Bitcoin Forum

1. YAM token (YAM)
https://yam.finance/

https://i.ibb.co/RCNBc3K/image.jpg (https://ibb.co/Cn6MQby)
https://www.gate.io/trade/yam_usdt

What happened?

The team launched the project without auditing a smart contract
Added PR, hyped social networks and launched token sale
The price has risen to $ 175 per token.
Due to a critical error in the smart contract code, the token price drops to 70 cents.
https://medium.com/@yamfinance/yam-post-rescue-attempt-update-c9c90c05953f
Liquidity is lost on the 1inch and Uniswap exchanges.
Gate.io and Bibox continue to trade a scam :)

YAM 2.0 is coming, we are waiting for the continuation of the party

2.MEME token (MEME)
https://bitcointalk.org/index.php?topic=5268573.msg55019734#msg55019734

3. yearn.finance (YFI)
https://bitcointalk.org/index.php?topic=5268573.msg55021873#msg55021873

https://bitcointalk.org/index.php?topic=5268573.msg55024801#msg55024801

4.Spaghetti (PASTA)
https://bitcointalk.org/index.php?topic=5268573.msg55100124#msg55100124

5.DOG Token(Hotdog)
https://bitcointalk.org/index.php?topic=5268573.msg55119631#msg55119631

6.YUNo.finance (YUNO)
https://bitcointalk.org/index.php?topic=5268573.msg55126139#msg55126139

7.KIMCHI.finance (KIMCHI)
https://bitcointalk.org/index.php?topic=5268573.msg55126139#msg55126139

8.vodka.finance  ;D
https://twitter.com/vodka_finance

9.Pizza Finance (Pizza)
https://coinmarketcap.com/headlines/news/4000-to-1-in-5-minutes-defi-hotdog-and-pizza-present-free-fall-on-their-first-day/
https://bitcointalk.org/index.php?topic=5268573.msg55127011#msg55127011

10.SushiSwap (SUSHI)  
Pump- dump
1$-10$-2$
https://coinpedia.org/news/sushi-dumped-still-a-good-gain-option/

refund
https://bitcointalk.org/index.php?topic=5268573.msg55178475#msg55178475

11.Yfdexf.Finance SCAM stole $ 20 million
https://bitcointalk.org/index.php?topic=5268573.msg55171709#msg55171709

12. yieldfarming.insure (SAFE)
https://coinmarketcap.com/currencies/yieldfarming-insure/
4000$ - > 230$
Another shitty farming project

13. tomatos.finance
https://bitcointalk.org/index.php?topic=5268573.msg55259710#msg55259710

14. CBDAO (BREE)
https://bitcointalk.org/index.php?topic=5268573.msg55346057#msg55346057

Rezerw

What a surge
#Defi is on fire
Yamfinance has existed for less than 48 hours and has $400m + locked in it by hard working yield farmers!
All the coins that are being listed are doing an magnificent job nowadays, specially DeFi

The name of the project is kind of funny, Yam token lol. What is the project even all about, because I tried visiting the website and was getting some warning, so I decided to go back. And the name is just like they never put any thought into choosing a name for the project.

People have to be careful about projects like this, you can’t trust these kind of things because mere looking at the few things I have seen about it, I don’t need anyone to tell me that the project is not going to be a good one. The warning I was getting on their website is saying that anyone that wants to engage with contract has to be very careful. You can check their website – yam.finance, I don’t know for you guys, but that’s the warning I am getting. I didn’t bother to go further than that.

Meme (MEME) ;D
https://dontbuymeme.com/
https://www.coingecko.com/en/coins/meme
https://coinmarketcap.com/currencies/degenerator/

https://twitter.com/DeFiDude/status/1294589760615350272
https://i.ibb.co/QmJX727/image.jpg (https://imgbb.com/)

This is not a scam, this is just a cruel joke that spawned a coin with a capitalization of $ 1 million.

How an anti-meme coin joke backfired into a $1.2 million meme coin
"ConsenSys developer Jordan Lyall poked fun at the rapid uptick of DeFi projects on Twitter. Then someone to then turn his joke into a real meme coin."
https://decrypt.co/38887/an-anti-meme-coin-joke-just-led-to-a-1-2-million-meme-coin

When there’s a hype, scammers will always take opportunities to scam and fool people so if you see any project that is suspicious better to stay away and of course warn other people not to invest.

Looks like a Yummy product that can eat all your money later on, and a Meme name is not good at all. DeFi is very hot and prone to many scammers and hackers just like the ICO before. Don’t support any scam project because its not worth it and you’ll lose your money for good.

You are right. Not a scam and no one forced to buy this token. However Im sure those who fomo on the token are got rekt badly. Defi hype could really make you fomo and worse lose all your money in an instant. It only took how a day or two to cripple its big marketcap. Meme coins are not bad but what happened here is likely unforgettable on crypto space. I almost fomo, due to very fast movement but I let my emotions be tempted.

Much better to focus on trading and learn basics of it. We can earn with a pattern and right analysis.

YAM isn't a scam but a failed DeFi project, the team are non professionals that's why there is issue with the smart contract, if this project has good foundation it should recover back but I guess not, I'm sorry for those who invested on YAM project

It's true. The YAM isn't a scam project because it is a failed project that it didn't reach it's hard cap because the team are not professionals and it is their first time launching their own coin. But a lot of old DeFi projects have started to increase their price like ALGO that it surprisingly increased it's price and other DeFi project in the first week of August.

yearn.finance (YFI)
https://ycosystem.info/
https://coinmarketcap.com/currencies/yearn-finance/
https://twitter.com/iearnfinance/status/1285608609565597698
"The token is to manage the platform. If you aren't interested in managing the platform, stay away from the token."

What do you think it is?
The token has grown from $ 35 to $ 10,000.

So what will happen to the failed YAM holders and investors? I mean will they get refund or will their tokens be swapped to YAM 2.0 automatically when the dev launch it as announced? Can you please confirm this.

its a very funny scenarios, a painful one for those who bought at high price. there is something about cryptocurrency that you have to know which is that everything is trend and it occurs every three to four months. now its seeming as if defi project is the only project but very soon it will go low and we move on till the next wavy idea comes on and people will jump on it. people need to understand this and do things with caution.

The price spike and FOMO created by YAM Finance before its failure shows how the DEFI craze has taken over the crypto market with storm. So many investors just FOMO and buy any coin with DEFI function, even without proper risk management. Aside the YAM scandal, CURVEDAO also cost many a lot of pains. I know someone invested 15,000$ in CURVE at 20$+, now price dropped to 3$+ and that's massive loss. DEFI is a good concept but let's be careful what we invest in and also how much we invest.

Maybe probably defi will be here for a while I will suggest people use extreme caution the way the handle their funds, some project are not really worth the risk FOMO is just real and it will be good to know how to handle that effectively I still FOMO but sometimes is better to give a project a month or 3-weeks runtime to see how it turns out

I'm not sure I follow what's the category of scams nowadays. A failed project due to a buggy smart contract is a scam, a governance tokens that was explicitly stated as only a governance token without financial purpose is called a scam, an explicit meme token as a joke is called a scam. Is a 'scam' anything that is either overpriced or went downhill due to some bug?

But at least it's clear that we're far from having intelligent investors since a governance token is worth $10 when the team itself says it should worth $0.

Defi are scams not sure but currently they are performing very well. They are good for current days. In future  we do not know. We should not hold it for long time.

Not all DeFi projects are scam, you are responsible for whatever project you invest money on, Chainlink or Compound isn't like this YAM, they have interest and useful use cases, you need to do research to figure this out yourself

i dont trust new token that launched in uniswap , recently many new token there and price could soar more than 5x only in few minutes or hours. even this token could beat best project in crypto market that already exist for years.in my opinion YAM and other token that launched in uniswap only speculation to pump and dump. it will die in several months later.

Binance is not a guarentee for all DeFi projects and investors but to reduce risks of investment in scam DeFi, investors should be and act wisely. Only buying DeFi tokens on reputable exchanges such as Binance. Binance with CZ and their teams do know which projects are scam and as CZ said in an interview in 2018, good projects have due chances to be listed on Binance, even free of listing fee. Scam projects are not tolerated on Binance. Their investigations are better than from amateur investors.

People are greedy and they want to invest in scam DeFi on small exchanges. It is risky but they chose it and deserved losses.

As far as i know YAM is not a scam, it was just a case of the bugs in their software or coding or programming or smart contracts whatever the correct term is, so i think it will be sorted out, there will be either a swap or the same coin will be reinstated with necessary improvements.

I lost big dollar on YAM hopefully they are going to do something for the YAM holders and give some bonus YAM 2.0 tokens.
YAM was one of my biggest mistakes because I went with a contract that was unaudited.


https://bitcoinexchangeguide.com/uniswap-listed-nugs-and-nexe-token-projects-exit-scammed-soon-after-listing/
Excuses given were very similar

Today, a message was distributed on various telegram channels that YFI is a scam. I managed to earn about 60% profit on this token, but after this message, I decided to close the position. Even if this coin is not a Scam. it will still have a very strong correction after such a takeoff.

https://i.ibb.co/12tTrzL/5432453.jpg (https://ibb.co/h8JVBYy)

Hope they will do something and give you a second chance to cash out and get bigger part of your capital's leftover back. I'd like to warn you to have a decent plan to minimise your loss. People tend to expect too much, when they get a 80% loss, they want to reduce it to 40%  but when a second chance comes and gives them a 40% loss, they hesitate to get out and a bigger loss come, maybe 50%, 60% or seriously 90% loss from original capital. Be careful and keep in mind which price you will get out from a good recovery.

Reduce your loss to a half and wait for other chances with the same token or better with other projects are better to recover your initial fund.

Im sorry to hear that, But I don't think they will make any better progress, because their name is already bad on this forum, So maybe Cutloss is the right solution for you, indeed it will make you lose a lot of assets, but it can keep you from more losses later.

https://medium.com/@yamfinance/yam-migration-plan-dc72ad49aca6
https://medium.com/@yamfinance/yam-migration-faq-57c705688fe6
If you are interested, then you can look into this.
Migrating tokens from one smart contract to another will not help those who bought this scam for $ 100-175.

Total Supply 30 000 YFI
https://coinmarketcap.com/currencies/yearn-finance/
Perhaps the small number of tokens affected the price.

But something should be behind this token because I do not believe that only hype can make this coin the 50th biggest cryptocurrency. Someone on twitter said that YFI token gives you an opportunity to claim dividends from the fees that the platform collects.

With same potentiality, the lower the total supply the higher the price will be but 30.000 YFI as a total supply contains some levels of risk. Rather than having 1 YFI that has a value at 1 BTC, I would like to have 1000 SYFI (example) that has same net value at 1 BTC. Because I can store those 1000 SYFT tokens at 10 different addresses and can decentralize risk for my capital.

I don't think calling them scam is right. Irresponsible could be the right term due to lack of review on its smart contract. Right now price have risen around $2.6 USDT per YAM. I wonder what would happen on YAM 2.0? Will the price go back and will investors or hodlers buy YAM once again?

Note what the chief developer of yearn writes.finance in the article Medium, that this token has zero value and is completely useless.
"...we have released YFI, a completely valueless 0 supply token. We re-iterate, it has 0 financial value. There is no pre-mine, there is no sale, no you cannot buy it, no, it won’t be on uniswap, no, there won’t be an auction. We don’t have any of it". https://medium.com/iearn/yfi-df84573db81
So YFI was not planned for trading, so where did the price of 12 thousand dollars come from? I can assume that we may see the largest dump in the near future.

The truth is, this scam will continue as more and more projects will come out to claim DEFI and it turns our as disappointment withour offering nothing. I hope the new ones will bring something unique apart from the lending stuff.
 The circle will continue until another trend start just like IEO and ICO

https://hoo.com/labs/detail/proxi (https://hoo.com/labs/detail/proxi), talking about DeFi scams today there is a new DeFi that might end up in a scam namely Proxi Defi, so they held a mini IEO on Hoo Exchange a few hours ago their mini IEO sold out, and also afterwards they held an auction program on Mesa.eth after all their auctions were finished. claiming to reach x27, and sure enough their token went up on uniswap but after that the drama happened because the contract creator to make a scam token ($credit) sent 3000 eth more to binance and exchanged it for usdt.

1.15 Bitcoin for one YFI. Even the project is good and not scam, the price is crazy high. The loss story always bittery. I see the chart and look, it dropped 50% from 0.68 to 0.3 BTC / YFI after 4 days and today it pumped to 1.15 BTC / YFI. Who sold at 0.3 got loss, and now regret but even you bought at 0.6 and have not yet taken profit, you will get loss later. Who knows.

I heard many flippening stories, ETH, XRP, and now have people call YFI will flip Bitcoin to be the new King of cryptocurrency. No.  8)

Thank you, I will follow this information closely, but I have not yet found information on the prices of this token on the exchanges and the price chart. If you have data, then share links.


https://i.ibb.co/YW0CJpf/20.jpg (https://ibb.co/VNw1b2M)
The price does not rise, it is manipulated on the gate.io exchange. YAM token deposits and withdrawals are closed. The price on this exchange was 3 times higher than the market price on other exchanges. My task is to warn users.

Migration: YAMv1 to YAMv2
https://bitcointalk.org/index.php?topic=5269687.msg55032487#msg55032487

The Defi market is on fire but besides of this development, we shouldn't take our guards down while investing in cryptocurrency. because Defi is not exempted from scams and fraudulent activities because bad actors are always lurking around and patiently await the right time to strike its victims, I hope Yam token would serve as an example.

I am watching another DeFi - CURVE Finance token, whose price dropped from $ 100 to $ 3 after listing on Poloniex on August 14.  Despite this decrease in value, I do not attribute this token to scam, although it is clear that many lost their money investing in it at an early stage. Now CRV is trading around $ 4, and I think that this token has the prospect of growing in price several times.

 me either because drop of the price is normal but the drop of 100 to 3 usd is shocking . its crazy to think of people that actually bought the coin at 100 dollar per piece and what if they bough more than a piece .

they could be crying now . they trust the coin so much just because its labeled as one of the defi hype  .  hope this thread helps for those who are planning to join the defi train .

The truth is that we would continue to see issues like this, as several projects are going to be established to take advantage of the trend. Defi on its own is a great concept, but we cannot hide the fact that there are still scammers who are concerned about ripping off ignorant investors, we really need to be careful about Defi projects, especially the upcoming ones.

Nearly all the new crypto projects are in DEFI category and most are baseless. Just few DEFI projects are ready to foster development of DEFI products, some just hide under the DEFI umbrella to create hype around their coin/token. Diversification is necessary, if all projects start being in DEFI category, it won't make much sense. At least some should  foster sports betting, green energy, traveling etc.

Many new tokens have appeared on Uniswap, which are currently trading around 1-5 dollars. The task of the investor is to determine which of these DeFi is a scam, and which one can give a 1000% profit in the future. Because soon these new tokens will appear on cryptocurrency exchanges and their price will increase many times.

YAM wasn´t a scam, they only launched the project too early without auditing the code. Someone find the bug in a smart contract code and caused a dump. But the creators didn´t scam people, they didn´t abuse investors fund, right? ;)

This is a lame accusation and it doesn't hold water; you can't just make an assumption saying "Defi are scam" it means altcoins considered to be "Defi" are scam which is very very uncertain and lacks basic ascertation. We have legitimate Defi projects out there doing great and the teams behind them are working relentlessly to give Inventors an incredible Decentralization.

CURVE Finance project tokens were launched by a third-party developer :)
https://twitter.com/Dogetoshi/status/1294099367452966913

At first, the team recognized the tokens as a scam
https://twitter.com/0xc4ad/status/1293977012550467584

Then the team wrote that everything is fine :)
https://twitter.com/CurveFinance/status/1294089573673455617

New #DeFi Listing: @CurveFinance from Polonex
https://twitter.com/Poloniex/status/1294084308492333058

Where else will you see such a circus?

There are a lot of Defi projects popping up every day and if you don't research carefully, you will easily lose money when participating. I am investing in a lot of new projects every day and if there is a profit I will sell immediately because we don't know what's behind the project. One way or another, you need to secure your investment and consider it carefully when making a decision.

YFI
https://coinmarketcap.com/currencies/yearn-finance/

July 1 - $ 32  (Price of several pizzas ;D )
August 21 - $ 14,300

Where is the price ceiling?

YAMv2 
https://www.coingecko.com/en/coins/yam-v2

The price is going up a lot. Big losses do not teach people anything  ;D

Ocean, Just, Ring - Record-breakers in price growth. +700 + 1300%

I also thought they weren't a scam, but the price dropped too much and caused many investors to lose money. And if the investors lose money they will think it is a scam project. In the future I think its price will increase again, but it will take a lot of time

What a big surprise, I thought it's over for YAM project, I would have jumped into the wagon right after the dumps took over but I guess it's too late right now, the lesson here is not all dump projects are dead, finding out why there is a dump should be the first thing to do better making a decision

I think the hype from Defi will end soon, if the CRV is one of the ICOs from the Defi project but the price drops dramatically,
then I make sure this is the beginning of another Defi project to go to a scam, be careful

All DeFi projects are now on fire. I don't know whether YFI is a scam or not because it is now on top 41 ranked coin which supply is only 30k. This may have impressed investors. But i am in confussion about the price of this coin. $16k price hit last few days ago which is higher than Bitcoin. This is bubble and investors may face huge losses if it blast.

If defi project is scam, many people will lose their asset .
And crypto world will lose their trust.

Hory shite that scenario reminds us of the 2017 bullish trend.
Not this time, people can now differentiate legitimate projects from scams. But new people are engaging in the crypto space so it cannot be avoided to lose their trust.

It blasted off and the question now is only when it will be bursted? To be honest it is my first time after 4 years in crypto market I have seen a coin or token has its value higher than bitcoin. Years ago, at the all time high, Ethereum did not reach 0.2 BTC for each ETH. What happened with YFI? And what happened with the market capital flow? Does the market have a very fresh capital from newbie investors?

There must be some current DeFi projects whose purpose is only for deceiving, not all just a few. When it tradable on the exchange it will be difficult for project team to control the price, if there is even one bad news about the project it will really make the price down because there will be panic sell.

---

You can check PBT (Primalbase) the ATH is around $7,900 Aug 31, 2017 when BTC price at that moment around $4,600, and see PBT current price is only $170, this happened when ICO's was hype.
https://coinmarketcap.com/currencies/primalbase/

If one of the DeFi projects turns out to be a scam, then no one will be surprised. Everyone is already used to the fact that the cryptocurrency market is very dangerous and it is very easy to lose your money here, even if the project does not turn out to be a scam. Some investors will always lose their money, so you need to be careful when making a decision about investing.

I still don't understand what is sustaining the rise in YFI. I mean seriously how can people be pouring in money to it when there's really nothing other than a concept similar to a masternode on steroids.

Reasons YFI keeps rising is what I still don't understand, token moon from $31 to $15000 within just few weeks, this is the first time am witnessing this, I just hope is not another version of cryptocurrency scam.

sometimes amidst DeFI's condition which is experiencing popularity, there are several projects that are scam or fraudulent. yam this is one of the failed projects because obviously it doesn't provide anything and we have to be wary of fake deFI concept projects and it's only detrimental

This is cryptocurrency.
assets that are very volatile and high risk.
in a day, it can increase by 5000%, but it can be -90%. the thing to note is always looking at the profile of the project. dev, roadmap, team, etc. in order to minimize losses. especially to the scam.

Only those who are too greedy will get burnt easily, I expect investors to take their profits instantly because that's already an insane ROI, imagine someone having just 5 pieces of YFI tokens. What more could one hope for?

The thing to take note is to wait and wait for any confirmation whether the project could be a scam or not. Because if you immediately dive into a project that will cost $170 each at the very first days of its launch, it could end up the worse scam like this YAM. This isnt going to be the first I'm sure. There were even projects before Defi was evenconceptualized that is now adding Defi as part of the project, I think they'd turn to be a scam soon too.

The one thing that many investors are doing so wrong is investing on a project with no strong use case, new crypto investors are even the worst ones, they invest in any project they feel like will do better with no real good research, DeFi projects aren't all good, only few of them are

Yeah same thing happens during the period of ico, many projects where created just to scam investors, the same thing is happening in defi now, many projects are being hurriedly created just to make quick money,  the trend is hot right, any defi are selling more than others, defi is taking the spotlight over ieo and ico, i hope will take note and ride the defi hype short term.

Wherever the trending is, that’s where scammers are targeting as well. They would simply create fake DeFi projects to hype the beginners and newbies to invest in their project and would run away like hell. We should be more careful in dealing with those projects, because they can be faked.

We just simply need to take time researching their team, partnerships, reading the whitepaper and so on. I know that there will be more to come. Like ICOs started way back in 2017, more and more scammers have jumped in and successfully scammed their investors. History would repeat itself with DeFi, as only a handful of them are legitimate and the rest are just complete hype.

Possible reasons of it is the hype of DeFi at this moment and the total supply of it which is around 30,000 YFI only.

I was quite surprised with the emergence of this coin in the top 100 in the CMC and it is also listed on Binance right now. Not interested in DeFi in anyway but this will be a huge warning for those investors who are easily falling to these kind of scams.

I am sure that time will put everything in its place and the price of Yearn.finance (YFI) will stabilize at a lower level. Just remember that after listing ZEC on Poloniex in October 2016, it was trading at a record price: 1 ZEC = 3299 BTC. And look at the cost of ZEC today, it is equal to 0.00669402 BTC.

https://i.ibb.co/bH2bz2r/345344444322343.jpg (https://ibb.co/f8nD4nC)

Defi is the order of the day now. People jumping and overhyping the tokens without even understanding what it is. I am very sure this will bring much awareness to people that might also be talking about investing in Defi. We might as well witness the first series of scam project that will be listed on many exchange platforms that have been touted to not support scam project including coinmarketcap after the takeover by the binance team. I thought the promise not to list scam project.

I like the way you put it, Masternodes on Steroids, those people buying into it now would regret it because as the reward dry out people would start looking for the next big thing to put their money. Though I have regards for the developer and the transparency in the project but reality has been thrown away and just like any bull market, I just pity any newbie in the market now because most of them lacks the knowledge about how this market works

yes of course they will keep a secret about how the money process works in the developers, so I think beginners should be able to learn more about how to make good and correct investments, so they can avoid projects that are scam like that, it is very difficult to know which is a good project, but at least any effort to find more information about this DeFi project will be a good experience for you.

Would be happy to see if the OP will continuously update the list and the progress of the projects involved.


And another issue here is that these DeFi projects found Uniswap exchange to list their crap tokens so easily.
I won't be surprised if once this DeFi hype is over, this exchange will also struggle to survive.
I am positive that the list will be long in the next coming months.

I have now bought the rebase Yam2, I hope this won't have  a code error! Trying to support farmers. The way of DEFI is a crazy year, don't advise newbies to invest in all these new projects, it's too risky and carries high level of uncertainty.

The DEFI cryptocurrency market is very weird. It does not depend on the volatility of bitcoin. It is the same way IEO organizing projects did last year. Projects with FOMO populations and IEO values ​​are pushed too high. I find that it is the decentralized exchange that helps DEFI projects get pushed up faster because price orders are being eliminated, only the decision to buy or sell. In such a space, it is easier to manipulate value. It is also thanks to the DEFI cryptocurrencies that have brought cash flow back into the crypto market.

We know the answers, they lose if still hold the token, but if have an opportunity to sell it when the price pumped, he lucky.
Do you think the team can refund to all loss investors? No bro but you can go direct to telegram channel if you don't believe it

it's less risk if you choose the top coin with a good track record. but it will be so high risk if choose new coin

The volatility in nature of cryptocurrency is not something new and even all newbies are aware of it. However, the volatility in nature of crypto investment was not the reason why Yam investors lose their investment cause the mistake was from the project team ending, cause the project was not thorough checked before launching it.

Maybe but choosing the top coins doesnt guarantee investor will make profit and an example is Dave which invested in Link and lost $12K.

Exchanges in this case still provide the necessary liquidity. It can drop to 0.0001 as long as there are buyers and sellers an exchange can make money. What are they supposed to do when you buy something thinking its legit? You're the one who has to make decisions based on the information available. Maybe they fix the contract or fork (idk if thats possible) and people will want to buy.
Sucks what happened, but you cant blame an exchange doing its business which is to match buyers and sellers.

There is such a thing as reputation. If you are trading a scam, your reputation suffers.
If the exchange in the midst of trading closes the input and output of deposits, then this already speaks of price manipulation.
I saw that on gate.io the input and output of tokens was blocked and the rates were significantly inflated relative to the market price. This is not the correct behavior for the exchange. If the exchange is trading a scam, then it should not prevent users from withdrawing funds to other accounts.

The fail of YAM really caused panicking to investors. The fall was extreme but how crypto is, some will benefit while some will be affected. When it heavily dumped, some users picked it and it gave them alot of profits because it mooned again but not to what it was back then. Let's always be careful because not all Defi worth investing.

bro haha all these uni defi erc shit things are pure garbaaaaaaaaaaaaaaage.  sure in many years 1 or 2 MAY have some role in the tech eth is trying to implement but otherwise it's all another hype cycle of bullshit.  all pnd whale action for this crap.  99% of ppl don't know or care what they are.....they just wanna be greedy and make money.  sadly most will get rekt.

https://www.coingecko.com/en/coins/equus-mining-token

It's not confirmed yet but I think the team has exit scammed on their community the price just dropped from $.018 to $0.0002 so far the team is silent about the situation.

There are limited info on the coingecko.com for equus token (EQMT). Genesis date is not available and some more info need to be presented.

Those scam projects that try to disguise investors as they are DeFi projects while in fact they are non-DeFi projects. Those projects remind me about the scam staking amd masternode coins in the past. In the days, there are a few new staking/ masternode coins were created every day. Their estimated ROIs look very very attractive but it won't last too long. Developers dump their premined coins and another thing comes later when stakers or masternode owners dump their rewards to get capital back or to get profit.

Many scam projects after a few months did not give investors enough money from staking or masternode rewards to pay VPS monthly fees.

I don't know, why everyone need learning from Bitconect.

And now we are on Bitconect 2.0 with the word of DeFi, because they only offering a less supply, locked, stake token with some interest the difference between the lending they offering a small percentage stake while lending gives a huge percentage offers.

I believe we already have 50-100 project with the IDEA of DeFi, and 95% of these project soon not gonna survive just same as lending platform.

Creating DeFi projects and no done due diligence and testing for their smart contract? This clearly shows a scam and the initial idea was to attract investors from social media hype. We should be careful about such projects.

A lot of defi scams, who knows, yfi might be one until they managed to sail through to keep there name ontactef. Cryptocurrency space have been a place of different ideas springing up to make profit. Ico, IEO, now defi. Even old projects are switching to defi. All I can advice is, be careful where you invest your USDT. Make sure to keep and eye and do a proper check before investing.

YAM Finance team actually failed with regards of proper test running before launch, however you can't conclude it was a scam plot. Projects like Quantstamp are neglected, this project runs security audits for smart contracts and many startups fail to consult them which is not correct. If I were an investor in YAM, I will also lose some level of confidence in the team since they didn't do their home work properly before public launch. It's true that so many new scam DEFI projects are on the rise, we should be careful what we invest in.

It is actually sometimes very hard to sieve the good ones out of the bad in the crypto space. Just within this short period.that DeFi hype had just started, some projects have come out and discovered to be scam.
This is just a testing phase and many will Fail it.
To start with, the good ones among them will be transparent and it will be obvious.

Why did he fall so low? The same is necessary for the customers to start pouring into the glass. Team leaked tokens?

We are soon approaching the peak scam time of 2017 ICO period. Except this time its not scammers in telegrams but the Defi projects are gonna be swept away .

Not all, there are good eggs in this Defi hype but bad ones will definitely be swept away. 2017 is totally different from this defi though some similarly exists.
I have only know of Yam Spaghetti shit coin that has made many regret investing on defi. Yam rebating never worked out even after launching version 2  :-\

https://cointelegraph.com/news/3-reasons-why-yearnfinance-yfi-price-just-hit-a-new-high-of-18k
"A hint of a new partnership, Aave listing, strong technicals"
I see that investors have steel eggs.
I do not pretend to be an expert, but the project is greatly overrated.

While searching for information, I came across another interesting token with a high price. But there are only 100 :)
https://cointelegraph.com/news/the-robonomics-token-is-trading-for-95-000-each-on-uniswap
https://www.coingecko.com/en/coins/robonomics-web-services

unfortunately DeFi has a difference with what happened in 2017, in 2017 it has a lot of demand because indeed many are curious about cryptocurrency whereas for now it's not like it used to be, even today many are disappointed with cryptocurrency because there are many theft cases that occur in cryptocurrency .

Too little time has passed since the start of the hype DeFi. If you compare with the hype ICO of 2017, you can see that the number of DeFi is still too small to compare them.Scammers have not yet adapted and do not fully use the hype around DeFi, but soon we will face this much more.

Spaghetti (PASTA)
https://www.coingecko.com/en/coins/spaghetti

Meme project Spaghetti raised $ 204 million
https://twitter.com/DegenSpartan/status/1296036076289548289

https://i.ibb.co/twGfZkv/97700-1.jpg (https://ibb.co/p67DWGM)

https://twitter.com/rleshner/status/1295858408000651264

🤖 Leshner(C)
"If https://spaghetti.money has $500 million less than 36 hours after launch, the industry needs to self-regulate and stop launching these meme farming games."

Spaghetti Money is very similar to the Yam project

If you are talking about the De-Fi projects that have been mushrooming, this is nowhere near true. The ICO enabled scam devs to launcha website and sell tokens from a contract. De-Fi projects let you "lock" wrapped tokens onto their website platform hoping for interest income from arbitrage opportunities.
It is easy enough for anyone to use this as an opportunity to steal the locked funds. People aren't doing it till now because only a very niche group of investors were putting money in. Now with the hype, a much higher percentage of noobs will be ready to put in money like some of us did back in 2017 at ICO boom. Money will be lost if you don't watch out for copycat scammers.

Take for example this asshole. Opens up a Ann thread and a website with the name "Yearn" as part of the domain-name.

https://bitcointalk.org/index.php?topic=5272361.0 (https://bitcointalk.org/index.php?topic=5272361.0)

YFI hit the price rate that more than three fold of bitcoin. https://coinmarketcap.com/currencies/yearn-finance/
And YAM version 2 almost reached $26. https://coinmarketcap.com/currencies/yam-v2/

It is shameful to admit that I don't know why there are people on market accept to pay such unreasonable price for YFI and YAMv2.

Erc20.Dog DOG Token
https://i.ibb.co/w6sn0P2/image.jpg (https://ibb.co/Kywt0f8)

This is what a scam looks like
World first cryptocurrency created by dogs. ;D

How to participate in the DOG Token Sale (March 20th)
https://medium.com/erc20dog/how-to-participate-in-the-dog-token-sale-march-20th-69db1f55e4bb

DOG token sale started
https://medium.com/erc20dog/dog-token-sale-started-f86724614efa


https://cointelegraph.com/news/defi-meme-coin-hotdog-dumps-99-9-in-hours-after-launch

Forks, swaps, borrow names of initial coins or tokens, restructure of masternode collaterals (from initial low to later higher) are popular scam strategies of scammers. You can see in images attached in my thread Define the (scam) DeFi (https://bitcointalk.org/index.php?topic=5273078.0) there are hundreds of scam stake & Masternode coins (I listed 200 zero value coins only) and many of them borrow names: DogeCash, example.

I see DeFi projects are same as stake & masternode coins. The new scam DeFi projects are simply borrowing the DeFi hot word. Stake ~ Farm, similar too. Instead of use Ponzi, they used Lending to run their scam projects. Ponzi ~ Lending. ICO ~ IEO. They shuffle terms to scam more easily.

Defi is not a scam, just that those who are not try it before look at it as a scam. it's not good to hold your coins long in Defi, because the price can drop at anytime.

You have to lock your money in pools. Can you call it as risk? Do you forget the DAO hack years ago?

I see more risk than staking my coins with stake & masternode coins.

Lock to get money and interests (it looks like bank savings) but crypto is volatile and if you look at the price of DeFi tokens. Their price is very high now and I am sure it will fall gradually. The lock percent does not make sense when investors feel fear of DeFi someday and when market turns bad, locked tokens can not stop price falls.

Hello newbie, you must know that the one who created this topic already has a lot of experience in DeFi matters, so it's clear that he has tried it, so he dares to create a topic like this, and one more thing you should know is that there is not only one DeFi token, some are good and some are not good, so you have to be able to sort these things out in order to know the difference.

I think Defi is a bubble and can explode at any moment. However, it cannot be denied that Defi projects are a trend that is trusted by most investors and will certainly attract a lot of investors in the near future. At first, I thought very negatively about the Defi projects but now things are different and just spend a little time researching on that project you can make twice as much profit in short time.

Of course defi can be said like that and that is what ultimately makes many investors afraid to enter and hopefully what investors are afraid of does not happen with this project, because if it happens it will have a bad influence on the good name of cryptocurrency and may not be able to make progress even more.

PIZZA is the latest food token scam.

https://i.imgur.com/W2usrio.png

Zasad, please add these scam tokens in your list

Kimchi.finance

https://coinmarketcap.com/currencies/kimchi-finance/

Yuno.finance

https://coinmarketcap.com/currencies/yuno-finance/

Both were scamming people through putting the minting function on their smartcontract code and make the owner can mint unlimited token. The total supply was also unlimited. The price of yuno and kimchi were getting dumped so hard.

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

please give a link to the chart.

Is it?
https://www.coingecko.com/en/coins/pizza-usde

I don't see big price drops here


added

yes, thank you for telling us all about the list of DEFI scam projects, that way we can find out and avoid them. but I am worried about this DEFI project. many people claim this defi project is a scam.
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

Its just a termed for the new hype decentralized finance. What is scam are those projects that made defi hype really look like a scam. There are too many pulled rugs happened in the past few weeks and we can see the effect on it on the long run. Crypto space is now swarming with yield farming types of project. From one to another, major projects started to copied its format like what Justin Sun doing right now. Defi token sun.

Well! As the great ones used to say, " Oh, Hi Mark!"
You might think that you expected something different from this behavior from these projects. Even quite a novice or my grandfather understood that all this is just a grandiose and another fraud and fraud. If you fell for it and didn't get out in time to earn money - I'm sorry for you, really. But to say that it was sudden and unexpected is not necessary because it will be the same lie as the fact that it is impossible to exist without cash.

That's a different token on EOS. This is the ETH defi token. https://uniswap.info/token/0x1d8dce63d49252dd8eca38b1abfe4d3f160e0647

Here is a story from Coinmarketcap: https://coinmarketcap.com/headlines/news/4000-to-1-in-5-minutes-defi-hotdog-and-pizza-present-free-fall-on-their-first-day/

$hotdog $noodle $pasta $pizza
Seems like food tokens are getting a bad reputation and it has affected on $sushi
The problem is when a coin becomes successfull , a lot of imposters come after it , same thing happened with Yfi , $yam , $yamll etc

added

I give another scam.

Justpound Finance: A defi on Tron token, they doing a flash sale and ended yesterday but right now they deleted all information of their project website, twitter, medium, telegram and all data of his website. I think they are got around 200-500K USD from the sale, and exit scam after getting a money careful everyone!

Information scammer :

Feels sad for all of the victim.

The SushiSwap creator has dumped all his tokens.
https://www.reddit.com/r/binance/comments/in0ga8/sushi_dev_dumps_all_his_sushi/

He is denying this is an exit scam, but the DeFi community is saying otherwise.

He moved his fund at 1000 Gwei for gas. It is the most terrible reaction to dump all his tokens and get cash. He can get double cash if he short SUSHI on Binance. The true developer will not react this way when market is dumped hard like yesterday. They can get money when price is pumping, no one cares but will the a dump and give his hands to dump more. I don't agree and as said DeFi scam is here.

You can see the SUSHI reward is x10 for early investors that is another thing to make such investors dump their tokens.

Yfdexf.Finance SCAM stole $ 20 million

English translation:
"There have been numerous warnings about the possibility of DeFi launch scams on various platforms, including bitcointalk, but it seems that people are simply too greedy to take advantage of this ad and profit. As it turned out, many of them burned down due to projects like Yfdexf.Finance.

The Yfdexf team reportedly escaped with $ 20 million. Their official website, telegram and twitter accounts have been disabled to avoid leaving traces.

What happened here is also another reminder to all aridrops and gift-giving hunters to be careful what you share in exchange for some rewards. You may not have realized it yet, but you are also helping these scammers. The Yfdexf team organized a lot of pranks to create a buzz, and many of these hunters just joined in without even thinking about what they were promoting."

https://vsemmoney.ru/topic/36607-yfdexffinance-scam-ushli-s-dengami/
https://zycrypto.com/crypto-whale-warns-of-growing-defi-scams-as-another-protocol-exits-market-with-funds-worth-20m/ 

DeFi Wonderland :)
https://twitter.com/NomiChef/status/1304442521137811457
"I have returned all the $14M worth of ETH back to the treasury. And I will let the community decide how much I deserve as the original creator of SushiSwap. In any currency (ETH/SUSHI/etc). With any lockup schedule you wish."

38000 ETH
https://etherscan.io/tx/0xa5179a870734faadbb7abe2cc2030436a870f9bda1f869b3f986d65cbfbe57b8

With the shitshow (two times) NomiChef wants to pump SUSHI again? Will he succeed this time?

Yesterday, SUSHI was dumped so did he bought cheap SUSHI and want to pump it to take profit?

Yesterday lowest price is 0.0001979 BTC/ SUSHI.
About 17 hours ago, this news pumps it to 0.0002857 BTC/ SUSHI.
44% rise with this news, this shitshow.

DeFi protocol tomatos.finance - scam
DeFillionaire
@DeFillionaire (C)

https://twitter.com/DeFillionaire/status/1309068494969987072

"WARNING from DeFi Leaks: If you receive a token http://tomatos.finance in your wallet please do NOT visit their website and approve any contract on their end. It looks like the approval via the website gives their contract permissions to steal your tokens (USDT, DAI, TUSD, UNI…"

I really don't have enough knowledge about DeFi and how they work and now there's a lot of scams that's been popping around and my first impression to it is most of the DeFi are scam and now afraid to invest to it.

Indeed, we'd be wise to be careful and not easily provoked into investing if we don't understand the DeFi niche. We know, when a trend is popular, it will definitely be used by many people including scammers to take advantage of the market hysteria by creating projects that are manipulated with "DeFi" "swap" frills, this seems like a joke and nonsense.

A fresh project HatchDao which has been apparently audited by Trustswap has exit scammed . Trust swap are coming up with excuses like they provide auditing only for team lockups .

I understand that everyone is already tired of this, but here is a new major scam :)

Investors Count Losses: DeFi Project CBDAO (BREE) Pulls The Rug for Over $1 Million in ETH
https://coinfomania.com/defi-cbdao-bree-pulls-rug-1m-in-eth/

"Investors in the DeFi project, CBDAO (BREE), are scratching their heads after it became evident that the persons behind the project have vanished. The project’s website, Telegram group, and Twitter handles are no longer online, with the total lost funds exceeding over $1 million in ETH.

At the time of writing, the BREE token which had traded as high as $50 in early September was trading at a $0.43 price, representing a 99.1% decrease from that all-time high."

Interesting what we will see by the end of the year. Dozens of scams

New SCAM on Binance Smart Chain (BSC) platform.

They just making exit. Deleting public telegram chat, parts of their WEB, deleting LinkedIN accounts. A lot of users loste their funds. Here is a full description: https://bitcointalk.org/index.php?topic=5283841.msg55550111#msg55550111

Ethereum DeFi Token Plunges From $1.5M Market Cap to $15K
DistX's founders left the project and the price quickly collapsed. But not before some last-minute transactions.

https://decrypt.co/51591/ethereum-defi-token-plunges-from-1-5m-market-cap-to-15k

"DeFi has suffered from a rash of rug pulls and exit scams as the market heats up and everyday investors try to get in. It's also witnessed plenty of projects fail or slowly fizzle out."

Recent scam in the Solana ecosystem.

https://twitter.com/defiyield_app/status/1428491595863703553?s=20
"The Biggest Rug on Solana just happened.
@luna_yield
 Website, Twitter, and telegram got deleted.

The project held an IDO on multiples platforms. One of them was
@FinanceSolpad
 

@FinanceSolpad
 should be held accountable host an Exit Scam in their platform."


https://www.coingecko.com/en/coins/luna-yield

there should be a special comprehensive regulation, to regulate the defi project in order to provide a sense of security and protect investors,, For example, presale prices are cheaper, many are interested in buying with the aim of maximizing profits, but only a matter of days jarga falls down,, this is so painful, and finally many people think this is a fraud project.. from the list above actually a lot of things like that... I hope it will be done soon,,,

There are many other defi genres such as Titan, polygold, and bufferfly located mainly on polygon. Most people pull the carpet in a pathetic way and that's shameful. Whale sterilization processes are included in the docs but hardly help with pump/dump issues. It is also a bad thing that deflation goes against the meaning of some good projects..

When performance has not been enhanced and the desire for sovereignty has not been fulfilled, it is these outstanding problems that have undermined everyone's decentralized finance dreams. Lol

Personally I didn’t experience any scams. I mean I didn’t lose money there. Of course, I saw them, but something prevented me from investing in them, so I didn’t lose my money there. Nowadays, there are a lot of scams, as scammers see this hype and think that they will find some newbies and earn money from them. But when this  crypto hype is over, we will see more really good projects I hope. 

I started writing about scams at the very beginning of DeFi season. Then I got tired of it, because there were several scams a day and they looked alike.
I think that if a beginner reads the first posts, he will learn how to identify scams. Nothing has changed, only now more other ecosystems have been added.

@zasad@. This might be something that anyone who has been a very close follower of Defi might have never expected! I followed much of the news updates on Quadrigacx 3 years ago and I never thought that Omar Dahini was not imprisoned.

This news will certainly become an issue for the US SEC and for US congress and will certainly make it their vindication to impose strict regulation on the cryptospace. It is not a good day if you are a cryptocoin holder.

Also, tokens related to Wonderland are dumping. SPELL, TIME, SUSHI, ICE.



CFO of DeFi Project Wonderland Outed as Co-Founder of QuadrigaCX

0xSifu, a co-founder and CFO of an Avalanche-based fork of OlympusDAO called Wonderland, has been outed as a co-founder of the notorious Canadian crypto exchange QuadrigaCX. The exchange was labeled a “ponzi scheme” by the Ontario Securities Commission in 2020.

Initial reports from Twitter user zachxbt indicate that 0xSifu’s real name is Michael Patryn.

A report from The Globe and Mail in 2019 confirmed that prior to being called Michael Patryn, this individual was previously called Omar Dahini, then Omar Patryn, following two name changes in 2003 and 2008 respectively.  

Omar Dahini (aka Omar Patryn, aka Michael Patryn, aka 0xSifu) is also the same individual who co-founded QuadrigaCX in 2013 with Gerald Cotten.

Source https://decrypt.co/91354/cfo-defi-project-wonderland-ousted-co-founder-quadrigacx-report

And today the price of SUSHI has dropped again even from yesterday's price, yesterday if it touched 0.0002857 BTC/SUSHI today, it's even 0.00011106 BTC/SUSHI around $4.15 with this decline I think it's suitable to buy SUSHI at this time.

@aruldaroy. The development of Sushi is presently being done by Dani Sesta and his team. These are the same people who are involved in Wonderland, Popsicle Finance, Abracadabra and Joe the trader. The tokens of all these projects mentioned have dumped before and after the discovery that Sifu, Dani’s CFO in Wonderland is really the scammer Omar Dahini. Sushi might need Sam Bankman-Fried to save it again hehe.

@zasad. Add some of these projects to the list, much of those projects created in Fantom. It appears one of the famous founders the cryptospace has rugpulled on their followers. There might be many people who might say that it was not a rugpull, however, I would be more skeptical on that. They released Solidly and Solidex and then abandon them less than 3 months later? It would be naive not to speculate that this was not planned.



Andre and I have decided that we are closing the chapter of contibuting to the defi/crypto space.
There are around ~25 apps and services that we are terminating on 03 April 2022.

Most notibly
yearn.fi (use yearn.finance)
keep3r.network (use thekeep3r.network)
multichain.xyz (use multichain.org)
chainlist.org (lots of people replacing it)
solidly.exchange
bribe.crv.finance

Unlike previous "building in defi sucks" rage quits, this is not a knee jerk reaction to the hate received from releasing a project, but a decision that has been coming for a while now.
Thanks you to everyone that supported us over the past few years.

Source https://mobile.twitter.com/antonnellcrypto/status/1500405473337565191?s=12

This is honestly very concerning.

FTM's price has been crippled as a result of this news, and it is very uncharacteristic of Andre/Anton to do this. People are saying that it's not a rug but it honestly looks more and more like it.

I guess there were warning signs like the Sifu-gate and Andre's connection to Daniele, but clearly nobody has expected this to happen. Shows in the price of these tokens - absolutely plummeting.

@timerland. Agreed! Their reputations began falling when Sifu was discovered to be one of the Quadrigacx scammers. I also speculate that the securities and exchange commission of Andre Cronje's country might have sent him a letter telling him that an investigation will begin on him hehehe.

In any case, some of his projects were not rugs. Yearn Finance is not a rug, also some of his early projects in Fantom are not rugs. However, Solidly and Solidex might be rugs. They were the last projects to have the community provide the liquidity for Andre, Anton, Dani and Sifu to dump hehe.

It appears Sifu also known as Omar Dahini, Omar Patryn, Michael Patryn remains to have control of much of WonderlandDAO's treasury after being voted out by the community? This appears to be a very head shaking situation for their investors.

https://etherscan.io/address/0x5dd596c901987a2b28c38a9c1dfbf86fffc15d77

Also, how is Omar Dahini not in prison after his QuadrigaCX adventures? The skeptical me thinks that he is being supported by a certain intelligence agency for fundraising hehehe.



The information on the chain shows that about two hours ago, Frog Nation's former CFO Sifu successively transferred about 1,000 Ethereum into Tornado Cash. The Wonderland DAO voted to remove Sifu before.

Source https://mobile.twitter.com/wublockchain/status/1505873449872687104?s=12