07/25/2024
BTC65,002.0
ETH3,484.68
USDT1.0
BNB568.06
SOL157.29
USDC0.999778
XRP0.558942
DOGE0.131511
BUSD0.998069
Reviews
What Is yPredict and Is It a Scam? Reviews, Opinions and DYOR
01/16/2024

What Is yPredict and Is It a Scam? Reviews, Opinions and DYOR

01/16/2024
4,2

Let's figure out whether the new project for research and analysis in the field of trading yPredict is a scam or not.

yPredict is a trading research and analysis platform, operating on the Polygon network. This platform makes use of artificial intelligence and machine learning to analyze financial markets and collect data, thereby offering a range of sophisticated predictive tools to enhance trading strategies. yPredict's trading models undergo verification by its DAO members, ensuring reliability and accuracy. 

In September, yPredict launched a beta version of it first product WriteMingle, an AI-driven tool for content generation and collaboration. This tool is currently being evaluated by community beta testers. yPredict's portfolio is expanding, with several products under development including yPredict Predictions, yPredict Analytics, yPredict Repository, yPredict Terminal, and yPredict Marketplace.

The platform's primary objective is to equip traders with valuable insights for making well-informed trading decisions. It unites AI/ML experts, financial quants, and seasoned traders in a collaborative effort to develop diverse analytical tools and platforms. These tools incorporate the latest in financial forecasting methods and metrics, utilizing alternative data sources to enhance the precision of trading decisions.

Source & Copyright © yPredict

yPredict also introduces an original prediction marketplace, targeting two key groups in its ecosystem. Developers are invited to contribute their predictive models to the yPredict platform, creating opportunities for passive income. Traders, on the other hand, can acquire YPRED tokens to access subscriptions for these models, receiving real-time trading signals. Additionally, owning YPRED tokens grants traders complimentary access to the yPredict Analytics platform and high APY staking reward pools.

YPRED tokens are tailored for the ecosystem's core participants — developers, quants, analysts, and traders. The goal is to foster and sustain yPredict's growth and economy, strengthening the platform for all participants.

yPredict Reviews and Opinions: Reddit and X

The overall sentiment from both Reddit and Twitter appears skeptical. While some hold out hope for yPredict's success, many express doubts and advise caution, particularly in light of potential risks like rug pulls and wallet drains.

Reddit Community Feedback

The Reddit community seems divided, with half believing in yPredict's potential and the other half labeling it a scam.

"Maybe they’re legit but I have a feeling most of what they raise goes right back into marketing to get more suckers investors for the next stage," one Reddit user noted

Regarding the company's activity, a user pointed out, "It's almost $4m now... There's a proper audit of their code but there hasn't been any activity on their contract over 4 months."

The contrast between media presence and scam allegations is stark: "It seems crazy that something that’s been heavily reported on since February 2023 would be a total scam."

A Reddit user expressed doubts about the true purpose of yPredict's token within its ecosystem. They mentioned that the project heavily relies on marketing tactics and buzzwords without clear utility for the token.

A critical view was shared regarding the founder, Raj Sharma, and the team's technical credentials, particularly skepticism about the claimed expertise in AI and blockchain. "ypredict is most DEFINITELY a scam... the founder is some guy called Raj Sharma who is less impressive technically than a turtle", one redditor suggests. 

X Users' Feedback

The majority of Twitter mentions were negative, with users warning about scam signs, reporting lost tokens and expressing regret over their investment.

“They removed the hour meter concerning the end of the presale internships, it is one of the first signs of scams, then the beta version of their prediction application is still not operational, what more can I say, wait for the end of the presale to find that be a scam”, one user warns. 

Tweets such as "where are my promised tokens?" and "my coins disappear" were found, indicating issues with token distribution or retention.

A regretful investor shared, "I was dumb enough to invest $100 in yPredict. We're more than likely not getting anything out of this project except a lesson in due diligence."

Our X's followers also decided if the yPredict project is a scam or not in a poll, and answered the following:

Founders and Investors of yPredict

Originally established as Alpha Trades in 2022, the company underwent a rebranding in early 2023, adopting the name yPredict. 

The yPredict team is said to be comprised of highly skilled developers, including three individuals who hold PhDs. The team is led by Raj Sharma, the founder of Renske Technologies Inc. Raj is renowned for developing and distributing sophisticated software solutions to a broad customer base. 

Source & Copyright © yPredict

Chirag Purohit, with his 12 years of experience in the tech sector, serves as the Chief of Technology. The AI division is under the guidance of Sirojiddin Nuriev, who brings a rich background in machine learning and deep learning. The team also includes Haidar Ali, a seasoned blockchain developer, and Muhammad Hashim, who leads the UI/UX department, contributing their specialized skills to the collective strength of yPredict. The team has not reported any external investments so for. 

Community, Website, and Social Media Accounts

Platform X Telegram YouTube
Subscribers 24,7k 25,1k 581
Comments 30-40 comments per post on Average active chat discussion 10 comments per post on Average
Reposts 50-60 reposts on Average ------ ------
Engagement medium-high medium-high low-medium
Community Power 3 from 5 4 from 5 2 from 5

The analysis of yPredict's social media channels reveals a project with a substantial potential audience but lacking in active engagement. 

The yPredict Telegram group has over 25,100 members, however, the group's administrators are primarily early investors, with no apparent representatives from the yPredict project itself.

The YouTube Channel has only 581 followers. It features 4 videos, each having less than 10,000 views and minimal comments.

yPredict's X account has around 24,700 followers. Notably, this follower base does not include prominent names from the crypto industry, such as well-known projects or influencers. The account's engagement levels, including comments and reposts, are low.

Project's website is full of information that is really important for the decision making, whether to invest in the project or not. However, as we know, we can't fully rely on everything that is said in the Internet. But at the same way the website is made in a good way. 

Tokenomics: Supply, Allocation, Use Case

The PRED token is the utility token within the yPredict ecosystem. This token is designed to motivate developers to share their predictive models on the platform, while traders utilize these tokens to access and subscribe to various predictive models available, receiving real-time trading insights as a result. Additionally, YPRED acts as the primary and more economical payment method for marketplace subscriptions and all premium features on the yPredict application.

Holding YPRED tokens grants users complimentary access to the yPredict Analytics platform, along with the opportunity to participate in high APY staking reward pools. Notably, these staking pools differ from the conventional model, as they do not rely on a fixed liquidity derived from a predetermined token supply. Instead, liquidity is sustained by allocating 10% of each new user's YPRED deposit, aiding in maintaining relatively stable APYs.

Source & Copyright © yPredict Whitepaper

Of the total 100 million token supply, 80% has been distributed across eight presale rounds. A portion of 10% is earmarked for liquidity provision. The remaining tokens are divided, with 5% securely locked in the treasury and the final 5% allocated towards the ongoing development and enhancement of the yPredict ecosystem.

yPredict Current Price and Price History

YPRED, the native token of the yPredict ecosystem, is presently in its presale phase, priced at $0.11 per token. To date, the presale has successfully raised over $5 million. 

Source & Copyright © TradingView

Bottom Line: Is yPredict a Scam or Not?

The analysis of yPredict reveals a picture with both positive aspects and concerning elements. While there are commendable features, there are also significant red flags that potential investors should carefully consider.

yPredict's website is well-equipped with essential information, including an audit report, a detailed whitepaper, smart contracts, and a clearly defined roadmap. Such transparency, particularly regarding the team's identity and project plans, is a positive indicator in the crypto space.

The absence of partnerships with renowned projects in the crypto industry is noticeable. Partnerships are often a sign of a project's credibility and integration within the wider crypto ecosystem. Being in its early stages, yPredict has not yet secured backing from renowned investors.

A significant number of negative comments and warnings about potential scams on social media platforms like Reddit and Twitter highlight a prevailing low trust among the community. This level of skepticism from users is a critical factor to consider.

Given the available information and considering the above factors, we consider that yPredict carries a high level of risk at this stage.

How useful is this article for you?
Thank you for your review!

Subscribe to Cryptonica.News
on social networks

The materials found on the Cryptonica website shall not be taken as individual investment recommendations. The financial instruments or operations mentioned therein may not align with your investment profile or objectives. We assume no responsibility for any missing facts or inaccurate information in the texts. Cryptocurrencies are financial assets with high risk and volatility. Therefore, it is crucial that you conduct your own research on financial instruments and make independent decisions. Before engaging in any actions related to cryptocurrency, you shall study, understand, and comply with the laws applicable in your region and country.


Explore more

Amp (AMP)
$0.00404924
-1.89%
Buy
Core (CORE)
$0.102316
-1.17%
Buy
Dash (DASH)
$27.91
0.05%
Buy
EOS (EOS)
$0.607032
-0.75%
Buy
IQ (IQ)
IQ
IQ
$0.00651663
9.67%
Buy
Polygon (MATIC)
$0.549545
1.89%
Buy
Quant (QNT)
$79.26
3.23%
Buy
TRON (TRX)
$0.136309
-0.43%
Buy

News

Bitcoin Climbs Above $66,000

Bitcoin Surged to a Two-Week High of $63,000

HowTo

What is a HoneyPot in Telegram and how to recognize scammers?
Combo cards in Hamster Kombat: What are they, and how to get the reward?