Bitcoin Forum

The level of madness on these Yield Farming projects is off the charts. These tokens sell like hotcakes even if they recently launched with some red flags. Is the community going in the right direction?

For example, we have two tokens namely Sushiswap and Kimchifinance.

If you look at their websites, both projects have anonymous team. 
It looks like Kimchiswap doesn't even have their own domain yet lol.
- https://sushiswap.org/
- https://kimchifinance.firebaseapp.com/

Their smart contract were not audited  before launching just like what happened to YAM.
https://i.ibb.co/dLJw8ZQ/kimchi.png (https://imgbb.com/)
- https://twitter.com/kimchi_finance/status/1300821471493726208

https://i.ibb.co/Yk6xh93/kimchi.png (https://imgbb.com/)
- https://twitter.com/NomiChef/status/1299443378396962817
[Sushiswap was later audited by Quantstamp]

It's easy to get lost when you see a lot green candles from these DeFi and Yield Farming tokens if you're a new player. Those investors who experienced the 2018 crash would have matured by now but that's not what the charts is telling me right now. Maybe they are also taking advantage of the ignorance of newbies.

Be safe. Don't go all in. I believe there are far more safer cryptocurrencies to play with other than these new projects popping up like mushrooms

I have found an interesting thing about sushi for you and what you need to see if kimchi was putting the code to make the contract creator will ba able to printing unlimited kimchi token.

Kimchi was also being accused by another defi called yuno platform too and you should visit this link

https://twitter.com/AdamScochran/status/1300869473352597504

that can be a very strong proof if this is no more than ponzi scheme. The newbies didn't know how to audit the contract.

What was that interesting thing about Sushi? I don't see any link about it in your post.

Kimchi was obviously rushed just by looking at the website. It appears to be a wordpress lol. So I'm not surprised to see another faulty code that allows the dev to mint unlimited tokens. Should we see a $KimchiV2 soon? I believe so hahaha.

By the way, Yuno didn't accuse Kimchi from that tweet. They were both accused as scams.

ah my bad, im sorry about that, i meant about kimchi and not sushi.

that tweet was accusing both yuno and kimchi but if you visited the yuno's tweet here https://twitter.com/YUNoFinance/status/1300875368455311360 you'll see that if even those scammers were accusing each other.

You're right, its easy to get lost in all those incredible things happening here in there like YFI coin or uniswap madness.
Is it up to community to decide where the market will lead tomorrow? Probably, but not totally.
Demand and supply is a two way road, so its not all about users and their choices.

After the so called y series (https://bitcointalk.org/index.php?topic=5272420.msg55099152#msg55099152), now the trend is based on food? It's getting insane. These kimchi and sushi sounds good but nah most probably they were poison ::) (I hope you get what I mean lol).
Absolutely yes! I feel sad because it seems that more investors FOMO. They're hasty and aggressive once they've heard a new "promising" project. Tsk! That's why I'm not surprised if there are still many getting scammed.

Yes. Absolutely! 99.9% of defi projects are complete scams. You can’t reasonably offer 500-2000% APY without making your coin worthless in the process. Plus most of these defi networks charge insane premiums on already sky high gas fees. Check out Sushi token. They charge premiums as high as $150 to transfer $200 into their network. But it’s fine right? They will guarantee you 2000% APY paid out in their native tokens. Some of these scams are so dumb you literally could not make it up.

Even I have seen a lot of people on the twitter and in many facebook groups claiming they made a fortune by investing in shitty DeFi projects and are also encouraging other users who aren't even speculators to invest in the little known DeFi projects and a lot of people are also falling in this bubble but they shouldn't do this in the first place as this is risky as hell and many people have already lost a fortune in the DeFi scam projects. Even trading seems better task than investing in these DeFi projects.

These projects are copying each other's source code, and one of them improves a little to make his code a little different. What these projects have in common is having anonymous team dev, I am very concerned about that because they can disappear at any moment. Any negative news can bring these projects down. They are being manipulated. Investors are careful.

I guess that doesn't even need a negative news to bring the price of those crap coins to go down to the ground.
Yuno has been dumped so hard even there was no any event. If you wanna see the proof and just come to this site

https://www.dextools.io/app/uniswap/pair-explorer/0x9bd8844a562978567ae10b5b05a9b68fe908de41

So many people have been facing a lot of loses
that's just the matter of time until the liquidity will be rugged and the project will become an exit scam project like curry.finance and after that the scammer will erase all of the groups.

Of course the community is headed in the wrong direction,,, then again, when have they ever been in the right one? Some day, maybe months and maybe even a year from now or more,,, many projects will fall apart, smart contracts will break and wallets will be lost. Then people will wonder what happened and they will say they learnt their mistakes. Until the next hype thing comes along!

it's obviously going to fall apart very soon, and exchanges will then start delisting those defi tokens and 'wash their hands' again. i'm honestly surprised to see how short minded people is, buying lots of tokens that does not really have a fundamental demand backing them.

Do you think any of those developers during the ICO stage are back at it again with these new projects? Those guys literally tanked the Bitcoin price with all those scam ICO's back in the day.  >:(

The scams got so bad that large social media companies actually had to put a blanket ban on all Crypto currency advertisements and that caused a 80%+ drop in the Bitcoin price.

A lot of people said the ATH Bitcoin price of $18 000+ was due to the push of these ICO's, so the latest price recovery might also be linked to the success of these "Ponzi" type schemes. (It would be bad if we see a repeat of the same mistakes with these projects)  >:(

Id say you are spot on, a lot of the Defi mania resembles the ico era, with most coins trying to jump in on the bandwagon for a quick price pump.
Many of the tokens seem to be behaving like pozis  that's not to say all of them are, but i think a lot of people are going to be left holding worthless bags at the end of this and it's just unfortunate that it will damage the reputation of crypto  in the long run the way that icons did.

I don't think the crypto community is getting lost again, but I am worried the new people who joined in the crypto world will get the biggest loss since they don't know much about how the crypto play. They can get attracted to the defi trend while they don't follow from the beginning, and that can make them invest in the defi project without knowing if that project can survive for a long time.

The defi project will end soon, and it will replace the other new project and the new trend. So before this trend ends, we need to take as much profit as possible, and then we can leave it and not come back if it does not give us more profit.

Where there's is larger attention, scammers and ponzi projects just flocks in. Defi is certainly not a new and world changing technology. The current hype over defi and it's tokens are a recipe for another disaster. Defi are meant to be an efficient low cost low profit generating platform thats efficient and friendly to users. They won't be bringing in insane amount of profit as the total users of Defi and cryptos are still insignificant. I'd recommend anyone to just ignore the current price movements on Defi coins and wait till the market settles for some clear winners.

I'm not buying all these DeFi crap projects that are nothing but Ponzi schemes, they came out of nowhere and they have insane value, I only pity those investors that have no clue about what they are doing or what they are into.

I agree with you, the crypto community is rising again. As long as the prices in crypto currencies are going up I would not say that the community is getting lost again. Also looking on the forum we see a lot of new people signing up with interest into cryptos. As long as new people come into the community and old people still are active we are doing good. It is on all of to make the community bigger.

Good for you, you are not getting deceived easily pruced by this hype. But for the others, well I guess wr can no longer save them. Some people are hard headed. You know! They continue to invest as long as they can see someone earning and no longer consider the bad reviews. Hmm, I guess we have a no choice but to let them learn the hard way. Let their money lose (I just hope it's not that big) and they surely become wiser afterwards.
For me, it is the best :D.

Some people are following the new trend and hype and the only important thing for them is to earn and take advantage it but unfortunately its not what supposed to happen. We should learn our lesson from our past experiences but it seems some of us didnt learn at all. Though new projects are promising there's always a risk of it being scam so i'd rather stay with defi projects.

Do not pity those who are able to play the game of these new DeFi projects, I have seen some good earners in telegram of those who managed to buy and sell some of this DeFi, they probably know how to monitor or analyze the charts. If they gain profit then it's good for them and if they  bought only due to hype and not monitors it or cut loss when the price is dumping then it can be a lesson for them in the next time to not be only ruled by hype but be knowledgeable next time.

Cut from the same cloth hehe.
At least Kimchi didn't claim that Kimchi is the real Yuno  ;)


It's totally on the community. If nobody buys into these types of projects, it will die instantly. Bitcoin survived through the years of high volatility, negative publicity, and government sanctions because the community keeps supporting it from the early days until today.

If projects like Kimchi, Sushi, or Yuno will be supported continously, you can expect more of this yield farming tokens to come out every single day. If we stop buying or investing, they'll go away.


I don't know who they are but it's a possibility. People are pouring money into these projects with anonymous teams so they might as well do it over again. Easy money for them if they know how to code and to shill to noobs and greedy veterans.

This is what I often discuss where there is a mafia in it to take money from beginners, they should have learned from before in 2018 where bad token prices fell at that time and hurt many investors, I think this kind of thread needs to be reproduced, at least it helps lots of people don't want to get lost and be tempted by the quick benefits of a new project that doesn't have a clear team

I have a feeling that sushiswap project is just a ponzi scheme project and will bring huge loss on community.
In the past, i remember TRONLAND project which is almost same with typical ponzi scheme and they were stopping withdrawal at the end.
Crypto community shouldn't trust a new project easily, even if the project has high market cap value.

But life has returned to the crypto world, it is clear that nothing good will come of it, but it is better than when there was no life at all.

I mean when has it not been lost. The start of BTC is creating this coin for a different purpose but it became known for something that is not that. Let it be lost. It has always been like that.

You have mentioned just 2 projects but there are dozens and many lack even website or whitepaper.
Would you believe that there was a project named hotdog and it pumped to 4k and now has dumped badly, this defi craze will make people lose big money and unfortunately some people will learn the hard way.

It time to seriously consider people's brain in the crypto community if they still falling for exactly the same scam when there are already many cases similar to it. Also, where is the trend of insert any popular dish-coin coming from? What is next? PHO, PAD, CAJUN,... keep coming?

I understand where you are coming from we have seen the big bust of 2018 and it looks like it's happening again, people are in FOMO without doing enough research on what they are getting into and this bad for the whole community, after this we will a see as lot of blaming and should have been alibis, at least we have warn them and great you have that analysis, now it's their call.

What do you mean by "crypto community getting lost again?" This is nothing new when every day, there is always some new bullcrap chunk out and some people are gullible enough. They invest in it without any proper research or blind by the green of increasing and lost their money. The Yield Farming projects is just one in many of other crap we have to put through as watching other people lost their money easily like that. Well, it was their money after all so I don't really care about if they lost it by investing in stupid things like Yield Farming projects and its naming sense is horrible.

not only got lost, but many investors have joined the DEFI project at this time. I am worried that if they are new investors, have no knowledge and have not done any previous research on the DEFI project, then they could easily lose their money. because stuck with Fomo defi.

YUNO Finance, yfrocket, gum finance and I can name them all that have ran away with people funds within few days of launching. Many people don't even take into consideration the basic principles of identifying a genuine project. Once Y or DeFi is mentioned in the description, people rush in with full force thinking every Y will perform like YFI and YFII. The crypto community is losing it. We are definitely heading to the wrong direction and the end product won't be nice.

I think it's not the crypto industry that is getting it wrong rather it's some set of people who are hiding the current trend to ensure that they fill their wallets even if it's by outright manipulation and they are being helped by individuals who are aware of the technicalities of the market but they are too greedy to make a position and the lots of newbies coming into the market looking to make some quick bucks but hey quite a number are going to gets their fingers burnt in no distance time especially for projects that have absolutely no leg to stand upon.

Defi came with a trend and as many people as possible are all looking for a way to follow that trend, and this comprises of scammers and half-baked developers, and majority of people do not care about use case or whatever but only profit. All I can say is, the wise ones knows when to stop or take a break and others who are all for profit always ends up getting trapped thus learning in a hard way that which they have failed to learn in the first place. Lastly, so far Defi hype is still around, many of these projects will keep coming up, therefore there is a very big need to be careful.

Here's the latest in Sushi:

It was previously reported that the developer has the sole control of $27 million token and he could sell it at anytime and he did just that. The anonymous and lone developer converted them into ethereum and says he will focus on the migration and further development of the project. He even compared the move to that of Litecoin's Charlie Lee and implied that his month old sushi will still survive even after him dumping hehehe.

As a result, he received a lot of backlash both from the investors and onlookers. Of course, you can still see a few defending his action but I think they're only doing that so sushi can fool more investors and bring the price up again. Once it's up, these 'supporters' will dump on the new investors and never return again leaving new disappointed bagholders.

Current drop only makes the situation worse. Defi phenomenon is only possible during bull run. We will see a lot of dead projects in the next few weeks

The issue of crypto market being flooded by Defi project have been discussed several time and even Vitalik advised people to be aware of the pitfall in Defi project despite the opportunity they bring but it seems like the Capital market and other coin ranking/capital analysis are not helping because they seems not to be doing proper research about project they list these days.
An example is KIMCHI.

To be sincere, the token can survive as the developer stated because 95% of all the people in crypto market are impatience and after profit thats the reason most investors are surging to join the Defi project for quick profit. But once the Defi hype reduce the token will be badly affected and this is when we'll the genuine Defi project.

Speaking of capital market not doing their job right, it really painful because this things is getting out of control. I created a thread acouple of weeks ago about a project which claim to be gold backed but dont actually have genuine vault audit and the capital market listed this same project. (https://bitcointalk.org/index.php?topic=5268787.msg54993414#msg54993414)

I read news about the Sushi owner exit scam and it really amazing that he dumped all his holding the week Sushi rise and still said he will perform his required duties with support, Vitalik (https://twitter.com/VitalikButerin/status/1302492298106646529?s=20) also believes the project developer to be tricky. However, all this whole situation make me believe the crypto community is getting lost again because some people still support the project even after it was tagged "the best Defi greed and stupidity index we have."

His comparing Sushi with Litecoin doesn't make sense cause LTC was affected ever since Charlie sold all his holding.

The problem with these hype times is that scammers can get in easily especially codes can be easily found on the internet, anyone can create their own coin. The hype is real I must say, there are investors who are making tons of money during the initial listings. But the thing is, most people disregard on who are the people behind the project, and so when they leave no one really knows if they are coming back, where can you find and contact them. People behind projects are floating in money, and their investors left with empty gas tanks.

I have predicted, the Defi project will make us excited again, be it Fomo or a scam, now Fomo seems to have disappeared,
only a scam project is coming, this is a common incident, you will know this is coming

I think that most people who invest in such projects understand the risks. However, they make investments in the hope that they will make a quick profit and have time to sell everything before the crash begins.
I do not feel sorry for such people, because it is because of them that the fire of fraudulent projects is kindled, as it was already in 2017.
Of course, there may be newcomers among such investors, so your advice will be necessary for them.

I used not to take advantage of the hypes that Defi have caused. I can forget about the 2018 drops that most of us have suffered big losses after buying during the bullish season. Not a thing to simply trust project/s as they are listed at the Defi system because not only a few of them but many are shilling that system to scam people.

Thus, we if simply put our money into them without doing some research, it means also that we are feeding them and let them scam us. There is something we can't just ignore the current situation and the risk keeps stronger as many people taking that advantage over.

That things happen when a lot of nwbies come to the market and think like every coin is gold and go to the moon!
That is why they say ALWAYS DYOR and don't follow hype blindly, also I suggest every newbie goes to the stock market for a while and then comes to cryptocurrency, Making fast money comes with high risk!

yes since more than 90% are scams, i think we should check each project we invest in. i mostly prefer to investigate dex-es with credible business model and interesting options for liquidity providers

besides i've found an interesting stablecoin exchange based on Curve - xsigma, do u know them?

are you part of that XSIGMA Shitcoin? i have checked your History and after years of not active suddenly comes out again and post multiple about this promotion ?


Just for the first Page of your Post History , you have mentioned that shitcoin for 8x in 8 posts , and what made me think malicious ? is that you are usually talking with another old account that still newbie .

are you a Shilling team for this Shitcoin?

When hype is placed first above other things, or when hype is at the forefront, people tend to throw away all forms of carefulness when it comes to investing in the crypto space because what matters at that point in time is to make money, and although it works in some case, while in many cases it doesn't. The thing is, Defi came with massive hype and that was the reason why many Defi projects were pumping hard, but where are they today; many are already dead or abandoned, some have been hacked and some upcoming ones exited scam. Also, that doesn't mean there are no good DeFi projects, there are, just that they are few in number and even till today, a good number of them are still coming up with few looking good. And lastly, the hype has gone down a lot, and many people are now paying good attention to upcoming DeFi projects and asking the right questions they are meant to ask. Furthermore, you are right and people ought to be careful with new projects, and moreover there are many good coins out there already in the crypto market.

Come and imagine that even with 10 years of Cryptocurrency, there are still many people getting into crypto and many more are knowing it through their friends and acquaintances that are already doing stuff with crypto. With this comes many charlatans who will do everything to get a quick buck out of their endeavors and will do all types of marketing and polishing their social media presence to convince these new comers to invest. It is really the job of the veterans to guide these people and make them invest only in the right projects and coins.

Being furious in all aspect is very important to avoid beig victimized by those scammers.

Lots of projects around the market are potential to scam out, you need to be selective before placing your money if you intent to invest
with this industry, being alert and always updated will guard you in case you are part of the project that may runaway in the long run.

It is the same pattern that we observed with the ICOs first and then again with the IPOs. Now it is the turn of DeFi. If people are investing in these sort of project without any second thought, then we can confidently say that the money is not earned in a rightful way. I guess most of the users may be hackers or scamsters, who want to mix their coins so they can cash them out without anyone tracing the transactions.

i heard they have top options for liquidity providers, really, but i'm still cheking them

That idea of "these people made money with a fake coin!!!!!" type of logic creates all these problems. There are many people in crypto that doesn't even know crypto, some of them seriously thinks that bitcoin is nothing but just a way to make more money, that causes all these problems. Reality is that in the world we live in, crypto is a very valuable commodity and we should all be focusing on how to make a better one if we can, but what do people focus on? Buying some crypto with fiat, making a profit, selling for more fiat and getting out.

This is the main reason why many fall for scams as well, because they are not after changing the world or finding something better, they are all after making more money easily and if you want to focus on making money easily obviously you are going to end up losing a lot of money which is totally expected.