(DEFI) YAM! YAM! YAM! a scam? - page 4.

Yogee

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Quote from: Francis Freeman on August 14, 2020, 08:20:24 PM

I think the YAM mistake which happened during the rebase was not a scam but a honest mistake that happened while coding.

Just strengthens my belief about Defi though.

Honest mistake or not, it's a fact they didn't check it well before launching. Like what I said in my initial post, it appears they rushed it to ride the DEFI hype train and collect money.

What's your belief on DEFI?

Francis Freeman

hero member

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Sovryn - Brings DeFi to Bitcoin

I think the YAM mistake which happened during the rebase was not a scam but a honest mistake that happened while coding.

Just strengthens my belief about Defi though.

shollyen

jr. member

Activity: 344

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Quote from: el kaka22 on August 14, 2020, 04:53:38 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.

This is nothing but the truth and it is what we see being displayed already. However, we should not for that reason write-off or condemn all Defi projects. I irrespective of the outcome of some of those in this line, there can still be an outstanding project that will truly provide an orace that mhas multi function and can be integrated on so many platforms. That is, a true working product.

el kaka22

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www.Crypto.Games: Multiple coins, multiple games

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.

Oilacris

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Activity: 2996

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Quote from: South Park on August 14, 2020, 10:47:36 AM

Quote from: Iyanu14 on August 13, 2020, 01:15:35 AM

Honestly I'm not really surprised about this. I know the pumping of DeDi projects prices recently will definitely attract lots of scam projects too, that's why we need to be conscious of the type we will put our investment in. Have been able able to identity couples of these scam defi projects and I'm still doing that. We can't be too careful when it comes to investment, don't be totally carried away with the many hypes on DeFis.

As soon as I saw that we had a new abbreviation in DeFi I knew that scammers will try to take advantage of that because if we are honest most people invest in things they do not really understand, I have no doubt that there are honest projects out there but we know that for the most part they are scams or bad projects and when something begins to be hyped that proportion is even bigger so I will not be surprised if this market collapses even faster than the market of icos as people have not forgot what happened with them.

Fate would really be still the same on what happened with ICO,IEO and other kind of gimmicks out there just to raise or launched up their shitty project.Im not generalizing as a whole

but we had seen enough on how things works and how these things being used by scammers.There would be always those people who would really take advantage no matter what kind

of trend we are in.No matter what they do call or no matter how a new trend will pop out yet the scheme would really be just the same.Isnt this still surprising for those people who had been
on this market for too long? Its definitely NO!.

Fesatmas

sr. member

Activity: 2268

Merit: 275

Quote from: ubay on August 14, 2020, 10:50:43 AM

Many coins, whether it's DeFi or others, when they first enter the exchange their value is so large, but over time it will decrease and even touch the $0 mark.

I think it is commonplace, maybe there are some whales who pump the coins to keep going up, then after they get the target they want, the whales will sell all of their coins without leaving a single bit in their bag.

That's a project that is made for hype when people buy and hoarders will waste a lot so that the liquidity in the market becomes small, therefore many projects like this happen and in the end their products die no longer so that projects like this are very dear.

disconnectme

hero member

Activity: 1876

Merit: 512

IMO with the community support the project has already gotten this project is likely to come back and I would be looking to buy some provided the update from the team is encouraging plus the if the code is well audit. This project show that decentralisation is still real provided the distribution is fair

abdulodoi

member

Activity: 91

Merit: 35

Why did YAM not get their audit done properly by a third party. It's quite unfortunately what's happening to them right. A friend of mine lost fortune investing in YAM.

ubay

full member

Activity: 728

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Many coins, whether it's DeFi or others, when they first enter the exchange their value is so large, but over time it will decrease and even touch the $0 mark.

I think it is commonplace, maybe there are some whales who pump the coins to keep going up, then after they get the target they want, the whales will sell all of their coins without leaving a single bit in their bag.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: Iyanu14 on August 13, 2020, 01:15:35 AM

Honestly I'm not really surprised about this. I know the pumping of DeDi projects prices recently will definitely attract lots of scam projects too, that's why we need to be conscious of the type we will put our investment in. Have been able able to identity couples of these scam defi projects and I'm still doing that. We can't be too careful when it comes to investment, don't be totally carried away with the many hypes on DeFis.

As soon as I saw that we had a new abbreviation in DeFi I knew that scammers will try to take advantage of that because if we are honest most people invest in things they do not really understand, I have no doubt that there are honest projects out there but we know that for the most part they are scams or bad projects and when something begins to be hyped that proportion is even bigger so I will not be surprised if this market collapses even faster than the market of icos as people have not forgot what happened with them.

StreakW

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Quote from: nomenclatur on August 14, 2020, 09:01:44 AM

YAM project is not scam possible the development team will fix the bug for prices indeed project Defi hype many whales are making investments to obtain a quick profit if they've gotten their big profit of the whales would leave the project automatically the price will drop dramatically.

I'm not sure people think as you thinking, a lot of people are saying this project is a scam, and based on the price chart I think this project will going to be zero. Defi projects becomes popular and many people are blind about investment, if they see defi they will invest in it. I hope this project gives a lesson to people about vigilance

SyndicateLabs

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Quote from: @baoli on August 13, 2020, 02:10:56 PM

This is the scare in this space. One really have to be careful where one puts his/her money. Imagine buying 500$ worth Yam, you would have 2.8$ at current price. Please, be careful out there.

And now it's only $ 0.5, if someone invested in YAM yesterday they would have lost more than 50 times now. Assuming they invested in it with a 5000 $ budget they now have 100 $ left, which is too crazy for everyone.

nomenclatur

sr. member

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YAM project is not scam possible the development team will fix the bug for prices indeed project Defi hype many whales are making investments to obtain a quick profit if they've gotten their big profit of the whales would leave the project automatically the price will drop dramatically.

EdenHazard

legendary

Activity: 2674

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Quote from: Princejebs on August 13, 2020, 01:02:22 AM

24hr high $167 and 24hr low is $11, this is ridiculous and painful on the ass. The hype will continue, the gullible and Sheepy investors will always want to follow the trend for quick rich. DEFI cycle will soon comes to an end and there are losers during market bull cycle.

Quote

We need YAM farmers to act now.
If we are successful, YAM holders will very likely vote to reward those voters who help save the protocol.

Huh! What do you expect, that's what every bag holders do. They always justify shitty things with a blind eye.

Pain in the ass what?

It's below 1 dollar now and that's a hell of deep grave for those who put the money on top , it's irrevocable period.
Calling all the speculators who want to wasting money on this , putting $1000 could give you $100,000 if they successfully make a comeback to their ATH which again it's a mission impossible.
Do it with blind eye if you have those spare money of $1k dawg.

joshua123

full member

Activity: 527

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Quote from: Annamike on August 13, 2020, 01:49:23 PM

I don't think that coin can ever pump up to that rate again, even if it wasn't a scam in the first place but I wonder why people never noticed that the rate at which that coin pumped is over suspicious. Am glad I listened to my inner thought inrespect to this coin

People or even tech people got rekt with this. Cause they are expecting on the proposal of yam which happened to be miscalculated and turn out bad in the end. People who actually joined knowing the idea of yam are not stupid cause if its indeed a success the price could ended up 10x more than its ATH. But sadly the developer admit some mistake due to result endung up dump. Some noobs joins and buy this without even understanding its concept.

wack slacker

full member

Activity: 966

Merit: 102

Between a market where rubbish and gold are mixed, we should exercise vigilance about engaging in trend investment. I have confidence in older projects because their community has been built continuously. The project team is really serious and I can get them for the best price above all. We have so many projects right now and I regret that they are listed on Uniswap. Obviously, Uniswap is a casino, I have seen tokens rise in price and fall in price rapidly.

Yogee

sr. member

Activity: 1554

Merit: 413

Quote from: DoubleEdgeEX on August 13, 2020, 01:42:37 AM

Not a scam, but again a DeFi project overhyped to an unreal extend - https://cointelegraph.com/news/down-to-the-wire-yam-finance-saved-at-the-last-minute

Aye. Guys who were balls deep managed to salvage their much beloved YAM from the brink of death. I still doubt there will be new investors coming in soon. It's going to take time before trust will be restored so let's see what the future holds for this project.

Quote from: Jating on August 13, 2020, 04:30:04 AM

Is there such thing as an independent and third party to audit the code though? Pardon my ignorance.
.....

There are many actually. Someone already mentioned Quantstamp and you can see more here https://www.smartcontractaudits.com/audit-providers/companies/1 Please note that I neither vouch nor recommend any of the companies on the list.

BeginToMine

full member

Activity: 434

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https://www.payaccept.net/

It's really pathetic what this coin did to investors today as many invested and it fail from 100$ to nothing. I always tell people to watch some Defi before investing. It's really sad it hut on many today as the dump was something else. Reason why it's really not good for one to out his or her eggs in one basket.

Becky666

full member

Activity: 756

Merit: 231

Careful mate, DeFi projects are already going down highway, please trend with your funds carefully. It happened back in 2017 and about to repeat itself 2020, don't always embrace projects with the name DeFi because scammers have already be involved. Do more of your own research into any digital currency project before make your hard earned money available for investment. At the movement, I don't trust the name DeFi again because I was taught a bigger lesson in the June 2020.

suzanne5223

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Quote from: disconnectme on August 13, 2020, 03:14:20 PM

I think it is wrong to call Yam a scam, from the start we know it is an experiment and not the fault of the developers that some people were stupid enough to commit that huge amount of funds to it. When you are chasing the next big thing in the space without due diligence, hope people will learn a lesson

I also believed is wrong to called the project scam but the fault is still from the developer ending because the project codebase wasn’t audited and proper nurture and majority of investors novice to this kind of things. However, the YAM team should have limited or exclude the public.
Therefore, the investors are not stupid to invested huge fund in the project.

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