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

[el kaka22]

I have always said to people that these DEFI projects will soon turn into scams yet nobody listened to me. You know why it will(actually already did)? Because a lot of people invested into some defi projects and in return some of those defi projects made some people super rich, which all comes down to people seeing defi projects as something you throw money into and make a ton of profit from.

I remember early days of ICO world, people helped fund some of them and made 10x even as much as 100x profits from it, you know what happened? Scammers and people who just want money came out and did a bunch and lost people money. Same is going on with defi, you guys are so dedicated to the word "defi" that people keep saying that so that you give them some money, in return they take your money and do nothing, that is scam.

[shollyen]

I have always said to people that these DEFI projects will soon turn into scams yet nobody listened to me. You know why it will(actually already did)? Because a lot of people invested into some defi projects and in return some of those defi projects made some people super rich, which all comes down to people seeing defi projects as something you throw money into and make a ton of profit from.

I remember early days of ICO world, people helped fund some of them and made 10x even as much as 100x profits from it, you know what happened? Scammers and people who just want money came out and did a bunch and lost people money. Same is going on with defi, you guys are so dedicated to the word "defi" that people keep saying that so that you give them some money, in return they take your money and do nothing, that is scam.

This is nothing but the truth and it is what we see being displayed already. However, we should not for that reason write-off or condemn all Defi projects. I irrespective of the outcome of some of those in this line, there can still be an outstanding project that will truly provide an orace that mhas multi function and can be integrated on so many platforms. That is, a true working product.

[Francis Freeman]

I think the YAM mistake which happened during the rebase was not a scam but a honest mistake that happened while coding.

Just strengthens my belief about Defi though.

[Yogee]

I think the YAM mistake which happened during the rebase was not a scam but a honest mistake that happened while coding.

Just strengthens my belief about Defi though.

Honest mistake or not, it's a fact they didn't check it well before launching. Like what I said in my initial post, it appears they rushed it to ride the DEFI hype train and collect money.

What's your belief on DEFI?

[xOdiumNostrumx]

I feel kinda bad for all the poor souls that actually bought YAM tokens at those insanely high prices and not farm them, but hey, that is the pattern, bull is here and with it a ton of naive newcomers and "get rich fast" oldies that did not learn their lesson from 2017 and 2018. But seeing all those well known crypto "influencers" shilling YAM as the next big thing was really disappointing, luring normies into getting rekd.

[Icologies]

maybe not all defi products are able to pump and generate a lot of profit all need precision and accuracy before investing if this is not done, of course, it will experience big loss, YAM is the example

[Dessy88]

Knowledge and experience are very important at the present time. Because with less research you can never consider how long the project will last in the future. Quality projects will never resort to fraud and at this point a lot of good defi projects are coming up where investors prefer to stay first. Losses are those who are buying at a higher price after the start of a project trade, i think it is very possible without research.

[StreakW]

Knowledge and experience are very important at the present time. Because with less research you can never consider how long the project will last in the future. Quality projects will never resort to fraud and at this point a lot of good defi projects are coming up where investors prefer to stay first. Losses are those who are buying at a higher price after the start of a project trade, i think it is very possible without research.

Many people know about must do research before investing, but sometimes their mind are not clear because see so many defi's project success. Their mind wants to get rich quickly and makes their knowledge and experience disappear. So don't just research, people should think clearly and don't to affected by new tren situation

[Dessy88]

Knowledge and experience are very important at the present time. Because with less research you can never consider how long the project will last in the future. Quality projects will never resort to fraud and at this point a lot of good defi projects are coming up where investors prefer to stay first. Losses are those who are buying at a higher price after the start of a project trade, i think it is very possible without research.

Many people know about must do research before investing, but sometimes their mind are not clear because see so many defi's project success. Their mind wants to get rich quickly and makes their knowledge and experience disappear. So don't just research, people should think clearly and don't to affected by new tren situation

A valid argument is that there are some people who think it is possible to get rich from the crypto market very quickly. So they get excited and eager to invest without any research. Some projects lure profits very quickly where people disappear and jump to invest. However some defi projects have been successful so it should not be assumed that all defi projects can give good results.

[Gorosden]

Hmm, should I call it a complete scam project or a failed experiment? This project has a good start but I don't know what happened that cause  the massive dump, I heard about a rumour about max supply or total max supply

[South Park]

I have always said to people that these DEFI projects will soon turn into scams yet nobody listened to me. You know why it will(actually already did)? Because a lot of people invested into some defi projects and in return some of those defi projects made some people super rich, which all comes down to people seeing defi projects as something you throw money into and make a ton of profit from.

I remember early days of ICO world, people helped fund some of them and made 10x even as much as 100x profits from it, you know what happened? Scammers and people who just want money came out and did a bunch and lost people money. Same is going on with defi, you guys are so dedicated to the word "defi" that people keep saying that so that you give them some money, in return they take your money and do nothing, that is scam.

All of this could be avoided if people were honest with themselves and admitted that they do not know anything about this new DeFi hype and instead of throwing their money and hope that things turn alright they just let this hype to pass and instead invest in coins they truly know like bitcoin, but it is impossible to convince someone that is so greedy and that wants to obtain profits so fast, and that is when the scammers enter the picture and take advantage of those people and disappear with all the money that they have invested in those projects.

[Henrytrust]

I've always known that Defi hype would bring several new projects who are basically only interested in their pockets. The Yam hype was short live and the losses were highly significant. I do hope that investors learn from this and take extra care before committing funds. The bug must have been fixed by now, but the pump is yet to come.

[FairUser]

Hmm, should I call it a complete scam project or a failed experiment? This project has a good start but I don't know what happened that cause  the massive dump, I heard about a rumour about max supply or total max supply

Obviously they are a scam project, how prices can crash so fast, very similar to Bitcoinnect. I've seen them collapse the same way, and many investors have lost money investing in it. Obviously there are still a lot of scam projects in this market and everyone should be careful with it

[disconnectme]

Hmm, should I call it a complete scam project or a failed experiment? This project has a good start but I don't know what happened that cause  the massive dump, I heard about a rumour about max supply or total max supply

Obviously they are a scam project, how prices can crash so fast, very similar to Bitcoinnect. I've seen them collapse the same way, and many investors have lost money investing in it. Obviously there are still a lot of scam projects in this market and everyone should be careful with it

You are being dishonest calling it a scam, this is an open source project and the developers did not have any premined. It is an experiment that failed. I won't blame the developers for this because he said the it is possible their is a bug in it from the get go, but I will blame the greediness of people that think the can ignore all the due diligence and get away with it..

[SlimShadyMmp]

Launch project without audit and they really expect it to go smoothly I think their mistake is not checking everything first to make sure is up and running before launching with an obvious bug I really feel sad for those that lost their Money But I think is better to do some research and forget hype except on a high note that it has some big exchanges listing That way you can be sure it will be nicely audited

[chanc3r]

Launch project without audit and they really expect it to go smoothly I think their mistake is not checking everything first to make sure is up and running before launching with an obvious bug I really feel sad for those that lost their Money But I think is better to do some research and forget hype except on a high note that it has some big exchanges listing That way you can be sure it will be nicely audited

This is a crap defi and there was another defi called curve defi which has been using the scam tokenomic.
I have been hearing so many people have been getting a huge losses caused by this defi and in fact, people must be careful there was another chance for scam defi project to appear again.

[Yogee]

You are being dishonest calling it a scam, this is an open source project ....

Was the code open source when they launched it? If it was, there's a high chance that the bug could have been discovered earlier.

I won't blame the developers for this because he said the it is possible their is a bug in it from the get go, but I will blame the greediness of people that think the can ignore all the due diligence and get away with it..

Wait what? How could you not blame the developers when they are the ones responsible for all the coding? Codebase aren't born like babies with defects.

[target]

You are being dishonest calling it a scam, this is an open source project ....

Was the code open source when they launched it? If it was, there's a high chance that the bug could have been discovered earlier.

I won't blame the developers for this because he said the it is possible their is a bug in it from the get go, but I will blame the greediness of people that think the can ignore all the due diligence and get away with it..

Wait what? How could you not blame the developers when they are the ones responsible for all the coding? Codebase aren't born like babies with defects.

If it was open source and allowed developers to find bugs and investigate its code, the dumping of YAM might not ever happen. None of us can tell whether the team did it on purpose for early check out but this sure isn't a victimless crime. Money is lost from invetors because they are careless in launching a product. Its a scam and the crooks are going to blame the line of codes to get away with it. Yaaam!

[South Park]

Hmm, should I call it a complete scam project or a failed experiment? This project has a good start but I don't know what happened that cause  the massive dump, I heard about a rumour about max supply or total max supply

Obviously they are a scam project, how prices can crash so fast, very similar to Bitcoinnect. I've seen them collapse the same way, and many investors have lost money investing in it. Obviously there are still a lot of scam projects in this market and everyone should be careful with it

You are being dishonest calling it a scam, this is an open source project and the developers did not have any premined. It is an experiment that failed. I won't blame the developers for this because he said the it is possible their is a bug in it from the get go, but I will blame the greediness of people that think the can ignore all the due diligence and get away with it..

Taking into account what you are saying maybe using the term scam is incorrect in this case, however if we are not going to blame the developers because of a bug in the code then what kind of blame they can take? It was their responsibility to create a code that more than anything was free of errors and they could not do that and even they had the premonition that there were errors in their code from the get go, how is that not their fault? They need to take responsibility for what happened and I really hope that people never forget that these developers failed on their main responsibility and that we as a community never back any of their projects ever again.

[lousie9]

I don't think the team can muster any new support after the pump happened. as we all know that the YAM project is dead and lucky for those who had taken the quick profits before the pump ended. the project is completely dead and I don't think it will be repeated a second time.