Stedsm (OP)
Legendary
Offline
Activity: 3052
Merit: 1273
|
|
October 05, 2020, 04:59:15 PM Last edit: October 05, 2020, 05:10:42 PM by Stedsm Merited by nutildah (1), TimeTeller (1) |
|
I know that you may see this as one of the most strange topics to be here, but I'm honestly trying to bring this thing in front of everyone to make people aware of probably this year's gold-coated scamming style - DeFi.
I will not start giving any explanation about what is DeFi and blah blah, but would like to come straight to the point.
YFI - The ultimate beast (parent coin) of all DeFi coins that was not even worth a cent according to its devs but people started trading it at $3 initially and then the game started where investors threw it to over BTC4.4, a number none of us ever expected to happen but it did. (Came back to BTC1.5 recently and liquidated many longs as well as made extreme losses to thode who bought at its peak).
Next came its grand children with names like XYFI, UYFI, YYFI, ZYFI and whatnot.
Then came UNI, got farmed as well as gave extremely exceptional rewards to early users of their platform who traded some specific coins there. Everything was free so they just dumped it even at that high liquidity available. The value rose to over $8 but is under half of it now.
And many others like Sushi (an abandoned project which later on got took over by ftx devs), Bzrx (great team but too many hacks so community killed the liquidity of this coin), Rfuel, Many, FLM and so many DeFi coins have now reminded me of the 2018 crash, but don't you think it's too early for DeFi projects to be crashing this high?
I am not against DeFi coins, but TBH, these coins are just tickling our inner greed to which we respond so quickly not as a good trader, but a greedy one. My advice would be to keep yourself too safe from investing in these coins and even if the project is too good whatsoever, please don't invest anything that you can't afford to lose. Remember that whenever someone makes a 100x, he makes almost 100 people lose their capital (according to my observation).
|
| .SHUFFLE.COM.. | ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ | ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ ███████████████████████ | . ...Next Generation Crypto Casino... |
|
|
|
|
|
|
|
|
There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, but full nodes are more resource-heavy, and they must do a lengthy initial syncing process. As a result, lightweight clients with somewhat less security are commonly used.
|
|
|
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
|
|
cabron
|
|
October 05, 2020, 11:48:55 PM |
|
YFI is unbelievable. A few weeks ago its almost $40k and then suddenly $20k. Unless if I have bought it for $3, I'd be willing to play along.
Defi is somewhat like ICO that is going to be exploited by scammers and its just starting. There are real projects though and I think UIniswap is just one. Their tokens however are just distributed to lots of users for free that is why its dumped. Its not over yet, it could even go less than $1 if it really doesn't show its oversold.
|
|
|
|
TimeTeller
|
|
October 06, 2020, 12:00:30 AM |
|
YFI is unbelievable. A few weeks ago its almost $40k and then suddenly $20k. Unless if I have bought it for $3, I'd be willing to play along.
Defi is somewhat like ICO that is going to be exploited by scammers and its just starting. There are real projects though and I think UIniswap is just one. Their tokens however are just distributed to lots of users for free that is why its dumped. Its not over yet, it could even go less than $1 if it really doesn't show its oversold.
In my opinion, YFI will go down hard. Up until now, they don't have operational services. I don't think they will ever get out of their beta stage. They will die having that same status. I really hope I'm wrong as there are so many people who will be rekt by this YFI hype. There are so many imitations that come up from this YFI platform but we all know they are not here for long term.
|
|
|
|
batang_bitcoin
|
|
October 06, 2020, 01:37:04 PM |
|
YFI is unbelievable. A few weeks ago its almost $40k and then suddenly $20k. Unless if I have bought it for $3, I'd be willing to play along.
It wouldn't go $3 unless everyone agrees to dump it and leave nothing with it. But I say that it's almost impossible to see it at $3 for you to buy it. The starting price was even high at $827 if you get to check it. But the hype and pump for this coin is truly unbelievable, those who have bought to the starting price and held up to $40k. They have filled their pockets with fresh profits.
|
▄▄████████▄▄ ▄▄████████████████▄▄ ▄██████████████████████▄ ▄█████████████████████████▄ ▄███████████████████████████▄
| ███████████████████▄████▄ █████████████████▄███████ ████████████████▄███████▀ ██████████▄▄███▄██████▀ ████████▄████▄█████▀▀ ██████▄██████████▀ ███▄▄████████████▄ ██▄███████████████ ░▄██████████████▀ ▄█████████████▀ █████████████ ███████████▀ ███████▀▀ | | | .
| | ▄▄███████▄▄ ▄███████████████▄ ▄███████████████████▄ ▄█████████████████████▄ ▄███████████████████████▄ █████████████████████████ █████████████████████████ █████████████████████████ ▀███████████████████████▀ ▀█████████████████████▀ ▀███████████████████▀ ▀███████████████▀ ▀▀███████▀▀ | . ElonCoin.org | │ | | .
| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
|
|
|
Jackl87
|
|
October 06, 2020, 01:45:52 PM |
|
For me that's just the usual process of a new hype or trend. First some new projects emerge with a new and interesting technology or business model or whatever. Investors are crazy about it and those projects create huge hype and the price rises and makes early investors rich. This attracts scammers that also want to have a piece of the cake with little to no effort. They just copy an existing project and jump on the hype train. Defi is not different to any other trends or hypes that happened before, f.e the ICO trend in 2017.
|
|
|
|
Daltonik
Legendary
Offline
Activity: 2520
Merit: 1490
|
|
October 06, 2020, 02:51:53 PM |
|
Indeed, the situation with DeFi projects is very similar to the events of the mass ICO in early 2017. Now the new hype can be called the name DeFi, the difference is that the DeFi wave is not so stretched in time, many projects appear very quickly on the market and only in the last month the main DeFi tokens COMP, BAND, KAVA, YFI, RUNE, UNI, BAL,ZRX have lost more than 50% of their value. Despite this, DeFi has a huge potential for its development and we have witnessed the birth and development of a new eco-crypto system.
|
|
|
|
wanted sliter
Member
Offline
Activity: 398
Merit: 10
|
|
October 06, 2020, 03:27:38 PM |
|
DEFI are all people rating too high and the room up. We are fed into exchange files into the trading system and added to outputs such as ETF, Future contracts. That made people more excited and bought more. The DEFI project only made a profit in a limited time and people quickly left. The same goes for every market, if the price increases quickly, the price decreases quickly.
During the DEFI tutorial that took place, countless projects were impersonating DEFI and generating tokens that were then sold publicly on UNISWAP. Most of them have discounted many times.
|
|
|
|
qomariah95
|
|
October 06, 2020, 04:11:56 PM |
|
I'm not saying DeFi is a scam. But many people take advantage of this moment to create new projects and become scam. Since most of the DeFi projects are also, the team is always anonymous for reasons that don't make sense. So always be careful if you want to enter or invest in DeFi.
|
|
|
|
crwth
Copper Member
Legendary
Offline
Activity: 2758
Merit: 1251
Try Gunbot for a month go to -> https://gunbot.ph
|
|
October 06, 2020, 04:18:56 PM |
|
I think it’s another excuse for collecting funding again. Just like previously known ICO, then come to IEO, and right now, it's DeFi. It's basically a cycle. I wouldn't be surprised if something like CBDC’s would be in front of digital currencies.
We all say this, but in the back of our minds, wouldn't you have like to ride those waves? I'm honestly envious of those who had ridden the wave but sad for those who have bought at the top.
If the DeFi hype is gone, I think it would come crashing down, for sure. Remember that market = people, and when people lose interest, market value loses as well.
|
|
|
|
BChydro
|
|
October 06, 2020, 04:28:54 PM |
|
I think it’s another excuse for collecting funding again. Just like previously known ICO, then come to IEO, and right now, it's DeFi. It's basically a cycle. I wouldn't be surprised if something like CBDC’s would be in front of digital currencies. It is a cycle for sure, the timing of ICO was coinciding with the rally last time around and the DeFi introduction exactly during that stage when the price of bitcoin is expected to rally pulling the entire market along with it. It is a cycle and make sure everyone deal with these carefully. I burned my hands with ICO and i will not be doing the same with DeFi as i will be careful and will cash out the coins without holding too much.
|
|
|
|
Gumbo88
Jr. Member
Offline
Activity: 36
Merit: 1
|
|
October 06, 2020, 04:54:32 PM |
|
we can not say Defi is scam, because still have some good Defi project, but you know nothing can replace BTC.
|
|
|
|
masterrex
|
|
October 06, 2020, 05:30:27 PM |
|
I think most of the cryptocurrencies also work like this. Because it is the same as what happened during the 2017-2018 Bullrun, So there's nothing new about it, The Defi craze is just a part of the game and for me, it is normal that if there's a winner, there was also a loser so don't mind it. Instead, it is better to ride the trend and make some money out of it.
|
|
|
|
peterlustig
Sr. Member
Offline
Activity: 812
Merit: 250
The Fourth Generation of Blockchain in DeFi
|
|
October 06, 2020, 05:36:13 PM |
|
This is my opinion: Basically, whenever you are investing in any YFI fork you are just gambling with your ETH. You might get a good return, but there's also a huge probability that you will lose every cent of the investment money, and since developer are mostly anonymous, you can't do anything about it
|
|
|
|
cabron
|
|
October 06, 2020, 05:39:06 PM |
|
I think most of the cryptocurrencies also work like this. Because it is the same as what happened during the 2017-2018 Bullrun, So there's nothing new about it, The Defi craze is just a part of the game and for me, it is normal that if there's a winner, there was also a loser so don't mind it. Instead, it is better to ride the trend and make some money out of it.
So are scams. It happens every day in crypto that whenever there is scam accusation sometimes we don't mind anymore because it's normal. Defi is a good innovation in crypto, though we didn't really achieve the very decentralization we aimed, there is still a certain degree of decentralization. And this provides a window of opportunity as well for the bad guys as its hyped that investors going to hurry to send their ETH.
|
|
|
|
ryzaadit
Legendary
Offline
Activity: 2464
Merit: 1228
|
|
October 06, 2020, 06:31:37 PM |
|
If the DeFi hype is gone, I think it would come crashing down, for sure. Remember that market = people, and when people lose interest, market value loses as well.
If we see Lending, ICO, IEO, and other crowdfunding hype. We all know all ended same, DeFi just could be same as Lending in my opinion so they will end the same their interest APH was really insane. Some shit DeFi offering stake with a thousand % more insane than Lending in 2017. Now, in the market almost top DeFi losing his value and most of investor has been lose too. In the short time, we see this gonna be rekts~XD
|
|
|
|
articlecity
Member
Offline
Activity: 196
Merit: 11
https://blockmembers.io/
|
|
October 06, 2020, 06:33:52 PM |
|
Although it is disappointing to see how this trend is subsiding but i am glad that this experience will help crypto market mature a bit in the long run and people will not be chasing each and every hype.
|
|
|
|
|
nicecrypto
|
|
October 06, 2020, 06:40:38 PM |
|
Yeah @op i agree and I believe it is too early for defi project to start crashing they are to match up to ico record, ico took some time before it start crashing, and this was only for some of the ico, I think people are using the experience of ico to participate in defi, i.e by not holding for long before selling, most defi investors just dump immediately and move on to the next defi project so it is very likely to see the market crumbling down.
|
|
|
|
jacafbiz
|
|
October 06, 2020, 06:44:25 PM |
|
I don't know why some people whine about losing money investing in some projects, when the market was going up everyone was excited, instead of taking profit and locking in some funds they think the party will continue, Bitcoin was around $1 at a time and now valued over $10k, if people feel YFI is worth more than BTC let the market decide and don't blame the developer for your loss
|
.SUGAR. | | ██ ██
██ ██
██ ██
██ ██
██ ██
██ ██ | | | | | ██ ██
██ ██
██ ██
██ ██
██ ██
██ ██ | | ███████████████████████████ ███████████████████████████ ██████ ██████ ██████ ▄████▀ ██████ ██████▄▄▄███▀ ▄█ ██████ ██████████▀ ▄███ ██████ ████████▀ ▄█████▄▄▄██████ ██████▀ ▄███████▀▀▀██████ ██████ ▀▀▀▀▀▀▀▀▀ ██████ ██████ ██████ ███████████████████████████ ███████████████████████████ | . Backed By ZetaChain | | ██ ██
██ ██
██ ██
██ ██
██ ██
██ ██ | | | | ██ ██
██ ██
██ ██
██ ██
██ ██
██ ██ | | | |
|
|
|
Zeehaxan
Member
Offline
Activity: 294
Merit: 10
WhalesHeaven - Custody Free Swap Exchange
|
|
October 06, 2020, 09:12:21 PM |
|
I will not call defi scam but just like every new trend the defi projects have just seen their first hype phase and seems like it is over now which will result in massive corrections in these projects. Even if see the overall market it is looking like slow and bearish right now may be due to the sluggishness brought by defi bubble burst. Anyhow im still positive about the longterm defi prospects but only top quality projects will be able to sustain and survive for longterm.
|
|
|
|
|