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DeFi insane yield farming returns has made so many investors become so extravagant and greedy to hardly choose what to buy, when to sell and what pre-sale to bag as early investor.
I know its all about risk, but risk comes with sanity even on quick richness. I wonder if there is free money out there as some traders feed this leach project with unaudit project and anonymous team.
Yesterday, I was scanning through YFMoonshot Telegram group chat and I was flabbergasted how the group was locked with just 3 new unread messages by admin. Unlike the other days when the group chat will be flood with hundreds to thousands of messages.
I knew something was wrong, it was dawned on me when I read the part where hacker had stolen funds out of the YMFS vault contract



The price has plunged so hard and everyone is affected, the sad part( in my opinion) is, many will still buy this swap tokens when trading begins  :-[
A proper research will cause you no harm, there are other projects out there to pick from, not this shitcoins/tokens.

The biggest problem in crypto is that these kind of "accidents" happen pretty often. While some hacks may really be legit, most of them are just owners doing an exit scam and then trying to protect their a$$es. This kind of stuff is what drives "ordinary" people away from crypto because most people don't have time to constantly check the status of their investment so they can save what they can when/if someone makes an exit scam.

The main issue I see with these projects is that they just write it out and sell the tokens without conducting a thorough review and doing a proper audit of the smart contract. I think doing a audit must become the standard for all ICO projects.

Most of them are not always concerned with security that is so good there, so hackers can easily get in and break into it, maybe this is just part of their game by giving reasons like this so everyone knows that it really happened.
If it will happen like that it is better to leave and move on with another project and go to choose a project that is really good for future prospects, because a good selection will make your investment safer and there are no uncertain reasons in the future.

Hmm sound like they are the one who do that then they make a temporary solution which is to make a swap. If the hackers already sold the hacked tokens I don't find a reason why they need to make a swap are  they doing it  just  to make false hope that the project can continue its progress.

I don't know if the second round of pump is coming or not but one thing I am sure of is that the smart money has left the DEFI space now, it has turned to a zero sum game. Some of these DEFI tokens have lost as high as 90% of their value in September alone and the Index has lost 50% of its value. Don't be a sacrificial lamb wise up

According to the some analytics, DeFi starting to be ready for the second round of pump. Whether it true or wrong it's safe to avoid it, as lots of better investment option out there. I would choice Bitcoin here over DeFi, that's make me more comfort.

DeFi itself may not be scam per se, but most DeFi projects are losing value fast, in addition to the many exit scams, I can then state categorically that scams have taken over the DeFi network and though investors love to play around with coins when they are hyped, it's a risky way to go and the majority will lose their funds without making any ROI.

The second DeFi pump will allure investors nonetheless, crypto investors keep going against the rule of thumb of doing their own painstaking research before Investing in a project, most especially when that project is riding with so much hype, just like DeFi is doing at the moment.

They are not really investors, those people who try to make as much money as quickly as possible are really the people who actually ruin the crypto market as well, they are the people who try to focus on as much profit as possible in a quick period which is the greed that destroyed wall street as well, same mindset that wall street became such a horrible place that it keeps ruining the economy is represented in crypto world with people who go into defi projects that promises like 10000% yearly return, obviously it is impossible to have that kind of return in fiat, which means coins will become less than 1 cent and they will lose money but they get in as quickly as possible, stay few days and get the money and leave before it falls, making someone else lose. That is not what crypto should be.

Investors can't be greedy, these people are greedy traders who look for get-rich-quick schemes and then regret at some point later. But when these DeFi projects offer some names in their whitepapers about the companies which provide them the security to be rest assured that their contract and funds will remain SaFu after auditing their contract, I'd like to ask those dickheads - What about your audits? Where is the security you have to the project owners? It's not like that the project owners alone lose it, but the greedy investors too. Even if they have invested with greed, they shouldn't be cheated like this. Or maybe one of the project admins do these kinda things to conduct exit scams?

@bitgolden, their returns are just in terms of their own tokens and this is the inverse strategy of gaining more and more market capitalization with extra supply getting added every single day in the form of rewards. So when everything is free, why will others buy it? They hodl it and then just dump it on those innocent yet stupid buyers who set a buy price at exchanges.

It is a zero sum game. If you see some people are making enormous returns, then it means some other will lose enormous amounts.

I am yet to be impressed by DeFi and probably never will.

If you read the name.

Already kind of joke project, every project who have name Moon, Pump and other things who offering only guarantee profit not really worth to be invested. Also, could be a scam he not offering any kind of idea or technology.

In a few weeks, old DeFi project already started to down and also exit scam. This situation make investor losing trust to DeFi market, soon or latter in the short time i think. Defi will be ended soon like ICO, Lending, IEO and other things.

And that means there will be third, and the next round of pump, simply put this is just a hype in cycles. So many many more losses do we have to see for investors to really get out of this Defi? Of course, there are really greedy investors, or shall we say knows how the game is being played. Noobs won't learn their lessons, while 'smart' investors are making money out of them. So we really don't know how the hype will end, I guess went we go on another bullrun, we will see billions and billions will run on their ecosystem and potential lost is greater when it collapses.

The same style and scheme with ICO.

When the developers have had enough, don't expect that there's still activeness even with the community. When most members have dropped and dumped all that they've got.

They will just forget the project and take the profits with them looking for another project to be the same as the past which they can profit with.

The DeFi trend is definitely bigger than that of ICOs and it will stay for a long, long time. But one thing is certain, those insanely high yielding farming APYs and gains are only short-term and are not sustainable in the long run. It won't be long before that happens. We have already seen a few that has come and gone already.

Just like the ICOs days, Its hard to pick out a clear winner from the 100s of DeFi protocols and yield farming shit coins currently existing in the market. The best bet right now is to stick to already established ones like Aave (previously ETHLend), Compound, YFI (excluding its clones) since they've most support and are audited thoroughly.

To be honest, I don't like Defi and hate it so much because the majority of the coins under by it are only good for the beginning
then in the end the price will dump in a short period of time. This was I hate from it, where it repeated always because of the people who are greedy so much to earn in the fastest way something like that.

If those noobs chooses to remain into that kind of attitude, I think there's no improvement happens. They'll tend to be a kind of cry babies seeking attention from experienced crypto oriented individuals, especially the old traders and investors. These people who didn't learn enough will just leech during bullrun and don't even bother analysing what asset they are owning. That's why all of them just ride on the waves and then collapse suddenly.

I am certain, a lot of people will be screwed by this DeFi hype. Of course if someone is walking out with bag full of cash, someone is losing in the market. Those who are smart enough to cash out early will go home as big winners while most will be bag hodlers of crap defi tokens. I am seeing in the future that a lot will share their disappointments with this defi craze.

This will happen for sure when someone creates a project based on defi in less than a week just because they wanted to make profits when the trend is getting at its peak. Unaudited project is not really a big problem but people are bling about on the project they are investing are more than shits and created only for money on tp their own not for the investors.

I can't help but to agree, seeing that many DeFi projects hide their team and used plagiarized a white paper for in case they have completely carried out their plan to scam, disappearing won't be a problem. By the number of DeFi scams, I don't understand why people even consider it as a profitable investment. Even if we say that such a circumstance is unintentional, you still cannot be sure it's unlikely to happen. You can check this list of DeFi scams, so you will have an idea of what to look out for on investing in DeFi.

Link: List DeFi-Scams - Big All-In-One-Thread (https://bitcointalk.org/index.php?topic=5276012.0)

The majority of them are not generally worried about security that is so acceptable there, so programmers can undoubtedly get in and break into it, possibly this is simply important for their game by giving reasons this way so everybody realizes that it truly occurred.

In the event that it will happen like that it is smarter to leave and proceed onward with another task and go to pick an undertaking that is truly useful for future possibilities on the grounds that a decent choice will make your venture more secure and there are no questionable reasons later on.

So another DeFi project is hacked again? I will never trust any new DeFi projects unless it's really good, what if DeFi teams are falsefully blaming hackers for hacking their projects? What if they are hacking themselves and make it look like theyve been hacked? I don't know what else to think because this is getting way too much

I'm just surprised that a use case that's meant to keep users funds more safer is failing, more hacks are happening around DeFi projects only, why? Is centralized projects now more safer than decentralized? Many people will end up losing more money to DeFi scam than what we've seen in ICO era

Ahh the typical we got "hacked" excuse. I doubt they actually got hacked. They bagged investors profit, starting dumping whatever they had and then announced they got "hacked". This are all well planned. I find it funny how they immediately started making another project saying they are "rebranding".
I feel weird knowing that people fall for these scams. How gullible are they? If they are this stupid, they shouldn't be handling/playing with money.

I have to unfortunately agree with you here,,, most people who have lots of money in crypto just seem to ignore the fact that they are putting so much at risk when they play with smart contracts and code that they do not understand. Blindly putting their money in pools and staking and thinking they are going to get so much back.