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I keep seeing the rhetoric that it was just an experiment and that it was expected to implode. Sure, okay, maybe it was - but in that case, the hype built aroun

I keep seeing the rhetoric that it was just an experiment and that it was expected to implode. Sure, okay, maybe it was - but in that case, the hype built around it was completely inexcusable. From its creator to shills on Twitter, I hadn't seen such fervent shilling (obviously, they were all in a prisoner's dilemma with it, but still).

goblin89 6y ago
All cryptocurrencies live or die by “shilling”. Like with any software, it’s not terribly likely that any single one of them is entirely bug-free, but the loyalty of invested early adopters is what hides mishaps from the public and persists the hype.
- carterklein13 6y ago
  The problem is, this was technically a financial instrument (it falls under DeFi - decentralized finance) that was completely unaudited, and could've been released in stages, on a testnet, etc. To use an analogy, this was essentially pushed directly to prod, not even to master... unless I'm missing something. It just seemed so reckless to me.
ryebit 6y ago
It's true there was a lot of shilling; but there were also (IMO) plenty of warnings. --- The official YAM announcement said things such as: > YAM holds zero inherent value > This was a 10-day project from start to launch. We STRONGLY urge caution to anyone who chooses to engage with these contracts, and think a proper professional audit would be highly advisable if this project gets any meaningful use. (see https://medium.com/@yamfinance/yam-finance-d0ad577250c7 https://medium.com/@yamfinance/yam-finance-d0ad577250c7) --- There was shilling, but there were also people like Taylor Monahan of MyCrypto.com (one of the main Ethereum webwallets): > please dont be the poor fucker who loses more money than they can afford to lose on an experimental mashup of all the defi things that was started 10 days ago. (see https://twitter.com/tayvano_/status/1293236568614871045 https://twitter.com/tayvano_/status/1293236568614871045) --- and DCInvestor (mod of r/ethfinance, one of the main social sites for Ethereum): > This is financial advice: Do not buy $YAM. (see https://twitter.com/iamDCinvestor/status/1293555904378474498 https://twitter.com/iamDCinvestor/status/1293555904378474498) --- and Eric (?last name?) ("econoar" of the Into The Ether podcast, one of the bigger news reporters within the ecosystem): > Everyone is about to go crazy over this but please for the love of god read the whole post. "Audits: None." Just assume you're going to lose everything if you play with it and you're fine. (see https://twitter.com/econoar/status/1293974467794726912 https://twitter.com/econoar/status/1293974467794726912) (edit: added descriptions of who these people are)

goblin89 6y ago

All cryptocurrencies live or die by “shilling”. Like with any software, it’s not terribly likely that any single one of them is entirely bug-free, but the loyalty of invested early adopters is what hides mishaps from the public and persists the hype.

carterklein13 6y ago
The problem is, this was technically a financial instrument (it falls under DeFi - decentralized finance) that was completely unaudited, and could've been released in stages, on a testnet, etc. To use an analogy, this was essentially pushed directly to prod, not even to master... unless I'm missing something. It just seemed so reckless to me.

ryebit 6y ago

It's true there was a lot of shilling; but there were also (IMO) plenty of warnings. --- The official YAM announcement said things such as: > YAM holds zero inherent value > This was a 10-day project from start to launch. We STRONGLY urge caution to anyone who chooses to engage with these contracts, and think a proper professional audit would be highly advisable if this project gets any meaningful use. (see https://medium.com/@yamfinance/yam-finance-d0ad577250c7 https://medium.com/@yamfinance/yam-finance-d0ad577250c7) --- There was shilling, but there were also people like Taylor Monahan of MyCrypto.com (one of the main Ethereum webwallets): > please dont be the poor fucker who loses more money than they can afford to lose on an experimental mashup of all the defi things that was started 10 days ago. (see https://twitter.com/tayvano_/status/1293236568614871045 https://twitter.com/tayvano_/status/1293236568614871045) --- and DCInvestor (mod of r/ethfinance, one of the main social sites for Ethereum): > This is financial advice: Do not buy $YAM. (see https://twitter.com/iamDCinvestor/status/1293555904378474498 https://twitter.com/iamDCinvestor/status/1293555904378474498) --- and Eric (?last name?) ("econoar" of the Into The Ether podcast, one of the bigger news reporters within the ecosystem): > Everyone is about to go crazy over this but please for the love of god read the whole post. "Audits: None." Just assume you're going to lose everything if you play with it and you're fine. (see https://twitter.com/econoar/status/1293974467794726912 https://twitter.com/econoar/status/1293974467794726912) (edit: added descriptions of who these people are)