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

Poor Programming Practices Lead to the Failure of New Cryptocurrency
Wochit Entertainment
276 views • Aug 14, 2020
Poor Programming Practices Lead to the Failure of New Cryptocurrency

About this video

Decentralized finance, or DeFi, is a new buzzword popular with fans of cryptocurrencies such as BitCoin.<br />It's seen as a way to invest in new startups or put money to work by lending out dormant crypto to eager customers.<br />According to Gizmodo, the YAM token is a cryptocurrency that was originally designed to do nothing and be completely valueless.<br />Founder Brock Elmore says the YAM token is supposed to be a 'minimally viable monetary experiment.'<br />The token went on sale on August 11th, 2020, and savvy crypto investors drove up the price to almost $180 on August 12th.<br />A few hours after the project reached a $460 million market cap, developers accidentally injected a bug into the coding.<br />Within 24 hours, the cryptocurrency dropped to $1.

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Views

276

Duration

0:45

Published

Aug 14, 2020

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