Is it the new crypto scam hiding in wait?

Bezobraznike

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Quote from: maxreish on August 13, 2020, 11:47:05 PM

Expect more defi related scams in a few months.
The hype is too fast, more investors are biting the bait, taking another risks. And this reminds me of previous old projects that ended up scam like ICO, IEO, etc.
DEFI industry is booming, the rapid growth of this new project is something we should not trust easily. Certainly those defi uniswap which reportedly been used definitely as a scam by using fake tokens.

Maxreish you are right, we must be prepared for some DeFi related scams. It's what scammers do, they use any kind of hype to
lure people into their scam project. Like you I am sure we will see some big scam soon, people are investing in anything that has
DeFi tag, without researching, thinking, they just think about the profit. Now people should be careful where they invest and what
they hold!

rdbase

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I still cant fathom someone put $11 million worth of crypto in this Yam Scam -didnt realize the mashup of these two synonymous words would rhyme so well together. Grin

https://decrypt.co/38430/a-defi-farmer-pumped-11-million-into-unaudited-platform-yam

So they just lost all their funds in this or they are still getting these close to $0 potato? Huh

There is a joke in there somewhere but this is not very funny for those who actually invested into this fraud and lost it all in a matter of 24 hours.
Because I read some places they dropped to zero. Lips sealed

https://www.coindesk.com/yams-market-cap-falls-from-60m-to-zero-in-35-minutes
https://cointelegraph.com/news/yam-token-holders-burnt-the-hardest-after-price-plunges-to-zero

maxreish

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Expect more defi related scams in a few months.
The hype is too fast, more investors are biting the bait, taking another risks. And this reminds me of previous old projects that ended up scam like ICO, IEO, etc.
DEFI industry is booming, the rapid growth of this new project is something we should not trust easily. Certainly those defi uniswap which reportedly been used definitely as a scam by using fake tokens.

rdbase

legendary

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They even are even comparing all this defi stuff to playing a multiplayer role playing game like world of warcraft and legos. Cheesy

https://www.coindesk.com/defi-degens-gaming-ethereum-money-legos
It's all a big game but with real money involved.
Sounds alot like gambling to me. Embarrassed

rdbase

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That has to be the fastest scam I have ever seen worth so much. I think it topped out at $390million on the wallet when I checked it before they announced it officially as a scam because of the tweet put out by the projects creator there was a "bug inthe rebasing contract" which created it to dump back down to $1. Which many of those youtubers (https://www.youtube.com/watch?v=OlTk31DrK2Q ) who were reporting on it said this was their insurance to put into the project since it will never go below $1. Undecided

https://cointelegraph.com/news/yam-suffers-technical-outage-following-scam-accusations

Yet many were smarter than all those "virgin investors" such as long time youtuber Crypt0.

https://www.youtube.com/watch?v=VSru8OPCpPM

stompix

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Quote from: Jawhead999 on August 13, 2020, 06:44:09 AM

Ouch -98.85% on 24 hours Roll Eyes

from $92.73 to $1.08 only

Wow, the fastest bubble in history, at first I was looking at that graph thinking somebody tried to draw a coat of arms Grin

And yeah, gambling is the word, not investing, I would stick to horse racing, at least there is little chance of the horse actually think of screwing me.

Quote from: avikz on August 13, 2020, 12:54:19 AM

Just like we had an ICO boom back in 2017, now we are seeing a DEFI boom in the same market.

Just like we had altcoins, then ICOs, then masternodes, then IEO, then Defi, and 7 years later there is still no real project with any real-world usage other than bitcoin and some coins that have copied it line by line. With all the hype almost all of them ended in the best case as a platform for other useless tokens.
What's even more ironic is that the only case when an altcoin saw some success in usage as a means of transfer of value between parties is in the case of centralized stablecoins.

That said I don't doubt that there will be people making money trading these, just there have been people making money with shitcoins, but right now with the scale and the amount of money being thrown at them far more will end with their pockets empty waiting for the defi revolution that might never come.

bitsurfer2014

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Quote from: Jawhead999 on August 13, 2020, 06:44:09 AM

Ouch -98.85% on 24 hours Roll Eyes

from $92.73 to $1.08 only

source

After few days this token will be worthless and ended as deadcoin. This DeFi will not last longer because too many of scam tokens decide to implement DeFi to gain this trend. Anyone should be careful before ~~Investing~~ Gambling on DeFi.

There has been a buzz on social media about this token as one of the greatest and brazen pump and dump scheme of all time! I feel sorry for those who will be victimized by this scheme which has taken advantage of people's naivety. Angry

Jawhead999

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Ouch -98.85% on 24 hours Roll Eyes

from $92.73 to $1.08 only

source

After few days this token will be worthless and ended as deadcoin. This DeFi will not last longer because too many of scam tokens decide to implement DeFi to gain this trend. Anyone should be careful before ~~Investing~~ Gambling on DeFi.

minairia3

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Quote from: Rikafip on August 13, 2020, 02:35:24 AM

Seems like people learned nothing from that ICO bubble back in 2017, and i see the same people that lost shit load of money back then are now trying their luck with defi. While smarter ones might earn some money, majority will loose and exit crypto market disappointed talking that "all crypto is scam" and other nonsense.

Cant really push hard headed people. But those who are earning are those probably know when to enter and exit the market. Im sure after the defi hype, there will be a lot of complains again about cryptocurrency and bitcoin will be dragged again as scam project. Too bad but some altcoins are improving. If only SEC can dissect some of the new defi to make sure they are doing a legit business.

Lots of whales earned from yamfinance. I wonder what are those fomo guys face like now.

chip1994

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I don't think this is whales' hoax. At present, the economies of many countries are operating normally again, that showed on the stock index. Besides, we also have Russia that makes the vaccine. that is a good foundation for financial markets to function properly again. So is the crypto market, bitcoin halving has taken place and this is when the market takes its resilience to new heights. It is possible that our crypto market cap this year will return to $ 1 trillion as it was in 2017.

target

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Quote from: ecnalubma on August 13, 2020, 02:41:32 AM

Now that there is a new trend expect that scams could happen anytime soon. Scammers are always up to date, they can easily adopt when it comes to stealing money of the weak sometimes they run the business first as legit as possible but later on they change their behavior revealing their real color.

Scam is ineveitable. Whichever the market goes, there are always scams even in the bear market they were more aggressive because investors seem to be looking for more project to invest thinking the prices are lower than it was back when there was a bullrun. The more they'd also try their very best to pursuade investors as they know investors are now confident and has more money to send.

exstasie

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Quote from: avikz on August 13, 2020, 12:54:19 AM

Just like we had an ICO boom back in 2017, now we are seeing a DEFI boom in the same market.

Yep, lots of money to be made (and lost). Everybody should just go into these hype launches like YAM knowing the bottom can fall out at any time. It's like a game of hot potato. You don't want to be the last one holding. Take your profits and get out.

maydna

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Sooner or later, many DeFi projects will turn to be a scam, and many people lose their money in those projects. We already have that experience before with ICO and IEO, and now, with the new trend is DeFi, it could be a scam in the future. Before the DeFi project become a scam, you need to get out if you think that the era of DeFi is almost over, so you can save your money, and wait for another downtrend at the market.

The DeFi projects start to get popularity this year, and I guess that in the next year, the DeFi project will still exist until bitcoin surge to the high price and make the new ATH. Then the DeFi project will go down as the ICO and IEO. But that is only from what I saw a few years ago when ICO reach popularity.

ecnalubma

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Now that there is a new trend expect that scams could happen anytime soon. Scammers are always up to date, they can easily adopt when it comes to stealing money of the weak sometimes they run the business first as legit as possible but later on they change their behavior revealing their real color.

Rikafip

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Quote from: rdbase on August 12, 2020, 06:41:57 AM

But people keep putting in more and more for just wanting to float on a hopeium cloud in an attempt to ignore our rough economical times ahead. Roll Eyes

Seems like people learned nothing from that ICO bubble back in 2017, and i see the same people that lost shit load of money back then are now trying their luck with defi. While smarter ones might earn some money, majority will loose and exit crypto market disappointed talking that "all crypto is scam" and other nonsense.

After defi, some other craze will come. Rinse and repeat.

raidarksword

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Crypto scams will be in rise when bad people urges it and it's pretty inevitable wherein DeFi project is taking the hype train in the market and by that greedy people will also be in the move as well. Ethereum smart contracts are still in the plain sight and no denying that many joined this ponzi schemes in our country and what makes it saddened that still many people felt ignorant about this and going blindly.

davis196

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The fact that this scam had acquired 300M USD for such a short time proves to me that the greed of crypto investors is constantly growing and the fear is decreasing.Risk takers and speculative investors have taken the crypto markets again and I expect some price corrections to happen in both ethereum(which price is obviously artificially pumped) and other coins(maybe including Bitcoin). All it takes is some big DeFI scam to get exposed for the investors to run away like sheep and crash the prices.
Anyway,pretty funny meme.I wonder how the Bitcoin project Chad dev looks like? Grin

avikz

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Just like we had an ICO boom back in 2017, now we are seeing a DEFI boom in the same market. Bound to become a scam sooner or later just the way it happened in ICO market which has now gone down to drain because so many people lost their money and ICOs lost their credibility. It seems like the same group of people has now moved to creating DEFI project to ride the wave of hype and continue to make money! And with this new DEFI boom, it seems whales have got their puppets to lure the commoners and make money out of the volatility!

Having said that I don't want to generalize the entire concept of "decentralized finance". There are companies which are doing well and looks stable. But 300 million USD pump for a non-audited company is simply absurd! Another disaster waiting to happen!

Darker45

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Quote from: naaimmd on August 12, 2020, 10:07:03 AM

right now most hype project is defi project. it's new so maybe there will be a scam soon. I will suggest people before they get into any project verified it so you don't lose money.

Not soon but right now. But it is not just scams that should be avoided with the DeFi hype. As early as this stage, DeFi has been assessed as overvalued and even compared to the ICO bubble a few years ago. Moreover, echoing Vitalik, there is also the risk involved in smart contracts so it is best to moderate DeFi investments and keep life savings away from it.

However, with much potential, albeit hugely unmet yet, DeFi could indeed earn a juicy spot in the world of modern finance.

Reid

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Didn't we see this before.
Hypes in the new projects. Iirc in 2016 and 2017 it was the ICOs who had that kind of run and now they seemed to calm down because people consumed a lot of knowledge.

Now this, they are still "virgin" and yet they want to be fucked without marriage. Grin

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