Latest posts of: Jaered

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Forum Username: Jaered
Forum Profile Link: https://bitcointalk.org/index.php?action=profile;u=2809533
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Quote from: ryzaadit on December 11, 2020, 02:23:29 PM

And another one "Meme Token"

There a lot Meme Token DeFi offering a thousand APY to all user, and you want know the weird things? everyone trade that token without fear the token going to be zero on the market.

What actually are those Meme Tokens

ICO is stone dead(RIP) and IEOs are on its death throes. Now its Decentralized Finance season and everyone and his pet cat are launching projects, and slapping DeFi on it. I would be attempting to point out the points to look out for in scammy DeFi projects.

1. Fake/Non-existent team
It is an increasingly common trend for scammers to invent fake founders and biographies for their projects, and stick it o their websites. Some don't bother at all. Having said this, some legit DeFi projects have anonymous team members. This point shouldn't be a deal breaker though.

2. No or almost no social media presence: These projects can go days or weeks without any posts or tweets. That's simply because there is absolutely nothing to report. They are simply waiting to snap up your cash

3. Poor Grammar
One of the hallmarks of a scammy project is a hastily concocted whitepaper. Even with the Google Translate, the website, whitepaper and blogs are bloated with poor or elementary English.

4. Poor and/or plagiarised whitepaper
This one is a no-brainer. From copied whitepaper content, blog news these guys copy content from successful projects and gleefully slam it on their whitepaper. Many times they are successful with this ruse.

5. Audits
I have made it a point of duty to always check if any DeFi project I associate with has an audit with a reputable and well-known firm. Audits simply mean if there actually is a real project and whether such tokens exist.

Final Thoughts
Never take my word as gospel. Some DeFi can still exit scam or rug pull even after fulfilling these conditions. Remember: ALWAYS DYOR

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Quote from: Jaered on December 07, 2020, 10:20:24 AM

Quote from: Yudhisthir on December 07, 2020, 09:44:54 AM

We can't just categorize everyone coming with the word DEFI as one. The popularity of DEFI had brought many bad actors, scammers and ponzi on this genre. Even though they are not a DEFI, many project uses the word to collect money from gullible investors. It's upto the investors and users that can control how DEFI shapes up. Not feeding scammers would deter them automatically.

Unfortunately, this trend would continue: gullible greenhorns drawn to the hype of crypto and DeFi, all to get burned by it. But the onus lies on us with experience to spread the warning, instead of allowing some scammers to paint crypto in a bad light

Just in furtherance of the cause, another DeFi Emporium Finance did a typical Rug Pull, and bounty hunters have been working for it
https://bitcointalk.org/index.php?topic=5291652.0

Quote from: Yudhisthir on December 07, 2020, 09:44:54 AM

Everyone and his dog probably know how unregulated the crypto world is. The term Wild Wild West can aptly describe this sphere. Wild profits at really high risks, and of course, dishonesty from some bad actors. These bad actors perpetrate exit scams, right pulls, identity phishing(I have been a victim of this in a bounty campaign, unfortunately) etc.
Now in this neophytic subset of crypto, Decentralized Finance, with the ticker DeFi, these actors have basically taken over. DeFi is an interesting upgrade of Finance and is looking to take over Centralized Finance, but with the insecurity features, this is going to be a pipe dream. I hope crypto in general and DeFi specifically change its act, and gets rid of these unwanted baggages. I still love crypto though