Bitcoin Forum

Currently, we are all concerned with an incredible escalation of (DEFI with Y) >:( the new cryptos of the future like (yearn.finance) several projects are currently in progress or in creation, But today I fear a huge scam that will happen because the prices suddenly explode so that doesn't even have an exchange or liquid just a pump going up and going down :(


FOMO
https://coinmarketcap.com/en/currencies/yearn-finance/
https://coinmarketcap.com/en/currencies/yflink/
https://coinmarketcap.com/en/currencies/yearn-finance-ii/
https://coinmarketcap.com/en/currencies/definance/
https://www.coingecko.com/en/coins/zzz-finance
https://www.coingecko.com/en/coins/yffi-finance
https://www.coingecko.com/en/coins/yield-farming-token
https://www.coingecko.com/en/coins/yfvalue
https://www.coingecko.com/en/coins/yam-v2 old V1 example crash https://coinmarketcap.com/en/currencies/yam/ new version V3 ::)


How can Uniswap accept this thing?
How could the price beat bitcoin in a matter of days?
The next one that will look like bitconnect?


--What do you think ?--

All are looking for money. If you want to a high listing fee then nothing impossible here. And maybe this is happening to uniswap.

A huge FOMO are happening recently around crypto markets about the word DeFi. So any project related this name means a huge hype and people are blindly trusting them. Also these projects critically setup lower total supply so that they can beat bitcoin and all the investor follow them more than others.
I was thinking before seeing this line that maybe we are very close to see the scam like bitconnect. Yes, it's very possible to another bitconnect exit scam.

There is no way to deny that scammers are heavily using the word DEFI and through this they are planting their scam traps. Actually we can't do nothing but revealing DEFI related scams or increasing awareness among investors where most new investor run after this type of project after seeing the name only. Even they don't feel it necessary to spend little amount of time before investing their fund. Its nothing new that scammers will take the advantage of any rising circumstances but investors have to be careful from their end otherwise like past scammers will fill their pocket with easy money.  

With limited supply its easy to create hyip on the market but hard to keep the price stable for long time. Personally i am not interested to make their comparison with bitcoin where a limited holders will get benefited before the price crash.

I don't know if you were following crypto in 2017 but this is kind of simillar to the Ether token trend back then when Ether started making headlines. we would have scam tokens like ethereum Dark, ethereum blue, EBTC, EBCH, Ethereum lite all spike in price but with no real project backing behind them. What happened later would teach a lot if newbies lessons back then never to throw money on random tokens anyhowly.


That's the cost of decentralization. there is literally no one in control of what gets listed there just like EtherDelta in the old days.

Uniwap is not the same as CEX and it was not doing any verification or audit and the listing process is almost similar with the another dex. It's not so difficult to do that.


As some member stated above if it caused by FOMO or yield farming. These crap finance platforms were offering non sense yield farming for the stakers. I know some that were offering more than 10k APY.


those projects already similar to the bitconnect and becareful with those defi. Some defi has been putting the backdoor to make the contract deployer will be able to take all of liquidity pool. I call this the evolution of Ponzi project. Stay away from this.

Very good topic the Defi scam is increasing day by day and mostly traders don't search to expose the scam Defi project.I will personally suggest do research for any Xcrypto project especially defined Y series.

Ever heard the term decentralized. Why would uniswap, refuse some tokens to get listed? Its against their protocol, what they need is improvement and some sort of barrier to avoid scam projects and filtered them in such way investors would somehow feel relieve from being scammed.

Price could beat bitcoin due to its supply, take a good look on the supply, all of it are actually with almost limited stock. They are yield farming platform. They getting some profit to it, so people are keep buying it.

I also doubt, but after Binance listed YFI, did we not hesitate, then there was another news that Binance listed Yfii coins, like a gang with the same name but a different name. Did Binance do this on purpose?
or whether their project is recognized by Binance.indeed many say that the coin with the initials Y is coin farming to do hype and the like.
we don't know this wheel will last long or a moment.

I'm also surprised that Binance take those coins seriously. It looks like they're trying to take a share of the pie quickly before it dies. Hopefully no one will be stupid enough to continue believing in some copy-cat project and pump it continuously.

Just because binance list the token doesn't mean it's a genuine project, if something goes wrong binance will delist the token from its exchange, investors are just so unbelievable, a token that came out of nowhere costs over a thousand dollar and you invest, it's obvious you know.

They all think of profit after one night sleep. Is life too easy as that? It is easy to get profit in bull market but the problem is if they get profit that way, they will not be able to control their actions and lose all profit and capital after the crazy market ends.

Only people who know to stop will be able to keep profit. Most of them don't stop and they will end with capital loss, not only profit loss.

Not too long ago, this year the market dumped Bitcoin to below $4000 and people feared it will be dumped to $2000. Now we see many un-tested tokens have value more than $3000 and YFI has its all time high value x3 of Bitcoin price. Those tokens are promising as people believe in but how do we see so many potential projects in short time? This question answers all about the scam trend.

its purely a speculation for each investors,i my opinion in Y project there is nothing special there moreover uses case. at this moment every eyes focus on Y project that could rise extremly only in few days.  buble will coming to this kind project and investors will start complaining that they suffer lot loss later.

DeFi is the big thing for this crypto season and everyone is trying to take advantage of it including scammers. I was surprised when big exchanges were listing the Y family at no cost just for them to have their own share of the cake. There are genuine DeFi projects making their marks in that ecosystem and that have been around for some time now. Whereas there are others with just two weeks of hype claiming DeFi. Care must be taken for whoever wants to have his share of the cake because everything can disappear into thin air in no time.

What if the fall that we're experiencing is, there's a big contribution from these defi's y projects? what if most of the tokens were sold to bitcoin and then was sold to fiat?

We are in the same year where there were too many ICOs making projects and dumping it after the sale. Investors of defi will start to learn after witnessing this dip from $12k and as we look to the price of bitcoin, it's $10k and can possibly go under it.

The whole matter looks strange to me, because I even tried to imagine the length of time it took Bitcoin to be valuable, trusted and so on, but these ones all of a sudden comes out, starts pumping and people couldn't get enough of them because they keep going for more of them. Also, as for Uniswap, I would say the team behind the exchange are just trying to get their own share of everything thus not bothering about auditing the projects they list. Same is with the people chasing after all these projects, they don't care of what the project offers so far they can get their own share. So one can see, on one hand, Uniswap cares only about the gain same with the investors but on a more serious note, only the team of that project makes much gains while deciding the fate of all investors.
Lastly, I wouldn't say it's like bitconnect but however, people need to take a break and ask themselves questions about all these projects they are investing in.

The fall of these Y projects is forthcoming. The original YFI has no working platform and yet they are having that incredible price. From where they are getting that kind of pull? Nowhere? So be careful with these Y projects, their failure is very imminent. No use case, empty foundation, you know where they are heading at...

Instead of selecting a few tokens to be careful of, i would say be careful of crypto currency projects. As an investor or a trader, understand the reasons why you are investing in seperate tokens. As regards defi, defi is normal just like crypto currency decentralization is normal, don't let the name of any project deceive you, nobody cares about the name.

Do your research well, buy, sell in profit and move on. Do not allow sentiments in anything you do with crypto currency.

It is the season of defi everyone wants to make money and this has lead to an incredibly insane project YFLINK does not even have a properly functional website yet the token has reached the highest price above $1000. The same thing with Dfinance although the project is not being tracked by some of the coin market analysis websites. I believe this will spoil reputation of some exchange platforms that people have strong trust in them for not listing scam projects.

If you find any similarity between DeFi projects and scam projects from the stake - masternode trend, please be cautious with your investment in DeFi group

Define the (scam) DeFi (https://bitcointalk.org/index.php?topic=5273078.msg55114472#msg55114472). It is never late to wake up.

There are now a lot of clones and to be honest I have sold the majority of my UNISWAP holdings now and just got a couple of coins left that am holding for long term. The fees on uniswap are too high and even though ETH gas has gone up UNISWAP is really taking advantage and all the coin flippers hoping to make millions form copy cat clone YFI sites. I am done with my experiment on UNISWAP and will look at more serious DeFi investments to invest in like AKRO for example..So will leave all the ETH fees for others to pay. I now am going to back to investing in long term serious projects with serious investors. My experiment on Uniswap lasted around 17 days was fun but enough is enough.

The number of scam projects emerging from Defi is alarming. I was amazed seeing the list of cryptocurrencies that were pumped and more persons are rushing to join the pump in order to get more out of the cryptocurrency hype. This Defi trend reminds me of ICO's trend we had in 2017 and I'm positive because more people are getting into the space.

Yes almost all are getting into it but of course you must dyor or if not youll suffered a tragic loss. I dont know what will be the effect of it but the market seems to be going sideways due to the incoming fuds. Bitcoin still stitting duck on 10k but werent able to pass some support. I think whales still wanted to accumulate more below 10k.

As long as you can take care of yourself from the scamming that can happen to the Y project, you should not worry. People who traded Y tokens should be careful, so they know when they need to leave the market. It is not right if you still trade that tokens if the situation is not good. It is happening for Bast and Sushi before. When the price increase, I see many people buy and sell the tokens, but suddenly, the price is down, and the price now gets a lower price, and I don't think it will have a chance to increase in a short time.

For what is the trending now, that will be the number one tool of the scammer to find a victim.
To be honest, scammers are stupid actually, they are wise enough actually. That's why as one of the community
target by them we need to be careful at all cost so that we won't regret in the end.

How is it that coins that came from nowhere in a short period of time soared in value? How to understand this diversity yourself and understand who is who? For one real DeFi project, there are a dozen fake ones. This kind of worries me very much. Without careful assessment, you cannot follow anyone.

Yes, but in a case like this everyone can only judge logically, i.e. on a short spike in the value of the token, because it was the original DeFi project, so everything else is what everyone is worried about despite the concept written on the project is DeFi.

maybe they see great luck when using the letter Y at the beginning of their project name. LOL. If we look at it from another point of view, the Y token does not only give a negative impression as explained in the post before me.

Trader
They can get their profits faster than they are trading BTC / USD. Of course this is due to the very high hype of the entire crytpcurrency network. After a long time ago the IEO had sunk and the public lost its life-brightening sun. They are looking for a new sun to be used as a medium for making money. And this Y is their choice. So when the hype gets popular, what happens is like this
Yearn Finance Token Jumps 270% in 5 Days - Defi Token YFI Now Worth More Than a Single Bitcoin (https://news.bitcoin.com/yearn-finance-token-jumps-245-in-5-days-defi-token-yfi-worth-more-than-a-single-bitcoin/)

If you think that Defi with Y project is suspicious and not worth investing, you don't have to invest, and you can search for the other projects. I think that is the best thing you can do if you want to prevent or be afraid if the Y projects are a scam. But to be honest, the Y project takes attention for the investor, and many of them invest in that project. Or you can try to join with other investors in making money from the Y project, but you should get out of the market before the price goes down.

I think the OP just wants to remind other traders not to get trapped because I believe the OP is caught in the trap of a coin with the initial Y and has suffered a lot of losses, trading will always have such risks.

This is how serious they are in making money noticed a lot "Defi and Y" in social media and its quiet scary in my opinion because people don't know where these projects coming from and who runs it. We like decentralization but this is a one disadvantage that it can be abused by bad actors that won't miss any chance by going with flow of the new trends.

This is much worst than past scam ICO's that rake money from investors even though the hangover of the past craze still exist. Defi is attracting new batches of fomo's in the crypto space but this wave could be different.

Crypto devs getting rich on the backs of clueless investors, similar story than in 2017 when every other crypto "enthusiast" created their own project and collected millions via crowdfunding. The difference is that the transparency of this current wave in much bigger, everyone knows that playing around with those Y-yield farming projects is extremely risky, while back in 2017, not may were aware of dangers of ICO investing.

Scammers are always ready to infect crypto industry now they're taking advantage of DeFi concept but it can be stop if crypto community don't fall in temptation of huge profit in short time and avoid to not involve in these kind of pump and dump projects which has no future at all.

Its very alarming already that YFI almost hit the $40K. Quite not fitting already that the yare trying to grab more BTC on their platform while BTC isn't climbing because of these projects.  Is there even a team we can check for this project? 

Defi though are also being used by real projects to ride the trend. While there will be a bullrun coming because of defi, it could also turn devastating when finally the developers turn greedy.

Yes, scammers are constantly trying to make fake projects that are very similar to the real ones so that it is difficult for everyone to distinguish, this is where sometimes everyone has to be smart in looking and further analyzing all projects that use the DeFi system.

No matter what warning given to these quick hustlers in the world of cryptocurrency, they won't listen as this same pattern of event took place in the past. During the year 2017 the ICOs was a Messiah to millions of investors and many made it out while millions were wrecked during the process. #Defi will surely wreck thousands if not millions investors; if care isn't taken by these investors. Noobs investors should be warned.

Some of these projects still make money, it is clear that this is not a long-term story, but it is not always an outright scam.

once popular, you can see so many new projects that are almost similar and make a campaign on telegram. I am following several telegram groups and now there are many campaigns on behalf of the DeFi project which will bring huge profits. most of them are scammers, and that will hurt a lot of people.

I hope that the OP realizes that trading can not always make a profit, but we can also get losses. Trading is not easy because there are many things that we need to analyze, so if we can not make a profit this day, just believe that we still have the other days to make a profit. As long as we can keep trying to do that, I am sure the chance will come to us, and we will make a big profit again.

Yes, and in order to avoid a scam that can happen suddenly, we must always monitor it carefully and well while looking for a little profit on the token as well, because taking advantage of the current trend is not a bad thing to do either.

Indeed, it seems that it will be very difficult to do that because human activities do not only monitor exchange places, if you want to invest in a project, you should be able to see the project concept at the beginning they provide a whitepaper that can be read and understood by the public, so that from the white paper given that at least we can find out which projects will be developed and can be a determinant of whether to support the project or not.

It's not only some but almost all of these projects were scam

This is only an example about how the ycrap projects have scammed the investors https://news.bitcoin.com/defi-project-yfdex-finance-vanishes-with-20m-investors-funds-just-two-days-after-launch/

This story will be the same as ico story of there was no prevention act to prevent this scam y projects to come. There was only a very small percentage for the y project to not be the next scam project.

It's also very difficult to make awareness for people to not throw their money into these scam circle called y family defi.

The price went up really high because of the FOMO about DeFi, if the FOMO was not that strong I'm sure the price won't go up until the price beat Bitcoin,
and because this is FOMO, there is a chance that a big dumb will occur at any time and the price will fall very deeply, my advice is to avoid coins or projects like this, choosing a project with good fundamentals is the right choice.