Is the crypto community getting lost again?

[TGD]

I'm not buying all these DeFi crap projects that are nothing but Ponzi schemes, they came out of nowhere and they have insane value, I only pity those investors that have no clue about what they are doing or what they are into.

Do not pity those who are able to play the game of these new DeFi projects, I have seen some good earners in telegram of those who managed to buy and sell some of this DeFi, they probably know how to monitor or analyze the charts. If they gain profit then it's good for them and if they  bought only due to hype and not monitors it or cut loss when the price is dumping then it can be a lesson for them in the next time to not be only ruled by hype but be knowledgeable next time.

[Yogee]

....
that tweet was accusing both yuno and kimchi but if you visited the yuno's tweet here https://twitter.com/YUNoFinance/status/1300875368455311360 you'll see that if even those scammers were accusing each other.

Cut from the same cloth hehe.
At least Kimchi didn't claim that Kimchi is the real Yuno 

......
Is it up to community to decide where the market will lead tomorrow? Probably, but not totally.
Demand and supply is a two way road, so its not all about users and their choices.

It's totally on the community. If nobody buys into these types of projects, it will die instantly. Bitcoin survived through the years of high volatility, negative publicity, and government sanctions because the community keeps supporting it from the early days until today.

If projects like Kimchi, Sushi, or Yuno will be supported continously, you can expect more of this yield farming tokens to come out every single day. If we stop buying or investing, they'll go away.

Do you think any of those developers during the ICO stage are back at it again with these new projects?

I don't know who they are but it's a possibility. People are pouring money into these projects with anonymous teams so they might as well do it over again. Easy money for them if they know how to code and to shill to noobs and greedy veterans.

[piebeyb]

This is what I often discuss where there is a mafia in it to take money from beginners, they should have learned from before in 2018 where bad token prices fell at that time and hurt many investors, I think this kind of thread needs to be reproduced, at least it helps lots of people don't want to get lost and be tempted by the quick benefits of a new project that doesn't have a clear team

[AlexAtom]

I have a feeling that sushiswap project is just a ponzi scheme project and will bring huge loss on community.
In the past, i remember TRONLAND project which is almost same with typical ponzi scheme and they were stopping withdrawal at the end.
Crypto community shouldn't trust a new project easily, even if the project has high market cap value.

[hrunya102]

But life has returned to the crypto world, it is clear that nothing good will come of it, but it is better than when there was no life at all.

[chikator]

I mean when has it not been lost. The start of BTC is creating this coin for a different purpose but it became known for something that is not that. Let it be lost. It has always been like that.

[optimisticcm]

The level of madness on these Yield Farming projects is off the charts. These tokens sell like hotcakes even if they recently launched with some red flags. Is the community going in the right direction?

For example, we have two tokens namely Sushiswap and Kimchifinance.

If you look at their websites, both projects have anonymous team. 
It looks like Kimchiswap doesn't even have their own domain yet lol.
- https://sushiswap.org/
- https://kimchifinance.firebaseapp.com/

Their smart contract were not audited  before launching just like what happened to YAM.

- https://twitter.com/kimchi_finance/status/1300821471493726208


- https://twitter.com/NomiChef/status/1299443378396962817
[Sushiswap was later audited by Quantstamp]

It's easy to get lost when you see a lot green candles from these DeFi and Yield Farming tokens if you're a new player. Those investors who experienced the 2018 crash would have matured by now but that's not what the charts is telling me right now. Maybe they are also taking advantage of the ignorance of newbies.

Be safe. Don't go all in. I believe there are far more safer cryptocurrencies to play with other than these new projects popping up like mushrooms

You have mentioned just 2 projects but there are dozens and many lack even website or whitepaper.
Would you believe that there was a project named hotdog and it pumped to 4k and now has dumped badly, this defi craze will make people lose big money and unfortunately some people will learn the hard way.

[kensaii]

This is what I often discuss where there is a mafia in it to take money from beginners, they should have learned from before in 2018 where bad token prices fell at that time and hurt many investors, I think this kind of thread needs to be reproduced, at least it helps lots of people don't want to get lost and be tempted by the quick benefits of a new project that doesn't have a clear team

it  happen again now, recently i see in twitter that mentioned uniswap project HOTDOG and PIZZA drop sharply to below $0,xx . its very sad when didnt consider scammer will took our money again by doing any way. quick benefits or profits instant like in few new project actually have high risk that may occur anytime to us. we have to avoid this way, better get profit smoothly but will surive for long time and have les risk.

It time to seriously consider people's brain in the crypto community if they still falling for exactly the same scam when there are already many cases similar to it. Also, where is the trend of insert any popular dish-coin coming from? What is next? PHO, PAD, CAJUN,... keep coming?

[robelneo]

It's easy to get lost when you see a lot green candles from these DeFi and Yield Farming tokens if you're a new player. Those investors who experienced the 2018 crash would have matured by now but that's not what the charts is telling me right now. Maybe they are also taking advantage of the ignorance of newbies.

Be safe. Don't go all in. I believe there are far more safer cryptocurrencies to play with other than these new projects popping up like mushrooms

I understand where you are coming from we have seen the big bust of 2018 and it looks like it's happening again, people are in FOMO without doing enough research on what they are getting into and this bad for the whole community, after this we will a see as lot of blaming and should have been alibis, at least we have warn them and great you have that analysis, now it's their call.

[AbNewton]

What do you mean by "crypto community getting lost again?" This is nothing new when every day, there is always some new bullcrap chunk out and some people are gullible enough. They invest in it without any proper research or blind by the green of increasing and lost their money. The Yield Farming projects is just one in many of other crap we have to put through as watching other people lost their money easily like that. Well, it was their money after all so I don't really care about if they lost it by investing in stupid things like Yield Farming projects and its naming sense is horrible.

[ameliana]

not only got lost, but many investors have joined the DEFI project at this time. I am worried that if they are new investors, have no knowledge and have not done any previous research on the DEFI project, then they could easily lose their money. because stuck with Fomo defi.

[Akoldi_ibk]

YUNO Finance, yfrocket, gum finance and I can name them all that have ran away with people funds within few days of launching. Many people don't even take into consideration the basic principles of identifying a genuine project. Once Y or DeFi is mentioned in the description, people rush in with full force thinking every Y will perform like YFI and YFII. The crypto community is losing it. We are definitely heading to the wrong direction and the end product won't be nice.

[audaciousbeing]

I think it's not the crypto industry that is getting it wrong rather it's some set of people who are hiding the current trend to ensure that they fill their wallets even if it's by outright manipulation and they are being helped by individuals who are aware of the technicalities of the market but they are too greedy to make a position and the lots of newbies coming into the market looking to make some quick bucks but hey quite a number are going to gets their fingers burnt in no distance time especially for projects that have absolutely no leg to stand upon.

[Chuky92]

Defi came with a trend and as many people as possible are all looking for a way to follow that trend, and this comprises of scammers and half-baked developers, and majority of people do not care about use case or whatever but only profit. All I can say is, the wise ones knows when to stop or take a break and others who are all for profit always ends up getting trapped thus learning in a hard way that which they have failed to learn in the first place. Lastly, so far Defi hype is still around, many of these projects will keep coming up, therefore there is a very big need to be careful.

[Yogee]

Here's the latest in Sushi:

It was previously reported that the developer has the sole control of $27 million token and he could sell it at anytime and he did just that. The anonymous and lone developer converted them into ethereum and says he will focus on the migration and further development of the project. He even compared the move to that of Litecoin's Charlie Lee and implied that his month old sushi will still survive even after him dumping hehehe.

As a result, he received a lot of backlash both from the investors and onlookers. Of course, you can still see a few defending his action but I think they're only doing that so sushi can fool more investors and bring the price up again. Once it's up, these 'supporters' will dump on the new investors and never return again leaving new disappointed bagholders.

[larus]

Current drop only makes the situation worse. Defi phenomenon is only possible during bull run. We will see a lot of dead projects in the next few weeks

[suzanne5223]

The issue of crypto market being flooded by Defi project have been discussed several time and even Vitalik advised people to be aware of the pitfall in Defi project despite the opportunity they bring but it seems like the Capital market and other coin ranking/capital analysis are not helping because they seems not to be doing proper research about project they list these days.
An example is KIMCHI.

[posi]

Here's the latest in Sushi:

It was previously reported that the developer has the sole control of $27 million token and he could sell it at anytime and he did just that. The anonymous and lone developer converted them into ethereum and says he will focus on the migration and further development of the project. He even compared the move to that of Litecoin's Charlie Lee and implied that his month old sushi will still survive even after him dumping hehehe.

As a result, he received a lot of backlash both from the investors and onlookers. Of course, you can still see a few defending his action but I think they're only doing that so sushi can fool more investors and bring the price up again. Once it's up, these 'supporters' will dump on the new investors and never return again leaving new disappointed bagholders.

To be sincere, the token can survive as the developer stated because 95% of all the people in crypto market are impatience and after profit thats the reason most investors are surging to join the Defi project for quick profit. But once the Defi hype reduce the token will be badly affected and this is when we'll the genuine Defi project.

The issue of crypto market being flooded by Defi project have been discussed several time and even Vitalik advised people to be aware of the pitfall in Defi project despite the opportunity they bring but it seems like the Capital market and other coin ranking/capital analysis are not helping because they seems not to be doing proper research about project they list these days.
An example is KIMCHI.

Speaking of capital market not doing their job right, it really painful because this things is getting out of control. I created a thread acouple of weeks ago about a project which claim to be gold backed but dont actually have genuine vault audit and the capital market listed this same project.

[hulla]

Here's the latest in Sushi:

It was previously reported that the developer has the sole control of $27 million token and he could sell it at anytime and he did just that. The anonymous and lone developer converted them into ethereum and says he will focus on the migration and further development of the project. He even compared the move to that of Litecoin's Charlie Lee and implied that his month old sushi will still survive even after him dumping hehehe.

As a result, he received a lot of backlash both from the investors and onlookers. Of course, you can still see a few defending his action but I think they're only doing that so sushi can fool more investors and bring the price up again. Once it's up, these 'supporters' will dump on the new investors and never return again leaving new disappointed bagholders.

I read news about the Sushi owner exit scam and it really amazing that he dumped all his holding the week Sushi rise and still said he will perform his required duties with support, Vitalik also believes the project developer to be tricky. However, all this whole situation make me believe the crypto community is getting lost again because some people still support the project even after it was tagged "the best Defi greed and stupidity index we have."

His comparing Sushi with Litecoin doesn't make sense cause LTC was affected ever since Charlie sold all his holding.

[Sanugarid]

The problem with these hype times is that scammers can get in easily especially codes can be easily found on the internet, anyone can create their own coin. The hype is real I must say, there are investors who are making tons of money during the initial listings. But the thing is, most people disregard on who are the people behind the project, and so when they leave no one really knows if they are coming back, where can you find and contact them. People behind projects are floating in money, and their investors left with empty gas tanks.