My take on DeFi bounties

[sangjoewara]

In this life any good thing always have the fake one and defi coins are not different. The idea of a decentralized finance is what matter. Human being will always like to do the bad part but few defi bounty that are good should be appreciated. The fault is not from the coins but those that used them to scam others.

Yes, in this case we have to be able to sort out the good and the bad, because basically DeFi and some real bounties are good, it's just that some people take this opportunity to make fake bounties on behalf of the trending DeFi system.

[nykka]

Many projects move now to DeFi, because it`s just popular and there is no any technological DeFi background behind these projects. Participation in bounties of such project is very dangerous because of 2 things. First of all it`s very low chance that you will receive yourpayment. And scond one is that you promote half-scam projects. 

[manfredmann]

Defi projects are hype and are actually earning like uniswap defi project which is relatively good like earning from swapping your coins in that platform. It seems like that uniswap has its own reward system that the better or bigger amount you swap the higher returns from them also you will get. This one good reason that uniswap gets that hype. Defi projects had been reported good too in the market after its get listed and more upcoming defi projects with promising and high chance of success will be compared to ICO projects.

[Fredomago]

In this life any good thing always have the fake one and defi coins are not different. The idea of a decentralized finance is what matter.

There's always people who will try to take advantage especially those scammers who are good in riding with the trends.

Human being will always like to do the bad part but few defi bounty that are good should be appreciated.

In most instances, people see the bad sides and forget about those little portions of good sides of it.

The fault is not from the coins but those that used them to scam others.

That's why it's very important to do your part in doing your research to avoid participating with scam projects.

[chikator]

Almost 99 percent of DeFi projects in bounty section are scam, you can say I have no prove but this is just my normal thought.

1. Why are almost all bounties released today DeFi projects?
2. Most of these projects have no information about team
( They are complete anonymous)
3. Majority of them are rushed, you can judge merely looking at website domain and designs
4. There are some that based on Uniswap wannabes


You can't compare these projects with real DeFi projects like introduced bounties like Oikos, Lattice, DIA, and few others, my advice is to be extremely picky after doing research

These scammers wanted to ride on the DeFi hype considering most investors now are looking forward to DeFi. Most of these guys just changed from some coin to DeFi, and that definitely is a red flag, their intent is obvious.

[slackovic]

4. Most of Uniswap wannabes are not regulated at all and you can buy and sell everything there. Scam tokens, own tokens, copycats and etc. Uniswap exchanges are the easiest way to sell scam.

I underlined point number 4.
I just found out that there are absolutely no rules on Uniswap. Any coins can be sold on Uniswap, including scam coins.

Actually this is not new. In past, etherdelta (and later forkdelta) had identical rules as Uniswap. Trade whatever you want. All they care is just their commission. Dont know why there is so much hype with Uniswap. Etherdelta offered the same years ago, but did not push ethereum transaction fees to the moon.

Isn't exactly that the point of a decentralized exchange? People are weird... When Binance asks "gazillion" dollars to list some coin, people complain that all they want is to make money. And now when there is Uniswap where anyone can sell their tokens, again it's no good because - anyone can sell their tokens, including scam tokens. Well, don't just throw your money into the next moon token. Do some research before you invest. Or at least search CoinGecko for that token and open markets tab. There you will find the right URL where you can buy that token and not some scam copy.

And no, EtherDelta didn't offer the same thing years ago. They didn't offer people to put their crypto into liquidity pools and earn comission. They did care only about their trading fee while Uniswap gives that trading fee to liquidity providers. Sorry, but I think that Uniswap is by far better than EtherDelta (and ForkDelta) was. I wouldn't even put them in the same sentence.

[lixer]

There is no lies in what you are saying, some people regardless of what you say to them are still going to be rushing into DeFi projects because they want to make money. Some of them saw how some of these projects bubbled and investors made lots of money, so they don’t have the time to look into the projects they see, they are just rushing it and trying to get money. But at the end of everything they might end up being scammed.

Investing in the cryptocurrency market is a very risky thing. And for the fact that most of the teams don’t reveal their identity in the name of being a DeFi is the annoying part of it. It’s mostly a team that has the intention to scam people that are worried about their identity.

[gamer4156]

Almost 99 percent of DeFi projects in bounty section are scam, you can say I have no prove but this is just my normal thought.

1. Why are almost all bounties released today DeFi projects?
2. Most of these projects have no information about team
( They are complete anonymous)
3. Majority of them are rushed, you can judge merely looking at website domain and designs
4. There are some that based on Uniswap wannabes


You can't compare these projects with real DeFi projects like introduced bounties like Oikos, Lattice, DIA, and few others, my advice is to be extremely picky after doing research

i agree with you especially the No.2, the anonymity part is surprising because i really don't see why there is a need for it if they have nothing to hide but you know people go with the trend and the current trend now is defi, anonymous or not everyone wants a piece of the pie, in other words, some of the project are just for temporary gains, not for long term investors, earn while it is hot

There are many individuals who are happy to purchase anything at all that says DeFi, the impression is that it's an everything except ensured course to gigantic benefits, when that is clearly not generally the situation. Fundamentally it's corrupt individuals exploiting the tremendous FOMO encompassing DeFi right now. Most are currently defrauding the financial specialists too by simply making the Twitter record of the first genuine Defi task and attempt to trick blameless speculators through presale and a few impetuses for abundance trackers regarding airdrop and bounties.

[amos77978]

lol.. you're not wrong... some investors want quick cashout so they believe any project following the step of uniswap can as well give same result as uniswap but they're wrong

[slackovic]

lol.. you're not wrong... some investors want quick cashout so they believe any project following the step of uniswap can as well give same result as uniswap but they're wrong

So, you think that there can't or won't be any successful DEXes except Uniswap? I wouldn't say that. Look at how many centralized exchanges there are. Binance, Coinbase, Bitfinex... And all of them offer the same service - crypto exchange. That's why I think that there is a place for few DEXes other than Uniswap that can be successful. The problem is that decentralized exchanges with governance tokens and liquidity pools are relatively new so we will see which ones will succeed.

[Johnyz]

We should not trust any project easily and we should do our homework to analyze first before you participate on any bounty project, DeFi is on a hype and that’s why many projects are just here to scam us. Usually scam project is just like the other DeFi project the only difference is the additional name on it but don’t be fooled by that, hunters should know the value of their work and as an investor trust only those legit DeFi project.

[passwordnow]

Even before the rise of Defis, a lot of bounties were scams. It is just that defis are very much getting the popularity and they see that making a project is phenomenal through the investors attention that defis get. The pattern and life cycle of ico bounties to defi bounties are just continuing.
The pump and dump for most defi projects are being applied and no one should be comfortable just because it's a defi project, you don't have to trust it quickly.

[todiefor17]

One simple reason is that they want to raise a large amount of money but they are afraid of not having enough credibility and the number of people who know the project so they choose to organize a bounty project for people to participate and advertise for free. charge them. Maybe after raising the capital they will shut down the project. I witnessed airdrops before I held an ICO and then they shut down the project as well.
That was just one of the scenarios. We need to identify the risks before joining. I would choose a regular project with a public dev team rather than DEFI with an anonymous team.

[NoG-NoG]

Almost 99 percent of DeFi projects in bounty section are scam, you can say I have no prove but this is just my normal thought.

1. Why are almost all bounties released today DeFi projects?
2. Most of these projects have no information about team
( They are complete anonymous)
3. Majority of them are rushed, you can judge merely looking at website domain and designs
4. There are some that based on Uniswap wannabes


You can't compare these projects with real DeFi projects like introduced bounties like Oikos, Lattice, DIA, and few others, my advice is to be extremely picky after doing research

Its a very relevant thread especially to very bounty hunters in this forum and that is really true that before joining a bounty campaign make sure that you did several research on your prospect campaign to avoid wasting your efforts and time.

[Lerikaweb]

Currently defi is like a wind of heaven that can double your investment in Crypto, in no time. so don't be surprised there will be a lot of fraud going on there. the higher the benefits, the greater the risk that is in it.

Totally agree. Crypto trading is a very gambling thing and there are really high risks. In real life business there are high risks as well, but in crypto you don't have to deal with taxes and other expenses.

[ije07]

yeah, i don't wanna take part in a bad defi project. at least if I want to participate in it of course with a real DEFi project like the Latiice project. they have a real team and are not anonymous. right now there are a lot of new Defi projects appearing on this forum and I hate to see when a Defi project appears using an old project concept. I mean reviving an old project using the DEFI system as the reason. this kind of project will mislead new users who don't understand what Defi is.

[xOdiumNostrumx]

For sure, recently people have started to open up campaigns for xy yield farming projects with different names but with identical bounty structure, which is a huge red flag. But of course there are bright exceptions like DIA, Radix and some others. But then again, yield farming scene is totally irrational, so even if the project is a scam, it may still moon on Uniswap.

[cheezcarls]

Before I engage with these so-called “DeFi bounties”, I usually investigate their website, social media channels and LinkedIn first. I would usually look at the following:

1. Partners
2. Attending virtual conferences or video interviews
3. LinkedIn accounts of each team member
4. Photos of actual team members in social media accounts
5. Reverse image search of each member’s photos
6. Looking up the office address in Google to see if it’s original or being taken by an existing company

I don’t usually trust DeFi projects with anonymous team, because most of them would likely exit scam even if they get listed on Uniswap, TrustSwap, etc.

[sayulita]

5. Reverse image search of each member’s photos
6. Looking up the office address in Google to see if it’s original or being taken by an existing company

I don’t usually trust DeFi projects with anonymous team, because most of them would likely exit scam even if they get listed on Uniswap, TrustSwap, etc.

These points are completely new that I haven't read before and on second thought if I did invest some of my time doing this research then definitely I will be getting better results off my investments as the rest of the points can actually be faked like the team interviews and the profiles can also be brought, but honestly going to such details will be done only by that team that is serious towards the project like having their own physical office n all. Today most of the DeFi projects are having anonymous team members and still people are investing money in those projects without any thought.

[fammy]

There will always be a scam and fake project in this cryptoworld whether is it a DeFi project or whether if not and we cannot really tell it easily but the best way to atleast lessen wasting your effort and time is to do more and more research before joining and participating bounty campaigns.