(DEFI) YAM! YAM! YAM! a scam? | Bitcointalksearch.org

Romeotom

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Quote from: Convery on August 26, 2020, 12:20:04 PM

Yam is going to launch the second version of its platform. Would you trust them? I think they already lose their credibility when they released DeFi platform with full of bugs. Roll Eyes

They snatched investors money long ago and filled the bag. In fact many projects are coming up following the defi naming so you have to choose which is the real and best defi project. Yam has scammed coins and they will never come back because investors will not want to trust there new statement. However now we have to forget about this currency and follow the new good project.

Jonyshake71

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I already lost my trust on defi tokens like yam. Its so bad that happened to investors, the downfall of yam just makes everyone disappointed. afterward, they ridiculously release yam Version, YAMv1 or YAMv2 even YAMv3!! I am not declaring yam as scam directly but a real altcoin can't react as like as yam did, in my opinion.

kaseygriffin

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Quote from: Tahid12 on September 04, 2020, 04:09:35 PM

Its hard to say anything about this defi project yam cause yam 2 is already available on market with huge trade volume. it is unique project of defi, that suddenly drop a large percentage of its price that makes users face lost their fund. Shouldn't continue investment on defi project blindly, from now we meed to be more careful about upcoming defi project.

After a while I saw YAM dead and they created a new version for it, although YAMV2 was listed in many major exchanges and the price was going up every day, but I believe investors have lost confidence in this project and will never dare to risk and invest in them

Tahid12

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#SWGT PRE-SALE IS LIVE

Its hard to say anything about this defi project yam cause yam 2 is already available on market with huge trade volume. it is unique project of defi, that suddenly drop a large percentage of its price that makes users face lost their fund. Shouldn't continue investment on defi project blindly, from now we meed to be more careful about upcoming defi project.

jekanmasin

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Be Positive Always!

That was a risk when you join cryptos. You should know what will happen when the project is in trouble. The price will hit hard to the ground and when this happen better to stay away asap. The token might be has being used as a pump and dump token so anyone that buy at high will stuck with the tokens. Its sad to see honest traders that believe this project will going to burned badly because of this dump.

poodle63

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Quote from: Annamike on August 29, 2020, 01:26:13 PM

It's really a pity that people feel for such scam, and the most funniest part is some are still buying this coin with the intention that it will pump to $100/1 again, have always said this DeFi era is a trap and people should be wise

This crap coin will never back to the its early price again without the help from the developer with its ability to do redomination tot he total supply again. That calls as a crap scheme that the price is not determined caused by the usability but the manipulation to its supply. Some may become a trap but some legits defis are not trap too.

shoreno

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Quote from: joinfree on August 28, 2020, 01:48:15 PM

It was quite a sad thing when YAM looking very promising ended up getting its investors rekt due to the exploit in their smart contract.

exploit ? does it mean they have been hacked ? i thought they were a scam because many people said they are .

verry promising is a hint that a project is likely scam and why would they continue ? you dont need to be sad if your not one of those who invest but its thier lesson because sometimes investors are uncontrollable and are still doing what they think its right for them .

Annamike

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It's really a pity that people feel for such scam, and the most funniest part is some are still buying this coin with the intention that it will pump to $100/1 again, have always said this DeFi era is a trap and people should be wise

South Park

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I am terrible at Fantasy Football!!!

Quote from: ?? on ??

In my opinion, the DeFi concept is good, but the problem is government regulation. The YAM case reminds us that investors still have high expectations of cryptocurrency and I think this is good for the cryptocurrency market climate. But on the other hand, it will also increase investor awareness of new projects that cryptocurrency is an investment with a high level of risk so high vigilance is needed before investing.

Government regulation is not the problem, the nature of this market makes it impossible to regulate the problem is the lack of investing and trading education among the participants of this market, as soon as the price of a coin begins to move up they try to invest in it trying to obtain great profits out of it, and I get that every single person in this market wants to earn money but they do so by taking enormous risks that are not justified and that will eventually lead to their fall.

joinfree

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1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

It was quite a sad thing when YAM looking very promising ended up getting its investors rekt due to the exploit in their smart contract. I think we should all take a good lesson of not jumping right into any defi project but wait to see a third party audit of their smart contract before investing with them. A good example is BZX Protocol, Zap etc.

Tomcolor

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In fact the news was sad for me because i invested in this project. However, it did not come from my idea because i invested in the YAM project on the advice of my friends. In fact, many Daffy projects have some tempting offers, staking, swap something like that where investors like us are naturally attractive. Suddenly their hype system is attracting incomparable so many investors are rushing to invest without research. However the demands of the defi project will be widespread so move away from the scamming project.

ryzaadit

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Quote from: bits4books on August 28, 2020, 10:35:27 AM

-snip-

More like Bitconect 2.0xxx

The main focus on DeFi only offering a stake, reward and something like that's, they have other service like giving some loans but did every people taking some loans on DeFi? I guest not maybe 90% not getting or requested some loans on DeFi.

All people on DeFi just want to get a percentage reward by staking, that's why soon or latter this all people will getting rekt by DeFi.

totoy4741

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Quote from: Gunday_07 on August 13, 2020, 05:51:49 AM

Quote from: cosmofly on August 13, 2020, 05:11:41 AM

This is what often happens in our crypto market. When a new trend is created, there will be quality projects, but besides, there are many scam projects. Oikos is also a form of Defi but Justin Sun has denied being behind Oikos's project. It was a sign of fraud, like YAM. So be careful, every investment needs a thorough analysis. Knowledge and experience are very important in times now. Good luck investing in your next projects.

A sign of fraud? You don't know what happened between Oikos project team and Justin sun, that SUN guy asked oikos team to do IEO on bitfinex and they refused then SUN spread the news on Twitter that oikos is unknown to me, he got angry because the team turned him down

It turned out that Oikos is doing good today. We usually ride on what on the hype or what other may have say against a certain project or thing that we don't have any knowledge with. Fraud/scam are inevitible in crytpo that is why we must make DYOR before putting our money into investments.

bits4books

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Crypto is not a religion but i like it

There is nothing surprising about this. DEFI will be forgotten in a couple of years and it will become the same story as ICO-an unnecessary process with a bunch of scams and an insecure system. I believe that this is really some kind of deception that seeks only to quickly gain a critical mass of money that would then" suddenly and unexpectedly " dissolve leaving a lot of people unhappy.

wiss19

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If there is any bug in the system, then the team should be blamed for not properly doing their work and detecting the bug even before they launched the project. There are some people who just wants to quickly make money out of every opportunity and they can launch projects and be looking for ways to make money with it. They should have checked their project very well and paid expert programmers to do the job and not look for cheap work.

I have seen people who are talking about launching a project when it’s clear that they don’t have enough funds and what it takes to do proper work on the project before launch.

DarkTrix

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Keep - The privacy layer for Ethereum

Now is the time that even dubious projects will grow. Grow fast and fall faster

Zackgeno96

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Quote from: ?? on ??

In my opinion, the DeFi concept is good, but the problem is government regulation. The YAM case reminds us that investors still have high expectations of cryptocurrency and I think this is good for the cryptocurrency market climate. But on the other hand, it will also increase investor awareness of new projects that cryptocurrency is an investment with a high level of risk so high vigilance is needed before investing.

People have now become greedy and wherever they see the word DeFi, they think that it is easy money and they invest, but the problem here is that the developers are also rushing with their projects and due to this rush most of the developers aren't running stress tests on their contracts and due to which the bugs still remain and for a project like YAM which holds millions in cryptocurrencies it is a risky move to have even a single bug in the contract as we have already seen lots of exploits to a smart contract because of an unrecognised bug that the team wasn't able to find.

ice18

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This is not a scam but same thing with ampl with rebase function and farming to earn YAM..I saw this token very early in telegram group and before the bug and first hour of listing in uniswap I bought small amount like worth $50 and before the rebase thing on that day the price skyrocketed up to $135 and I know the rebase will bring the price into target price which is $1 so I sold early before rebase, Its not advisable to buy this kind of token much better to farm it to avoid risk.

Convery

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Yam is going to launch the second version of its platform. Would you trust them? I think they already lose their credibility when they released DeFi platform with full of bugs. Roll Eyes

South Park

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I am terrible at Fantasy Football!!!

Quote from: Lizzylove1 on August 24, 2020, 07:42:05 AM

A lot are happening in this Defi madness hence I have chosen to play low and hold better projects than running and beating the air. I wonder what will happen when Yield finance crashes. A lot of investors lost out o Yam1, they now have Yam2 I hope nothing go wrong with Yam2, it's another crazy year filled with HYIPs.

This is indeed very sad, as soon as I realized that we had a new technology in DeFi I knew that we will see a lot of enthusiasm from the community for those kind of projects but we know that as soon as scammers realized this they will try to begin to scam people and I think that is what we are seeing, and people should calm down because from now on most of projects being released and labeled are just bump and dumps that will bring them no benefits over the long term.

Topic: (DEFI) YAM! YAM! YAM! a scam? (Read 957 times)