Bitcoin Forum

The y series have become a trending topic on most social media.

Yfi (Yearn finance)
Yfii (DeFi money)
Yffi (Yffi finance)
Yfl (Yf link)
Yfv (Yf value)
Yfie (Yfi exchange)
Yfis (Yfiscurity)
Yft (Yield farming token)
Yffarm (Yearn Finance Farm) I see this last one, as a big scam.

My concern is, with the high rate of pump in all these ys, what happens to investors, if it dumps terribly back.. Or glitches like yam. It's scary seeing so much campaign on ys. Who knows how long this will go for.

Posting this incase anyone is investing.. Please be cautious of your investment. Don't get carried away with the hype and follow up with them all incase there is a red flag. So you don't get caught.

Sincerely, I still don't understand reasons behind the y series pump, but probably due to too much hypes by crypto whales, anybody interested in buying this coins to make urgent profit should invest with what he/she can afford to lose.

It is their responsibility to check and research about it. The trend is particularly fearing if it keeps on pumping, there is a tendency that there will be a sudden dump. The lesser supply will give an idea to those developers that this is what the investors what and they'll start to FOMO.
I guess we're about to see the ballooning of such projects that are inspired by these yfi trend.

Not good at all, I think people are going to fall for this and majority of them might end up a scam in the first place. And I have the feeling that many newbie investors will be caught in the hype resulting in a big lost for them and then blame crypto market. I guess they have to learn their lessons the hard way though, to teach them not to just buy on those hype but to careful study the markets.

I have never heard of this hyped yfi coin, this is just a matter of pump and dump scheme created for newbies wandering in the ecosystem lookin for fast money at all cost. I believe many had been scammed for this and losose their respective money. Investing on already reputable coin and assets would be a safer and clear one for new investors until they probably had a good stamina in the crypto fake hype and scam movements.
Also the causes of falling victim for this is lack of doing a proper research on project before investing, asking questions on the forum before joining in so you could be sage at last.

There was no a clear reason for this pump but in my opinion if the reason could be caused by the hype from the defi project. All of Y series defi projects were getting the pump after the original yearn finance project was getting pumped so high before. Some people started to forked it and then the whales are taking it as another opportunity to pump the market too.

The whales are hyping the defi project right now.

Haha! You know it's going to be pumped and be dumped whenever you see a new project promoted excessively.

Can you tell us why?

The collapse for most of these "Y series" or other DeFi projects will be catastrophic. A lot of speculators who is riding this train will undoubtedly complain and cry.

I don't know how long it will last but I think it will be shorter than the days of the initial coin offerings. I won't be surprised if regulators starts clamping down on these decentralized lending and investments. Once they do, many of these projects will run away.

Those coins were only bubble coins and there was no big that can be expected from them. After I have known the usability of the real yfi aka yearn.finance and I can take a conclusion if basically what already offered by them all are still the same with the existing features that already offered before. The bubble can burst anytime.

I'm also surprised on these kind of trends these days.
At first glance, it's kinda they are shitcoins.
I am curious if the one will benefit on these kind of trends in DeFi is the Ethereum, do you think guys Ethereum will get affected on these?

Are you asking if the price of Ethereum is affected by these DeFi projects? I believe so. It's not the same as the speculation on eth 2.0 but it still affects the price. You need eth to interact with these DeFi platforms.

If you are asking about the blockchain, then it's certainly affected. You can just look at the gas price for sending tokens and you'll know.

Those who are throwing a lot of their money to the defi coins when it has reached the peak price have been losing their mind.  If you are watching this correctly and then those were only shorting the market and no more. The whales or pumpers have already accumulated a lot of coins to be dumped for the late players

Is this so called "y series" just your own invention or not? If yes then that's a witty way to sum them up in all fairness. However, there's nothing wrong if the name of their platform starts with letter Y. Such thing is not a big evidence for them on becoming scam or not because there are previous scams which don't start in letter Y obviously ;D. Just a coincidence I guess.

FOMO is okay, that's what I've learned in the past. Bitcoin and reputable alts are enough for me.

Y Series trends are interesting but a little dangerous because I am not sure all Y Series projects are serious projects considering their inspiration was taken from YFI, if YFI was not a trend this project would not be present, apart from the Y Series that must be considered is Project S Series or Soft because This is also a trend that is similar to the Y Series but also as dangerous as the Y Series.

Asides from the y series, majority of the defi projects out now are scam projects. Just that many fall for the y series cos of the yfi hype.

Just yesterday, 7 projects rugged and 5 started with the letter Y.

People rushing for the y series are in for a big bubble burst soon. And for the common ones like yfi and Yfii, if you are investing, do so with what you can afford to loose.

Most overpriced DeFi projects are not surging because of their use case but the hype, this is dangerous because price can dump, I suggest investing in DeFi projects that aren't overpriced yet and also do research so as not to fall victim to scam

These projects have anonymous teams and people buy just because they think they have the same potential as YFI (yearn finance). Does no one know if they have the official source code or not? I feel they are overblown and one day they will have to drop in price quickly, maybe they will be about $ 1. It is a risky game for gamblers and uniswap is the biggest casino this year. Yesterday Uniswap's trading volume surpassed 400 million dollars, which is terrible.

They were not only overpriced but in my opinion if the price that already achieved didn't even make sense with the utility that has already offered by them. FYI if YFIexchange has been getting dumped 50% and so many people were also getting trapped at the peak price. This hype is very dangerous, especially for the new players.

I have found another scam project that called YFIjunior and this one can be added into the list too.

I may think if there will be a big waves of scammers that will be creating the fake project. Everyone should be careful with those scammers.

So many new scam defi have already deployed by scammers.

Scammers will want to scam using the name that is currently trending in the market. Since now Yfi is being pumped a lot in the market. So there will be a lot of effort by scammers to bring another scam project of this name for the purpose of scam.

This kind of activity is happening all the time. When a coin is unexpectedly pumped into the market, some people plan to run away with people's money by bringing a project with that name. So it is not surprising that we see Y-linked projects in the market everyday.

A bad example is contagious.
Everyone wants to get a very quick profit, but according to statistics, they only get losses. Those who saw how the prices of coins and tokens fell sharply in 2018 are more cautious about investing.

I am writing here about scams and risky investments
https://bitcointalk.org/index.php?topic=5268573
But that doesn't help, people are still willing to try their luck.

Y series ? That sounds like a mobile phone series haha . Yes it was funny and not be treated as serious  .

 These series are one of the many coin series on the past and all of them ended on one direction that was to go downwards but never returned to normal . that one y coin on the list did also use defi  aside from the " y" name , Thats so greedy because they are using two terms that recently  got hyped  .  

No disrespect to law abiding Nigerian members here but I know where you are coming from. There are a lot of stories about prince and princess from there lol.

Removing members for asking project and team transparency is definitely shady. I won't be surprised if they even accused you of spreading "FUD" in their group. Did they pull out the "Satoshi Nakamoto is anonymous" card?

Unfortunately when something makes people money, all other people and specially scammers wants a piece of the pie and that is what happens with these naming stuff. When ICO first started there was a ton of same name stuff as well and everyone did it, when DeFi became big everyone changed their coin offering to include DeFi features so they could get a ton of money and when Y series got bigger, that only meant if you add that to your name and have some DeFi feature you would most certainly get funded, even if you are a scammer.

Do you know how many people are out there who do not read whitepapers before they invest? There are tons of people who just think someone else will read the whitepaper anyway and would come public if there is anything wrong and if there is nothing wrong that means it must be good.

The Y family to be more precise. Currently it is still increasing, which is doing a pre-sale, namely YFF (YFFarm). This is of course very confusing for investors, some are brave enough to invest and some don't. As long as you have the opportunity, then do it, but as @OP said. that you should be careful before entering and investing. DYOR

The situation is getting both a bit hilarious and suspicious at the same time because most projects with similar token tickers just want to capitalize on the success of yearn finance. Personally i will not invest in copy cat projects.

The Y Series trend is also a dangerous trend, many shillers trap people into investing in projects like this and unfortunately they shill on scam project and this is worrying considering there are many stories of people who get 50x to 100x profits in a very short time and the fear is people with  large capital are determined to buy in big quantities because they are tempted by the trend and the problem when they choose the wrong one will be a nightmare for these investors.

I think there is a time for everything, and for now there are several defi platforms out there taking opportunities of the hype around defi, introducing projects to one way or the other in order to pump and dump on investor, so it is a wake up call to every investor to conduct due dilligence before any prior investment in any token in the crypto space today.

WE are saw what happened to yam and other pump/dump tokens. Be watchful

If you can realize that the Y series coins in my opinion are a new type of fraud, considering that currently many Defi projects have sprung up and have attracted market investment. Of course there are concerns, especially if you invest your money in the Defi project and scammers use this method to trick their victims.

This seems nothing but simply some people taking advantage of the scenario around defi projects and speculating it through the use of uniswap and similar platforms. I do not completely know how this all works but many projects have raised funds solely through uniswap only time will tell about their legitimacy.

Get out as soon as you can, don't be greedy as investigating the original project itself, they have nothing to offer yet.
So seems mere manipulation of the market without any basis at all.
And since scammers want to take advantage of what's going on in the DeFi market, expect you will see a lot more of these unfounded projects.

Yes, the Y series trend became a hot trending topic lately. Honestly, I still don't understand what is the advantages of these projects. The only thing that can be seen is about the price of the Y tokens is growing fast and increasing very significantly. Not sure that people who buy the tokens really know the potential of the projects or just following Hypes. I also doubt if the Y series trends just take advantage of the improvement of the crypto market or the increase in Bitcoin value currently. Be careful that the price of Y tokens can be dumped severely anytime. Also, because Y projects became trends, scammers possibly take advantage of this situation.

This time this trend goes so crazy. I have been regularly watching my telegram and then i have been seeing a bunch of new finance coin and that's crap. Those projects were offering farming yield and they have no real product. Some trusted people have already accused some of those coins caused by they have infinite supply.

Some projects have rugged the investor's money from the uniswap.

All of finance coins are not more than ponzi coins.

Not only Y-series trend but also the DeFi-pretended projects trend. Besides the Y-series, you can see YAM and YAMv2, what the shitshow? The DeFi trend is more crazy than the ICO and IEO trends. It is my first time I see some few assets that break the all time high values of Ethereum in the crazy growth of crypto market in 2017 bull run. It is more crazy to think of the vague value those DeFi projects can bring to the world. More than 3 bitcoin to buy one YFI token and now the market even has some other Y-series tokens, YFII tries to hit the value of 1 btc of one YFII token.

After Uniswap, we see Uniswapv2, then Sushiswap, Justswap. Can you connect the dots and think of something?

Crazy and I won't touch them.

I guess the Y series trend is coming, and that makes many new Y projects will release. I think that token created for hit and run trading because the price is up and down with the unbelievable price many times in a day. That can give you a big chance to buy low and sell high, although that will need more funds to be available on your wallet because the fee to make a transaction will not low.

What I can not believe that to make one transaction, and we need to have $25-$50 as the gas fee. That means you need to prepare at least $100 to be used for the gas. If you want to trade on that token, you don't need to hold too long because if the price can surge to the high price, you need to sell it and take the profit. Thus, you can wait for another moment to buy at a low price.

The Y series trend is getting on me. I was thinking of maybe trying one of them, but I suppressed my urge to buy one of them because I have the feelings that it's not a wise decision to follong a hype tokens. It's all because of this DeFi thingy, that when you see a DeFi projects and then you think that the projects will be good which is the source of the hype I think. Some even says that once it cools down the hype, there's a greater chance to see the downside of the prices.

All of these projects are yield based farming. I understand why so many people are getting hooked by these cause of the very high reward on farming. Yes this is the new style of mining that will let investors and traders earned profits by means of staking. Too many projects are all focusing on all kind of finance and yet the scheme is pretty working well.

I'm sure if anyone knows when the bull run will end, that should make the person "all knowing". No one is all knowing. Like I have always maintained on this, we are all speculators in this industry. None can say for sure what happens next.

Already, most the 'Y" pair prices have gone past what anyone can afford more than a token, except a fraction of it, especially YFI. Besides, only the inexperienced and greedy will be caught up in the run because buying now seems a huge risk. But come to think of it, isn't life a risk on its own?

I think that the investors are being FOMO before the Y-start projects. I noticed that most of these projects have an anonymous dev team and it confused me. Not every project with an anonymous developer team works well and has the potential to increase value because many imposters have copied the source code of these projects and impersonated to scam investors. In the past, there have been several fraudulent projects such as YBDAO, they are impersonating a branch of CBDAO. After raising investor funds on the Bounce platform they transferred the entire amount into Tornado Cash. They locked the telegram and disappeared.
PAYDAO just completed its ICO, they shut down their website and telegram channel.
These two projects do not publish the reputation of team dev. Be careful with DEFI projects.

Usually, those hype doesn't last long. If you remember ICO projects before, they have been very famous too but got some failures afterwards. I can also see YI series projects like that. Today, they are making a big noise and investors are enjoying this opportunity to gain and to earn. But you have a point, there is possibly a bounce down and investors should be cautious on this part..
 
 Anything new in crypto world, can be a hype in a certain period of time. And also be a new door of oppotunity for scammers so let's take our actions be wary.

You're right. The hype is continuing for a long time and I think that in one month, maximum, prices will start to fall and many people will regret about their purchases.  I don't buying anything now. Just watching

It's really happening now isn't it guys? The ICO hype and boom. People desperately locking in their ETH to wrap it up and turn it into whatever tokens they think will make them money. 1000% gains in a few days, and thinking now mooning in a few months.

I'm happy to see ETH go up, not happy to see 600 gwei gas. Doesn't this remind us of anything?

That is maybe the main reason the hype of these defi coins are getting, not only that now I see some other defi, like sushi, kimchi are getting a lot of hype as well but not as good as what these Y series defi are getting, sushi even lost around 60% of profits upon getting listed in binance.

I think only few of this Y series project are genuine the rest are just scams, some of them sounds so very ridiculous when you read up the information, it shows they are hurriedly done just to make quick money during this Defi trend period, they have nothing to offer, everyone should be careful.

indeed new coins that have the initial Y at the beginning and are marked with a very small and limited supply are indeed suspicious but what is strange is why they were able to enter the Binance exchange? because what I know about the Binance exchange has very tight competition and security to register a coin or token there is a very long and very difficult process, so how can you say a scam if Binance can put that coin into its trading list.

People need to becareful now especially now that it seems the market is about to enter into correction. I think one or two if these Y series project will survive and it is after the dump that we will realise a true project. Another thing is that the profit taken will soon happen nothing goes up forever

after the YFI price beat the BTC price, all the media talked a lot about it, this is a technique to raise the YFI price even higher, for investors please be careful before investing, because it is feared that the high YFI price will only happen temporarily

It's all YFI fault, now farming is everywhere, and all projects are trying to use the words Yield farming at least somehow.

I honestly do not know what could be done about it, people could create Y type of names and similar stuff as much as they want, not like they could be stopped or banned because it is a free space here and in crypto you could do whatever you want to make that happen. Obviously it is not going to be the end of it so we are going to see a lot more of these.

However what we can do is promote knowledge about names and why they do not matter, if you could reach out to enough newbies about the power of branding and marketing manipulation you could maybe teach them how they should do their own research before they go invest into something. Some people see one Y succeeding and making owners ton of profit, so they go find a newer version of it and get in early hoping they could profit not realizing it is a scam.

I am funny looking at this, so many Y projects are appearing almost simultaneously.

I see this has been in design for a long time and there must be big player involvement behind the many Y projects. I am still curious, whether one another are connected to each other?

YFI has issued only 30,000 coins and their capitalization is only one billion dollars. However, it is already more than three times the price of bitcoin. Even outwardly, this coin is pumped artificially. One must be wary of investing so much money in this coin. After a while, the price of YFI is likely to be much lower Bitcoin.

not good, with the emergence of the Defi project or the Y token series will only mislead investors who are just joining the cryptoqurrency industry. We can imagine that if a new investor is just thinking rich quick, has no knowledge of crypto, then he could easily be fooled by such Defi projects.

what can we do ? They want that ambition so they need to pay for that price . This does not mislead them if in the first place this is the reason why they ended up on here  . we don't need to feel sad or bad about it/them because they aren't a true gem of the crypto community  . while I think the y series does not only misslead people ,  they also help people to get closer to the real valueable cryptos  .  they aren't totally useless somehow eh?

Andre Cronje taught us all how to farm, check contracts the most important thing, even if the project is turned off, you will always be able to return staking tokens from the good contract.

These are old news. Look into MEME:

https://coinmarketcap.com/currencies/degenerator-meme/

Here is a good post about it:

https://medium.com/@dontbuymeme/announcing-the-meme-protocol-yield-farming-meets-nfts-1a9820f7058b

Many Y are nothing but scam, for me these are the real Ys: YF1, YF11, Yff1. Any other Y is simply at investors risk. I miss out in all these only benefited immensely from YFF1, got in at $22. can't still explain what is pumping them.

It still surprises me how people are always too quick to jump into any project just to grab their own share of the gains, but falling to ask what if it dumps badly? There is no crime in investing in new projects but it is not wise to invest in projects which offers nothing but hype. Before it was Defi and all sorts of it, now it is another trend Y series; to an extent we know what Defi offers but this Y projects what are they offering?
Well, no one can best advice an investor more than himself, if any investor fails to do the right thing and goes for hype, one thing will occur, which is profit or terrible loss; I think that answers the question asked.

This day I'm seeing the new token called SYFI and it was also doing the same like Y family coin. People were taking it in the wrong way as they were focusing into the farm yield from these Y family project.
They have no clue about what they were buying before. YFI is the main reason why this crazy trend is happening right now.

So many forked coins in the market.

Literally I've fed-up with this Y series trends or whatever. Nor I but there tons of people express the same feeling Y series trends are nothing but all are scams. Some are so good potential to hit 10K so i guess quick money here to grab.

There are some who actually legit but in the case of hype and even anonymous team the traders still investing cause there is always chance to get a bigger reward and chance to get hype. I dont know but I can see a lot og people earning big mote than 3x of their investment. But I would not advise to play with this cause its really dangerous.

It's a good project, many investors are investing on it, because this is the period it pump for those looking for fast profit,and it hard to dump in this season.
Y series trend is a stable in profit making,but is not good to hold coins long.

Since there was a massive increase in the value of YFI many Scammers have decided to flood the cryptocurrency space with look alikes with the intension of catching the eyes of the ignorance and greed of investors. The truth is that these projects are pumping massively and when the value starts dumping several people would be hurt.

Good luck to those investors, whales just playing with the trend they will leave there soon and those who didn't do their own research will suffer from great losses. Everybody now is hyping it because of the defi and I'm pretty sure it's a bubble after all those fomos everything will back to normal.



The problem of these investors they gumble to much because they think it can make them rich quickly. lol

As what I learnt, always do the fundamental and technical analysis before investing into something.

I can see most people invested in YFI-suffix is actually know quite well about what they're doing: playing with pump coin hoping they could ride on its hype and safety make out with profits. Yep, that's the only reason why people invested in those copycat. Every investor I know agree with me how risky it is for YFI coin, much less than all of its copycat.

Everyone has a special reason for storing or releasing coins, the point is that people who are always following the trend for profit are great people and always use the right analysis for it, even so your advice is still good.

Too many new Y series tokens have been launched after YFI was successful, this is because investors FOMO to buy any token they see YF. This leads to investors getting rugged or scammed especially if they say liquidity is locked on uniswap via UNC and also use good promoters on telegram.

The right feeling is one that is always accompanied by a belief, because logically what often happens is when a token can go up quickly, then it can also go down quickly at a time we never thought.

Any project that doing this kind of thing, uncreative creating their name similar to a popular coin is likely to be a scam. Don't blindly look at the chart with pumps and grows and forget about the basic step when investing. That's learning about projects you want to invest in. I think many people just got blind by those pumps and overlook the basics.