Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: tinakoya on July 29, 2020, 12:41:49 AM
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Lately, there is a craze regarding DeFi projects. Looking at the solutions being brought into light which is basically to leverage decentralized networks and to transform old financial products into trustless and transparent protocols which is able to run without intermediaries. However, scammers will use this hype to their advantage as well. Do your research carefully before investing in any project, hype or not. Do not fall for just any project which claim to be DeFi projects. We are so excited that we may forget ourselves and just looking forward to the profit if the value of the token increases. Let's not let our guards down as we are not in normal times. God bless!
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We all know that when a trend comes in, the scammers will immediately find a way to abuse the trend to take over the assets of the participants. IPOs, ICOs, STOs, IEOs and now DeFi are no exception.
As far as I can see, people participating in DeFi are now primarily receiving profits from lending on platforms, which means they hand over a portion of their assets to an unknown audience. In the worst case scenario, if the project is a scam, there will be countless virtual accounts created, operating on unintelligent contracts to recceive money from lenders.
DeFi is also part of the crypto world, caution is essential!
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Whenever something is getting into huge popularity, we should expect that scams and failures will be following suit. Soon there can be projects riding on the DeFi popularity that will be victimizing eager investors, it can just be the same thing with 2017 when ICOS made the rage. So we have to be careful.
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DeFie hypes is now very trending in the world of cryptocurrency but the fact is that there must be a downside.
For example, from the negative side, this DeFi is also financially not centralized, so when a member loses money, he cannot get a guarantee for the replacement of losing money.
A system like this already existed when Bitcoin was created and I think in my opinion DeFi is just ordinary.
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Lately, there is a craze regarding DeFi projects. Looking at the solutions being brought into light which is basically to leverage decentralized networks and to transform old financial products into trustless and transparent protocols which is able to run without intermediaries. However, scammers will use this hype to their advantage as well. Do your research carefully before investing in any project, hype or not. Do not fall for just any project which claim to be DeFi projects. We are so excited that we may forget ourselves and just looking forward to the profit if the value of the token increases. Let's not let our guards down as we are not in normal times. God bless!
I have said this before and I would say it again, don't fall for everything that glitters. Especially in the cryptosphere. I said earlier that some DeFi projects are plain scams. You would soon start seeing exit scams on DeFis
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The cause of DeFI will be the development of many coins. However, due to DeFI, many coins have been able to develop. Scammers call various projects blockchain platforms. Agree with you that DeFI project will continue to be scammed. So investors need to be aware. You need to know if any project is actually a DeFI project. Since scammers resort to different methods. Therefore, it is necessary to know the opinion of research and experts on the project by adopting awareness. Scammers can also cheat with DeFI, I agree with you.
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Very possible to used DeFi hypes by scammers where people now focus on DeFi revolution in crypto place. It will be unnotice once we down our guard not to get involve with scam project. Let us make room always to remind ourselves be careful of what we participated.
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Very possible to used DeFi hypes by scammers where people now focus on DeFi revolution in crypto place. It will be unnotice once we down our guard not to get involve with scam project. Let us make room always to remind ourselves be careful of what we participated.
There was a lot of hype around the YFI token, as a result of which its price rose over $ 43,000. Even with such a high price, many people were agating to buy this token, as it is very valuable and will soon rise to one hundred thousand dollars. After that, its price recently dropped to $ 14,000, and now stands at $ 17,788. How do those who bought the YFI token for about forty thousand dollars feel?
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Clearly, all the hype of Defi is dying down. Tokens on the defi concept are losing their value so much Some of them are down as much as 70%. The new projects trend is NFT
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This is what I always ensure to myself that I must not fall into the hype. And now, DeFi is like a bubble hype when it may end soon. However, in some cases, the concept of DeFi is actually interesting moreover about some coins of DeFi that are very popular, like the family of YF.
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There are too many DeFi projects that scream “bubble,” but for us, general users, it’s really hard to crack down on such frauds. So, serious sums of money could be lost.
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There are DeFi projects have recently become scams, it is indeed very difficult to avoid whether the project is real or not. hype does affect people not to be left behind, but it can be trapped
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There are DeFi projects have recently become scams, it is indeed very difficult to avoid whether the project is real or not. hype does affect people not to be left behind, but it can be trapped
I hope what you say is not true because if a good project like this ends up being a scam it will make the cryptocurrency name worse and not trusted by people anymore.
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Scammers understand that now there is a huge hype around defi sphere and that is why so many cryptocurrency companies in defi sphere are now being created and many of these companies are created in order to deceive people for money, so we always need to be careful before investing in any project.
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Very possible to used DeFi hypes by scammers where people now focus on DeFi revolution in crypto place. It will be unnotice once we down our guard not to get involve with scam project. Let us make room always to remind ourselves be careful of what we participated.
It is being used already. There are countless projects already exited and scam investors. Avoiding such projects that are very suspicious is one 2ay to avoid such scam. But of course we cant really seen these until they pulled it off. I dont know but there are soo many projects pulling of a rug and these people invested are the one affected by these fuck up.
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Everyone needs to be aware of the DeFi project. Because there may be scams ahead and there is a possibility of scamming. Because in the future, various types of fraud will continue with these projects. At one time there was scamming with blockchain project. Some fraudulent team members will be engaged in the market. As a result, the market will get worse. So I think a lot of people are thinking about hype. So everyone has to be careful about this. No one should invest in a scam project.
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I hope what you say is not true because if a good project like this ends up being a scam it will make the cryptocurrency name worse and not trusted by people anymore.
Are you new to crypto? many new projects that ended in scams including the DeFi project. The most important thing is always to be careful and not to rush to invest
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I hope what you say is not true because if a good project like this ends up being a scam it will make the cryptocurrency name worse and not trusted by people anymore.
Are you new to crypto? many new projects that ended in scams including the DeFi project. The most important thing is always to be careful and not to rush to invest
I think YFI and YFI also apply DeFi technology and until now it's still safe, no one can guarantee that all cryptocurrencies are safe, but at least if they can still make a profit then use it to make a profit.
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It's true, when a project is gaining popularity and lots of people are interested. So many scammers will see this as an opportunity. We really have to continue to fortify ourselves, and also always check the project well before finally following it.
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Sometimes, we do not care about what will happen to the new project with the existence of Defi. In this case, we can see how many coins appear because of the Defi projects and concept.
Some of them are legit but some are mostly scam. many new projects only follow the previous project and been modified even generally.
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I noticed that one of the popular coins, Yearn Finance (https://www.worldcoinindex.com/nl/munt/yearnfinance) has further falling down with 56% in the past 30days.
(https://i.imgur.com/qGYvotN.jpg)
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It is really hard to resist the hype of DeFi when it is in its highest momentum. People are aware about what they should do and don't, however somehow they feel to take the risk and go with the flow. Unknowingly, the hype is dropping and now we can see the dramatic decline of DeFi tokens. I hope we learn something from hype not to flight when the plane is falling.
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DeFi has always been a burgeoning niche in the cryptosphere that has received a lot of attention these days. However it has attracted many unscrupulous characters like exit scammers and registration pullers, thus it is saturated. It would soon implode
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Scammers understand that now there is a huge hype around defi sphere and that is why so many cryptocurrency companies in defi sphere are now being created and many of these companies are created in order to deceive people for money, so we always need to be careful before investing in any project.
Yes you are right, the majority of DeFi platforms today are just for getting money from investors and then running away. Sadly, many of the investors are aware of the risks, but still invest their money in the platform.
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Naturally, i would say do not fall for any hypes at all because in crypto currency one way or the other there are hypes. hypes bring about a rush in purchase and increase liquidity and most hypes are not sustainable.
So always do your own research, and never invest because of hypes or fomo. Dyor always
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Sometimes, we do not care about what will happen to the new project with the existence of Defi. In this case, we can see how many coins appear because of the Defi projects and concept.
Some of them are legit but some are mostly scam. many new projects only follow the previous project and been modified even generally.
To be honest, it's has become a laughing thing to see a project without whitepaper, that was my first witness in DeFi shit. Another baseless line is anonymous team which I don't fancy and find interesting.
I am willing to invest in real Decentralized Finance ( that's if one exist) but this shortcomings and exit scams are killing investors. However, if you do a thorough research and take your time, there are good DeFi projects out there that are performing better than most of the past tokens we have seen in the market.
For every good intention individuals who tried to help the community, there are some people who make abuse of the system that's why we have some of this shitcoins in DeFi today.
Uniswap started all the way back in 2018, its a pity thatbit was just recognize during the trend and that has birth so many decentralized exchanges today ranging from Sushidwap to moonswap and so on.
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I think YFI and YFI also apply DeFi technology and until now it's still safe, no one can guarantee that all cryptocurrencies are safe, but at least if they can still make a profit then use it to make a profit.
You're right mate. YFI is still safe, while for the new DeFi project I still doubt it, of course we have to see the progress and potential before investing
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It is a fact that one can't be 100% sure which project is genuine or which one is a joke. I have seen some coin go almost x1000 with a very minimal usecase. It's so over-board right now just as it was in 2017, when several scam projects emerged and scammed investors quite a lot of fund. I guess it's safe not to rush into investing especially if you plan to hodl for long. Some project will go x10 - x100 for sure but may not be sustainable which will be a loss if you hodl long term
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Many are now trying to make old projects transparent in order to gain a decentralized network. Being able to create new protocols. But I think investors need to be aware of this. Because the market can be scammed by creating such hype. Everyone needs to be aware and invest in this. Because investors can suffer more. You must know about DeFi (Finance).
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You're right mate. YFI is still safe, while for the new DeFi project I still doubt it, of course we have to see the progress and potential before investing
I still doubt the YFI project. Because the price of the token of this project increased that overnight. Many users disagree with that and there are some good exchange lists. But I also have doubts about it. Because the team of the project has increased the price by trading. But now prices have started to fall. It never happened. So the price will go down overnight. So I still doubt and must do market monitoring before investing in DeFI.
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true, too many DeFI hypes, all going to crash soon, just like when a bubble pop!
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That's the way they are. Whenever they see any possibility of using something to their gain that's the opportunity they will never pass.
And if we try to figure out, we'll realize that there's nothing new in there way of scamming.
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That was the best thing to do keep away from those fake Defi projects do some researched because there are some legit Dedi platforms but most of them are just following the trend without true used
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Yep, it is true, never buy a coin just because of the hype. Defi coins are okay, but don't buy them if you don't know the potential in the future. Buying the coins because of the hype, will be too risky for you. The hype will disappear any time, we don't know if the hype may be over tomowrrow. Because of this reason, you only buy if you know well the potentila of the coins.
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I am new bye to this forum. If there is any mistake please help a little.
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Yes i agree with you but big profit in defi project you have take risk because if you invest 100$ if project is real on 100$ you will get profit upto 1k to 10k invest in small amount.
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true, too many DeFI hypes, all going to crash soon, just like when a bubble pop!
I don't agree with the fact that all will crash soon. There are genuine and successful DeFi projects with outstanding technology that will stay with us for a very long time. Yes there is a hype going on and many fake/ copycat projects has emerged and those ones won't last long, soon they will fail and be gone. That doesn't mean the technology and its usecases will disappear. Just DYOR before joining any project.
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I think Defi is a good development to every crypto investors and traders and other participants but we may have to invest with little caution. Obviously, scammers will be there to take advantage of the hype genareted from Defi projects to scam many people, just like the same senero with ICOs sales that brought the IEOs.
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I have never been a DeFi fan. Never truly jumped on the hype train. Yes its a good section of cryptocurrency finance, but Decentralized Finance seemed populated by unscrupulous characters who hijack its popularity for their selfish reasons
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Lately, there is a craze regarding DeFi projects. Looking at the solutions being brought into light which is basically to leverage decentralized networks and to transform old financial products into trustless and transparent protocols which is able to run without intermediaries. However, scammers will use this hype to their advantage as well. Do your research carefully before investing in any project, hype or not. Do not fall for just any project which claim to be DeFi projects. We are so excited that we may forget ourselves and just looking forward to the profit if the value of the token increases. Let's not let our guards down as we are not in normal times. God bless!
There are many project that scammed peoples money and there are some that will do exit scams. After YFI massive we have seen a lot of Y series defi project which was just using the name of YFI and create massive pump. All those look fake and market manipulation to me. YFI have already lost it's value over 50%. Many people lose their money and many going to.
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This is what I always think. However, I am also part of the deFi project, I have some coins of DeFi that have been listed on the exchange and have good value. However, I prefer to make it for the daily trader, not long term holding. It is important not always following the hype, just get more considerations
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I am new bye to this forum. If there is any mistake please help a little.
You are doing well so far. Start working more boldly. This forum has the most attendee-friendly atmosphere and extensive benefits system. The main thing is not to abuse and write quality messages.
Now on the topic. After the recent price correction in the market and a simultaneous drop in the price of DeFi projects, in my opinion, it has already become clear to everyone that some projects were heavily promoted to the general hype. This is especially true of our record holder YFI token, which managed to rise in price to $ 43,000, and then fell to $ 14,000, and today has a price of just over $ 17,000. Hardly anyone can already believe that in the near future it can rise in price to one hundred thousand dollars, as they wrote earlier.
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Defi is the trend in cryptocurrency right now there is nondoubt about that, and for that reason we must be very careful not to fall for scam all in the name of Defi. Everybody want to be involved in Defi but we should not forget that scammers are watching and waiting to hit us hard using Defi as a means.
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Most especially those listed on Uniswap the latest Decentralized exchange with No approval and regulation from anyone. just a bee-hive of scammers minting New tokens with no value and selling on Decentralized exchanges which the owners will pull off liquidity to crash the market. then goes back to design another project without value.
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I love crypto and of course DeFi, but the DeFi craze didn't get to me. I am always wary of any technology that is quite populated and drawing hype. Now scammers have taken over that niche. About 5 in 10 DeFi projects are scammers
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Every now and then we are in crypto ecosystem that scammers looking to devour. DeFi catch the attention of all due to its unique terminology and purpose. Be cautious because of DeFi hype scammers will go with the flow. Pay attention to what you are doing in order to anticipate the falling asleep into the hands of scam DeFi project.
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That was the best thing to do keep away from those fake Defi projects do some researched because there are some legit Dedi platforms but most of them are just following the trend without true used
Yes, you are right, most of them just follow the trend and are not serious in developing their platform. It is proven by the number of DeFi platforms that hold bounty programs, most of them run away and don't pay participants.
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You get started, everything is in your hands, you don't have to worry Who work in crypto There are some projects that do the scams. You have to be very careful in this And join a good project
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DeFi hype is just crazy and i think it's already going down now but good defi projects will survive
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Some people and projects may claim that DeFi is not hype and it will last longer than previous Hypes. However, let's see what will happen in the future. here, we can see so many deFi projects are coming after the success of YFI, YFII, and also Uniswap. Whatever the types of projects, analysis a must
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I never follow a project or buy a coin in order to follow the hype. I've seen too many failed investment because of following the hypes only. We must take some learning from the failed investment, so join the best assets only, bro. Joining because of the hype may kill your goals/money.
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Looks more likely to be a trend this year. Projects or coins that use the DeFi concept are more likely to be interested and buy, but not all projects are safe or they can even take advantage of a moment when there are many DeFi projects interested and they create a scam project. Prefer to be careful and analyze a project before investing there
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Looks more likely to be a trend this year. Projects or coins that use the DeFi concept are more likely to be interested and buy, but not all projects are safe or they can even take advantage of a moment when there are many DeFi projects interested and they create a scam project. Prefer to be careful and analyze a project before investing there
I also see DeFi as a temporary trend and new trends will emerge after 2020 ends, but who knows what trends will emerge, because cryptocurrency development is too fast and unpredictable,
DeFi hype is too high, old players should already know about this trend and be more careful not to get caught up in a scam project.
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Like most trending technologies before it, the DeFi innovation in the blockchain industry has been bastardised by unscrupulous elements looking to play a quick one on unsuspecting investors. There is proliferation of fake projects out there in the space claiming to be offering DeFi features and initiatives just to defraud a lot of people looking to make some money in the market. One has to be very careful in order to stay away from some of these half baked projects. A lot of research has to go into any project you intend investing on.
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Yes, don't be trapped with the hype. We must do good analysis before we decide to join a crypto coin, including to buy A Defi coin. We don't be affected by a big improvement of a coin price. But see the quality of the project behind the coin. If the project isn't a good one, just don't follow it even if the current price trend is really good.
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Scammers always stand around hype ideas. The same thing happened at the height of the ICO. People were losing money, but they kept investing. Now this topic will end and there will be another stagnation in the market.
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Warning: DANGER. DO NOT LOWER YOUR GUARD AGAINST SCAMMERS AS MUCH AS POSSIBLE.
Scammers will interact kindly to every inquiries ( I'm not saying all kind respondents are scammers). Some times they will attempt to catch every single DeFi lovers. Whatever the hypes to come do your due diligence before investing/ joining in any projects. You are accountable to what you are doing.