Business YAM Cryptocurrency Dies Almost Immediately After Launch YAM Cryptocurrency Dies Almost Immediately After Launch Google + Photo: Alex Wong / Staff (Photos of Getty) What happens when you mix esoteric financial instruments with poor coding skills? You get decentralized finance (DeFi), a new buzzword popular with crypto fans who see it as a way to invest in new startups or put money to work by lending unwanted crypto to eager customers.The latest in DeFi moderation came to us in the form of YAM token, a cryptocurrency originally designed to do nothing and be completely worthless.What this means in practice is quite funny.YAM, a reported in a Medium post by founder Brock Elmore , should be a “minimally viable financial experiment,” stating the concept of minimal viable products in the startup world.MVP is a product that works—but slightly—and used to test the market fit.In this case, however, there is no fit in the market-product.“After deployment, it is entirely up to the YAM holders to determine its value and future development,” he said.This means that Elmore expects YAM owners—or investor—to develop projects to fund using the platform.
Elmore posted YAM’s first mention to Medium on August 11.The token sells, and enthusiastic crypto investors pushed the price to nearly $ 180 on August 12, giving the project an instant $ 460 million market cap.
G / O Media can earn a commission A few hours after all time high, the project leaders posted a horrible warning: “ Save YAM! 🍠 They said the developers accidentally injected a bug into the system that “minted” too many starchy cryptocoins, resulting in a glut that no one would allow—not the creators and not the “investor” of YAM –to control the platform.They wrote: If the management is unable to submit a bug fixing proposal before the second rebellion, no further management actions can be taken as many YAMs are held in reserve which is impossible for any measures to reach the quorum.If this happens, wealth will become useless and these funds will be lost.By August 13 the entire market cap had fallen to near zero as the single exchange supporting YAMs had stopped selling them.The exchange, Gate.io , since restoring YAM but it is not good for YAMsters.YAM is currently trading at almost $ 1 with many users trying to drop their YAM bags on the open market.For his part, Elmore followed the advice of Kenny Rogers and decided to fold.
The world of cryptocurrency has reacted to entertainment.“What a real wild ride.
From absolute glory and all the rich to train everyone in less than 48 hours.This is a crazy experiment, and shows the importance of capable coders,” wrote.the one Reddit user .
Others saw the hand of greed in the collapse of YAM.“It got a very fast off Defi nerd FOMO and then died when they found a bug in the unstoppable, complex smart contract that could not be fixed,” said Adam Levine, host of LetsTalkBitcoin .He likened the turmoil to 2017 when crypto projects launched (and failure) almost as fast as this noble tuber did..
