(DEFI) YAM! YAM! YAM! a scam?

[Yogee]

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.

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.

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

[joshua123]

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.

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.

[ElmedoRator]

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.

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

[Pasutinmeur]

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.

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

[South Park]

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.

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.

[Convery]

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. 

[ice18]

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.

[Zackgeno96]

In my opinion, the DeFi concept is good, but the problem is government regulation. The YAM case reminds us that investors still have high expectations of cryptocurrency and I think this is good for the cryptocurrency market climate. But on the other hand, it will also increase investor awareness of new projects that cryptocurrency is an investment with a high level of risk so high vigilance is needed before investing.

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.

[DarkTrix]

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

[wiss19]

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.

[bits4books]

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.

[totoy4741]

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.

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

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.

[ryzaadit]

-snip-

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.

[Tomcolor]

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.

[joinfree]

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.

[South Park]

In my opinion, the DeFi concept is good, but the problem is government regulation. The YAM case reminds us that investors still have high expectations of cryptocurrency and I think this is good for the cryptocurrency market climate. But on the other hand, it will also increase investor awareness of new projects that cryptocurrency is an investment with a high level of risk so high vigilance is needed before investing.

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.

[Annamike]

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

[shoreno]

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.

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 .

[poodle63]

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

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.

[jekanmasin]

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.