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YAM (YAM) hero to zero, #1 DEFI horror story
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YAM (YAM) hero to zero, #1 DEFI horror story

by Rico ChetteAugust 13, 2020

What is the DEFI meme coin YAM (YAM) about?

This project like many who are in a rush to go DEFI, such as you can see here with the “Upbots.io Review” who plan on implementing DEFI directly into their platform.

YAM was or is? will be? A yield farming protocol to which tokens were to be in parity with the USD (United States Dollar) Sounds great so WTF happened!

The YAM jam

This 2 day old DEFI project called YAM has imploded in less than an hour as they furiously tried to fix a bug in the code which completely failed, so anybody for YAM 2.0?

Projects in the DEFI space like YAM are showing all the signs of BUBBLELAND in spades, and many should be wary of which projects the get involved in as the BIG CRASH imo is yet to come for the cryptocurrency DEFI space. this is just one example of what happens when everybody wants a piece of the DEFI bubble pie. Yam is a story that tells us to watch out so we don't get into the YAM JAM!

Launched on Tuesday, YAM had nearly $600 million in assets under its belt before the collapse, the projects code contained a bug that issued an {excess} rebase supply to the token's treasury, which made the on-chain governance useless. The main reason for such issues is everybody and their mother's aunt's right-wing brother in law's dog, all of which want into the DEFI hype, like it is not loud enough up in here.

The projects team tried a last minute fix this morning, with no success. The projects co-founder Brock Elmore later thanked everybody for their support and let them know how badly he felt about their failure. Hope is right around the corner though with YAM 2.0, and it seems the exchange will sort out the finances of this FUBAR event.

YAM (YAM) Brock Elmore

So let this be a lesson to all of the DEFI projects out there to spend a great deal more time on code quality/auditing as not to have such instances occur in the future.

Was YAM a pump & dump scam?

A prominent voice in the crypto community fired off in a tweet saying: “For the sake of the industry, I think we should immediately crowdfund an audit on YAM right now.”

Erik Voorhees YAM SCAM

Later on “Erik Voorhees” has added his two cents with pretty much calling it pump and dump nonsense. Stating how bad projects like this are for the DEFI space. Even if not a pump and dump, the experimental nature of this foolish project is for sure in question here.

One seemingly angry user quipped back @ Voorhees that he was not educated enough on what YAM does and tried to educate fully in a statement to which he cites that “Yam/YFI forks are automating yield farming which in itself is arbitrage of prices and yields based on borrowing/lending rates,” Allen Hena retort to Voorhees. Also stating that the market inefficiencies would be ironed out in time, so basically he is a fan boy and does not understand that the issues are not just inefficiencies but the ethics and designs of these projects need to be inspected to a high degree and the HYPE in the space muted.

Hard to call YAM a pump & dump cryptocurrency scam just yet, as the evidence overall does not completely support that, but time will tell and it won't take too long! Far too many people are trying to use the hype of yesteryear to fill their crypto/money bags so they can buy their Lambos & Hoes. But you should watch this and a full audit by a 3rd party should be done when I listen to a programmer talk about the reserves going into an address that can just be nerd speak for “WE GOT YO MONEY B*TCHES!”

YamFinance

YAM raises $500 million in just hours!

The absolute insanity of the degenerate crypto defi space will make it ripe for scammers when you have projects like this blowing off the doors with over hundreds of millions raised in hours. It is Tulip Bulbs of long ago all over again.

ChainLinkGod.eth YAM

Final thoughts…

I can't agree anymore than with my froggy friend above, so sick of hearing about the DEFI coming, but that being said I found and can see some great opportunities of projects that will make DEFI very useable sought after, but not most of these yield farming arby arbitragers playing with their economic levers, in a future article I will show you some examples of what good DEFI projects that have real programmers/capital and backing by actual knowledgeable and organized individuals, instead of this sh*t show of over inflated GAR BAAAAGE!

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About The Author
Rico Chette
Rico Chette
Ricco Chette is nothing like what you could imagine, a fighter for the lost, weak and marginalized. Rico blazes a trail of truth often with a bullet or a glass of wine. You might think you know Rico, but you don’t… Lover of Crypto, Freedom and the Truth. Hear HER ROOOOAAAR!!!

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