zasad@
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December 07, 2020, 04:22:04 PM |
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Everyone and his dog probably know how unregulated the crypto world is. The term Wild Wild West can aptly describe this sphere. Wild profits at really high risks, and of course, dishonesty from some bad actors. These bad actors perpetrate exit scams, right pulls, identity phishing(I have been a victim of this in a bounty campaign, unfortunately) etc. Now in this neophytic subset of crypto, Decentralized Finance, with the ticker DeFi, these actors have basically taken over. DeFi is an interesting upgrade of Finance and is looking to take over Centralized Finance, but with the insecurity features, this is going to be a pipe dream. I hope crypto in general and DeFi specifically change its act, and gets rid of these unwanted baggages. I still love crypto though
One of the first articles about DEFI on the forum: https://bitcointalk.org/index.php?topic=5198245Buddy, it's been a long time already, the Community has already gone through farming and now it's not hard to find good and underrated projects. I have written many times that people want to make big profits, which is why they are faced with fraudulent projects.
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plvbob0070
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December 07, 2020, 04:40:58 PM |
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Scammers will always be there, especially now that Defi is getting so much hype so they will probably use it as an opportunity to delude others. Defi is a great opportunity when it comes to finances, but since scammers are also joining the hype, we just have to be careful when choosing a project. Unfortunately, we cannot get rid of scammers, but if we know how to avoid them and keep ourselves safe from scammers, then we can still enjoy the usefulness of Defi without getting scammed.
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BayAngelo
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December 07, 2020, 04:47:05 PM |
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YOu should know that Defi sector is board and can support different infrastructures. Ranging from liquidity services to prediction and also trading platform. truly, we can not dine the fact that it is slightly similar to the ICO era of 2017. but the different here is clear. the fundamental rules in crypto has always been investors knowing fully well what they are going into and not invest their entire funds but what they can loose.
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MadeMen
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December 07, 2020, 05:00:05 PM |
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I've always noticed that the cryptocurrency industry is quite receptive to innovation and Defi was a great initiative. In my opinion, Defi projects performed very great this year and several persons made a whole of money from the project. I guess the project is getting worn out due to the inherent nature of the cryptocurrency space.
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2tang
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December 07, 2020, 06:19:44 PM |
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Scammers will always be there, especially now that Defi is getting so much hype so they will probably use it as an opportunity to delude others. Defi is a great opportunity when it comes to finances, but since scammers are also joining the hype, we just have to be careful when choosing a project. Unfortunately, we cannot get rid of scammers, but if we know how to avoid them and keep ourselves safe from scammers, then we can still enjoy the usefulness of Defi without getting scammed.
The DeFi hype has made many people take the opportunity to commit fraud with the DeFi project, just like the ICO hype that occurred in 2018. Now fraudsters are starting to divert their targets to ensnare investors who invest in the DeFi project and of course the very large turnover of money in DeFI is one of the factors that triggers fraud, and with the increasing number of frauds happening, of course the DeFi hype that is currently happening must be gradually will continue to fade so that in the end many Defi projects will die, just like what happened to the ICO project before the DeFi hype occurred.
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el kaka22
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December 08, 2020, 09:41:32 AM |
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I doubt anyone who doesn't feel secure with DeFi feels any secure with anything else. I understand that we have grow up trusting the money we can hold, I understand you trust banks because everyone told you so, but so far every single thing you have seen that people trusted and community never questioned was less trustworthy than DeFi, you know why? Because it doesn't require trust at all, you do not have to trust it, there is nothing anyone can do to breach any trust or do any foul play here.
Hence, I think it is vitally important to realize that DeFi could be the biggest thing ever or maybe it will be gone in a week, nobody knows that but never question the motives of the creators by looking at the copy cats and scammers, those are two very different teams.
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amishmanish
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December 08, 2020, 10:01:40 AM |
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Everyone equates DeFi with the concept of "Farming" and "Yield". This has been popularized this way because of the poster boy of DeFi and his token. Andrje and YFI with his website yield.finance. What Andre did was provide an easy way to move your tokens to the various lending and borrowing platforms and earn from the fees. Uniswap took this one step ahead. As usual, scammer got wind of the fact that people will throw money onto anything that promises returns. This is why DeFi has been taken over by HYIP schemes that come up with a medium post, discord, twitter shills and then disappear overnight after selling you their tokens on Uniswap.
This has overshadowed a lot of otherwise decent work being put in by developers and students/ practitioners of modern finance. The work is related to importing the products and investment opportunities available in traditional finance onto the blockchain and by utilizing the capital base of crypto enthusiasts.
In an ideal world, DeFi and the various "startups" would be semi-respected entities trying to make things work differently. Its kindda unfortunate that everything gets spoiled when it gets too democratized and easily available to everyone. ICOs and DeFi are prime examples.
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rhomelmabini
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December 08, 2020, 10:17:18 AM |
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These bad actors perpetrate exit scams, right pulls, identity phishing(I have been a victim of this in a bounty campaign, unfortunately) etc.
Whenever there's new in the space bad actors and actresses will always be there to do something bad that's no news in the crypto sphere or even on traditional market. Though traditional now is something getting low more of this are now online as it wasn't that yet regulated yet especially crypto. If I were you try to be picky sometimes picking projects, bounty or always DYOR if you're trying into investing. DeFi will one day be surpassed but few ones will stay.
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ethereumhunter
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December 08, 2020, 11:14:04 AM |
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DeFi projects are trying to exist and get another popularity, but we know that this trend will not stay for longer, and it will replace by another new trend. It is what we see now in the crypto world. After ICO, IEO, and DeFi, maybe we will see something new, but DeFi is still popular and still trying to get more investors to invest in their project. While you can still make a profit from DeFi, you should use that before the trend is ending.
Maybe not all fundraising trends will be replaced by other trends, as long as the existing trends continue to develop and adjust to investing styles, I'm sure that won't be a problem. for Defi and also dex, I believe their problem is how they can identify projects that are really legit or not, because decentralization everything works automatically and sometimes we have to do extra research Maybe it is not. But the existing trends will hard to reach new investors if they don't develop the projects to be better. The problem will still exist if people's minds only think about making fast money and not thinking about the future. The project itself will not feel confident to continue their plan because they get difficulty convincing the investors. But the dex will always be the traders' choice to trade, especially if they don't want to do KYC.
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Tervelatuk
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December 08, 2020, 11:35:44 AM |
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We can't just categorize everyone coming with the word DEFI as one. The popularity of DEFI had brought many bad actors, scammers and ponzi on this genre. Even though they are not a DEFI, many project uses the word to collect money from gullible investors. It's upto the investors and users that can control how DEFI shapes up. Not feeding scammers would deter them automatically.
we have to really do the analysis and have to be observant with projects that use the name deFI. because sometimes this is just their evil move. so the effort that is being made is to do a more accurate analysis and know the type of project in detail before joining as an investor now too many "DEFI" project occur , and only take advantages by using name DEFI in their project. investors now should becarefull with this kind project because some of them already exit scam. analisys deeply will help us to identify which is fake project or real project that serious build their program.
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nomenclatur
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December 08, 2020, 01:35:38 PM |
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many problems that occurred in DeFi made the price of Defi tokens even lower the price went down and resulted in a decrease in the hack has also occurred and it has affected everything making the price of the Defi coin lower and it is increasingly obvious that their system is not safe for investment because it has happened several times which makes the price of Defi tokens has fallen further and now almost dimmed and makes things even worse.
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Ken_terrance
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December 08, 2020, 01:41:54 PM |
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What is happening to defi is normal; whenever there is a new initiative in the blockchain space; there are literally several hypes; price hikes etc; it happens to all platform entirely; but what happens when the hype is no more? This is what is happening to defi. Defi platform will definitely survive; but only defi projects with viable and achievable product use case would survive. Keep researching, and if you hodl a defi token; find out for yourself if it can survive on the long run. Always dyor.
Several hypes that are based on scams? And also hacks? The problem is people tend to rush up anything that's bringing money that's why scammers are been empowered to keep on using DeFi to scam, DeFi isn't perfect and as lots of fixing to do but scammers don't even let us know where DeFi really stands, it's no bad that I don't want anything to do with DeFi
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zulfi125
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December 08, 2020, 01:54:28 PM |
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After ICO's failed due to scam projects and million collected funds from investors by the scammer, now scammers using DeFi hype and doing projects for scamming with investors, and investors already lost their investment in DeFi projects. Uniswap is supporting them because they are making projects and doing pre-sale after that launching on Uniswap to add liquidity himself. Still, every investor should be aware of fake projects and don't invest in every project investor should research and invest.
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cabron
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December 08, 2020, 02:19:19 PM |
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DEFI is not a ticker by the way, its just how they make it shorter.
Before Defi there were already bad actors in crypto. Even before the ICO there were already coin developers that will just create a coin just with its own blockchain and some algo which a CPU can take part in mining. Premine is somewhat considered a scam because the dev can dump it all and abandon the project afterwards.
This Defi will just give some project a time to shine and then when the market is all failing down, some of Defi project will live and some will just defi as scam.
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Sebas.tian
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December 08, 2020, 02:32:43 PM |
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I've always noticed that the cryptocurrency industry is quite receptive to innovation and Defi was a great initiative. In my opinion, Defi projects performed very great this year and several persons made a whole of money from the project. I guess the project is getting worn out due to the inherent nature of the cryptocurrency space.
As much there were good profits for those early investors into defi's, there also was alot of investors that meet their deadlock. Defi was an innovative move from the world of cryptocurrency but becasue of humans greeds investors were scam serially according to some crypto news outlets. Sushi for example, got the most interest for cryptocurrency investors and later went wrongly with investors funds, defi project without good case use is a scam project.
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arabianhorse
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December 08, 2020, 03:56:49 PM |
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Defi is a good concept. But the price has pumped so much because of the excessive fomo created by Defi. But many scam projects have come and made Defi's name bad. Many scam projects have scammed their investors' money and now many investors are not believing in Defi. So the defi project is not pumping well anymore.
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Chuky92
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December 08, 2020, 04:11:02 PM |
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I agree that the popularity/hype of DeFi attracted many scammers and so on, but another question is, did it also attract good projects and trustworthy team? I believe the answer is yes but very little result. During the ICO era, there were massive scams, but even at that, it was still an era that many projects launched of which many of them are still around and constantly developing their products and services. Looking at the IEO era, although it is still much around, there were still scams although not as much as that of ICO, and as well, many good projects launched as well. Now coming down to the DeFi, good projects paved the way with good use case which generated enough hype and this hype then attracted all categories of developers, both the good ones and scammers; although Defi is very much around but its hype has dropped so much. Now the reason for this brief write-up is to show that, at every phase, there are good projects and scam projects, hence it is our duty to try our best and make our own research. In addition, if another trend starts, give it time, scammers will also come in because the crypto space is so valuable and attractive, so it still brings us to, making our own research always before investing.
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magnum cyber
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December 08, 2020, 04:28:16 PM |
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Defi is currently becoming a new investment trend but deceives its victims a lot. Many kinds of new defi nowadays even like old projects are now being revived or even projects that failed last year are now using the Defi trend as their new startup project.
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hulla
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December 08, 2020, 04:37:09 PM |
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Everyone and his dog probably know how unregulated the crypto world is. The term Wild Wild West can aptly describe this sphere. Wild profits at really high risks, and of course, dishonesty from some bad actors. These bad actors perpetrate exit scams, right pulls, identity phishing(I have been a victim of this in a bounty campaign, unfortunately) etc. Now in this neophytic subset of crypto, Decentralized Finance, with the ticker DeFi, these actors have basically taken over. DeFi is an interesting upgrade of Finance and is looking to take over Centralized Finance, but with the insecurity features, this is going to be a pipe dream. I hope crypto in general and DeFi specifically change its act, and gets rid of these unwanted baggages. I still love crypto though
Crypto or the Defi can not change the activity of the bad actors you mentioned if the crypto investors, enthusiast, and traders don't improve their knowledge in knowing how scam project operate cause the scammer will always come back to abuse the benefit of cryptocurrency. However, the setting that we can blame is the DEX and CEX exchange that lists the scam project without putting the customer investment safety into consideration and this is the reason why I so much like coins that hold it offering through Binance.
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BDBitcoinExpart
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December 08, 2020, 04:52:39 PM |
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Decentralization Finance is a good quality concept. Defi concept can be used to make a lot of good profit, but everyone is afraid to invest because of the many scam projects. Defi Namdari Many scam project investors are scamming money and some investors are creating fomo. But there are many defi projects that are giving their investors a good profit.
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