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

[Yogee]

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!

This is not the first time YAM was accused of a scam also. Before the bug was found, Shapeshift CEO, Erik Voorhees said in a tweet that it's another pump and dump project. I'm not sure if he knew about the bug or he was talking about the business model and other fundamental stuffs.

$YAM looks like a scam... or to be more charitable, fairly transparent pump and dump nonsense.
Projects like this are not going to be good for defi...
What am I missing? Are the buyers willing participants in a silly game, or are people alleging actual value?

- https://twitter.com/ErikVoorhees/status/1293375588162560000

Not surprisingly, some investors went on to defend YAM but I wonder where they are now?

After the bug was announced, this is how YAM's chart looks like now:

- taken from Coingecko

In an attempt to save the project, the YAM team calls upon its supporters. Goodluck to them, I think those hyped investors already left as seen in the chart. I also doubt they will ever come back so let's see if the team can manage to gather new support.

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.

- https://twitter.com/YamFinance/status/1293704924015071234



P.S.

Those of you who are riding the DEFI hype, check if the code was audited by a reliable third party service before taking a gamble on these new and highly speculative projects. It won't guarantee that the project is not a scam but at least you won't have to worry about faulty codes.

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[Princejebs]

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.

[Iyanu14]

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.

[DoubleEdgeEX]

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

[Gorosden]

Decentralized finance isn't to be blame for this, the interest of DeFi grows out of its use case and that's bad at all, many wish DeFi will crumbled but I don't think so, Cex finance is doing well too, why wish for the death of DeFi ?? Anyways, this project has bad team is why this happened, might not be scam Project

[cafetools]

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.

[Kotone]

Not really a scam but probably whales are just pumped it over the defi hype. Im not sure why people engage thselves to hype coins. It is already stated that the coin is a meme like dogecoin and price drop is inevitable once whales left the project. See what happened now. The price easily go down with just a blink of an eye.

Decentralized finance isn't to be blame for this, the interest of DeFi grows out of its use case and that's bad at all, many wish DeFi will crumbled but I don't think so, Cex finance is doing well too, why wish for the death of DeFi ?? Anyways, this project has bad team is why this happened, might not be scam Project

Thats the problem some people using defi as a scheme of their tactics which make users bleed too much.

[Apostlekin$$$]

It looks like a a pump and dump project to me or the team aren't crypto experts to begin with, this kinda mistake says it all, investors need to be more careful around DeFi projects, any project will take advantage of the hype surrounding DeFi project

[TravelMug]

How ironic it is, I mean the name itself, YAM, LMAO. Sounds very scammy and very shady. And I think this is just the beginning or signs of things to come. For sure there could be hundreds of projects using the hype around this Defi thingy.

And as what most crypto enthusiast who have been here long to see the bubble of 2017, this is definitely a repeat of what has happened that time. History repeating itself. Scam and whales pumping it is just the same on my book. Everyone is greedy to make more money in short amount of time. You're lucky if you ride the boat with them, however, how about those average joes who lost their money on this project?

[minairia3]

How ironic it is, I mean the name itself, YAM, LMAO. Sounds very scammy and very shady. And I think this is just the beginning or signs of things to come. For sure there could be hundreds of projects using the hype around this Defi thingy.

When I checked it on my social media I was really concern cause I see the price at a very low price somehow like 30$ then suddenly its above 100$ already thats a crazy pump. Obviously whales are manipulating the market and some poor traders who got into fomo are probably regretting now as the price depleted so fast. Defi is really something and they can even make a meme coin to be valuable that much.

[cryptomaniac_xxx]

^^ Too early that those whales show their true collars and chooses this YAM project (I haven't heard of it) to be the poster child for a defi pump and dump scheme. Not scam per se, but pure pump and dump and total manipulation.

Maybe it was chosen by some trading signal group that's why it suddenly spike to astronomical numbers that everyone raises their eyebrow and accused this project as a scam. And now that it has brought some attention to them, but in a very bad way. And yes, this will not be the first to be used by those group to capitalized on the Defi hype this year.

[Bitstar_coin]

Those who bought from the top would feel the pain most especially if they were unable to dump before price crash, i think the team were in a bit of a rush otherwise they would pay attention to such small details, we know the defi trends is on now but still people need to be extra care not to get burnt unnecessary.

[cosmofly]

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.

[Aaroenz0r]

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.

Yeah! I agree with you! This is a common thing in the cryptocurrency market. Everytime a new trend comes up, there are a lot of good projects that benefit both developers and investors. However, when there is a hype in the market, it is also a good time for scammers to take advantages of! Therefore, be careful when you invest in any project especially DeFi projects!

[Jating]

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

But I do agree that what's left is, nothing to them, they are bamboozled by the manipulators and obviously they have been used, sad to say.

It's all speculation whether the project itself was involved though, too early to say.

This is another good lesson about Defi, they are just as hype as the ICO craze in 2017.

[Twinkledoe]

Those who bought from the top would feel the pain most especially if they were unable to dump before price crash, i think the team were in a bit of a rush otherwise they would pay attention to such small details, we know the defi trends is on now but still people need to be extra care not to get burnt unnecessary.

Of course, they didn't see the dump coming so early. This is really hard lesson for all potential buyers of DeFi projects. Not all of them can give you profit because once the team decided to dump their share, you are now at loss of your investments. Don't be tempted by these sprouting DeFi projects, I think it is better to stick with bitcoin.

[masterrex]

This is the bad side of the sudden left up of the most Defi projects. because many will ride in it including those scammers. If this accusation is true I think that the Defi projects are already infiltrated with those fraudsters and masquerading as a legit Defi project, and it was a treat to investor's money so take extra precaution while investing in those so-called Defi projects out there.  

[Gunday_07]

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

[inanilujimi]

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.

[zasad@]

Please note that the trading volume on the exchange is dropping. I'm wondering when will exchanges start caring about their reputation and stop trading this scam?

The turnover of the YAM token today amounted to $ 10 million on gate.io but the day is not over yet.
Try to calculate how much money users lost with such rate drops.