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Fear the DeFi Monster! or you will get Yammed!

Defi Scam
This article is a public announcement to stay safe out there.  Especially for the newbies.  No one is going to come to protect our money – we have to do that ourselves.  Do not FOMO into the DeFi craze and always DYOR before you invest.

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Bears slay the ICO monster and a new monster is born from the ashes and it is called DeFi.

No, we are not saying the DeFi as a concept and the potential technological solution is the monster, no.

We are talking about all the vegetable, animal, and lazzzy named DeFi projects which just mushroomed out of nowhere.

Also Read: All about DeFi: use cases, advantages, disadvantages and a look at Bitcoin DeFi

Literally from nowhere

Many of these so-called ‘world changing’ DeFi projects were not even in works until June or July of this year.  

It is true.

Bunch of smart crooks saw how DeFi space is heating up and they decided to whip a new token and spin some industry jargon around the project.

Some of these folks are able to bribe the influencers on the social media to ‘hype’ the project.

The result: unassuming folks are throwing their hard earned money at shite projects.

Single page hyperbole

Most of these con DeFi projects have one thing in common.

They have a seedy one-page website that talks about shit in a total mindfuckery so that people take this gibberish as some mad scientist penning the future of finance.

Tread careful when you land on a half-assed-grammatically filthy site that claims to be the future of finance!

We assure you, it is not.

No team details

Developers-TeamThis is yet another landmark of these con coins.  

The team details are either completely missing or have pseudonyms or have profiles of ‘fresh out of the college’ students whose professional epitome includes interning at mom-pop garage entity.

Those who have not seen the real finance world set out to change that they don’t fathom! Only in crypto can such madness prevail.

Low supply

Why does everyone care about whether they have 30,000 or 30 Million of a shitcoin?  

Having low supply does not miraculously change a shit coin into gold. It doesn’t, believe us. If you don’t, ask those who just lost $4850 per coin in one day today in yet another “Finance” coin.

I think we said enough about that.

Don’t let UniSwap swipe your money

No, we are not complaining about the exorbitant fees on the exchange, we could care less.

We are talking about the total freedom for ANY project to list on the platform and with this DeFi craze going on, really anyone and everyone is listing projects there.

Just slap the ‘Finance’ in the name and you are gold.

If you are going to invest in any project, DYOR and check the team.

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YouTube Influencers are not experts

crypto youtube influencersHow to become a [Crypto] YouTube millionaire?

Step 1: Buy a shitcoin, load it up for a fraction of a cent

Step 2: Talk about this shitcoin on your channel for 20 minutes and spew how in your 

opinion this is the BEST after Bitcoin and wait for the market to rally

Step 3: Dump your shitcoin bags on the suckers, cash out

And there you have it, you are now a YouTube millionaire.  

Who cares that you made millions by riding on the backs of innocent noobs! You made millions, that’s what matters. 

Sadly, this has been the trend we have been noticing for the last 2 months or so. Ever since the market has started trending on the bull run, we have been seeing out of control shills.

This sadly has been the case about most YouTubers.

No social media presence, yet

social media presenceYou can catch on some of these scammers when the price action is completely out of sync with their social media presence.

Let us explain.

If you see a project that just popped on Uniswap and you go on check their telegram and twitter groups and you find that the group literally has less than few hundred followers but the price action is too boisterous then you know there is something fishy (or should we say yammy?).

Don’t get yammed!

The Yam Story

There was a vegetable that grew from 26 cents to $183 and then it crashed down to under a dollar.

The farmer abandoned the farm to the wild hogs and let it to ruins.

The End.

But it’s not really over though, there is a sequel.  

The Yam Story 2.

Cheat me once, shame on you and cheat me twice….so goes the story.

Point of the Yam saga is that you have to be careful and not FOMO.  If you FOMO, you better DYOR before you do.

Conclusion

The point of this short article is to alert the newbies and remind the crypto veterans of the fallacies of FOMOing.

Crypto has a long and we mean LONG way to go, don’t get burned by the tricksters.

It is OK to FOMO after you DYOR. 

Thank you for reading and sharing this article. We appreciate you.

Stay safe and healthy!

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IMPORTANT DISCLAIMER

Everything in this article is an opinion, not an advice of any kind. This material has been prepared for general informational purposes only and it is not intended to be relied upon as accounting, tax, investment, legal or other professional advice. Please consult with a professional for specific advice.

We do not endorse or guarantee the accuracy of the information and claims made.

All product and company names are trademarks™ or registered® trademarks of their respective holders. Use of them does not imply any affiliation with or endorsement by them.

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