Does the "defi" scam shit belong in Altcoin ANNs?

[zasad@]

Most of the projects tagged as "defi" are nothing but scam shit today, though "defi" as a technology itself has a lot of potentials, but just like some one already said here, there are lot of abusers of the system today and this is one of the reasons why defi hasn't gone far from where it is today.

What DEFI projects have you used?
Any project that promises more than 1% per day can be called a scam or a pyramid scheme or a ponzi scheme.

A lot of people invest in these projects with the understanding that they can be cheated / or the project was created to cheat.

Today there is a DEFI ecosystem, in a year they will invent a new ecosystem, but the fools will remain.

So what's the problem: DEFI or fools who want to get rich quick?

[1714633516]

1714633516

[ChiBitCTy]

Most of the projects tagged as "defi" are nothing but scam shit today, though "defi" as a technology itself has a lot of potentials, but just like some one already said here, there are lot of abusers of the system today and this is one of the reasons why defi hasn't gone far from where it is today.

What DEFI projects have you used?
Any project that promises more than 1% per day can be called a scam or a pyramid scheme or a ponzi scheme.

A lot of people invest in these projects with the understanding that they can be cheated / or the project was created to cheat.

Today there is a DEFI ecosystem, in a year they will invent a new ecosystem, but the fools will remain.

So what's the problem: DEFI or fools who want to get rich quick?

Any project that has a stated “guaranteed interest ” period, is a scam ( not to mention it’s illegal to guarantee a return via SEC rules ). 

SMoon thanks for posting this. DeFi reminds me very much of Bitconnect and those of the same ilk that caused countless people to go in to financial ruin, many people committed suicide, murder etc ..due to Bitconnect alone. I know Theymos isn’t  going to change the rules around scam projects, for many valid reasons, but at least something like what you proposed could really help save some people from ruin.

[suchmoon]

SMoon thanks for posting this. DeFi reminds me very much of Bitconnect and those of the same ilk that caused countless people to go in to financial ruin, many people committed suicide, murder etc ..due to Bitconnect alone. I know Theymos isn’t  going to change the rules around scam projects, for many valid reasons, but at least something like what you proposed could really help save some people from ruin.

I'm not really proposing anything new, just trying to move them to another board... not sure how much that helps to keep people from losing money. Perhaps if the Tokens board had a warning at the top "You'll likely lose money if you give it to any of these shitcoiners" - that might help.

Reported ~50 threads so far and all have been moved.

[Edwardard]

SMoon thanks for posting this. DeFi reminds me very much of Bitconnect and those of the same ilk that caused countless people to go in to financial ruin, many people committed suicide, murder etc ..due to Bitconnect alone. I know Theymos isn’t  going to change the rules around scam projects, for many valid reasons, but at least something like what you proposed could really help save some people from ruin.

Btw, Defi or non-Defi, almost all the altcoins are scam and shitprojects just copying the same idea and doing partnerships with one another lmao. Have you seen any coin survive against their btc(sats) value in the long term ? All of them are pump and dump
Even ETH is crap I'd say lol. (pls dont hate me for this ,hah!).
You're likely to loose money if you invest anywhere and forget, you have to be updated each day in crypto to survive.

[Yogee]

....I just need to figure out a better way of figuring out which of those threads are tokens. Reviewing 1000s of ANNs is not fun.

All DeFi "coins" are tokens afaict. They are running on blockchains like Ethereum, Tron, Waves, Komodo, Zilliqa, Binance, Polkadot, Cosmos, etc. I don't know if that helps or if you know what these other blockchains are hehe.

......
Reported these projects too
OpenDeFi - https://bitcointalk.org/index.php?topic=5286716.0
Chainlink - https://bitcointalk.org/index.php?topic=2175467.0
PrimeDAO - https://bitcointalk.org/index.php?topic=5286507.0

[Insanerman]

Most of the projects tagged as "defi" are nothing but scam shit today, though "defi" as a technology itself has a lot of potentials, but just like some one already said here, there are lot of abusers of the system today and this is one of the reasons why defi hasn't gone far from where it is today.

Dude have you ever done any research? There are a lot of good and promising defi out there, yet sadly, the 'ideology' of projects nowadays had been affected by the past drastic incident where almost all of the project published in this forum was turned onto scam. DeFis are good in its general purpose. Yes, it could and would be use by those scammers that would take the popularity of such systems astheir advantage. But still, justifying almost any defi projects isn't reasonable at all. Better look at these dozens of listed defi coins that is already popular on the market: https://coinmarketcap.com/defi/

Btw, Defi or non-Defi, almost all the altcoins are scam and shitprojects just copying the same idea and doing partnerships with one another lmao. Have you seen any coin survive against their btc(sats) value in the long term ? All of them are pump and dump
Even ETH is crap I'd say lol. (pls dont hate me for this ,hah!).
You're likely to loose money if you invest anywhere and forget, you have to be updated each day in crypto to survive.

Aren't all proposed projects back in 2018 and mid 2017 are more likely to be justified as a scam? Well, have you heard the success of Uniswap, not only its exchange but also their platform's initial token. Also, have you remembered that even Binance coin back then even gets some hate and false accusations? I mean, every existing platforms nowadays started from public offerings and project publications. How come that there had been tons of listed projects yet still the stereotype exists? 

[FIFA worldcup]

Most of the projects tagged as "defi" are nothing but scam shit today, though "defi" as a technology itself has a lot of potentials, but just like some one already said here, there are lot of abusers of the system today and this is one of the reasons why defi hasn't gone far from where it is today.

What DEFI projects have you used?
Any project that promises more than 1% per day can be called a scam or a pyramid scheme or a ponzi scheme.

A lot of people invest in these projects with the understanding that they can be cheated / or the project was created to cheat.

Today there is a DEFI ecosystem, in a year they will invent a new ecosystem, but the fools will remain.

So what's the problem: DEFI or fools who want to get rich quick?

There are very few projects which are good ones and work on the concept of Decentralized Finance. However most of the coins are only made to scam money from the people. This is quite similar to what we saw in last 2-3 year where many people used ICO/IEO to fool people.

[Rikafip]

How come that there had been tons of listed projects yet still the stereotype exists?  

Getting listed on some exchange doesn't equal to being legit, not even when it's listed on generally trusted exchanges like Binance. That Sushiswap fail is a good example how being listed on Binance means absolutely nothing  in terms of legitimacy. Same goes for other exchanges.

Regarding the stereotype, since 99.99 % of current defi crap won't exist in about year or two and will crumble like a piece of paper because 100% APY per year is not sustainable in the long run (let alone much higher APY that is pretty much defi standard) I would say that stereotype about defi is there for a pretty good reason.

Same thing happened with ICO back in 2017, huge majority of them are not around anymore and that's why we call it "ICO bubble" now.

[KaneVWE]

Tokens are tokens and go on the tokens board.
What's hard about it.

There are tokens that will be swapped 1:1 with their own designs later. Then they will no longer be tokens.
Then the project will need to be swapped back.
Defi isn't a scam. Most tokens are a scam.
Defi is actually a very useful tool.

Some saying projects that slip and perhaps lose 90% or greater in sats terms are therefore a scam are wrong.
I see some excellent projects that have lost 90% from peak that will likely reach new ATH at some stage.
Sometimes projects lose due to exchange bias and scams. Lack of savvy investors etc

[Diced90]

Defi isn't a scam. Most tokens are a scam.
Defi is actually a very useful tool.

I agree, DeFi is not a scam it is a piece of technology that is quite innovative and not all projects are scams. This goes as with many alts, not all of them are good and some are comparatively scamming as DeFi. There isn't much of a distinction.

To keep things simple, best to go by the hard definition of a coin vs a token. This hard definition was nicely summed by jackg:

• A coin is something with it's own blockchain, it could be integrated with other blockchain but ultimately should be described as having it's own chain, network and nodes.
• A token is a contract (or similar) of another coin. An ethereum erc20 coin for example has an ethereum contract at its root and thus is a token.
  

[suchmoon]

Locking this since the question has been comprehensively answered and we now have trolls arriving here.

To sum up: DeFi shit - which is mostly copy-pasta scams a la ICO scam wave of 2017 but that's beside the point - runs on smart contracts therefore these aren't really altcoins. Report them when you see them outside of the Tokens board.