Poor Programming Practices Lead to the Failure of New Cryptocurrency
Decentralized finance (DeFi) has gained popularity among cryptocurrency enthusiasts as a method to invest in startups and earn returns. However, inadequate programming practices have caused the collapse of a promising new cryptocurrency project, highlight
About this video
Decentralized finance, or DeFi, is a new buzzword popular with fans of cryptocurrencies such as BitCoin.
It's seen as a way to invest in new startups or put money to work by lending out dormant crypto to eager customers.
According to Gizmodo, the YAM token is a cryptocurrency that was originally designed to do nothing and be completely valueless.
Founder Brock Elmore says the YAM token is supposed to be a 'minimally viable monetary experiment.'
The token went on sale on August 11th, 2020, and savvy crypto investors drove up the price to almost $180 on August 12th.
A few hours after the project reached a $460 million market cap, developers accidentally injected a bug into the coding.
Within 24 hours, the cryptocurrency dropped to $1.
It's seen as a way to invest in new startups or put money to work by lending out dormant crypto to eager customers.
According to Gizmodo, the YAM token is a cryptocurrency that was originally designed to do nothing and be completely valueless.
Founder Brock Elmore says the YAM token is supposed to be a 'minimally viable monetary experiment.'
The token went on sale on August 11th, 2020, and savvy crypto investors drove up the price to almost $180 on August 12th.
A few hours after the project reached a $460 million market cap, developers accidentally injected a bug into the coding.
Within 24 hours, the cryptocurrency dropped to $1.
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Published
Aug 14, 2020
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