(DEFI) YAM! YAM! YAM! a scam? - page 3.

BChydro

hero member

Activity: 1426

Merit: 506

Quote from: Alert31 on August 22, 2020, 12:23:39 PM

For me, they lack of good marketing strategy and in order to attract investors they need to do pump and dump. Many project use that strategy if they have difficulties in marketing.

This is exactly the type of projects everyone should avoid, the pump and dump shit is what gives the market a bad reputation.

Quote from: target on August 19, 2020, 01:02:04 PM

If it was open source and allowed developers to find bugs and investigate its code, the dumping of YAM might not ever happen. None of us can tell whether the team did it on purpose for early check out but this sure isn't a victimless crime. Money is lost from invetors because they are careless in launching a product. Its a scam and the crooks are going to blame the line of codes to get away with it. Yaaam

It is true that they should have done the testing before releasing the platform, i do not think that the team could identify the flaw and let others to dump the coins.

Quote from: electronicash on August 22, 2020, 01:37:19 PM

there is a Yam v2 right now which is also added to some exchanges and of course uniswap. the price is $14, this is really climbing up fast which from the first it dropped to less than $1.

I was not aware of this development that they sorted their technical issue and released the fix and i thought it will be hard for them to get the hype but if the price already rallied to $14 it is not a small pump.

electronicash

legendary

Activity: 3178

Merit: 1054

there is a Yam v2 right now which is also added to some exchanges and of course uniswap. the price is $14, this is really climbing up fast which from the first it dropped to less than $1. if you have joined to them while the price hit the bottom i guess you already earned a lot right now. its still unsure what this yamv2 if this is already audited, i hope it is or it may happen again and its really going to be this funny if Yamv3 will come up again.

Romeotom

member

Activity: 821

Merit: 20

SOL.BIOKRIPT.COM

The project was bad so they scammed but in that case there is no chance of defi ruining. This year many defi projects have taken place in the minds of investors so it is not necessary to go blind and invest in all defi projects. Before investing in any project, do your own research and see if there is anything suspicious in them, and then leave that project and don't come forward to invest by mistake.

Alert31

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Activity: 1041

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Trident Protocol | Simple «buy-hold-earn» system!

Quote from: Apostlekin$$$ on August 13, 2020, 03:54:38 AM

It looks like a a pump and dump project to me or the team aren't crypto experts to begin with, this kinda mistake says it all, investors need to be more careful around DeFi projects, any project will take advantage of the hype surrounding DeFi project

For me, they lack of good marketing strategy and in order to attract investors they need to do pump and dump. Many project use that strategy if they have difficulties in marketing.

lousie9

sr. member

Activity: 1680

Merit: 263

I don't think the team can muster any new support after the pump happened. as we all know that the YAM project is dead and lucky for those who had taken the quick profits before the pump ended. the project is completely dead and I don't think it will be repeated a second time.

South Park

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Activity: 2884

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Quote from: disconnectme on August 18, 2020, 12:16:01 PM

Quote from: FairUser on August 18, 2020, 11:58:48 AM

Quote from: Gorosden on August 18, 2020, 08:04:39 AM

Hmm, should I call it a complete scam project or a failed experiment? This project has a good start but I don't know what happened that cause the massive dump, I heard about a rumour about max supply or total max supply

Obviously they are a scam project, how prices can crash so fast, very similar to Bitcoinnect. I've seen them collapse the same way, and many investors have lost money investing in it. Obviously there are still a lot of scam projects in this market and everyone should be careful with it

You are being dishonest calling it a scam, this is an open source project and the developers did not have any premined. It is an experiment that failed. I won't blame the developers for this because he said the it is possible their is a bug in it from the get go, but I will blame the greediness of people that think the can ignore all the due diligence and get away with it..

Taking into account what you are saying maybe using the term scam is incorrect in this case, however if we are not going to blame the developers because of a bug in the code then what kind of blame they can take? It was their responsibility to create a code that more than anything was free of errors and they could not do that and even they had the premonition that there were errors in their code from the get go, how is that not their fault? They need to take responsibility for what happened and I really hope that people never forget that these developers failed on their main responsibility and that we as a community never back any of their projects ever again.

target

legendary

Activity: 2282

Merit: 1041

Quote from: Yogee on August 18, 2020, 11:08:29 PM

Quote from: disconnectme on August 18, 2020, 12:16:01 PM

You are being dishonest calling it a scam, this is an open source project ....

Was the code open source when they launched it? If it was, there's a high chance that the bug could have been discovered earlier.

Quote

I won't blame the developers for this because he said the it is possible their is a bug in it from the get go, but I will blame the greediness of people that think the can ignore all the due diligence and get away with it..

Wait what? How could you not blame the developers when they are the ones responsible for all the coding? Codebase aren't born like babies with defects.

If it was open source and allowed developers to find bugs and investigate its code, the dumping of YAM might not ever happen. None of us can tell whether the team did it on purpose for early check out but this sure isn't a victimless crime. Money is lost from invetors because they are careless in launching a product. Its a scam and the crooks are going to blame the line of codes to get away with it. Yaaam!

Yogee

sr. member

Activity: 1554

Merit: 413

Quote from: disconnectme on August 18, 2020, 12:16:01 PM

You are being dishonest calling it a scam, this is an open source project ....

Was the code open source when they launched it? If it was, there's a high chance that the bug could have been discovered earlier.

Quote

I won't blame the developers for this because he said the it is possible their is a bug in it from the get go, but I will blame the greediness of people that think the can ignore all the due diligence and get away with it..

Wait what? How could you not blame the developers when they are the ones responsible for all the coding? Codebase aren't born like babies with defects.

chanc3r

sr. member

Activity: 952

Merit: 253

Quote from: SlimShadyMmp on August 18, 2020, 07:18:25 PM

Launch project without audit and they really expect it to go smoothly I think their mistake is not checking everything first to make sure is up and running before launching with an obvious bug I really feel sad for those that lost their Money But I think is better to do some research and forget hype except on a high note that it has some big exchanges listing That way you can be sure it will be nicely audited

This is a crap defi and there was another defi called curve defi which has been using the scam tokenomic.
I have been hearing so many people have been getting a huge losses caused by this defi and in fact, people must be careful there was another chance for scam defi project to appear again.

SlimShadyMmp

full member

Activity: 1470

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COMBO 2.0

Launch project without audit and they really expect it to go smoothly I think their mistake is not checking everything first to make sure is up and running before launching with an obvious bug I really feel sad for those that lost their Money But I think is better to do some research and forget hype except on a high note that it has some big exchanges listing That way you can be sure it will be nicely audited

disconnectme

hero member

Activity: 1876

Merit: 512

Quote from: FairUser on August 18, 2020, 11:58:48 AM

Quote from: Gorosden on August 18, 2020, 08:04:39 AM

Hmm, should I call it a complete scam project or a failed experiment? This project has a good start but I don't know what happened that cause the massive dump, I heard about a rumour about max supply or total max supply

Obviously they are a scam project, how prices can crash so fast, very similar to Bitcoinnect. I've seen them collapse the same way, and many investors have lost money investing in it. Obviously there are still a lot of scam projects in this market and everyone should be careful with it

You are being dishonest calling it a scam, this is an open source project and the developers did not have any premined. It is an experiment that failed. I won't blame the developers for this because he said the it is possible their is a bug in it from the get go, but I will blame the greediness of people that think the can ignore all the due diligence and get away with it..

FairUser

sr. member

Activity: 1344

Merit: 264

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Quote from: Gorosden on August 18, 2020, 08:04:39 AM

Hmm, should I call it a complete scam project or a failed experiment? This project has a good start but I don't know what happened that cause the massive dump, I heard about a rumour about max supply or total max supply

Obviously they are a scam project, how prices can crash so fast, very similar to Bitcoinnect. I've seen them collapse the same way, and many investors have lost money investing in it. Obviously there are still a lot of scam projects in this market and everyone should be careful with it

Henrytrust

copper member

Activity: 238

Merit: 1

I've always known that Defi hype would bring several new projects who are basically only interested in their pockets. The Yam hype was short live and the losses were highly significant. I do hope that investors learn from this and take extra care before committing funds. The bug must have been fixed by now, but the pump is yet to come.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: el kaka22 on August 14, 2020, 05:53:38 PM

I have always said to people that these DEFI projects will soon turn into scams yet nobody listened to me. You know why it will(actually already did)? Because a lot of people invested into some defi projects and in return some of those defi projects made some people super rich, which all comes down to people seeing defi projects as something you throw money into and make a ton of profit from.

I remember early days of ICO world, people helped fund some of them and made 10x even as much as 100x profits from it, you know what happened? Scammers and people who just want money came out and did a bunch and lost people money. Same is going on with defi, you guys are so dedicated to the word "defi" that people keep saying that so that you give them some money, in return they take your money and do nothing, that is scam.

All of this could be avoided if people were honest with themselves and admitted that they do not know anything about this new DeFi hype and instead of throwing their money and hope that things turn alright they just let this hype to pass and instead invest in coins they truly know like bitcoin, but it is impossible to convince someone that is so greedy and that wants to obtain profits so fast, and that is when the scammers enter the picture and take advantage of those people and disappear with all the money that they have invested in those projects.

Gorosden

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Activity: 518

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$CYBERCASH METAVERSE

Hmm, should I call it a complete scam project or a failed experiment? This project has a good start but I don't know what happened that cause the massive dump, I heard about a rumour about max supply or total max supply

Dessy88

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Activity: 1050

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Vave.com

Quote from: StreakW on August 15, 2020, 05:00:28 AM

Quote from: Dessy88 on August 15, 2020, 04:44:03 AM

Knowledge and experience are very important at the present time. Because with less research you can never consider how long the project will last in the future. Quality projects will never resort to fraud and at this point a lot of good defi projects are coming up where investors prefer to stay first. Losses are those who are buying at a higher price after the start of a project trade, i think it is very possible without research.

Many people know about must do research before investing, but sometimes their mind are not clear because see so many defi's project success. Their mind wants to get rich quickly and makes their knowledge and experience disappear. So don't just research, people should think clearly and don't to affected by new tren situation

A valid argument is that there are some people who think it is possible to get rich from the crypto market very quickly. So they get excited and eager to invest without any research. Some projects lure profits very quickly where people disappear and jump to invest. However some defi projects have been successful so it should not be assumed that all defi projects can give good results.

StreakW

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Quote from: Dessy88 on August 15, 2020, 04:44:03 AM

Knowledge and experience are very important at the present time. Because with less research you can never consider how long the project will last in the future. Quality projects will never resort to fraud and at this point a lot of good defi projects are coming up where investors prefer to stay first. Losses are those who are buying at a higher price after the start of a project trade, i think it is very possible without research.

Many people know about must do research before investing, but sometimes their mind are not clear because see so many defi's project success. Their mind wants to get rich quickly and makes their knowledge and experience disappear. So don't just research, people should think clearly and don't to affected by new tren situation

Dessy88

full member

Activity: 1050

Merit: 100

Vave.com

Knowledge and experience are very important at the present time. Because with less research you can never consider how long the project will last in the future. Quality projects will never resort to fraud and at this point a lot of good defi projects are coming up where investors prefer to stay first. Losses are those who are buying at a higher price after the start of a project trade, i think it is very possible without research.

Icologies

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Activity: 994

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SAPG Pre-Sale Live on Uniswap!

maybe not all defi products are able to pump and generate a lot of profit all need precision and accuracy before investing if this is not done, of course, it will experience big loss, YAM is the example

xOdiumNostrumx

full member

Activity: 1064

Merit: 101

I feel kinda bad for all the poor souls that actually bought YAM tokens at those insanely high prices and not farm them, but hey, that is the pattern, bull is here and with it a ton of naive newcomers and "get rich fast" oldies that did not learn their lesson from 2017 and 2018. But seeing all those well known crypto "influencers" shilling YAM as the next big thing was really disappointing, luring normies into getting rekd.

Topic: (DEFI) YAM! YAM! YAM! a scam? - page 3. (Read 957 times)