Scam Projects: How to Detect?

[therozaq]

As long as there is no special agency that handles new projects before they carry out a private sale or public sale it will be very difficult to detect that the new project will have fraudulent intentions.  Launchpad, like the one held on the binance exchange, helps in some way reduce new project scams.

talking about launchpad in binance, I agree It reduces scam project.
but to detect scam projects, it's really difficult.
We always see scam projects, scam team and take account of them.
maybe other member can explain about how to detect scam project.

[Stuart]

It is not really easy to detect which project is a scam project and which is a profit driven project. Even, most successful projects still ends up scamming its users in one way of the other, so it is not really easy to detect which is not a scam. Though, with some observations and research about the project and team managing the affairs of the project, such as active social media platforms with info coming in and out on every meetings, active team members ready to keep all participants and investors updated with the growth of the projects. Team members that are ready to answer any doubt questions and give the best reasons for the success of the project. And some other things that will be of a useful tool to help.

[Pitter]

Scammers are always appear in the crypto world. So always have to be careful. Everyday there are many projects are coming in the crypto world and all of them are not legit. There many projects are called scam project dui to their intention or many other things. Before select any project you need read their white paper. You should browse their all the links. You have to understand what they really want and their activity. I think those are the important issues to find a scam project or legit.

[Rds3b]

Currently the scam project is much more so bounty Hunter Most are deceived.Small bounty  Hunter They do not understand well that any project is a scam.But now we have the ability to understand the way the project is going. So we have to work on the project knowingly or we will be deceived.

[Hometown]

Not very easy to identify a scam projects or fuad projects but scam projects have some features that seems to be a scam... scams project have poor community, no team management and Whitepaper. Scams project have no definite roadmap.

[owlest]

Not very easy to identify a scam projects or fuad projects but scam projects have some features that seems to be a scam... scams project have poor community, no team management and Whitepaper. Scams project have no definite roadmap.

It seems to me that all this can be faked. But it is very difficult to build a community that is really interested in the work of the project. You can still see and check if the investors are real.

[Dora Walletinvestor]

As long as there is no special agency that handles new projects before they carry out a private sale or public sale it will be very difficult to detect that the new project will have fraudulent intentions.  Launchpad, like the one held on the binance exchange, helps in some way reduce new project scams.

talking about launchpad in binance, I agree It reduces scam project.
but to detect scam projects, it's really difficult.
We always see scam projects, scam team and take account of them.
maybe other member can explain about how to detect scam project.

While I don't think there is a method that's 100% accurate in detecting scams, doing some research can go a long way. If you look at a project and its website, you should ask questions such as, are they transparent about the team behind the project, do they have a sound value proposition, do they communicate clearly and give good answers to questions if you contact them via customer service or social media, etc.

[Lifetime]

I have been with the cryptocurrency industry for years though I am more of an observer rather than a very active participant. Through the years, I have so many scams in this industry as many scammers are taking advantage of the new market and a big number of people who are getting interested with cryptocurrency. Sad to say that my first coin was not actually Bitcoin but something that eventually became a scam.

With this in mind, whenever I am looking at a new project or a start-up in cryptocurrency, I look for possible red flags like the team...the more open and communicative are the team members especially in their own group chats the better the chances that they will not eventually run though of course there is always no guarantee for this.

Then I always look at Google for accusations of being a scam. And I think Reddit can be a good site for this. of course, there can also be baseless accusations or those not proven to be true just like my experience with Origin Protocol when someone accused it of just using copied WhitePaper but it eventually grow into a legit and highly valued platform.

One of the big barrier in establishing credibility of a project is the fact that our interactions are limited in the world of online...unlike if you can go to their office (if they have one) and rub some shoulders with people who are starting the project...though again this is not a 100% guarantee whatsoever.

Please share your ways and means in analyzing a project so we can avoid being scammed...again!

Now, the level of scammers has also increased and they create projects that seem very quality and very good ideas like GameFi or NFT. It is very difficult to confirm whether a project is a scam or not, we should only focus on finding really good projects based on the partners, investors, team and solutions of the project.

[owlest]

While I don't think there is a method that's 100% accurate in detecting scams, doing some research can go a long way. If you look at a project and its website, you should ask questions such as, are they transparent about the team behind the project, do they have a sound value proposition, do they communicate clearly and give good answers to questions if you contact them via customer service or social media, etc.

Determining a project for the fact of fraud is difficult enough. In this case, there are many factors to consider. And even if one is in doubt, take it seriously.

[DAMKAR]

While I don't think there is a method that's 100% accurate in detecting scams, doing some research can go a long way. If you look at a project and its website, you should ask questions such as, are they transparent about the team behind the project, do they have a sound value proposition, do they communicate clearly and give good answers to questions if you contact them via customer service or social media, etc.

Determining a project for the fact of fraud is difficult enough. In this case, there are many factors to consider. And even if one is in doubt, take it seriously.

agree, I think It's difficult to detect scam project.
I have joined several bounties, learn their projects Nd man behind the team.
But Several of them , also scam. Never distribute their tokens.
So, Its really difficult mate.

[owlest]

agree, I think It's difficult to detect scam project.
I have joined several bounties, learn their projects Nd man behind the team.
But Several of them , also scam. Never distribute their tokens.
So, Its really difficult mate.

Bounty projects are a completely different category. By the way, there are even more of them in it. But how to distinguish fraud in projects that are already on the market is a big question. After all, someone still believes that even Bitcoin is the main bubble of the cryptocurrency.

[LaZim]

Currently the scam project is much more so bounty Hunter Most are deceived.Small bounty  Hunter They do not understand well that any project is a scam.But now we have the ability to understand the way the project is going. So we have to work on the project knowingly or we will be deceived.

Now good projects receive little investment, and scammers have moved to another level.They go on telegram chats and offer to invest in their project.But there are fewer and fewer such projects.People have become smarter. It was a huge number of them in 2017, when everything started.

[Google+]

So far from my experience it has been very difficult to determine whether the project is a scam or not because most of the fraudsters evaluate and try to keep it going well and it doesn't appear at first that you want to scam, so wherever you are and whatever coin you want you buy you should be able to examine more deeply.

[Afony]

Right now there are fewer fraudulent projects than there were before, and it's so difficult to determine what kind of project it is and what its goals are in terms of fraud. Unless they don't want to bother and make a lot of mistakes.

[collinsjie]

I must say that it is not always easy to detect fake projects. But I used to look out for the following things. First is the website and I will check if the website is standard  enough and free for grammatical errors, the roadmap and I  will check what they have done and their next of tasks. Secondly, I will check their whitepaper how professional it is. I will also check if there is any errors in the whitepaper. Thirdly, I will check the team member and I will check if there is any of the member that is verified. Fourly, I will all the social media how coordinated it is before I will draw my conclusion about the project.