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

[Sanugarid]

Of all names they chose YAM? It is very funny a name and that will be a lazy team decision and lack of idea.

What's with the name? it is meme coin so what are you expecting for the name haha I find it interesting and not a lazy one, when there's a humor within a coin people will surely love it unless it is a pure shitcoin but YAM coin is a great coin in my impression but there's this bug on the code which lead to its failure. The idea of the project is really unique, it's about farming, I know less about it but it's new to my ears.

Traders and investors who were here a few years ago will hardly fall for such cheap pump and dump projects, except they're greedy.

This ain't one of that, as of the news released today the coin's bug 2 let the team to lost their control on its on-chain governance feature , they are aware of it but cannot solve within the hours that they saw it and so it falls like that, maybe the investors panicked when they see this news so they dump the coin to avoid getting caught in a disaster, and that thinking of them turns out to be the real disaster for the YAM. It was a great start though for the YAM, just look at the graph of the coin it is very impressive actually but shit happens 

[Princejebs]

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.

I believe there are group of people who prefer hype and pump. They jump in, make profit and move to the next project to make money.
They did this to Yam, unfortunately Yam became so fried after bug was discovered. Yam deserves more than  a meme after rekting many funds. It's already delist from Coingecko, other exchange will soon follow

[disconnectme]

I think it is wrong to call Yam a scam, from the start we know it is an experiment and not the fault of the developers that some people were stupid enough to commit that huge amount of funds to it. When you are chasing the next big thing in the space without due diligence, hope people will learn a lesson

[BChydro]

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? As reported in different news sites, a bug was found out that affects the total supply of YAM.  I understand little about coding and all that technical stuff but don't you think this is a shameful newbie mistake? It looks like a team was in a rush to collect money!

It is the new trend and the YAM disaster was the talk of the cryptocurrency market, in the past few weeks there were talks about the market going higher with the aide of the DeFi market as there were large investment coming in and now a million dollars went to zero and i doubt it will create a correction for the entire market.
The YAM developer himself announced the flaw and the market went to zero and i will be surprised if it recovers from his slump.

[suzanne5223]

I think it is wrong to call Yam a scam, from the start we know it is an experiment and not the fault of the developers that some people were stupid enough to commit that huge amount of funds to it. When you are chasing the next big thing in the space without due diligence, hope people will learn a lesson

I also believed is wrong to called the project scam but the fault is still from the developer ending because the project codebase wasn’t audited and proper nurture and majority of investors novice to this kind of things. However, the YAM team should have limited or exclude the public.
Therefore, the investors are not stupid to invested huge fund in the project.

[Becky666]

Careful mate, DeFi projects are already going  down highway, please trend with your funds carefully. It happened back in 2017 and about to repeat itself 2020, don't always embrace projects with the name DeFi because scammers have already be involved. Do more of your own research into any digital currency project before make your hard earned money available for investment. At the movement, I don't trust the name DeFi again because I was taught a bigger lesson in the June 2020.

[BeginToMine]

It's really pathetic what this coin did to investors today as many invested and it fail from 100$ to nothing. I always tell people to watch some Defi before investing. It's really sad it hut on many today as the dump was something else. Reason why it's really not good for one to out his or her eggs in one basket.

[Yogee]

Not a scam, but again a DeFi project overhyped to an unreal extend - https://cointelegraph.com/news/down-to-the-wire-yam-finance-saved-at-the-last-minute

Aye. Guys who were balls deep managed to salvage their much beloved YAM from the brink of death. I still doubt there will be new investors coming in soon. It's going to take time before trust will be restored so let's see what the future holds for this project. 

Is there such thing as an independent and third party to audit the code though? Pardon my ignorance.
.....

There are many actually. Someone already mentioned Quantstamp and you can see more here https://www.smartcontractaudits.com/audit-providers/companies/1 Please note that I neither vouch nor recommend any of the companies on the list.

[wack slacker]

Between a market where rubbish and gold are mixed, we should exercise vigilance about engaging in trend investment. I have confidence in older projects because their community has been built continuously. The project team is really serious and I can get them for the best price above all. We have so many projects right now and I regret that they are listed on Uniswap. Obviously, Uniswap is a casino, I have seen tokens rise in price and fall in price rapidly.

[joshua123]

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

People or even tech people got rekt with this. Cause they are expecting on the proposal of yam which happened to be miscalculated and turn out bad in the end. People who actually joined knowing the idea of yam are not stupid cause if its indeed a success the price could ended up 10x more than its ATH. But sadly the developer admit some mistake due to result endung up dump. Some noobs joins and buy this without even understanding its concept.

[EdenHazard]

24hr high $167 and 24hr low is $11, this is ridiculous and painful on the ass. The hype will continue, the gullible and Sheepy investors will always want to follow the trend for quick rich. DEFI cycle will soon comes to an end and there are  losers during market bull cycle.

We need YAM farmers to act now.
If we are successful, YAM holders will very likely vote to reward those voters who help save the protocol.

Huh! What do you expect, that's what every bag holders do. They always justify shitty things with a blind eye.

Pain in the ass what?

It's below 1 dollar now and that's a hell of deep grave for those who put the money on top , it's irrevocable period.
Calling all the speculators who want to wasting money on this , putting $1000 could give you $100,000 if they successfully make a comeback to their ATH which again it's a mission impossible.
Do it with blind eye if you have those spare money of $1k dawg.

[nomenclatur]

YAM project is not scam possible the development team will fix the bug for prices indeed project Defi hype many whales are making investments to obtain a quick profit if they've gotten their big profit of the whales would leave the project automatically the price will drop dramatically.

[SyndicateLabs]

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.

And now it's only $ 0.5, if someone invested in YAM yesterday they would have lost more than 50 times now. Assuming they invested in it with a 5000 $ budget they now have 100 $ left, which is too crazy for everyone.

[StreakW]

YAM project is not scam possible the development team will fix the bug for prices indeed project Defi hype many whales are making investments to obtain a quick profit if they've gotten their big profit of the whales would leave the project automatically the price will drop dramatically.

I'm not sure people think as you thinking, a lot of people are saying this project is a scam, and based on the price chart I think this project will going to be zero. Defi projects becomes popular and many people are blind about investment, if they see defi they will invest in it. I hope this project gives a lesson to people about vigilance

[South Park]

Honestly I'm not really surprised about this.  I know the pumping of DeDi projects prices recently will definitely attract lots of scam projects too, that's why we need to be conscious of the type we will put our investment in.  Have been able able to identity couples of these scam defi projects and I'm still doing that. We can't be too careful when it comes to investment, don't be totally carried away with the many hypes on DeFis.

As soon as I saw that we had a new abbreviation in DeFi I knew that scammers will try to take advantage of that because if we are honest most people invest in things they do not really understand, I have no doubt that there are honest projects out there but we know that for the most part they are scams or bad projects and when something begins to be hyped that proportion is even bigger so I will not be surprised if this market collapses even faster than the market of icos as people have not forgot what happened with them.

[ubay]

Many coins, whether it's DeFi or others, when they first enter the exchange their value is so large, but over time it will decrease and even touch the $0 mark.

I think it is commonplace, maybe there are some whales who pump the coins to keep going up, then after they get the target they want, the whales will sell all of their coins without leaving a single bit in their bag.

[abdulodoi]

Why did YAM not get their audit done properly by a third party. It's quite unfortunately what's happening to them right. A friend of mine lost fortune investing in YAM.

[disconnectme]

IMO with the community support the project has already gotten this project is likely to come back and I would be looking to buy some provided the update from the team is encouraging plus the if the code is well audit. This project show that decentralisation is still real provided the distribution is fair

[Fesatmas]

Many coins, whether it's DeFi or others, when they first enter the exchange their value is so large, but over time it will decrease and even touch the $0 mark.

I think it is commonplace, maybe there are some whales who pump the coins to keep going up, then after they get the target they want, the whales will sell all of their coins without leaving a single bit in their bag.

That's a project that is made for hype when people buy and hoarders will waste a lot so that the liquidity in the market becomes small, therefore many projects like this happen and in the end their products die no longer so that projects like this are very dear.

[Oilacris]

Honestly I'm not really surprised about this.  I know the pumping of DeDi projects prices recently will definitely attract lots of scam projects too, that's why we need to be conscious of the type we will put our investment in.  Have been able able to identity couples of these scam defi projects and I'm still doing that. We can't be too careful when it comes to investment, don't be totally carried away with the many hypes on DeFis.

As soon as I saw that we had a new abbreviation in DeFi I knew that scammers will try to take advantage of that because if we are honest most people invest in things they do not really understand, I have no doubt that there are honest projects out there but we know that for the most part they are scams or bad projects and when something begins to be hyped that proportion is even bigger so I will not be surprised if this market collapses even faster than the market of icos as people have not forgot what happened with them.

Fate would really be still the same on what happened with ICO,IEO and other kind of gimmicks out there just to raise or launched up their shitty project.Im not generalizing as a whole

but we had seen enough on how things works and how these things being used by scammers.There would be always those people who would really take advantage no matter what kind

of trend we are in.No matter what they do call or no matter how a new trend will pop out yet the scheme would really be just the same.Isnt this still surprising for those people who had been
on this market for too long? Its definitely NO!.