What happened: Ponzi Scheme - 375% in 40 daysWebsite link: https://xstartasset.com/?a=homeArchive link: https://archive.fo/bFr0gANN thread: Not listed in the forum READ: Websites that have minimum withdrawals of specific amounts are usually ponzi schemes, especially with that ridiculously high ROI. Please STAY AWAY from these projects. 
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yearn.finance = you're adding it with more letters to become yearnify to make people will be FOMOing your project as your project was only trying to take the opportunity used the name of YFI. That's an old trick that has already used scam projects.
SCAMMMMMM!!!!!!!!!!!!!
Let me see if OP will answer to thread. I will be giving him at least one (1) day to answer for the allegation that I posted and if he ignores it, I will proceed to post and report this on the scam accusation board together with the findings made by some of the forum members who replied in this thread. Looks like another project that will try to pull some rugs. So you're the improved Yearn Finance? Wow what a bold statement then try to amaze us because even Yearn Finance team hasn't posted in this forum yet they have been successful. Amaze us just like YFI did.
There are lots of "YEARN" projects in the forum which are mostly scam projects with either plagiarized Whitepaper or information, or fake teams. Most probably, this project is also a scam but let us hear first his defense after a day. |
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Yearnify Finance is a decentralized autonomous organization, or DAO, that plans to create integrated DeFi platform which brings various products at present including yield aggregator, lending, DEX (Swap), etc together for the community to easily access various DeFi services and grow their portfolio in one platform. The team supporting Yearnify finance aims to continue the effort in delivering quality DeFi products to the community
Due to the lack of Whitepaper about the project, this is the only statement that I can check whether it has been plagiarized or not. Lo and behold, this has been copied in the project of "Creed Finance". I hope you can provide an explanation on this one. Thanks! Creed Finance source: https://www.exchainge.xyz/creed-finance/ |
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Let's check tomorrow if the announcement will change to another date.
That's the usual tactic of scam site, they will give you deadlline, but that deadline will extend and extend.
Trying to catch many naive users as much as they can.
According to the website (assuming that the records below are true), lots of people have already invested and put their money on the ponzi scheme. It is very appalling that these kinds of websites attract investors who know little-to-nothing about it and they took advantage of their naiveness. Yup, you are correct. The deadline of the website just keeps on extending and extending every time you enter the website. A day has already passed and the deadline is still there. From the original 16/09/2020, it is already 17/09/2020 and the deadline just extended. It just proves that this is really a ponzi scheme in which people should avoid at all cost.  |
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Be careful guys this is scam!
one guy messaged me and offer this scam in telegram
Hi, I highly suggest that you follow the format posted in this page; or for your convenience: [b][color=black]What happened:: [/color][/b]
[b][color=black]Scammers Profile Link: [/color][/b]
[b][color=black]Reference Link: [/color][/b]
[b][color=black]Amount Scammed: [/color][/b]
[b][color=black]Payment Method: [/color][/b]
[b][color=black]Proof of Payment: [/color][/b]
[b][color=black]PM/Chat Logs: [/color][/b]
[b][color=black]Additional Notes: [/color][/b]
It does not necessarily have to be that specific format but what is essential is you put all the important details and evidence in order to support your accusation. In this way, the MODs will be able to investigate on your matter faster and easily. Thanks! |
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Lol betting on spiders. I don't understand why people bet on this because isn't it just completely random who wins so it's 50/50? What's the thrill in that? Why don't they just flip a coin or throw coins against a wall? That's what we used to do at school. Apparently it's called pitching pennies:
Living in a third-world country makes you appreciate almost everything and you tend to look/find fun in about anything that you see. Betting on 'fighting spiders', while they may sound ridiculous, is quite famous especially to the families living below the average income. The only means of entertainment that they have is limited, that is why they find this entertaining. Although in reality it is a 50/50 game and pitching pennies might be more skillfull, you still cannot invalidate that they find joy in such. |
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| | Token Name: |
| Accusation/s: |
| Link: | | Date: | | | | 24. Dino Defi |
| PLAGIARIZED WHITEPAPER |
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| September 15, 2020 | |
Added one (1) new project on the list! I encourage everyone to please stay away from these projects and to always exercise caution before investing! Good luck to everyone.
Last updated: September 15, 2020
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Almost all of the contents were plagiarized and stolen from Bounty0x WhitePaper.
Nice catch OP. Wow bountyOx is quite famous to be used as material on this scam attempt. I will support the flag OP. Since they have already announcement thread, someone should put a big red marked there about this scam accusation. Knowing a project with copied whitepaper should not be trusted. Newbie must seen it or investors while the thread still fresh yet. Is there any way that we can put a FLAG on the thread itself? There is always that chance of people investing on the project despite the negative trust on the user given its small interface on the forum. Hopefully the forum implements such system so it would be a better awareness for aspiring investors on a said project. |
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During the COVID-19 pandemic, investors needed to look for an alternative to invest their resources without the risk of acquiring the said virus. Work-from-home setups were initiated and online businesses started to rise. The need to look for an alternative way of earning income online became a necessity to most people especially to the ones who just lost their jobs.
I would say that the covid situation contributed significantly in the widespread of information about cryptocurrencies. Especially when the Decentralized Finance was announced, lots of investors jumped on the hype train which also contributed on its reputation on the internet.
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Thank you for contributing in making this forum a better place for investors! I really appreciate the work you have done so far and I also urge for you to continue busing these scammers in your own way. Hopefully one day, we may be able to filter out the forum and reduce significantly the number of fake projects on the ANN boards.
Once again, thank you for your hard work and let's help one another in making this forum a better place for all.
Cheers!
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Questions:
1. When and why did you become interested in cryptocurrencies?
It was on the month of June 2017 when I first heard about cryptocurrencies from one of my closest friend. During class and thesis discussion, we talked about our dream of owning automatic watches and he introduced to me this website. He told me that he was participating into campaign signatures and he was earning money weekly by contributing knowledge to the forum. After he introduced me to this website, I joined this forum knowing NOTHING but only earning money in my mind. I did not know what cryptocurrencies are and about the technology behind it. I quickly messaged various campaign signatures if I could participate as a newbie without even knowing anything about cryptocurrencies!
After a couple of weeks, I felt that I had this obligation to know and explore the wonders of cryptocurrencies as I read that the blockchain technology revolutionized on how payment works using cryptocurrencies. Until this day, I am still at the learning process and I strive each day to learn more about cryptocurrencies so I can share my knowledge to aspiring investors or members in this forum.
2. When and why did you buy your first bitcoin?
The truth is, I never actually bought any bitcoin using my money but I mostly earned them from the campaign signatures I participated way back in 2017. Unfortunately, living with a family of 5 with a single dad was a difficult time for me. Most of my earnings were converted into books that I have been using until now so I can at least help my dad in mitigating his expenses. Instead of using the money he receives from his job to buy my materials, he can allocate it to my younger brothers and for our daily needs. In a way, I indirectly help my dad while I also support myself into buying all the required study materials.
3. How did you get on the forum?
In line with my answer in number 1, it was at the year of 2017 that my closest friend introduced me this website. For the complete story, please refer to my #1 answer.
4.1. What prevents mass adoption of cryptocurrencies?
In my opinion, regulation and volatility of its price prevent mass adoption of cryptocurrencies. Government regulations/prohibitions tend to hamper the growth of cryptocurrency adaption. I mean, I understand their perspective that they would not want to adopt a decentralized form of currency which is free from control but strict prohibitions tend to destroy this potential. Furthermore, its volatility is what makes most investors fear for their investments. Unlike other investment tools present in the market, cryptocurrencies are with the highest risk of either losing/yielding income in a short amount of time. With these on mind, most investors are either skeptical or scared from investing into such.
4.2. How do you think mass advertising of gambling projects has a positive effect on the development of the forum or harms the community?
The mass advertising of gambling projects have both a positive and negative effect in the development of the forum and into the community. Advertising gambling projects tend to be advantageous as it provides exposure and a form of entertainment to users who seek gambling. Unfortunately, most gambling sites nowadays have been taking advantage of the hype of cryptocurrencies as they tend to scam people into losing their money. In addition, this also puts cryptocurrencies in a negative perspective among the public which contributes to its stigma being a 'scam' coin or scheme.
4.3. How do you consider whether 2-3 years of experience in cryptocurrency is enough to successfully invest or does an investor need to receive special education?
In my opinion, 2-3 years worth of experience in cryptocurrency investing is enough for them to know the fundamentals, the DOs and DONTs of investing, and the pitfalls they should avoid. Special education in investing is always welcome as new knowledge would definitely support their growth and contribute to their investing methods.
4.4. You have spent a lot of time looking for cheaters on the forum. Is this a hobby or professional interest?
This is a good question. As a post-graduate student who is studying law, I spend my time looking for plagiarized whitepapers, fake teams, and ponzi schemes as a professional interest with the mindset of contributing to this forum in making this a better place. Whenever I spot these fake projects, it gives me this feeling of happiness that I at least helped these future investors in investing their money in the wrong project. I'll talk about this more when we get to #9.
5. What do you think of the current Merit system and signature campaigns? Do they harm the forum?
Ever since the implementation of the Merit system, it has been the talk of the town until now. Many people have been constantly debating on whether this actually helps the forum or not. To be honest, the Merit system is a blessing to this forum in segregating some spammers. Most people who have been complaining about the merit system are the ones who have the mindset of 'profit' in their head. They argue that this would prejudice them into joining campaign signatures as it would require them Merits to rank up. Again, this is very contradicting to the purpose of this forum. This forum was created in order to be a place where we can know about cryptocurrencies and latest news about its implementation. This forum should be the place where we learn and help one another about the history, application, and tips into earning cryptocurrencies. If you join this forum with the purpose of solely earning money, this would potentially create spammers and plagiarized contents as they will only adhere to the rules of the campaign (which is to post 20-25 post/weekly).
6. The most useful forum topic? Most helpful users?
I would consider that the Beginners and Help section would be one of the most useful forum topic. When I joined this forum, I learned most of the knowledge there on cryptocurrencies under that board. In addition, that board continuously evolves as more users have been contributing into guiding newbies about the fundamentals of cryptocurrencies.
7. 3 things you would implement on the forum?
Maybe a chat box would make this forum more engaging but this has to be limited to certain ranks and has to be monitored strictly in order to prevent spams and other related stuff.
Another implementation that I think would benefit the forum would be adding a flag option on a thread created by an exposed scammer on the forum. This would require some prerequisites in order to be done but I think this would add an additional layer of protection for future investors if they see a thread with a flag marked on it.
8. Do you trade on exchanges or invest in projects?
Unfortunately, I do not but I hope to invest in projects if I can earn more capital in the future.
9. Tell a story about your big profit or big loss?
In connection with my #2 answer, I mentioned that our family had limited means of income so money is a valuable resource for us. Last 2018, I was invited to attend a conference in my country since the project team behind USI-TECH were there. I was skeptical at first but I learned a lot from the conference that they held. There were lots of investors and I got to learn about the project more. After the project, I had like $150 worth of bitcoins in my local wallet and I thought of investing everything on the project since it promised a 100-150% return after 6 months. Being very naive and easily influenced, I impulsively invested my bitcoins. After 4-5 months, their website crashed and my bitcoins were gone! Until this day, I still remember the pain it caused me since I could have bought some books or food for my brothers. That is why, this is the MAIN reason on why I spend most of my free time browsing on the forum to check for fake projects in the ANN section. I do not want anyone to experience what I have experienced and I want to prevent future investors from losing money. Of course, the value that I invested may be relatively low compared to others but the impact it caused me fuelled my rage against these scammers.
10. What do you think about the DEFI ecosystem?
To be honest, I am not that experienced or well-articulated in the DEFI ecosystem so I will not comment on this one but I would love to know more about this ecosystem!
11. Is your anonymity a vital necessity or precaution?
I think it is both a necessity and a precaution. In the world of the internet, no information is safe as it is exposed to millions of users worldwide. Regardless on how tight your security might be, there will always be that possibility that hackers might find a loophole and eventually hack into your personal information.
12. The last cryptocurrency book you read?
I have not read any cryptocurrency book since I found out most of the things here in the forum. If you guys have any suggestions, you can message me and I will attempt to read it!
13. Advise 3 cryptocurrencies/tokens for investment in the next 1-2 years?
Since I only more about bitcoin, invest into bitcoin! lolol
14. How much will Bitcoin cost at the end of 2020?
We are approaching the 4th quarter of this year and its price has been at $10,000-$10,500 on the past weeks. Maybe by the end of this year, the price would reach around $13-15,000.
15. P.S.
Like what I mentioned on the scam accusation board, I encourage all forum members to be careful before investing into projects in the altcoin section. There are literally hundreds of projects that appears to be genuine but are rotten to the core! Always research before investing guys!
I would also like to thank @zasad for giving me the privilege and the opportunity to share my experience with the forum for 3 years now. Good luck to everyone!
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