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I don't know what this new DEFI product is all about but, oh boy, why did they launch their product without fully testing it first? As reported in different news sites, a bug was found out that affects the total supply of YAM.  I understand little about coding and all that technical stuff but don't you think this is a shameful newbie mistake? It looks like a team was in a rush to collect money!

This is not the first time YAM was accused of a scam also. Before the bug was found, Shapeshift CEO, Erik Voorhees said in a tweet that it's another pump and dump project. I'm not sure if he knew about the bug or he was talking about the business model and other fundamental stuffs.

- https://twitter.com/ErikVoorhees/status/1293375588162560000

Not surprisingly, some investors went on to defend YAM but I wonder where they are now?

After the bug was announced, this is how YAM's chart looks like now:
https://i.ibb.co/PjK97BW/YAM.png (https://ibb.co/LRmJL4g)
- taken from Coingecko

In an attempt to save the project, the YAM team calls upon its supporters. Goodluck to them, I think those hyped investors already left as seen in the chart. I also doubt they will ever come back so let's see if the team can manage to gather new support.
- https://twitter.com/YamFinance/status/1293704924015071234



P.S.

Those of you who are riding the DEFI hype, check if the code was audited by a reliable third party service before taking a gamble on these new and highly speculative projects. It won't guarantee that the project is not a scam but at least you won't have to worry about faulty codes.

24hr high $167 and 24hr low is $11, this is ridiculous and painful on the ass. The hype will continue, the gullible and Sheepy investors will always want to follow the trend for quick rich. DEFI cycle will soon comes to an end and there are  losers during market bull cycle.

Huh! What do you expect, that's what every bag holders do. They always justify shitty things with a blind eye.

Honestly I'm not really surprised about this.  I know the pumping of DeDi projects prices recently will definitely attract lots of scam projects too, that's why we need to be conscious of the type we will put our investment in.  Have been able able to identity couples of these scam defi projects and I'm still doing that. We can't be too careful when it comes to investment, don't be totally carried away with the many hypes on DeFis.

Not a scam, but again a DeFi project overhyped to an unreal extend - https://cointelegraph.com/news/down-to-the-wire-yam-finance-saved-at-the-last-minute

Decentralized finance isn't to be blame for this, the interest of DeFi grows out of its use case and that's bad at all, many wish DeFi will crumbled but I don't think so, Cex finance is doing well too, why wish for the death of DeFi ?? Anyways, this project has bad team is why this happened, might not be scam Project

It was probably the creators who sold first, why wouldnt it be? That then triggered a sell off probably, still, if its not an actual scam, then it will recover.

Not really a scam but probably whales are just pumped it over the defi hype. Im not sure why people engage thselves to hype coins. It is already stated that the coin is a meme like dogecoin and price drop is inevitable once whales left the project. See what happened now. The price easily go down with just a blink of an eye.

Thats the problem some people using defi as a scheme of their tactics which make users bleed too much.

It looks like a a pump and dump project to me or the team aren't crypto experts to begin with, this kinda mistake says it all, investors need to be more careful around DeFi projects, any project will take advantage of the hype surrounding DeFi project

How ironic it is, I mean the name itself, YAM, LMAO. Sounds very scammy and very shady. And I think this is just the beginning or signs of things to come. For sure there could be hundreds of projects using the hype around this Defi thingy.

And as what most crypto enthusiast who have been here long to see the bubble of 2017, this is definitely a repeat of what has happened that time. History repeating itself. Scam and whales pumping it is just the same on my book. Everyone is greedy to make more money in short amount of time. You're lucky if you ride the boat with them, however, how about those average joes who lost their money on this project?

When I checked it on my social media I was really concern cause I see the price at a very low price somehow like 30$ then suddenly its above 100$ already thats a crazy pump. Obviously whales are manipulating the market and some poor traders who got into fomo are probably regretting now as the price depleted so fast. Defi is really something and they can even make a meme coin to be valuable that much.

^^ Too early that those whales show their true collars and chooses this YAM project (I haven't heard of it) to be the poster child for a defi pump and dump scheme. Not scam per se, but pure pump and dump and total manipulation.

Maybe it was chosen by some trading signal group that's why it suddenly spike to astronomical numbers that everyone raises their eyebrow and accused this project as a scam. And now that it has brought some attention to them, but in a very bad way. And yes, this will not be the first to be used by those group to capitalized on the Defi hype this year.

Those who bought from the top would feel the pain most especially if they were unable to dump before price crash, i think the team were in a bit of a rush otherwise they would pay attention to such small details, we know the defi trends is on now but still people need to be extra care not to get burnt unnecessary.

This is what often happens in our crypto market. When a new trend is created, there will be quality projects, but besides, there are many scam projects. Oikos is also a form of Defi but Justin Sun has denied being behind Oikos's project. It was a sign of fraud, like YAM. So be careful, every investment needs a thorough analysis. Knowledge and experience are very important in times now. Good luck investing in your next projects.

Yeah! I agree with you! This is a common thing in the cryptocurrency market. Everytime a new trend comes up, there are a lot of good projects that benefit both developers and investors. However, when there is a hype in the market, it is also a good time for scammers to take advantages of! Therefore, be careful when you invest in any project especially DeFi projects!

Is there such thing as an independent and third party to audit the code though? Pardon my ignorance.

But I do agree that what's left is, nothing to them, they are bamboozled by the manipulators and obviously they have been used, sad to say.

It's all speculation whether the project itself was involved though, too early to say.

This is another good lesson about Defi, they are just as hype as the ICO craze in 2017.

Of course, they didn't see the dump coming so early. This is really hard lesson for all potential buyers of DeFi projects. Not all of them can give you profit because once the team decided to dump their share, you are now at loss of your investments. Don't be tempted by these sprouting DeFi projects, I think it is better to stick with bitcoin.

This is the bad side of the sudden left up of the most Defi projects. because many will ride in it including those scammers. If this accusation is true I think that the Defi projects are already infiltrated with those fraudsters and masquerading as a legit Defi project, and it was a treat to investor's money so take extra precaution while investing in those so-called Defi projects out there.  

A sign of fraud? You don't know what happened between Oikos project team and Justin sun, that SUN guy asked oikos team to do IEO on bitfinex and they refused then SUN spread the news on Twitter that oikos is unknown to me, he got angry because the team turned him down

isn't this something that usually happens in crypto, it's a risk to be taken if you too follow the hype defi.
if you do not want to accept losses do not try to enter into the unknown.

https://i.ibb.co/2qqs5SK/image.jpg (https://ibb.co/H77xXCg)
Please note that the trading volume on the exchange is dropping. I'm wondering when will exchanges start caring about their reputation and stop trading this scam?

The turnover of the YAM token today amounted to $ 10 million :) on gate.io but the day is not over yet.
Try to calculate how much money users lost with such rate drops.

No, this DEFI seems to be different.
It makes everyone surprised and it is overhyped, its sudden price change increases not just 100% but more than that. But then after, it will fall drastically. You cannot anticipate its movement and if you will be left out, your money will be gone in no time. 

Saw the hype on the yam. And was shocked at the rate it went high... But the truth defi projects is becoming too hyped and scammy.. Investors need to look properly before trying to invest. The team claimed bug, but am sure they never lost in the shitty project. While investors got drained. This needs to be looked into seriously.

It is not yet clear to me if the project is scam or not, but the Yam token has been trending because it dumped over 85%, if it is due to the dumped price; then that is not enough to call it scam because today is not a new day for token to get dumped. If you say its because of its nature of dump, then it is not new nor the first to witness such. If you are an investor of yam, you need to find pure facts to continue hodling and wait for moon, or cut loss.

In the future, there will certainly be many such projects. Its price will crash many times and cause investors to lose money, be careful with Defi projects because there are a lot of scammer out there. It will quickly crash like an ICO in the past

Exactly.
Things like that should not be available for proper usage until they're thoroughly tested/reviewed and verified as safe by qualified people. I guess they just launched the project without proper testing or any testing at all.
By the way, the right thing to do once a project has passed through rigorous testing/review and approved for public usage, is to till constantly advice the users to invest small amount  or what they can afford to lose until the project has been used abit long without serious problems.

I noticed they warned users but that doesn't look enough in my opinion. And they likely didn't test it properly before public release.

I don't have problems with projects like that as long as they are well decentralized, secure, useful, solves important problems, have sustainable model, etc

You can just see how cruel the market is when a project use to have a price of more than $160+ then suddenly dips down to $0.99.  How much loss you'd have if you invested fro mthe beginning of it.

Not sure if this is a scam but its going to be difficult to recover back even if the team solves the bug is short time. There is the need for trust rebuilding before it could happen.

Surprised by the demise of this project, I saw them being fomo by the CEO of Bitmex, and it caused a lot of people to have invested in it. Now the price has dropped 99% and I believe people are scared with it

It was very obvious that YAM was an overhyped project using the DeFi bubbles to their advantage. The way the coin pumped was so abnormal hence not surprise how quickly it crashed. I just feel really sorry for those who have incurred losses.

Not afraid, but it seems that people who have YAM have lost their faith because it is very difficult for a project like YAM to rise from its current condition considering that apart from YAM, many DeFi have failed and eventually become a dead project but I hope YAM can rise up considering many people invested on YAM.

I don't know about YAM project but based on the price this project is terrifying. Recently, Defi become hype, this situation trigger scammers to take benefits, so they make a project as though legitimate, but the motive behind it is deceptive. So keep think clearly if you want to invest in defi project, and beware of scammers

Everyone who are greedily to join the DeFi trend and projects, please spend your several minutes to read Overview on DeFi - a new hot trend in crypto (https://bitcointalk.org/index.php?topic=5256820.0). You will know where and how to investigate DeFi trend and projects and save your money. Think of risks and loses before you think of profits and avoid to decentralize your capital from your pocket to pockets of the others.

A quote is for people who are lazy to completely read the thread.


pooya87 made an excellent warning and a summary on famous scam trends in crypto.

I saw a tweet by Arthur Hayes stating he is now a yield farmer of YAM, and other prominent people in crypto space who promoted the YAM FINANCE project under the DEFI category. Well, if there is a bug with the protocol, it doesn't necessarily label it scam since bugs can happen with any project. But before running a platform, it's necessary to checkmate bugs probably going through Quantstamp or other bug auditors for security reasons. I'm riding the DEFI hype but carefully and without greed.

I recently see someone tweet who lost his 20,000$ in YAM. this will happened when you blindly follow others calls and signals and defi trend. people think it is as much as easy to make money in crypto. they can be made millionaires overnight. yeah YAM is scam project I think so. do your search before entering in to trade. maintaining your portfolio is also called profit.

Because that is how things on Eteherum works. 100s projects sank because of bugs in ethereum smart contracts. "World computer" is a bad place to keep your wealth on.

Someone still tells me on telegram to invest on this YAM project but I don't believe because many lost money already, I'm not ready to invest in such project, let's be careful guys and only invest what you can afford to lose

From the very beginning, it was stupid to invest in a token with a rebase, people bought it for $100 and higher, although it always strives for $1, in addition, the smart contract did not pass the audit, but I would not call them a scam, people were able to withdraw the locked funds, so I do not have any claims to yam.

I don't think that coin can ever pump up to that rate again, even if it wasn't a scam in the first place but I wonder why people never noticed that the rate at which that coin pumped is over suspicious. Am glad I listened to my inner thought inrespect to this coin

This is the scare in this space. One really have to be careful where one puts his/her money. Imagine buying 500$ worth Yam, you would have 2.8$ at current price. Please, be careful out there.

Currently, the DeFi project is getting a lot of attention, it's best to be careful with new scams projects...
although already registered in CMC but YAM sounds like a scam project https://coinmarketcap.com/currencies/yam/, I really don't recommend getting involved in this project, better look at https://coinmarketcap.com/defi/ as an option which DeFi project has the potential to give you profit.

Of all names they chose YAM? It is very funny a name and that will be a lazy team decision and lack of idea. Traders and investors who were here a few years ago will hardly fall for such cheap pump and dump projects, except they're greedy.

What's with the name? it is meme coin so what are you expecting for the name haha I find it interesting and not a lazy one, when there's a humor within a coin people will surely love it unless it is a pure shitcoin but YAM coin is a great coin in my impression but there's this bug on the code which lead to its failure. The idea of the project is really unique, it's about farming, I know less about it but it's new to my ears.

This ain't one of that, as of the news released today the coin's bug 2 let the team to lost their control on its on-chain governance feature , they are aware of it but cannot solve within the hours that they saw it and so it falls like that, maybe the investors panicked when they see this news so they dump the coin to avoid getting caught in a disaster, and that thinking of them turns out to be the real disaster for the YAM. It was a great start though for the YAM, just look at the graph of the coin it is very impressive actually but shit happens  :-[

I believe there are group of people who prefer hype and pump. They jump in, make profit and move to the next project to make money.
They did this to Yam, unfortunately Yam became so fried after bug was discovered. Yam deserves more than  a meme after rekting many funds. It's already delist from Coingecko, other exchange will soon follow

I think it is wrong to call Yam a scam, from the start we know it is an experiment and not the fault of the developers that some people were stupid enough to commit that huge amount of funds to it. When you are chasing the next big thing in the space without due diligence, hope people will learn a lesson

It is the new trend and the YAM disaster was the talk of the cryptocurrency market, in the past few weeks there were talks about the market going higher with the aide of the DeFi market as there were large investment coming in and now a million dollars went to zero and i doubt it will create a correction for the entire market.
The YAM developer himself announced the flaw and the market went to zero and i will be surprised if it recovers from his slump.

I also believed is wrong to called the project scam but the fault is still from the developer ending because the project codebase wasn’t audited and proper nurture and majority of investors novice to this kind of things. However, the YAM team should have limited or exclude the public.
Therefore, the investors are not stupid to invested huge fund in the project.

Careful mate, DeFi projects are already going  down highway, please trend with your funds carefully. It happened back in 2017 and about to repeat itself 2020, don't always embrace projects with the name DeFi because scammers have already be involved. Do more of your own research into any digital currency project before make your hard earned money available for investment. At the movement, I don't trust the name DeFi again because I was taught a bigger lesson in the June 2020.

It's really pathetic what this coin did to investors today as many invested and it fail from 100$ to nothing. I always tell people to watch some Defi before investing. It's really sad it hut on many today as the dump was something else. Reason why it's really not good for one to out his or her eggs in one basket.

Aye. Guys who were balls deep managed to salvage their much beloved YAM from the brink of death. I still doubt there will be new investors coming in soon. It's going to take time before trust will be restored so let's see what the future holds for this project. 

There are many actually. Someone already mentioned Quantstamp and you can see more here https://www.smartcontractaudits.com/audit-providers/companies/1 Please note that I neither vouch nor recommend any of the companies on the list.

Between a market where rubbish and gold are mixed, we should exercise vigilance about engaging in trend investment. I have confidence in older projects because their community has been built continuously. The project team is really serious and I can get them for the best price above all. We have so many projects right now and I regret that they are listed on Uniswap. Obviously, Uniswap is a casino, I have seen tokens rise in price and fall in price rapidly.

People or even tech people got rekt with this. Cause they are expecting on the proposal of yam which happened to be miscalculated and turn out bad in the end. People who actually joined knowing the idea of yam are not stupid cause if its indeed a success the price could ended up 10x more than its ATH. But sadly the developer admit some mistake due to result endung up dump. Some noobs joins and buy this without even understanding its concept.

Pain in the ass what?

It's below 1 dollar now and that's a hell of deep grave for those who put the money on top , it's irrevocable period.
Calling all the speculators who want to wasting money on this , putting $1000 could give you $100,000 if they successfully make a comeback to their ATH which again it's a mission impossible.
Do it with blind eye if you have those spare money of $1k dawg.

YAM project is not scam possible the development team will fix the bug for prices indeed project Defi hype many whales are making investments to obtain a quick profit if they've gotten their big profit of the whales would leave the project automatically the price will drop dramatically.

And now it's only $ 0.5, if someone invested in YAM yesterday they would have lost more than 50 times now. Assuming they invested in it with a 5000 $ budget they now have 100 $ left, which is too crazy for everyone.

I'm not sure people think as you thinking, a lot of people are saying this project is a scam, and based on the price chart I think this project will going to be zero. Defi projects becomes popular and many people are blind about investment, if they see defi they will invest in it. I hope this project gives a lesson to people about vigilance

As soon as I saw that we had a new abbreviation in DeFi I knew that scammers will try to take advantage of that because if we are honest most people invest in things they do not really understand, I have no doubt that there are honest projects out there but we know that for the most part they are scams or bad projects and when something begins to be hyped that proportion is even bigger so I will not be surprised if this market collapses even faster than the market of icos as people have not forgot what happened with them.

Many coins, whether it's DeFi or others, when they first enter the exchange their value is so large, but over time it will decrease and even touch the $0 mark.

I think it is commonplace, maybe there are some whales who pump the coins to keep going up, then after they get the target they want, the whales will sell all of their coins without leaving a single bit in their bag.

Why did YAM not get their audit done properly by a third party. It's quite unfortunately what's happening to them right. A friend of mine lost fortune investing in YAM.

IMO with the community support the project has already gotten this project is likely to come back and I would be looking to buy some provided the update from the team is encouraging plus the if the code is well audit. This project show that decentralisation is still real provided the distribution is fair

That's a project that is made for hype when people buy and hoarders will waste a lot so that the liquidity in the market becomes small, therefore many projects like this happen and in the end their products die no longer so that projects like this are very dear.

Fate would really be still the same on what happened with ICO,IEO and other kind of gimmicks out there just to raise or launched up their shitty project.Im not generalizing as a whole

but we had seen enough on how things works and how these things being used by scammers.There would be always those people who would really take advantage no matter what kind

of trend we are in.No matter what they do call or no matter how a new trend will pop out yet the scheme would really be just the same.Isnt this still surprising for those people who had been
on this market for too long? Its definitely NO!.

I have always said to people that these DEFI projects will soon turn into scams yet nobody listened to me. You know why it will(actually already did)? Because a lot of people invested into some defi projects and in return some of those defi projects made some people super rich, which all comes down to people seeing defi projects as something you throw money into and make a ton of profit from.

I remember early days of ICO world, people helped fund some of them and made 10x even as much as 100x profits from it, you know what happened? Scammers and people who just want money came out and did a bunch and lost people money. Same is going on with defi, you guys are so dedicated to the word "defi" that people keep saying that so that you give them some money, in return they take your money and do nothing, that is scam.

This is nothing but the truth and it is what we see being displayed already. However, we should not for that reason write-off or condemn all Defi projects. I irrespective of the outcome of some of those in this line, there can still be an outstanding project that will truly provide an orace that mhas multi function and can be integrated on so many platforms. That is, a true working product.

I think the YAM mistake which happened during the rebase was not a scam but a honest mistake that happened while coding.

Just strengthens my belief about Defi though.

Honest mistake or not, it's a fact they didn't check it well before launching. Like what I said in my initial post, it appears they rushed it to ride the DEFI hype train and collect money.

What's your belief on DEFI?

I feel kinda bad for all the poor souls that actually bought YAM tokens at those insanely high prices and not farm them, but hey, that is the pattern, bull is here and with it a ton of naive newcomers and "get rich fast" oldies that did not learn their lesson from 2017 and 2018. But seeing all those well known crypto "influencers" shilling YAM as the next big thing was really disappointing, luring normies into getting rekd.

maybe not all defi products are able to pump and generate a lot of profit all need precision and accuracy before investing if this is not done, of course, it will experience big loss, YAM is the example

Knowledge and experience are very important at the present time. Because with less research you can never consider how long the project will last in the future. Quality projects will never resort to fraud and at this point a lot of good defi projects are coming up where investors prefer to stay first. Losses are those who are buying at a higher price after the start of a project trade, i think it is very possible without research.

Many people know about must do research before investing, but sometimes their mind are not clear because see so many defi's project success. Their mind wants to get rich quickly and makes their knowledge and experience disappear. So don't just research, people should think clearly and don't to affected by new tren situation

A valid argument is that there are some people who think it is possible to get rich from the crypto market very quickly. So they get excited and eager to invest without any research. Some projects lure profits very quickly where people disappear and jump to invest. However some defi projects have been successful so it should not be assumed that all defi projects can give good results.

Hmm, should I call it a complete scam project or a failed experiment? This project has a good start but I don't know what happened that cause  the massive dump, I heard about a rumour about max supply or total max supply

All of this could be avoided if people were honest with themselves and admitted that they do not know anything about this new DeFi hype and instead of throwing their money and hope that things turn alright they just let this hype to pass and instead invest in coins they truly know like bitcoin, but it is impossible to convince someone that is so greedy and that wants to obtain profits so fast, and that is when the scammers enter the picture and take advantage of those people and disappear with all the money that they have invested in those projects.

I've always known that Defi hype would bring several new projects who are basically only interested in their pockets. The Yam hype was short live and the losses were highly significant. I do hope that investors learn from this and take extra care before committing funds. The bug must have been fixed by now, but the pump is yet to come.

Obviously they are a scam project, how prices can crash so fast, very similar to Bitcoinnect. I've seen them collapse the same way, and many investors have lost money investing in it. Obviously there are still a lot of scam projects in this market and everyone should be careful with it

You are being dishonest calling it a scam, this is an open source project and the developers did not have any premined. It is an experiment that failed. I won't blame the developers for this because he said the it is possible their is a bug in it from the get go, but I will blame the greediness of people that think the can ignore all the due diligence and get away with it..

Launch project without audit and they really expect it to go smoothly I think their mistake is not checking everything first to make sure is up and running before launching with an obvious bug I really feel sad for those that lost their Money But I think is better to do some research and forget hype except on a high note that it has some big exchanges listing That way you can be sure it will be nicely audited

This is a crap defi and there was another defi called curve defi which has been using the scam tokenomic.
I have been hearing so many people have been getting a huge losses caused by this defi and in fact, people must be careful there was another chance for scam defi project to appear again.

Was the code open source when they launched it? If it was, there's a high chance that the bug could have been discovered earlier.

Wait what? How could you not blame the developers when they are the ones responsible for all the coding? Codebase aren't born like babies with defects.

If it was open source and allowed developers to find bugs and investigate its code, the dumping of YAM might not ever happen. None of us can tell whether the team did it on purpose for early check out but this sure isn't a victimless crime. Money is lost from invetors because they are careless in launching a product. Its a scam and the crooks are going to blame the line of codes to get away with it. Yaaam!

Taking into account what you are saying maybe using the term scam is incorrect in this case, however if we are not going to blame the developers because of a bug in the code then what kind of blame they can take? It was their responsibility to create a code that more than anything was free of errors and they could not do that and even they had the premonition that there were errors in their code from the get go, how is that not their fault? They need to take responsibility for what happened and I really hope that people never forget that these developers failed on their main responsibility and that we as a community never back any of their projects ever again.

I don't think the team can muster any new support after the pump happened. as we all know that the YAM project is dead and lucky for those who had taken the quick profits before the pump ended. the project is completely dead and I don't think it will be repeated a second time.

For me, they lack of good marketing strategy and in order to attract investors they need to do pump and dump. Many project use that strategy if they have difficulties in marketing.

The project was bad so they scammed but in that case there is no chance of defi ruining. This year many defi projects have taken place in the minds of investors so it is not necessary to go blind and invest in all defi projects. Before investing in any project, do your own research and see if there is anything suspicious in them,  and then leave that project and don't come forward to invest by mistake.

there is a Yam v2 right now which is also added to some exchanges and of course uniswap. the price is $14, this is really climbing up fast which from the first it dropped to less than $1. if you have joined to them while the price hit the bottom i guess you already earned a lot right now. its still unsure what this yamv2 if this is already audited, i hope it is or it may happen again and its really going to be this funny if Yamv3 will come up again.

This is exactly the type of projects everyone should avoid, the pump and dump shit is what gives the market a bad reputation.

It is true that they should have done the testing before releasing the platform, i do not think that the team could identify the flaw and let others to dump the coins.

I was not aware of this development that they sorted their technical issue and released the fix and i thought it will be hard for them to get the hype but if the price already rallied to $14 it is not a small pump.

DeFi is all about quick profits nowadays as every coin adding a tag #defi makes a hype in the market and trends among investors which opens it to huge gains like YFI did, but I doubt that this will end even worse than what we saw in 2018. This is becoming a dream come true for many and till we have the chance, we should wash our hands in the flowing river.

Yes and since the new DEFI project usually causes up a lot of hype at the start, this effect like you two said even become bigger which crashing down harder at later. Such a common behavior of a new project. DEFI or not.

A lot are happening in this Defi madness hence I have chosen to play low and hold better projects than running and beating the air. I wonder what will happen when Yield finance crashes. A lot of investors lost out o Yam1, they now have Yam2 I hope nothing go wrong with Yam2, it's another crazy year filled with HYIPs.

YAM V2 has gotten a  lot of increase due to the decrease in the total supply from YAM V1.

If you were watching the CMC and then the total supply of YAM V1 was around 30 million YAM V1 but it can be seen on etherscan if YAM V2 has no more than 4 million YAM V2 as the maximum supply.

If YAM V3 will be released by the developer and the total supply of YAM V3 will be less.

Research can be a tool for all investors. The defi project should not be what investors want to invest in all the projects and I think it is better not to invest in all the investors who have such ideas. It is the responsibility of a strong investor to research everything about those projects how they have truly entered the crypto market.

What's up with the YAM V1 , YAM V2 and upcoming YAM V3 ? This is real stupidity from a new project, I hate token swaps apart from mainnet, this is the reason I will never be interested in such project, ESH did same thing and today it's useless, it's original name was Ethershift and turned Switch and now team are saying they are going another name too, what's all this have to do with project use case?

I think even though making the new version people will still hesitate because of an error that occurred in version 1, but who would have thought that Yamaha v2 would also be in demand, hopefully the bugs in v1 do not occur in v2, and cause the defi project to become bad.

I can't trust this project because the stupid mistake that occurs in the first version is unacceptable, it reveals the fact that the team aren't capable, they aren't professionals either, would have invest if it's IEO and dump for gains but invest and hold? No can't take such heavy risk.

Right now they have allowed converting old tokens into a new one called YAMV2. YAM's DEV team made a mistake and they corrected it. I think the crypto market is too small to have enough liquidity for it all. I still think YAM is still a good project in the future.

The problem that has already occurred in YAM V1 was more than enough to show the capabilities of the team.

I have heard that there will be the next swap from V2 to the V3 and that looks so crazy to hear that. How can the developer was controlling the token like this? it's just like pundi token that was keeping its price from playing the total supply through doing so many swap. YAM is the worst thing to be considered as a long term investment

For me,,, only in this crypto space can you find the crazy people who, after losing everything in V1 will go to V2 when it is PROVEN that the team behind Yam are people who do not care about security to even do smart contract audit.

But well, this is crypto.

This project has no reputation left since they've messed things up themselves, can't be trusted and now there is different versions of the project, something that looks untrusty and not reliable too, I will pass by

This is a failed project and they have lost confidence in the investors, I believe no one will invest in the next version of this project. Obviously they are just scammer and are trying to steal money from investors

The pump and dump, its a common scenario in crypto yet another batches of investors had been crashed who had bought from the top. That’s the risk of riding with the hype you will never when will it pop, lucky to those who dump their stash at the right time.

It's ironic after seeing how bad the YAM project is, this ponzi scheme is real and I hope at the same time someone still has a chance to sell all the YAM coins and not get caught up in the scheme. you can imagine after pumping $ 167 to $ 11. I think this is living proof that investing in Defi is very risky.

What more strange is, YAM project is listed on the top 10 DeFi projects on some rating site.
We should more careful about new DeFi projects because many projects has turned into DeFi project to get more investors.

This is insane lol. How many versions of YAM will be released? I thought V2 was released as a fix to the bug discovered in the "first version". So what will the V3 solve this time?

shinratensei_, can you show us the source of 4M?
I checked CMC and Coingecko but they don't display V2's supply yet. I went to etherscan and the supply being shown there is not just 4 million but
3,726,411,616,545.120. The token tracker as shown in CMC and Gecko is https://etherscan.io/token/0xaba8cac6866b83ae4eec97dd07ed254282f6ad8a

There is a new version of yam. The yam2 and its price is higher, we cant do anything about these defi release even the yfi has a lot of copy paste projects that turns out to be expensive projects. I think we should be careful on every project that launches defi. Most of them are money grabber and not trusted at all.

Those are just bullshit websites and they take money to give such reviews. Everyone in this market knows that YAM is a scam project that has caused a lot of investors to lose. And I was even more surprised when they decided to create the second version of YAM, which is really funny

it looks like those sites were getting paid. In my opinion, if the def has already taken a lot of money and they can do that. The product that issued by yam is not a solid product and there were so many products that much better than the one that has already created by yam

This is indeed very sad, as soon as I realized that we had a new technology in DeFi I knew that we will see a lot of enthusiasm from the community for those kind of projects but we know that as soon as scammers realized this they will try to begin to scam people and I think that is what we are seeing, and people should calm down because from now on most of projects being released and labeled are just bump and dumps that will bring them no benefits over the long term.

Yam is going to launch the second version of its platform. Would you trust them? I think they already lose their credibility when they released DeFi platform with full of bugs.  ::)

This is not a scam but same thing with ampl with rebase function and farming to earn YAM..I saw this token very early in telegram group and before the bug and first hour of listing in uniswap I bought small amount like worth $50 and before the rebase thing on that day the price skyrocketed up to $135 and I know the rebase will bring the price into target price which is $1 so I sold early before rebase, Its not advisable to buy this kind of token much better to farm it to avoid risk.

People have now become greedy and wherever they see the word DeFi, they think that it is easy money and they invest, but the problem here is that the developers are also rushing with their projects and due to this rush most of the developers aren't running stress tests on their contracts and due to which the bugs still remain and for a project like YAM which holds millions in cryptocurrencies it is a risky move to have even a single bug in the contract as we have already seen lots of exploits to a smart contract because of an unrecognised bug that the team wasn't able to find.

Now is the time that even dubious projects will grow. Grow fast and fall faster

If there is any bug in the system, then the team should be blamed for not properly doing their work and detecting the bug even before they launched the project. There are some people who just wants to quickly make money out of every opportunity and they can launch projects and be looking for ways to make money with it. They should have checked their project very well and paid expert programmers to do the job and not look for cheap work.

I have seen people who are talking about launching a project when it’s clear that they don’t have enough funds and what it takes to do proper work on the project before launch.

There is nothing surprising about this. DEFI will be forgotten in a couple of years and it will become the same story as ICO-an unnecessary process with a bunch of scams and an insecure system. I believe that this is really some kind of deception that seeks only to quickly gain a critical mass of money that would then" suddenly and unexpectedly " dissolve leaving a lot of people unhappy.

It turned out that Oikos is doing good today. We usually ride on what on the hype or what other may have say against a certain project or thing that we don't have any knowledge with. Fraud/scam are inevitible in crytpo that is why we must make DYOR before putting our money into investments.

More like Bitconect 2.0xxx

The main focus on DeFi only offering a stake, reward and something like that's, they have other service like giving some loans but did every people taking some loans on DeFi? I guest not maybe 90% not getting or requested some loans on DeFi.

All people on DeFi just want to get a percentage reward by staking, that's why soon or latter this all people will getting rekt by DeFi.

In fact the news was sad for me because i invested in this project. However, it did not come from my idea because i invested in the YAM project on the advice of my friends. In fact, many Daffy projects have some tempting offers, staking, swap something like that where investors like us are naturally attractive. Suddenly their hype system is attracting incomparable so many investors are rushing to invest without research. However the demands of the defi project will be widespread so move away from the scamming project.

It was quite a sad thing when YAM looking very promising ended up getting its investors rekt due to the exploit in their smart contract. I think we should all take a good lesson of not jumping right into any defi project but wait to see a third party audit of their smart contract before investing with them. A good example is BZX Protocol, Zap etc.

Government regulation is not the problem, the nature of this market makes it impossible to regulate the problem is the lack of investing and trading education among the participants of this market, as soon as the price of a coin begins to move up they try to invest in it trying to obtain great profits out of it, and I get that every single person in this market wants to earn money but they do so by taking enormous risks that are not justified and that will eventually lead to their fall.

It's really a pity that people feel for such scam, and the most funniest part is some are still buying this coin with the intention that it will pump to $100/1 again, have always said this DeFi era is a trap and people should be wise

exploit ? does it mean they have been hacked ? i thought they were a scam because many people said they are .  

verry promising is a hint that a project is likely scam and why would they continue ?  you dont need to be sad if your not one of those who invest but its thier lesson because sometimes investors are uncontrollable and are still doing what they think its right for them .

This crap coin will never back to the its early price again without the help from the developer with its ability to do redomination tot he total supply again. That calls as a crap scheme that the price is not determined caused by the usability but the manipulation to its supply. Some may become a trap but some legits defis are not trap too.

That was a risk when you join cryptos. You should know what will happen when the project is in trouble. The price will hit hard to the ground and when this happen better to stay away asap. The token might be has being used as a pump and dump token  so anyone that buy at high will stuck with the tokens. Its sad to see honest traders that believe this project will going to burned badly because of this dump.

Its hard to say anything about this defi project yam cause yam 2 is already available on market with huge trade volume. it is unique project of defi, that suddenly drop a large percentage of its price that makes users face lost their fund. Shouldn't continue investment on defi project blindly, from now we meed to be more careful about upcoming defi project.

After a while I saw YAM dead and they created a new version for it, although YAMV2 was listed in many major exchanges and the price was going up every day, but I believe investors have lost confidence in this project and will never dare to risk and invest in them

I already lost my trust on defi tokens like yam. Its so bad  that happened to investors, the downfall of yam just makes everyone disappointed. afterward, they ridiculously release yam Version, YAMv1 or YAMv2 even YAMv3!! I am not declaring yam as scam directly but a real altcoin can't react as like as yam did, in my opinion.