Define the (scam) DeFi. | Bitcointalksearch.org

zasad@

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Quote from: SquirrelJulietGarden on June 15, 2022, 09:29:15 PM

Quote from: zasad@ on June 15, 2022, 01:03:26 PM

DeFi projects are not only finance and staking. Any project that promises to earn 20% per annum in stablecoins from staking as a Terra project can turn out to be a scam.

I know, DeFi is only a term and a tool to be used by scammers. There are scam projects on behalf of DeFi and there are good DeFi projects.

Quote

While the ecosystem is growing, everything is fine, and then the bubble bursts or manipulators help it burst. Use decentralized projects for trade and bridges: Uniswap, 1inch, etc.

Thank you for your recommendation. I know about Uniswap, Pancakeswap and 1inch.

Generally the finance behind DeFi is not sustainable and it is not only about 20% APR or lower. Nothing can grow forever without corrections and hiccups. There is fear and greed and if a flow of new users is decreased, capital inflow will fall and it is hard for DeFi projects to maintain their attractive interest.

It is not yet talking about bank-run. When fear is everywhere, nobody want to stake to get even 20% APR but the value of token itself will be divided by 5, 10 or more after one year.

If you use Uniswap, Pancakeswap and 1inch then check out these services, they are very useful for decentralized trading.
Cross-chain Bridge Aggregators
https://bitcointalksearch.org/topic/cross-chain-bridge-aggregators-5389259
For example, if I have 100,000 dollars, then I will not participate in staking. Maximum profit 20%, maximum loss 100% when smart contract is hacked. This is the wrong ratio of risk and reward.

SquirrelJulietGarden

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Quote from: zasad@ on June 15, 2022, 01:03:26 PM

DeFi projects are not only finance and staking. Any project that promises to earn 20% per annum in stablecoins from staking as a Terra project can turn out to be a scam.

I know, DeFi is only a term and a tool to be used by scammers. There are scam projects on behalf of DeFi and there are good DeFi projects.

Quote

While the ecosystem is growing, everything is fine, and then the bubble bursts or manipulators help it burst. Use decentralized projects for trade and bridges: Uniswap, 1inch, etc.

Thank you for your recommendation. I know about Uniswap, Pancakeswap and 1inch.

Generally the finance behind DeFi is not sustainable and it is not only about 20% APR or lower. Nothing can grow forever without corrections and hiccups. There is fear and greed and if a flow of new users is decreased, capital inflow will fall and it is hard for DeFi projects to maintain their attractive interest.

It is not yet talking about bank-run. When fear is everywhere, nobody want to stake to get even 20% APR but the value of token itself will be divided by 5, 10 or more after one year.

zasad@

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Quote from: SquirrelJulietGarden on June 15, 2022, 10:29:44 AM

2 years and now DeFi projects are in liquidations from retail to institutional investors and even DeFi operators. Terra, Celsius, 3 Arrows Capital are early tips of bigger icebergs.

We will see many DeFi platforms end with bankruptcy, liquidation, whatsoever but endings for DeFi 2.0 is very bad. High yields and base on high leverages. When a first domino falls, a snowball effect and death spiral will continue.

DeFi projects are not only finance and staking. Any project that promises to earn 20% per annum in stablecoins from staking as a Terra project can turn out to be a scam. While the ecosystem is growing, everything is fine, and then the bubble bursts or manipulators help it burst. Use decentralized projects for trade and bridges: Uniswap, 1inch, etc.

SquirrelJulietGarden

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2 years and now DeFi projects are in liquidations from retail to institutional investors and even DeFi operators. Terra, Celsius, 3 Arrows Capital are early tips of bigger icebergs.

We will see many DeFi platforms end with bankruptcy, liquidation, whatsoever but endings for DeFi 2.0 is very bad. High yields and base on high leverages. When a first domino falls, a snowball effect and death spiral will continue.

RILWAN

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Defi is the latest craze in the cryptocurrency market so one needs to be careful to avoid being scammed by people creating tokens that become worthless in the future.

SquirrelJulietGarden

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DeFi scams [history]. 14 scam DeFi are reported but with 322 DeFi listed on coingecko and many scam DeFi are circulating on the market.

SquirrelJulietGarden

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I make the topic live again after a few months.

Many DeFi tokens are available on the market and newbies have to be careful with it. Many of DeFi projects are bad or scam projects.

304 DeFis: coingecko
109 DeFis: defilpulse

SquirrelJulietGarden

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Quote from: Mahanton on February 03, 2021, 05:43:41 PM

It would be great if OP is still aware nor make out some response on the thread he had created.So we would able to know if he do able to held up his position or he had already make out some panic sell decision.This is one of the opportunities that we can get nor gain if we do believe into something then we should really stand strong whatever things that would happen ahead.If he do able to withstand the market volatility then he's really up to 20x gain if he haven't still making some sell.
Honestly, I do miss out to invest in Sushi and some other DeFi projects because I do have the impressions that these are utter shit projects.

I don't invest in DeFi. I buy and sell quickly with 5 or 10% of profit. I don't obsess with 100%, 200% or 500% profit with DeFi tokens or with any crypto asset. It is greedy and risky. I want something safer and would prefer to control risks on my side if possible. To control risks, I have to control my minds and emotions then market orders.

SUSHI, I bought and sold it a few times but I see how you fear of SUSHI when developer pulled his key to sell tokens and caused drama. Sold, dumped and pumped it in few hours. Terrible.

Quote from: santiPOGI on February 04, 2021, 06:31:27 PM

Ever since I joined here in cryptocurrency business, I never buy any of the defi coins actually because most them are not good and mostly are good in promises who have group in the social media's. But of course, even in altcoins industry there was also scam projects that has been arise too. So, I suggest it is much better to invest in the cryptocurrency rather than Defi coins.

You can buy to invest or trade but it depends on your style of investment or trading. I often buy and sell based on price actions. I have no plan to invest in any DeFi.

Quote from: kapalmabur on February 03, 2021, 06:37:24 PM

When the trend was Defi, scammers sprang up, yes and many Defi projects were scam, if you look at the image you uploaded, it seems that there is no difference from the second image where the Defi project is running, whether I don't understand it or everyone who sees it is the same as mine think, determining the Defi project is difficult, for some reason I always fail to invest in Defi,

Scammers create new projects to steal money from new investors. They bring bright future, promises, polishing roadmaps but they are scammers. Some old masternode, stake projects swap their coins to ERC20 and create DeFi tokens to scam again. They try to scam more money with their dead projects.

santiPOGI

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Ever since I joined here in cryptocurrency business, I never buy any of the defi coins actually because most them are not good and mostly are good in promises who have group in the social media's. But of course, even in altcoins industry there was also scam projects that has been arise too. So, I suggest it is much better to invest in the cryptocurrency rather than Defi coins.

kapalmabur

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When the trend was Defi, scammers sprang up, yes and many Defi projects were scam, if you look at the image you uploaded, it seems that there is no difference from the second image where the Defi project is running, whether I don't understand it or everyone who sees it is the same as mine think, determining the Defi project is difficult, for some reason I always fail to invest in Defi,

Mahanton

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Quote from: Cloverfield on February 03, 2021, 05:06:33 PM

Quote from: InwardContour on November 12, 2020, 12:24:55 PM

Quote from: SquirrelJulietGarden on September 05, 2020, 05:55:06 AM

Massacre on the market and potential DeFi tokens are bleeding most.

Sushi, Kimchi, Pizza ?

https://defimarketcap.io/token/0xc4da39e646e7f5d233b89ca0f7b75344e7ddb2cc
https://defimarketcap.io/token/0x8386e3e719612f1baaa91ccec46593056594656b

Anytime I see SUSHI, I feel sad because of the amount I lost investing long term in the token, hoping sushiswap is the next uniswap and at such SUSHI should do well in future. This is a lesson for all, do not invest so much in any altcoin for long term purpose, always take out capital when necessary and leave profit to run long term. I had the opportunity of making profit with my SUSHI investment, but left everything to run long term. DEFI trend is full of misleading hype, many developers are preying on investors while taking advantage of the DEFI trend.

I hope you kept your investment in SUSHI. The day you posted this was the day more or less it had botommed. You 20x from that point. It’s the Wild West out here and it can be a hell of a ride. Nothing is certain, but one thing.. Crypto is exciting and we’re living in exciting times! Green candles baby

It would be great if OP is still aware nor make out some response on the thread he had created.So we would able to know if he do able to held up his position or he had already
make out some panic sell decision.This is one of the opportunities that we can get nor gain if we do believe into something then we should really stand strong whatever things that
would happen ahead.If he do able to withstand the market volatility then he's really up to 20x gain if he haven't still making some sell.
Honestly, I do miss out to invest in Sushi and some other DeFi projects because I do have the impressions that these are utter shit projects.

Cloverfield

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Quote from: InwardContour on November 12, 2020, 12:24:55 PM

Quote from: SquirrelJulietGarden on September 05, 2020, 05:55:06 AM

Massacre on the market and potential DeFi tokens are bleeding most.

Sushi, Kimchi, Pizza ?

https://defimarketcap.io/token/0xc4da39e646e7f5d233b89ca0f7b75344e7ddb2cc
https://defimarketcap.io/token/0x8386e3e719612f1baaa91ccec46593056594656b

Anytime I see SUSHI, I feel sad because of the amount I lost investing long term in the token, hoping sushiswap is the next uniswap and at such SUSHI should do well in future. This is a lesson for all, do not invest so much in any altcoin for long term purpose, always take out capital when necessary and leave profit to run long term. I had the opportunity of making profit with my SUSHI investment, but left everything to run long term. DEFI trend is full of misleading hype, many developers are preying on investors while taking advantage of the DEFI trend.

I hope you kept your investment in SUSHI. The day you posted this was the day more or less it had botommed. You 20x from that point. It’s the Wild West out here and it can be a hell of a ride. Nothing is certain, but one thing.. Crypto is exciting and we’re living in exciting times! Green candles baby

InwardContour

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Quote from: SquirrelJulietGarden on September 05, 2020, 05:55:06 AM

Massacre on the market and potential DeFi tokens are bleeding most.

Sushi, Kimchi, Pizza ?

https://defimarketcap.io/token/0xc4da39e646e7f5d233b89ca0f7b75344e7ddb2cc
https://defimarketcap.io/token/0x8386e3e719612f1baaa91ccec46593056594656b

Anytime I see SUSHI, I feel sad because of the amount I lost investing long term in the token, hoping sushiswap is the next uniswap and at such SUSHI should do well in future. This is a lesson for all, do not invest so much in any altcoin for long term purpose, always take out capital when necessary and leave profit to run long term. I had the opportunity of making profit with my SUSHI investment, but left everything to run long term. DEFI trend is full of misleading hype, many developers are preying on investors while taking advantage of the DEFI trend.

so_stupid

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Quote from: SquirrelJulietGarden on November 12, 2020, 08:39:32 AM

Scam DeFi season is over and the market is on bitcoin season. Grin

bitcoin season will revive defi season accordingly Cheesy

Has anyone ever seen one completed project? Cheesy

OasisDre

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The first red flag from majority of these DeFi scam projects are their farming returns, you can make over 500% from a scam yield farming project, how do you think this is real ? Greedy investors are the ones falling hard for such cheap tricks honestly, no real POS coin gives more than 15% ROI per annual but DeFi projects want to give insane profits to investors

Winscosinally

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Quote from: LogitechMouse on October 08, 2020, 04:04:23 AM

Quote from: Reid on September 12, 2020, 10:39:19 AM

DeFi #1
ICO now at #2

This just shows that "History repeats itself" Cheesy

. The famous quote in crypto especially in Bitcoin.
The DeFi hype that we are experiencing right now is the same as the ICO hype back in 2017.
Many DeFi projects will stay but most of them will end up being a deadcoin, a shitcoin or a scam coin. Either way, I will avoid investing into them at all costs.

Quote from: Reid on September 12, 2020, 10:39:19 AM

It just proves something, IMO.
Stay with the oldies. Bitcoin, Ethereum, Litecoin. Stop the instant profit idea and just support the trustworthy.

This is why I don't invest into new projects. I like to invest into old coins like the ones you just said. Trust over profit works for me. Sad for those who got scammed or incur some losses investing into these DeFi projects.

New projects are not to be blame here because not all new projects are scam, the problem is some people can't do research on projects before investing, they are so lazy and yet they want to make money, scammers are into crypto for sure but research is the only way to escape their grave traps

Winscosinally

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I've tried to warn many offline and online about DeFi projects that have nothing new to offer than Farming and Pools, they are scam and pump and dump projects, it's 100% more easier to create a ERC20 tokens today just like how you can create a random readymade website, let's be careful and learn before investing on crypto projects

SquirrelJulietGarden

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Scam DeFi season is over and the market is on bitcoin season. Grin

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Quote from: LogitechMouse on October 08, 2020, 04:04:23 AM

Quote from: Reid on September 12, 2020, 10:39:19 AM

It just proves something, IMO.
Stay with the oldies. Bitcoin, Ethereum, Litecoin. Stop the instant profit idea and just support the trustworthy.

This is why I don't invest into new projects. I like to invest into old coins like the ones you just said. Trust over profit works for me. Sad for those who got scammed or incur some losses investing into these DeFi projects.

i do not agree, everyone has his view regarding investment and goals are defined based on that
staying with LTC would not bring much, IMO, and than maybe it is better to stay out of crypto as well

i do not recommend investing in DeFi, especially if you do not know what it is about, but there are some really unique DeFi projects, worth of investment, and as always there is a lot of scam involved, make your due diligence, risk reward ratio calculations, analysis and then head to investment, without that it is better to stay away, than to stay with some top known altcoins, that could stay where they are for years, without any development

LogitechMouse

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Quote from: Reid on September 12, 2020, 10:39:19 AM

DeFi #1
ICO now at #2

This just shows that "History repeats itself" Cheesy

. The famous quote in crypto especially in Bitcoin.
The DeFi hype that we are experiencing right now is the same as the ICO hype back in 2017.
Many DeFi projects will stay but most of them will end up being a deadcoin, a shitcoin or a scam coin. Either way, I will avoid investing into them at all costs.

Quote from: Reid on September 12, 2020, 10:39:19 AM

It just proves something, IMO.
Stay with the oldies. Bitcoin, Ethereum, Litecoin. Stop the instant profit idea and just support the trustworthy.

This is why I don't invest into new projects. I like to invest into old coins like the ones you just said. Trust over profit works for me. Sad for those who got scammed or incur some losses investing into these DeFi projects.

tabas

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There's a lot of them, defi, stake coin and still ICO projects.
An investor should be vigilant in investing and it's not just all about the profit. But you need to think of investing first if you are with the legitimate project.

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Quote from: GreenStox on October 06, 2020, 12:15:57 AM

but you put so many names on a scam defi project, can you prove it's a scam?
I see there are more than 50 projects, and in fact some of them have been around for quite some time before even Fomo Defi appeared.
You have to prove that what you say is true, it is true that many projects only take advantage of the current hype defi, but some are really developing and have their own vision and hype is just a bonus because market conditions are like that today.

No. You did not see what I am trying to give readers.

You can see two lists:
- List of DeFi tokens
- List of stake / masternode coins

Then try yourself to scan and find out how many of them try to fork or replicate of each others. Forks, replications, reproduction of coins, tokens, project names are a good signal for scam trend.

If you use Metamask, you would know they automatically block all new tokens that have UNI in token names. It is good and this time Metamask reacts fast enough to prevent scam tokens.

GreenStox

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but you put so many names on a scam defi project, can you prove it's a scam?
I see there are more than 50 projects, and in fact some of them have been around for quite some time before even Fomo Defi appeared.
You have to prove that what you say is true, it is true that many projects only take advantage of the current hype defi, but some are really developing and have their own vision and hype is just a bonus because market conditions are like that today.

piebeyb

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since YFI came appear other came with the same name just added some Y symbols, it's all like the old tricks copying the previous work, I'm sure it's the same people, they rely on uniswap to get the market like hotbit and others, so easy to add tokens such a scam, I also continue to campaign for all of my society to avoid this kind of defi token, I believe the staking system will never last long because before it was busy a few years ago it already existed but just disappeared

kotajikikox

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Quote from: SquirrelJulietGarden on September 02, 2020, 05:29:10 AM

Scam DeFi trend
Let's define it with the images
https://defimarketcap.io/

Is the crypto community getting lost again?
Be careful with crypto news (DEFI with Y)!!
(GUIDE) How to trade on uniswap correctly
DeFi scams (history)

why Does Hotdog wasn't listed on the above?i have read a thread that tackles about that as a scam project from defi,i just can't dig it up to link here.

But thank you so much for this thread at least Like Bitcoin forked scams few years back now we are advanced advised how to prevent from being victim.

There are some of these coins listed that continue grows after you posted this but now?when october comes by those project dumps as well and now covered with red blood colors.

SquirrelJulietGarden

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What do you think if you look at the price change table? The table image is taken from DeFI hyip is over?. DeFi is a risky party at start and after weeks (about a bit more than 1 month) you can see how risky it is. The party is almost over.

The median and average changes (in percentages) of all DeFi tokens in the list are around - 60 %. Remember it is negative 60 % and many of them have higher decreases perecent, up to more than 90% negatively.

Gvent

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Quote from: plvbob0070 on September 27, 2020, 04:43:00 AM

The number of scam projects will continue increasing as they follow and imitate popular projects. It makes it easier for them to deceive the investors if their self-made website, apps, and even the information they sent on the email are indistinguishable. That is why we should be unhasty in our actions, carefully thinks before making a decision, especially when it comes to investment. To evaluate the credibility of the project, you should inspect every detail about the project and ask your fellow members in the forum to conceive a better idea. With the number of similar projects, you better keep an eye on the project team and see all of their updates.

I am also sure that as the popularity of DeFi projects grows
there will only be more scammers
already now we can say with confidence that somewhere 30-40% of new projects are created only with the aim of deceiving investors

luckyflop

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I believe there are more than that , we just see the top of the ice burg, Every day we hear some exchange got hacked or they find some bug in some token, as far as I know, everything is hackable in the computer it is just matter of time and techniques for someone to be able to do that , I just try to keep my money in a cold wallet, never keep my money in exchange.

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Just wonder seeing defi hyip! People especially New comers consistently investing on scam defi project. I found some new project claimed to belongs to defi, don't have any annonucment thread, no white paper. but even though people throwing their money on those project, so that they could have some good return. Some projects pretend like defi, selling their token by ICOs! And unfortunately people trust them & get scammed.

plvbob0070

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Quote from: Gvent on September 22, 2020, 02:08:56 PM

I do not see anything surprising in the fact that scammers copy popular projects in order to deceive investors and traders.
it's time to get used to checking contracts and addresses to which you send investments and coins that you buy
at the slightest doubt
it is better to refuse the deal

The number of scam projects will continue increasing as they follow and imitate popular projects. It makes it easier for them to deceive the investors if their self-made website, apps, and even the information they sent on the email are indistinguishable. That is why we should be unhasty in our actions, carefully thinks before making a decision, especially when it comes to investment. To evaluate the credibility of the project, you should inspect every detail about the project and ask your fellow members in the forum to conceive a better idea. With the number of similar projects, you better keep an eye on the project team and see all of their updates.

alicea

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If you ask me most of the YFI fork coins are scams that are either rug pulling in the beginning or doing an exit scam later. There are hundreds of YFI fork out there and, none of them are doing anything unique, not even a whitepaper even there dev are anonymous.

Gvent

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Quote from: totoy4741 on September 23, 2020, 09:28:57 AM

I don't see any special in any defi projects I have gone into, most of them have plain and simple approach to their plans, I just don't know in other big time Defi projects. Like CZ said that Defi projects are not for long time investments yes it might give you a quick and big profits but not in a long run.

could you please name any new projects that would make sense in the long term?
all of them are pacifiers that are needed for a one-time/two-time price jump
aurther, such projects are scrapped

Slow death

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Quote from: rahmatullah9305 on September 06, 2020, 08:02:41 AM

Quote from: Romanianz on September 06, 2020, 07:40:43 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.

it seems to me that CZ will not want to remove $SUSHI from its exchange and this subject is already generating a noise of great magnitude:

OKEx CEO slams Binance’s Changpeng Zhao for promoting questionable DeFi projects

I thought that after this criticism made by the CEO of okex it would change something, or at least I expected some reaction from Binance, but there was no reaction from Binance which shows that Binance will not remove the $SUSHI

totoy4741

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I don't see any special in any defi projects I have gone into, most of them have plain and simple approach to their plans, I just don't know in other big time Defi projects. Like CZ said that Defi projects are not for long time investments yes it might give you a quick and big profits but not in a long run.

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Quote from: rahmatullah9305 on September 06, 2020, 08:02:41 AM

Quote from: Romanianz on September 06, 2020, 07:40:43 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.

Do not rely on a third party to protect you from scams, that is just the wrong way to go about it, you need to be proactive in your approach and if you even the smallest suspicions that a coin is a scam then you need to stay away from it otherwise by the time you try to get your money out of the coin then it is too late, and while binance does a good job at trying to eliminate scams from the list of the coins they offer to their clients is too naive to think they will never mistakes.

Gvent

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I do not see anything surprising in the fact that scammers copy popular projects in order to deceive investors and traders.
it's time to get used to checking contracts and addresses to which you send investments and coins that you buy
at the slightest doubt
it is better to refuse the deal

SquirrelJulietGarden

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Price of some DeFi tokens are decided by 20, 50 or 100 times from all time highs. DeFi investors have lost money too easily. Developers and early investors should earn huge profits. Bounty hunters are winners too. As 400 airdropped UNI tokens.

Reid

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What a shitload of scams!
Are they trying to create a new record? If there is any?

DeFi #1
ICO now at #2

It just proves something, IMO.
Stay with the oldies. Bitcoin, Ethereum, Litecoin. Stop the instant profit idea and just support the trustworthy.

r32godzilla

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I simply do not understand how projects like Year Finance or Sushi Swap could be so successful? The growth behind it is again made only on vision, but not only real basics.
Similiar situation to altcoin, ICO, STO, IEO and exchange token bubbles.

ice18

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Its the new trend in crypto this year the defi tokens hoping to earn huge and fast we cannot blamed these many people fall for this because of the current situation in the world because of pandemic everyone can try their luck but always dyor to avoid big loss I personally dont think all defi are scam still many are legit.

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, 02:59:44 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, 03:18:57 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, 04:59:30 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, 12:38:39 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, 01:08:15 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

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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, 04:40:02 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, 04:59:30 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, 11:45:19 AM

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, 01:17:56 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, 08:02:41 AM

Quote from: Romanianz on September 06, 2020, 07:40:43 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, 10:01:29 AM

Quote from: target on September 05, 2020, 11:45:19 AM

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, 11:45:19 AM

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, 08:02:41 AM

Quote from: Romanianz on September 06, 2020, 07:40:43 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, 07:40:43 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.

Romanianz

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

target

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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.

SquirrelJulietGarden

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Quote from: thesmallgod on September 05, 2020, 08:56:30 AM

Even though I am fully sure that many of this defi token is a scam, I am sure you know not only defi is currently bleeding but all the crypto too. If you can share the image of the top 100 cryptos on CMC. We shall see what befall many of them after the market correction. Maybe they will rise again or remain it is. It is also an eye-opener for everyone that this defi hype has started making them to think of investing in upcoming one

The market stops bleeding and you can enjoy the rally tomorrow. Only good DeFi projects can rally good and the bad ones will keep price at low and wait for other bleeding time.

Sushi, it has x10 rewards for early owners so they will dump their earning and create pressure on Sushi market. Wait till the block reward falls back to 100 and at that time you can consider to join Sushi.

thesmallgod

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Even though I am fully sure that many of this defi token is a scam, I am sure you know not only defi is currently bleeding but all the crypto too. If you can share the image of the top 100 cryptos on CMC. We shall see what befall many of them after the market correction. Maybe they will rise again or remain it is. It is also an eye-opener for everyone that this defi hype has started making them to think of investing in upcoming one

bits4books

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Crypto is not a religion but i like it

Just last week I wrote that there will be news that everyone should beware of DeFi because we have received the REVELATION that it turns out to be a complete fraud and fraud!
Amazing isn't it?
Who was fast, those get thier profit, others got liquidated. The rest of us can only panic and try to merge what we have already bought and believe in the best.
I do not feel a drop of pity to be honest with those who really believed in all these "projects".

SquirrelJulietGarden

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Massacre on the market and potential DeFi tokens are bleeding most.

Sushi, Kimchi, Pizza ?

https://defimarketcap.io/token/0xc4da39e646e7f5d233b89ca0f7b75344e7ddb2cc
https://defimarketcap.io/token/0x8386e3e719612f1baaa91ccec46593056594656b

SquirrelJulietGarden

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The topic is created as a scam warning. Please read it for your interests. If you don't feel interested in, please ignore the topic.

The scam waring is for DeFi too hot trend. Many DeFi projects, farms, pools are created daily.

History
Scam bitcoin forks
How Many Bitcoin Forks Are There? You will be surprised!!!

Scam stake/ masternode coin.

- They have similar scheme
- They have similar coin specifications, algorithms, masternode collateral.
- They have similar names.
- They were swapped to change their total supplies, change names, change masternode collateral.
You can search for more details with the site https://masternodes.online/. Click on the Price column to filter price from lowest to highest, choose total display coins from 50 (default) to 100.
Some images for first 200 shit stake/ masternode coins.

Scam DeFi trend
Let's define it with the images
https://defimarketcap.io/

Is the crypto community getting lost again?
Be careful with crypto news (DEFI with Y)!!
(GUIDE) How to trade on uniswap correctly
DeFi scams (history)

Topic: Define the (scam) DeFi. (Read 1030 times)