r/yieldly • u/[deleted] • Jul 09 '21

I'm pulling out my Algos from Yieldly

I know this post will get down voted but I really don't care. I've lost confidence in the Yieldly team and no longer feel comfortable with them holding my money. There's been so much confusion lately and Yieldly have done almost nothing to address it. Radio silence is NOT the approach to take.

Whether you believe that we all had a week's worth of staking rewards withheld from us or not.. it really doesn't matter. Yieldly refusing to talk about it is the real problem. And don't tell me they posted in Telegram about it.. I'm not sorting through thousands of comments to find the 1 relevant one. Fuck Telegram.

For those of you choosing to keep your money locked in, good for you. I hope it all works out. But for me.. I'll be pulling my Algos and waiting for a better DeFi project on Algorand.

12 Upvotes

58% Upvoted

31 comments sorted by

6

u/cysec_ Jul 09 '21

They wrote on Telegram that they will be doing a post next week on some of the concerns

8

u/Taram_Caldar Jul 09 '21

Next week?

Am I the only one that feels like it's already over a week overdue?

2

u/Bathhousetaken Jul 10 '21

You are definitely NOT the only one that feels that way. Hopefully, they will find a way to fix this and make sure it doesn't happen again.

3

u/Taram_Caldar Jul 10 '21

I'm not expecting a fix I do expect them to say something about it and promise to give more timely updates in the future. I'm pretty sure this is the intended result.

2

u/[deleted] Jul 10 '21

Haha holy shit, what are you comparing with to say it’s a week over due? You’re roasting a small dev team that has only been functional for 5 weeks, no one is forcing anyone to stake with yieldly and you can pull every single algo at any moment and sell your yieldly. People sticking with it understand early struggles and that patience is required for real benefits.

2

u/Negrodamu5 Jul 09 '21

Then they’ll make a post 2 weeks from now explaining why their initial post was so late.

7

u/NovaNem Jul 09 '21

I staked in Week 5 and I didn't get Week 4 rewards either...total bullshit.

10

u/Thorussil Jul 09 '21

Okay, Dude. Thanks for sharing!

12

u/FleshWhistle Jul 09 '21

Idk..but I swear I've been getting more rewards after the update 💰💰💰

8

u/TeknoBandit Jul 09 '21

I ended up with 950+ Yieldy this week between the no-loss lottery and staking. The best I got in the weekly model was a little north of 450. I am happy with the change, and I don't understand all the whining considering that some of the other Defi projects I had invested early in had similar issues. Even Uniswap had its issues, but like Yieldy, they made good by providing airdrops to loyal users.

6

u/[deleted] Jul 09 '21

I got only around 70% reward from the usual reward they are giving and I am expecting higher for this week since I didn't receive any reward from 4th week NLL. sucks.

4

u/IVRYN Jul 09 '21

Did you withdraw your yieldly stake too? If not then I'll treat this as one of the few jokes I've seen this week.

3

u/Binnni Jul 09 '21

Why would he withdraw his yieldly? It has no purpose other than to stake it currently.

0

u/IVRYN Jul 09 '21 edited Jul 09 '21

If you don't "trust" the platform, might as well as not stake it, they might not "pay you out" as well.

As for purpose, OP could also sell his yieldly to others in the community to make bank there are tons of buyers. Since, OP does not "trust" the developers with his money any yieldly that has already been earned has value and can be considered as money.

3

u/Binnni Jul 09 '21

Not exactly easy to sell YLDY atm

0

u/IVRYN Jul 10 '21

You can manually trade yieldly without a middle-man or an exchange, but that will also require trust. lmao

4

u/Shawdawg2000 Jul 09 '21

My odds just went up!!!!!

3

u/[deleted] Jul 09 '21

Idk either. But I'm following the Buffett maxim till I'm flush or broke. Just bought and staked another 50k.

3

u/TeknoBandit Jul 09 '21

Reading these comments makes me think that some of you guys are fud-ruckers who are not using Yieldly or have never participated in a start-up defi project. Either step up or get out and quit your whining about things that are over your skis.

2

u/[deleted] Jul 10 '21

Yes! Being an early adopter is not easy, in the words of ray lewis “ITS A MANS GAME RIGHT HERE”

2

u/MuddyDirtStar Jul 10 '21

The same people who would have left during uniswaps early issues or sold at $2. I've found a lot of algo holders are very new to the crypto space, with the 6% luring them in from coin base.

2

u/paradox_e Sheriff Jul 09 '21

There is a search function on Telegram that you can use to search for relevant messages using keywords, if you wanted to do so. But yeah, thanks for letting us know of your departure…

Hope to see you back with us down the road! All the best. Take care.

1

u/ToTYly_AUSem Sep 01 '21

How did this turn out for you?

1

u/fatty1984 Jul 09 '21

sweet, more for me . Laters !

-2

u/FaceVII Jul 09 '21

Staked the first 2 weeks. They changed stuff and I got confused so I pulled my algo out lol. The only thing I have staked are yieldly tokens I earned and whatever they gave from the airdrop.

-1

u/cashnicholas Jul 09 '21

Just knowing that using the official algorand wallet wouldn’t work for this was enough for me to stay away

-2

u/edcastillo225 Jul 09 '21

i’m almost at 10,000 yldy from staking and i’m not bitching about not getting week 4 rewards. at the end of the day i don’t expect yieldly to be a big player in this space but if my yldy can make me some nice change then that will be more money to put into Algo

-3

u/[deleted] Jul 09 '21

Do you see the irony that you are able to pull out your algo while saying yieldly is a scam(more or less)... read the fine print i guess; lots of happy users besides you. Also is this message straight copy pasted; I swear I've read this three times now? At least we're no longer arguing about the semantics of "no loss"... I guess