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

[Zeke_23]

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.

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. 

[TheMystic]

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.

[Lorokan]

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.

[ElmedoRator]

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

[Ucy]

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

[enhu]

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.

[someone703]

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

[abdulodoi]

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.

[wmaurik]

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

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.

[StreakW]

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

[OcTradism]

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. 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.

It is the first big scam accusation and was released after the crazy rise of SRM (almost reaches 20 times of increase from their IEO price). In OP, there are warnings at very early sentences and I wish people want to invest in any DeFi projects have to bear it in their minds.

As a basic rule, a new trend brings both opportunities and risks to investors. Only investors who are knowledgeable and readily to learn as well as have ability to control their investing activities can win and earn profits from their capital. Most of them end with losses, indeed.

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

if you compare the times when tether growth peaked with the altcoin market pump and dump periods you can see that the major rises were:
1. 2017 mass altcoin pump when every single altcoin even the long dead ones worth less than 1 satoshi got pumped
2. 2017 ICO mania where thousands of ICO were being created every month or so
3. 2018-2019 mass altcoin dump which was the reverse of #1
4. 2018 mass ICO death which was reverse of #2
interestingly enough tether was added to ethereum network to exactly be used for pump and dumping ICO tokens during the ICO mania by the end of 2017 and grow a lot during the ICO death spiral next 2 years.

[dataispower]

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.

[chunnu39]

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.

[Febo]

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?

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.

[Claudio99]

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

[shakesbear]

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.

[Annamike]

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.

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

[@baoli]

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.

[Renampun]

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.

[Maestro75]

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.