Define the (scam) DeFi. - page 3. | Bitcointalksearch.org

danherbias07

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Long list.
So it is real. They are just like ICO's before.
This is a big hit for them. It won't take long before investors starts to get bored about them. Grin

Quote from: chikator on September 11, 2020, 03:59:44 PM

This is just me and im probably wrong but i find this safer, i tend to stay away from projects who switched to Defi midway. The projects who started not as defi but then changed, i think these guys are just riding the hype.

For obvious reasons. Yes.
A good project will stay on his line and not just because there is a hype on the other side.

Malam90

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Quote from: mu_enrico on September 08, 2020, 04:18:57 AM

Binance or other exchanges only care about their profit, so their behavior isn't strange at all. Users probably have to be more rational about this DeFi hype, mainly about locking tokens to get more tokens. It's like PoS coin hype in the past. It should be obvious, but I don't understand why the market seems to think this is something new.

The project may or may not legit, but they are significantly overvalued IMO.

Right, exchanges only care about their profits. They don't care about new trends DeFi 's negative aspects coming soon. As a investor, i have to be careful about the scenario that can happen. We have past experience and it is little warning before DeFi crash. Every overvalued DeFi project will blast soon.

JeffBrad12

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Quote from: hongchao123 on September 08, 2020, 05:59:30 AM

Defi is a scam/bubble by design. Nothing can grow to +5000% naturaly even in crypto

If such grow has already happene due to the product that has already created and im still feeling finew about that but the problem was the defi was selling gimmick to the investors about APY for the investors to be able to farm more tokens and get a very very nonsense ROI. I would not say +5000% grow doesn't make sense but we should take a look at the reality from the Yfamily coins about how big it can grow even in a few days to reach +5000%.

Anything is not impossible in the crypto as long as it was getting hyped to make people and investors will blindly buy the tokens.

This is what we have called that as a bubble.

SquirrelJulietGarden

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Quote from: CucakRowo on September 11, 2020, 01:38:39 PM

Sorry for your loss. Well, after YFI price broke btc price, most ppl began to invest in yield farm coin. Most of them HOPING, that this new coin price can -at least- reach YFI price. But hope is just hope, finally most investors fall into projects that don't have a clear roadmap. Always DYOR before investing for long term and only use money yu can afford to lose. Still i believe, that DEFI projects (and its development) will have good prospects in future.

Hoping or not. They have to look at total supply of the tokens they want to invest and hope its price will be high. The higher total supply, the lower price will be. With same total supply, the later born DeFi tokens will have lower price.

Quote from: Harriti on September 11, 2020, 02:08:15 PM

I have never participated in masternode programs or farming campaigns at the moment. masternode projects are considered MLM and most of them are scams, we cannot trust them.
Right now we have a farming trend and it's really risky. Do I remember the interest rate for 1 year for the pair of SUSHI / ETH in Uniswap up to over 2300% in 1 year. That is too absurd interest rates and it is possible that this farm trend will collapse faster than the MLM trend in 2017. so be careful when speculating on these types of projects.

It is not true to call masternode projects are MLM but I agree that most of them are scam projects. If you dig deep enough, you can see similarity between masternode projects and DeFi projects. The bad thing is DeFi projects look more attractive and more revolutionized technology for crypto world. People are more easily to accept scam DeFi.

chikator

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The Fourth Generation of Blockchain in DeFi

This is just me and im probably wrong but i find this safer, i tend to stay away from projects who switched to Defi midway. The projects who started not as defi but then changed, i think these guys are just riding the hype.

Harriti

sr. member

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HEX: Longer pays better

I have never participated in masternode programs or farming campaigns at the moment. masternode projects are considered MLM and most of them are scams, we cannot trust them.
Right now we have a farming trend and it's really risky. Do I remember the interest rate for 1 year for the pair of SUSHI / ETH in Uniswap up to over 2300% in 1 year. That is too absurd interest rates and it is possible that this farm trend will collapse faster than the MLM trend in 2017. so be careful when speculating on these types of projects.

CucakRowo

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aka JAGEND.

Quote from: Mahdirakib on September 08, 2020, 05:40:02 AM

People should search and investigate about a successful DeFi project before investing in it.

Sorry for your loss. Well, after YFI price broke btc price, most ppl began to invest in yield farm coin. Most of them HOPING, that this new coin price can -at least- reach YFI price. But hope is just hope, finally most investors fall into projects that don't have a clear roadmap. Always DYOR before investing for long term and only use money yu can afford to lose. Still i believe, that DEFI projects (and its development) will have good prospects in future.

SquirrelJulietGarden

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Quote from: hongchao123 on September 08, 2020, 05:59:30 AM

Defi is a scam/bubble by design. Nothing can grow to +5000% naturaly even in crypto

They will be back with bounces but scam is scam and scam projects will end with 0 value. Dead projects have 0 value on market. If you hold scam token for long you will no longer be able to sell it on market. No one buy token of dead project.

hongchao123

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Defi is a scam/bubble by design. Nothing can grow to +5000% naturaly even in crypto

Twinkledoe

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Quote from: target on September 05, 2020, 12:45:19 PM

Nothing is wrong in naming which of them are defi scams. You could pick one and tell us why its a scam to make it clear of us who reads it why it can be considered a scam.
So far the only explanation I found why a Defi project was a scam is because the teams not publicly known. It could actually be legit even if they are anonymous but are added on big exchanges like binance and OKEX. I'm certain these exchanges wouldn't add the token if they can't verify whether this project is legit.

Also, it would be good to add the existing link under scam accusations board, if there's any. This will give more explanation why such project is heading to be a scam. Most common reasons are plagiariazed whitepaper and fake team members. If you will encounter those reasons, you need to study more about the project as they are showing warning signs.

Mahdirakib

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Quote from: CucakRowo on September 06, 2020, 02:17:56 PM

Just for information, Not all DEFI project ended as a scam. LEND (AAVE), LINK, and many other legit projects still working and growing.
For convenience, I will not use online masternode as my reference when doing searches about defi projects, I prefer to use coingecko (and defimarket as you mentioned) as my reference material. Why masternodeonline not recommended, coz sometimes they like to forget (slow) to update project development.

Not all but most of the DeFi project turns into scam. The creator of the projects try to gain trust of people in different ways. I have seen few many DeFi project added in coingecko but those finally ended as unsuccessful & scam project.
Many new project developer add their tokens at most trusted trading platform. It attracts many people to invest in it. And the developer just takes out most of their investment before they allow other user to exchange. People should search and investigate about a successful DeFi project before investing in it.

mu_enrico

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Binance or other exchanges only care about their profit, so their behavior isn't strange at all. Users probably have to be more rational about this DeFi hype, mainly about locking tokens to get more tokens. It's like PoS coin hype in the past. It should be obvious, but I don't understand why the market seems to think this is something new.

The project may or may not legit, but they are significantly overvalued IMO.

Romanianz

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Quote from: rahmatullah9305 on September 06, 2020, 09:02:41 AM

Quote from: Romanianz on September 06, 2020, 08:40:43 AM

And don't forget to add $SUSHI this is the trendy one, got listed in Binance and CZ make a tweet about it.

Yes, but if the $ SUSHI token has been proven to be a scam, then Binance will also remove $ SUSHI from their list, because as far as I remember, Binance has never maintained junk tokens on their exchange.

take a month for good project to get listed in Binance, but this $SUSHI token take only 2 days and Voila turn out selling their token to get the money. Cheesy

CucakRowo

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aka JAGEND.

Just for information, Not all DEFI project ended as a scam. LEND (AAVE), LINK, and many other legit projects still working and growing.
For convenience, I will not use online masternode as my reference when doing searches about defi projects, I prefer to use coingecko (and defimarket as you mentioned) as my reference material. Why masternodeonline not recommended, coz sometimes they like to forget (slow) to update project development.

target

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Quote from: pilosopotasyo on September 06, 2020, 11:01:29 AM

Quote from: target on September 05, 2020, 12:45:19 PM

Nothing is wrong in naming which of them are defi scams. You could pick one and tell us why its a scam to make it clear of us who reads it why it can be considered a scam.
So far the only explanation I found why a Defi project was a scam is because the teams not publicly known. It could actually be legit even if they are anonymous but are added on big exchanges like binance and OKEX. I'm certain these exchanges wouldn't add the token if they can't verify whether this project is legit.

Unfortunately, these exchanges did not verify, there was a tweet coming from Binance head that people should be responsible for what they are investing in the team is washing their hands, so we all thought that if it's coming from Binance it's definitely safe, people should now to think if they are still going to believe projects that these exchanges are going to list.

That's why CZ has more to explain now. That Sushi is new and they didn't even verify who are the people behind it. Binance is just up there to make money like the rest in the exchange business. Sushi already have a new chef as they claimed but its really unsure whether the project can still be trusted.

Its not the project that is a scam, its the CEO though. Basically Sushi protocol is working well but its the people behind it are scam which bascially means they have a product to show unlike the ICO scam that is completely a robbery.

Lesson learn is to first know who are the people behind the project and if they do have more than 50% of the tokens.

soulripper

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What they care is just to make profit but instead they more likely will losing their money for joined this defi trend that popups everyday like mushroom. I see a lot of defi projects that hide their identity but still so many peoples wanna joined their projects. Its weird to see so many peoples that blind to see ether it a good or bad project to joined.

Leonardo7

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This is a very bad time in the crypto space, the same madness we suffered in 2017 is been repeated again, people are losing money and they don't care, hoping to make a fast recovery from their losses, they go down more again. I hope they don't end up selling their properties to take care of themselves.

pilosopotasyo

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Quote from: target on September 05, 2020, 12:45:19 PM

Nothing is wrong in naming which of them are defi scams. You could pick one and tell us why its a scam to make it clear of us who reads it why it can be considered a scam.
So far the only explanation I found why a Defi project was a scam is because the teams not publicly known. It could actually be legit even if they are anonymous but are added on big exchanges like binance and OKEX. I'm certain these exchanges wouldn't add the token if they can't verify whether this project is legit.

Unfortunately, these exchanges did not verify, there was a tweet coming from Binance head that people should be responsible for what they are investing in the team is washing their hands, so we all thought that if it's coming from Binance it's definitely safe, people should now to think if they are still going to believe projects that these exchanges are going to list.

crzy

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Quote from: rahmatullah9305 on September 06, 2020, 09:02:41 AM

Quote from: Romanianz on September 06, 2020, 08:40:43 AM

And don't forget to add $SUSHI this is the trendy one, got listed in Binance and CZ make a tweet about it.

Yes, but if the $ SUSHI token has been proven to be a scam, then Binance will also remove $ SUSHI from their list, because as far as I remember, Binance has never maintained junk tokens on their exchange.

Binance should not list shit tokens at the first place, well they are also joining the hype for sure. There’s a lot of scam DeFi projects, scammers are taking this as the advantage for them so be careful on investing. I never heard most of the scam DeFi projects, fortunately my holdings on DeFi was not on the list above.

rahmatullah9305

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Quote from: Romanianz on September 06, 2020, 08:40:43 AM

And don't forget to add $SUSHI this is the trendy one, got listed in Binance and CZ make a tweet about it.

Yes, but if the $ SUSHI token has been proven to be a scam, then Binance will also remove $ SUSHI from their list, because as far as I remember, Binance has never maintained junk tokens on their exchange.

Topic: Define the (scam) DeFi. - page 3. (Read 1013 times)