Is the crypto community getting lost again?

[Yogee]

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

[Teraboy]

I have found an interesting thing about sushi for you and what you need to see if kimchi was putting the code to make the contract creator will ba able to printing unlimited kimchi token.

Kimchi was also being accused by another defi called yuno platform too and you should visit this link

https://twitter.com/AdamScochran/status/1300869473352597504

that can be a very strong proof if this is no more than ponzi scheme. The newbies didn't know how to audit the contract.

[Yogee]

I have found an interesting thing about sushi for you and what you need to see if kimchi was putting the code to make the contract creator will ba able to printing unlimited kimchi token.

Kimchi was also being accused by another defi called yuno platform too and you should visit this link

https://twitter.com/AdamScochran/status/1300869473352597504

that can be a very strong proof if this is no more than ponzi scheme. The newbies didn't know how to audit the contract.

What was that interesting thing about Sushi? I don't see any link about it in your post.

Kimchi was obviously rushed just by looking at the website. It appears to be a wordpress lol. So I'm not surprised to see another faulty code that allows the dev to mint unlimited tokens. Should we see a $KimchiV2 soon? I believe so hahaha.

By the way, Yuno didn't accuse Kimchi from that tweet. They were both accused as scams.

[Teraboy]

I have found an interesting thing about sushi kimchi for you and what you need to see if kimchi was putting the code to make the contract creator will ba able to printing unlimited kimchi token.

Kimchi was also being accused by another defi called yuno platform too and you should visit this link

https://twitter.com/AdamScochran/status/1300869473352597504

that can be a very strong proof if this is no more than ponzi scheme. The newbies didn't know how to audit the contract.

What was that interesting thing about Sushi? I don't see any link about it in your post.

Kimchi was obviously rushed just by looking at the website. It appears to be a wordpress lol. So I'm not surprised to see another faulty code that allows the dev to mint unlimited tokens. Should we see a $KimchiV2 soon? I believe so hahaha.

By the way, Yuno didn't accuse Kimchi from that tweet. They were both accused as scams.

ah my bad, im sorry about that, i meant about kimchi and not sushi.

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.

[AitorMarcos]

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.

You're right, its easy to get lost in all those incredible things happening here in there like YFI coin or uniswap madness.
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.

[NavI_027]

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

After the so called y series, now the trend is based on food? It's getting insane. These kimchi and sushi sounds good but nah most probably they were poison (I hope you get what I mean lol).

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

Absolutely yes! I feel sad because it seems that more investors FOMO. They're hasty and aggressive once they've heard a new "promising" project. Tsk! That's why I'm not surprised if there are still many getting scammed.

[amotor]

Yes. Absolutely! 99.9% of defi projects are complete scams. You can’t reasonably offer 500-2000% APY without making your coin worthless in the process. Plus most of these defi networks charge insane premiums on already sky high gas fees. Check out Sushi token. They charge premiums as high as $150 to transfer $200 into their network. But it’s fine right? They will guarantee you 2000% APY paid out in their native tokens. Some of these scams are so dumb you literally could not make it up.

[sayulita]

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

After the so called y series, now the trend is based on food? It's getting insane. These kimchi and sushi sounds good but nah most probably they were poison (I hope you get what I mean lol).

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

Absolutely yes! I feel sad because it seems that more investors FOMO. They're hasty and aggressive once they've heard a new "promising" project. Tsk! That's why I'm not surprised if there are still many getting scammed.

Even I have seen a lot of people on the twitter and in many facebook groups claiming they made a fortune by investing in shitty DeFi projects and are also encouraging other users who aren't even speculators to invest in the little known DeFi projects and a lot of people are also falling in this bubble but they shouldn't do this in the first place as this is risky as hell and many people have already lost a fortune in the DeFi scam projects. Even trading seems better task than investing in these DeFi projects.

[wack slacker]

These projects are copying each other's source code, and one of them improves a little to make his code a little different. What these projects have in common is having anonymous team dev, I am very concerned about that because they can disappear at any moment. Any negative news can bring these projects down. They are being manipulated. Investors are careful.

[makishart]

These projects are copying each other's source code, and one of them improves a little to make his code a little different. What these projects have in common is having anonymous team dev, I am very concerned about that because they can disappear at any moment. Any negative news can bring these projects down. They are being manipulated. Investors are careful.

I guess that doesn't even need a negative news to bring the price of those crap coins to go down to the ground.
Yuno has been dumped so hard even there was no any event. If you wanna see the proof and just come to this site

https://www.dextools.io/app/uniswap/pair-explorer/0x9bd8844a562978567ae10b5b05a9b68fe908de41

So many people have been facing a lot of loses
that's just the matter of time until the liquidity will be rugged and the project will become an exit scam project like curry.finance and after that the scammer will erase all of the groups.

[leea-1334]

Of course the community is headed in the wrong direction,,, then again, when have they ever been in the right one? Some day, maybe months and maybe even a year from now or more,,, many projects will fall apart, smart contracts will break and wallets will be lost. Then people will wonder what happened and they will say they learnt their mistakes. Until the next hype thing comes along!

[anu1908]

it's obviously going to fall apart very soon, and exchanges will then start delisting those defi tokens and 'wash their hands' again. i'm honestly surprised to see how short minded people is, buying lots of tokens that does not really have a fundamental demand backing them.

[Kakmakr]

Do you think any of those developers during the ICO stage are back at it again with these new projects? Those guys literally tanked the Bitcoin price with all those scam ICO's back in the day.  

The scams got so bad that large social media companies actually had to put a blanket ban on all Crypto currency advertisements and that caused a 80%+ drop in the Bitcoin price.

A lot of people said the ATH Bitcoin price of $18 000+ was due to the push of these ICO's, so the latest price recovery might also be linked to the success of these "Ponzi" type schemes. (It would be bad if we see a repeat of the same mistakes with these projects)  

[Killrbit]

Id say you are spot on, a lot of the Defi mania resembles the ico era, with most coins trying to jump in on the bandwagon for a quick price pump.
Many of the tokens seem to be behaving like pozis  that's not to say all of them are, but i think a lot of people are going to be left holding worthless bags at the end of this and it's just unfortunate that it will damage the reputation of crypto  in the long run the way that icons did.

[michellee]

I don't think the crypto community is getting lost again, but I am worried the new people who joined in the crypto world will get the biggest loss since they don't know much about how the crypto play. They can get attracted to the defi trend while they don't follow from the beginning, and that can make them invest in the defi project without knowing if that project can survive for a long time.

The defi project will end soon, and it will replace the other new project and the new trend. So before this trend ends, we need to take as much profit as possible, and then we can leave it and not come back if it does not give us more profit.

[tsaroz]

Where there's is larger attention, scammers and ponzi projects just flocks in. Defi is certainly not a new and world changing technology. The current hype over defi and it's tokens are a recipe for another disaster. Defi are meant to be an efficient low cost low profit generating platform thats efficient and friendly to users. They won't be bringing in insane amount of profit as the total users of Defi and cryptos are still insignificant. I'd recommend anyone to just ignore the current price movements on Defi coins and wait till the market settles for some clear winners.

[Bitbtc8]

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.

[Mauser]

I don't think the crypto community is getting lost again, but I am worried the new people who joined in the crypto world will get the biggest loss since they don't know much about how the crypto play. They can get attracted to the defi trend while they don't follow from the beginning, and that can make them invest in the defi project without knowing if that project can survive for a long time.

The defi project will end soon, and it will replace the other new project and the new trend. So before this trend ends, we need to take as much profit as possible, and then we can leave it and not come back if it does not give us more profit.

I agree with you, the crypto community is rising again. As long as the prices in crypto currencies are going up I would not say that the community is getting lost again. Also looking on the forum we see a lot of new people signing up with interest into cryptos. As long as new people come into the community and old people still are active we are doing good. It is on all of to make the community bigger.

[NavI_027]

Even I have seen a lot of people on the twitter and in many facebook groups claiming they made a fortune by investing in shitty DeFi projects and are also encouraging other users who aren't even speculators to invest in the little known DeFi projects [...]

Good for you, you are not getting deceived easily pruced by this hype. But for the others, well I guess wr can no longer save them. Some people are hard headed. You know! They continue to invest as long as they can see someone earning and no longer consider the bad reviews. Hmm, I guess we have a no choice but to let them learn the hard way. Let their money lose (I just hope it's not that big) and they surely become wiser afterwards.

Even trading seems better task than investing in these DeFi projects.

For me, it is the best .

[lienfaye]

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.

Some people are following the new trend and hype and the only important thing for them is to earn and take advantage it but unfortunately its not what supposed to happen. We should learn our lesson from our past experiences but it seems some of us didnt learn at all. Though new projects are promising there's always a risk of it being scam so i'd rather stay with defi projects.