Topic: My take on DeFi bounties - page 5. (Read 1611 times)

More scamming defi bounty here and everyday coming new. Don't spend your time in scam bounty then you'll never received anything from there. Do you know man DRK Defi already a scam project then why you promote it? You can read this topic about scamming announced DRK Defi project.
DRK Defi scam announced

I also think that 90 percent are scammers. You need to be very vigilant when choosing a project for investment. I think that there are many great projects where you can invest and what I am doing. Scammers don't sleep. They have always been, are and will be!

The scamsters are just trying to use something which is trending to lure novice investors and they are advertising for free in bounty section. As bounty hunters we have a responsibility to stay away from promoting  any possible scams if we are aware of it.

About the team staying anonymous for Defi projects , it's a tricky question. One hand you can argue that true decentralization doesn't need team visibility but on a investor point of view I would be afraid to put money in a place when I don't know where the money is going. As for now I am not into projects where teams are anonymous but that may change with better evolution of governance protocols.

And sadly, a lot of them are scam. If you happen to join one of these DeFi bounties and got your share, I think the smart move is to sell it as fast as you can and never look back. As I have the feeling that more than 90% of these DeFis will not be here for the next 6 months. As everyone is trying to get their market share and riding while this hype is still hot, a lot of these buyers will be screwed.

I don't think all DeFi projects do that, if you want to try to get a lot of profit from the DeFi project then you have to be smart in choosing the platform and project that is developed so that you will avoid a scam project.

Even though there used to be a lot of ICO rating websites then also there used to be many scams related to ICO at that time, the same is also happening now where we have to choose in between the legit DeFi projects and the fake ones and we don't have the right platforms to filter out the scam projects. I guess we shouldn't invest in the DeFi projects that that aren't having a good community support as most of the times community does make the right choice.

Well, you have stated right and true facts about defi projects and its influx of defi bounties on the forum; but for some reasons best known to you, you have avoided to talk about the benefits of defi bounties.

Most defi bounties rewards participants in tron (trx) token and most are usually 30$ and above. It is up to every bounty participant to choose their choice of bounty; and also unto all investors to research and decide if its worth investing.

99% of the DeFi projects are now scam because scammers move on from IEOs and started migrating to DeFi projects but still investors feeds these beasts that's why they never quit.
These thoughts you mentioned are practically what people should look out though. Regardless of the trend of the projects, there will always be those scums trying to scam.

If you are afraid to lose you should be very careful when investing in defi , this one will became  a home for many scammers since they know that there are many people that also looking to invest in defi project  to take some profit by following the hype then leave .

Scammer will use that opportunity to have thier own actually it's already happening now if you visit bounty section you will found many scam defi project .

I think not only defi cheater project has always existed since then until now including the bounty stick to the establishment prior to joining any bounty
check all of them before joining  so that the work done is not in vain

We must be very careful, because lately scammers are starting to execute the DeFi market very strongly, and at the same time, we must take into account that it becomes very easy to lose your money under these circumstances. In addition, Uniswap only facilitates the activities of fraudulent projects that place their coins there. Therefore, one cannot categorically respond positively to all Bounty companies that advertise their projects using the words DeFi and Uniswap.

Yes, and about a lot of research into each project before deciding to join, it's clear that many have said it, so I think it's also widely known by people in crypto because scam projects will always exist and be born at any time.

1. Its part of the hype, if you are already here when ICO and IEO were hyped I believe that it is normal to you to see that bounty projects are going to the flow of the current trend.
2. This is a little bit sad right now, as a bounty participants it is a guide for us to know the legitimacy of the project. However, some of the projects are hiding their identity to their customers or clients. Its look like a scam whenever there is anonymity in the project. We all know that showing your identity to public can boost the trust and reliability of the project.
3. Its too obvious that many projects only has their front. Their home-made MVP and non-sense plan in future. They created website just only to show that they are legit. Of course, only ignorant in website and newbies in cryptocurrency will become the victims of these projects.
4. Above all of your thought, I really agree with this point. I saw a lot of project wanted to list in uniswap because when they had been listed in this exchange, their token were hyped by traders. As a result, they can gain a lot of benefits and profits.

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All of the bounties I have seen right now has a tendency to fall under in scam. No bounty is good as what before. This is the reality of bounty nowadays. Either it is scam or it offers a low pool of rewards which at the end is useless.

Yeah, while your observation is right I can ruefully say your statistics is faulty as you don't have any methodological procedure to back up your claim. So, it's fallacious to say 99% when there isn't any computation for that.


This is why it behooves every bounty hunter to always thoroughly check websites of any project before supporting them by enrolling in their bounties. It's sad to note that hunters are always in a rush to get into bounties without doing due diligence and research.

There will always be a scam and fake project in this cryptoworld whether is it a DeFi project or whether if not and we cannot really tell it easily but the best way to atleast lessen wasting your effort and time is to do more and more research before joining and participating bounty campaigns.

These points are completely new that I haven't read before and on second thought if I did invest some of my time doing this research then definitely I will be getting better results off my investments as the rest of the points can actually be faked like the team interviews and the profiles can also be brought, but honestly going to such details will be done only by that team that is serious towards the project like having their own physical office n all. Today most of the DeFi projects are having anonymous team members and still people are investing money in those projects without any thought.

Before I engage with these so-called “DeFi bounties”, I usually investigate their website, social media channels and LinkedIn first. I would usually look at the following:

1. Partners
2. Attending virtual conferences or video interviews
3. LinkedIn accounts of each team member
4. Photos of actual team members in social media accounts
5. Reverse image search of each member’s photos
6. Looking up the office address in Google to see if it’s original or being taken by an existing company

I don’t usually trust DeFi projects with anonymous team, because most of them would likely exit scam even if they get listed on Uniswap, TrustSwap, etc.

For sure, recently people have started to open up campaigns for xy yield farming projects with different names but with identical bounty structure, which is a huge red flag. But of course there are bright exceptions like DIA, Radix and some others. But then again, yield farming scene is totally irrational, so even if the project is a scam, it may still moon on Uniswap.

yeah, i don't wanna take part in a bad defi project. at least if I want to participate in it of course with a real DEFi project like the Latiice project. they have a real team and are not anonymous. right now there are a lot of new Defi projects appearing on this forum and I hate to see when a Defi project appears using an old project concept. I mean reviving an old project using the DEFI system as the reason. this kind of project will mislead new users who don't understand what Defi is.

Totally agree. Crypto trading is a very gambling thing and there are really high risks. In real life business there are high risks as well, but in crypto you don't have to deal with taxes and other expenses.