.00669402 BTC.

LogitechMouse

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Activity: 2576

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Need A Campaign Manager? | Contact Little_Mouse

Quote from: ?? on ??

Quote from: zasad@ on August 18, 2020, 01:33:31 PM

yearn.finance (YFI)
https://ycosystem.info/
https://coinmarketcap.com/currencies/yearn-finance/
https://twitter.com/iearnfinance/status/1285608609565597698
"The token is to manage the platform. If you aren't interested in managing the platform, stay away from the token."

What do you think it is?
The token has grown from $ 35 to $ 10,000.

i dont understand why this token could reach price almost similar with bitcoin, what is the speciallity and feature from it beside its supply . i am worry this alt mega pump trend could be the early stages like 2017 condition to make crypto market crash again. in market now happening mega pump in some new altcoin project, maybe investors thinking this is the best time to speculate while market agree to do this.

Possible reasons of it is the hype of DeFi at this moment and the total supply of it which is around 30,000 YFI only.

I was quite surprised with the emergence of this coin in the top 100 in the CMC and it is also listed on Binance right now. Not interested in DeFi in anyway but this will be a huge warning for those investors who are easily falling to these kind of scams.

cheezcarls

hero member

Activity: 2282

Merit: 659

Looking for gigs

Wherever the trending is, that’s where scammers are targeting as well. They would simply create fake DeFi projects to hype the beginners and newbies to invest in their project and would run away like hell. We should be more careful in dealing with those projects, because they can be faked.

We just simply need to take time researching their team, partnerships, reading the whitepaper and so on. I know that there will be more to come. Like ICOs started way back in 2017, more and more scammers have jumped in and successfully scammed their investors. History would repeat itself with DeFi, as only a handful of them are legitimate and the rest are just complete hype.

Anonylz

hero member

Activity: 2562

Merit: 577

Quote from: ?? on ??

In any good group there will be bad guys in it. In the defi trend, people make a lot of money based on experience in analyzing and finding good projects. Of course there are still a lot of scam projects that we should avoid, such as YAM. So don't equate all projects as the same. Defi is real, only those who take advantage of the trend to cheat are worth condemning.

Yeah same thing happens during the period of ico, many projects where created just to scam investors, the same thing is happening in defi now, many projects are being hurriedly created just to make quick money, the trend is hot right, any defi are selling more than others, defi is taking the spotlight over ieo and ico, i hope will take note and ride the defi hype short term.

Eco_111

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Activity: 210

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The one thing that many investors are doing so wrong is investing on a project with no strong use case, new crypto investors are even the worst ones, they invest in any project they feel like will do better with no real good research, DeFi projects aren't all good, only few of them are

cabron

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Activity: 2800

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https://www.betcoin.ag

Quote from: 50 Cent on August 22, 2020, 01:01:13 AM

This is cryptocurrency.
assets that are very volatile and high risk.
in a day, it can increase by 5000%, but it can be -90%. the thing to note is always looking at the profile of the project. dev, roadmap, team, etc. in order to minimize losses. especially to the scam.

The thing to take note is to wait and wait for any confirmation whether the project could be a scam or not. Because if you immediately dive into a project that will cost $170 each at the very first days of its launch, it could end up the worse scam like this YAM. This isnt going to be the first I'm sure. There were even projects before Defi was evenconceptualized that is now adding Defi as part of the project, I think they'd turn to be a scam soon too.

Rowenta

member

Activity: 196

Merit: 12

Quote from: suryapro on August 21, 2020, 05:39:56 PM

Reasons YFI keeps rising is what I still don't understand, token moon from $31 to $15000 within just few weeks, this is the first time am witnessing this, I just hope is not another version of cryptocurrency scam.

Only those who are too greedy will get burnt easily, I expect investors to take their profits instantly because that's already an insane ROI, imagine someone having just 5 pieces of YFI tokens. What more could one hope for?

50 Cent

full member

Activity: 519

Merit: 197

This is cryptocurrency.
assets that are very volatile and high risk.
in a day, it can increase by 5000%, but it can be -90%. the thing to note is always looking at the profile of the project. dev, roadmap, team, etc. in order to minimize losses. especially to the scam.

kopijos

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Activity: 523

Merit: 11

sometimes amidst DeFI's condition which is experiencing popularity, there are several projects that are scam or fraudulent. yam this is one of the failed projects because obviously it doesn't provide anything and we have to be wary of fake deFI concept projects and it's only detrimental

suryapro

member

Activity: 854

Merit: 10

Reasons YFI keeps rising is what I still don't understand, token moon from $31 to $15000 within just few weeks, this is the first time am witnessing this, I just hope is not another version of cryptocurrency scam.

Topic: 💩DeFi scams [history]💩 - page 4. (Read 1638 times)