Be careful with scam copycats of YFI

[pikkie]

well even though like that, take advantage of the opportunities that exist to make a profit because we all know that no coin can have a price this expensive and the price is very good, it looks like the price movement always goes up, so there's nothing wrong with entering and using YFI to make a profit and what I do know that many investors are starting to enter and try to take the risks that are there to get a profit.

[Zemomtum]

As crypto advances, if any project cannot visually display the team involves and their background, I turn back immediately irrespective of the quality of the project. You should be visible in terms of holding regular video meetings and give regular update to the community about the progress of development.

[Pamadar]

Thanks for the heads up but I think we should all be very careful which coins we invest in and also take links from official pages.

Official project pages is very important to avoid being scammed, following the right team and not just by following with
some links it's prone to being targeted of phishing site.

For instance I have noticed scammers making copies of fake coins like Open Predict Protocol in order to deceive investors.

Correct, Scammers can easily copy or duplicate the sites and start getting info to get your details or to get your investments.

Let us not be greedy and also don't FOMO  into coins or tokens when you see a spike in price

Correct, proper understanding and do your DYOR as always.

[LogitechMouse]

Don't invest into the scam copycats of YFI but also don't invest in YFI too as of this moment.
There is a huge pump on the coin itself and there will be some time that it will go down very hard. Very hard that you can't imagine if you bought at the top.

Coin will continue to rise?? That's bullsh*t man. Every coin that goes up will go down at some point and even Bitcoin did it. A coin that just popped out of nowhere is now hyping those newbie investors. Well, you will not learn if you aren't experience it the hard way so if you still want to invest into YFI and these copycats then good luck .

[lepbagong]

We have seen some projects coming up like that, though I have seen two which are doing well right now, they appear tempting but we must be very sure before investing in such projects. The rate at which these coins are going up is alarming

means that it is true that it has been running and it seems that many have participated in it even though it may not be a scam or it is definitely a scam. maybe just use the token name moment which is in the spotlight. but hopefully it won't be a fraud if it's still going on.

[cryptolordd]

No wonder the copycats trend is because like in the past, when bitcoin bull run in 2017, there were a lot of projects using Bitcoin name and now it's happening at YFI, if you want to invest in projects that are indicated as copycats, you have to be a little vigilant and never be greedy when copycats project goes up because you can be caught in a trap

And aside from these YFI copycats, is YFI itself really worth to invest? In my opinion, they are just capitalizing also with FOMO as checking their site - https://yearn.finance/earn it says they are still in beta. So what added value are they offering to the community right now why they are very expensive in the first place? So you also need to be careful with this YFI project itself because they have no solid foundation why they are having that kind of price.

At least YFI has a beta product to showcase and also very good backings, unlike many new other copycats. However, I'm not and don't plan to invest in YFI since i don't FOMO into coins because of price surge. Some people know nothing about YFI but due to the consistent price increase, they invest.

[plvbob0070]

I have seen a lot of YFI in the market and there's a lot of them in the Uniswap. I don't even know this coin but what really shocked me is the price of this token is higher than bitcoin and as of now the price of YFI is around 32,000$. I've also read several comments in the crypto signal and they said be careful in investing in YFI because the price is being manipulated (I'm not sure if this thing is really true or not but it seems like that). Always do research whenever we buy a coin in the market and by just doing simple research we can distinguish which are the legit one and not. I also suggest don't invest in this kind of coin even they have good growth in the market and it's better to stay away from this.

[BayAngelo]

If you check the top 100 coin in the coinmarketcap, 40% of the token on the list are Defi project. this is the exact reason for the fomo. nobody wants to miss out in the current Defi launch. everyone wants to be an own defi token and this causes the rush. with the recent acceptance of crypto by some traditional financial systems, Defi project will go a long way.   

[Serco]

many YFI duplicate now occuring in market, dev team trying to get positive impact from YFI hype . YFI price even more expensive than bitcoin  and investors very interested with "YF" project, so while there are new another " YF " they recognized it as good speculation who know they will get alot profit like on YFI. their choice only Rug or Profit.

[20kevin20]

is YFI itself really worth to invest? In my opinion, they are just capitalizing also with FOMO as checking their site - https://yearn.finance/earn it says they are still in beta. So what added value are they offering to the community right now why they are very expensive in the first place? So you also need to be careful with this YFI project itself because they have no solid foundation why they are having that kind of price.

They were smart enough to set their supply to way fewer coins than most cryptos, and that attracted a lot of attention from everyone. If you were to multiply the 30k supply by 700 times (to get to BTC's max supply) and then divide the current price (~$29k) by 700, at Bitcoin's supply it'd be worth $41.5 right now. It's a very very vague calculus but I'm only considering the supply & price/coin.

In other words, it may be more expensive than Bitcoin but do people really not care about anything else besides price at this point?

[so98nn]

Man this is so crazy! I just saw the thread and went on to check the CMC for this coin. I can't believe there are such projects, and devils behind them who are pumping this temp coin. Why in the first place would they make such coin and worst thing is why would people get attracted to it where it seems to be hyip or ponzi stuff.

27k USD price for a coin that's 1.5x the BTC who made its career through a decade of year!! It struggled from penny price to dollars to thousand dollar window.

And here are Ponzi coins like yfi which is but obvious to put into ignore list. Lolz

[flagpara]

Excellent pump! Today is "yearn.finance" price is over 29k USD and the highest hit price is 34.5k USD. I don't recommend anyone to invest in the YFI project. The price is so high. Holding or selling decisions should apply as coin supply. I found a topic about "Curio" ERC-20 tokens, because the lowest supply price surpassed 4 USD.

[Pasutinmeur]

yes, thank you for reminding us all, I have also heard the news that the Defi YFI token has pumpvery significantly and has even surpassed the price of BTC itself. This of course can be misused by scammers to rake in investors' money through their junk tokens that resemble YFI tokens.

That's only ponzi coins and those who are throwing their money to the YFI family coin will be dumped by the whales who have already started to pump the YFI coins.

Basically, the real YFI coin was year.finance but after that coin has been getting a very big increase and there were so many duplicates coin. You will see a lot of people will be losing their money caused by the crap coins.

[Divinespark]

Excellent pump! Today is "yearn.finance" price is over 29k USD and the highest hit price is 34.5k USD. I don't recommend anyone to invest in the YFI project. The price is so high. Holding or selling decisions should apply as coin supply. I found a topic about "Curio" ERC-20 tokens, because the lowest supply price surpassed 4 USD.

An amazing growth for CUR, A few weeks ago I saw a topic talking about this project. OP wanted to invest in it when it was at $ 0.5, a lot of people said its price was too high and this was a bullshit project. But after only 2 weeks the price has increased by 8 times and is still increasing, it is really a great project.

[Princejebs]

There is this finance movement on new alts that has been coming recently, am I the only one seeing them? The likes of dice_finance, Dex_finance etcetera on coin market cap and they are heavily pump. I hope this is not repeating of 2017 ICO days. Many hands will be burn and they will blame it on bitcoin as usual.

[restuibu]

well as the OP said, now very many tokens have similar names, so if you really want to invest in the original YFI, make sure you visit coinmarketcap and buy via link exchange there

[Sebas.tian]

Thanks for this advise. Even the YFI can't be said to be legit project still because of it rate of profits. I think we should be more careful than during the ICOs days because similar things like this has happened when investors had to loss all their investment. Scammers has already entered into the defi world as we have seen with YAM. Copycats springing out of this digital innovation is inevitable, as such the entire cryptocurrency community should be mindful of their involvement with new defi projects without solid and convince utility.

[cepot9]

These projects are really crazy, they go up fast and even exceed the price of bitcoin. I didn't find anything interesting in their project. Of course this increase makes bad people take advantage of it by making similar projects and claiming to be part of them. Everyone should be careful about it all and also on the recent Defi project

[zulfi125]

Actually, this is people's habit when any project got to succeed or famous in the market than other people copycats that project will little changes in name or brand. In the past, this is a no new technique to copycat the successful project. So really appreciate to you informing us. 

[doctor877]

It's a normal thing for people to fomo , those that will get burnt will surely be burnt and regret it. It's kind of a new level of wave. The copycat are just here to move away with peoples funds. The perspective that is being given about Cryptocurency Investment is just for profit alone. If people keep focusing on it alone it will take much time for other goals to be achieved. It's what we need to let newbies understand.