Altcoins Talks - Cryptocurrency Forum
Archive => Sorting Box => Topic started by: maicodon on January 07, 2019, 09:05:04 PM
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Were you a victim of any scam ICO in 2018?
I was and I learned some serious lessons.
You can't completely stop scam ICOs in the crypto space but you can avoid it. Here are some ideas:
First, understand that 5 out of every 10 new ICO offers are complete scam.
This is not to discourage you. But to serve as a caution. The cryptocurrency world is full of stories of people who are either getting hacked for their precious digital currencies, or they are falling into scams and traps.
Because of the decentralized and open nature of the cryptocurrency world, protection is not freely offered. Users are rather expected to be savvy enough to not fall for scams and traps, but that takes some work.
Below are important things you must know about scam ICOs and some tips on how to avoid them.
1. Scam ICOs are not that easy to spot, as some believe themselves that they are legitimate. What you should be looking for is proof of endorsements and involvement from reputable figures, as well as a legitimate team.
2. Scam ICOs do not have comprehensive Whitepapers.
When it comes to ICO investing, the Whitepaper is your go-to to determine if the company has a clear plan and idea, or if they are simply waffling on about nothing particular.
3. Scam ICOs do not provide honest answers to questions on their social media communication channels. Engaging supporters in an honest and direct communication is a cornerstone of building a successful ICO. Be attentive to the way projects communicate and react because there can be some clear telltales that something is not right. The team gives hazy and unclear answers to straightforward questions, and suddenly a throng of people with the same name appears on the project’s communication channels, claiming to be part of the team.
4. Scam ICOs do not provide clear and well-defined terms of participation. You should pay attention if contribution ETH address is published only in one, public place (don't send your funds to any addresses that have been sent to you via DM or email), while bonuses and all relevant dates must be set and predefined well in advance.
5. Scam projects will often make bold claims about their product even though the said project offers nothing new or disruptive. It’s not likely that a certain blockchain platform or cryptocurrency will end poverty, fix global warming or replace the internet. This can also be true for how they expect the community or markets to respond to the product. If someone claims their cryptocurrency will
replace Bitcoin, get a disproportionate amount of users, or increase by 100x in the price charts, you can add that project to the scam list.
6. Scam ICO projects parade fake team members. They use fake photos of people who don't even truly exist. Check out those people on Google. Visit their social media profiles. If you cannot get any meaningful information about their experience in the crypto industry or related fields, you may be about to throw away your money. To better vet team members, remember to check all social profiles. Do they look real? Anyone can create a social media account to get credibility, so you need to check when the account was created and the activity it has so far.
7. Scam ICOs are usually spotted by experts. Before you make any financial commitment talk to other experts. There are experts around who specialize in financial research. Seek advice from them. Check online forums for reviews of the project.
I hope this helps.
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This is a very nice and informative list. I have to admit that I haven't thought about the mentioned signs that I must look for. Number three, four six and seven are the best. Always someone else provides different view and information. The experts are needed as they have the knowledge to find out scam ICO's. Many ICO's will come up this year, so this list is a must have, to avoid getting scammed. Thank you very much, and to all crypto enthusiasts, I wish for a series of profitable trades this year.
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It seems to me that it is not always possible to distinguish mashennikov from good projects, I have been working with cryptocurrency for more than a year and I already have good experience, but I also fell into fraud because it is not always possible to distinguish fraudsters from good projects
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I agree with you that scam ICOs are commonly spotted by experts. We need to follow the information from experts, and ask to experts that we know before joining an ICO project. If we have joined in some crypto groups, it is much better.
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I think an attempt to teach people to find such projects, with Rodney how to explain to a person the system, how to hit the ball.
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Scam ICO would postpone crowdsale without indicating when it will start next time, and also they won't give out airdrop tokens and bounties
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I usually look for conference photos with the team on their social media and compare it to the team that exist on their website or much better a video of them.
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Привет всем ! На данный момент отличить реальный проект от скама очень просто , к тому же существует достаточное колличество платформ , где проекты проходят жесткую модерацию .
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Although you have passed the main signs of such projects, but without your experience it is simply impossible to determine these projects, especially for beginners.
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Such a good idea I have got from your suggestion list and I think it's helpful to every person specially for beginners. And your information is absolute and working words. Specially thanks to you for the valuable words :)
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Quite a good list in which there are no banal phrases from the series - do not invest in fraudulent projects.
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seriously I am here that other community is gradually coming up. everyone should not cloud on bitcointalk.
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Although you have passed the main signs of such projects, but without your experience it is simply impossible to determine these projects, especially for beginners.
I agree that without experience it is hard if not impossible to understand whether it is a scam or not. Maybe the only option is to make a research about a forthcoming ICO, talk to more experienced people
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This is a very nice and helpful tips/ideas to everybody i am very proud to this kind of people who do shares even their bad experiences and give warning especially to the new comers in crypto, to avoid such incident to our fellow mates.,and thank you to this because i may be the one who did this kind of matters and follow what you've stated above.
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I completely agree with the aftor, thank you very much for the information.
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You can always understand the real project or not. Read the White Paper and study the project. The project should cover a vast market and community. Read reviews on social networks. The project should be useful to cryptoindustry.
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You can always understand the real project or not. Read the White Paper and study the project. The project should cover a vast market and community. Read reviews on social networks. The project should be useful to cryptoindustry.
True, but even scam ICOs had a perfect WP, and an advisors list, and so on. I don't think it is possible to get to the bottom of any project just by reading their official information. Everybody presents themselves the way they want, showing only good side
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I can't stop but to agree with you. The problem has been that even after following all the basic guidelines to identify a scam project.