Scam Projects: How to Detect?

[Zezari]

It will be difficult for a beginner to recognize scam projects, you will need to look very hard at all the pages of social networks of this project. Also see the developers of the project, it needs to be done to protect yourself from scammers.

[KaliLinux]

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!

That highlighted section you mentioned might not really be a valid point to judge a project by. I remember back in 2017 when Cardano (ADA) was listed on Bittrex exchange, I bought quite an amount and later realize I don't know anything about the project so went to Google, most of the info I got about ADA then wasn't good, that is was a scam project and some other negative news, I quickly went and dump the coins Immediately as I made a few profits and here we are today and Cardano is one of the sorted after project.

[viki]

Now there are a lot of fraudulent projects, it is very difficult even for an experienced person to understand where is a good project and where are scammers.

[mahadev]

Now there are a lot of fraudulent projects, it is very difficult even for an experienced person to understand where is a good project and where are scammers.

Maybe there are several strategy to detect scam projects.
But It's really difficult to do.
Learn the White paper, roadmap, Dev team, etc
But I still get scam project.

[vitek146]

1. Research the Project via etherscan/bscan
2.  Check the roject’s roadmap and purpose
3. Check contract audit
4. Check social media and activity
5. Check the team
6. Remember that investments are always risky.
While scammers get smarter each day, crypto users must get smarter too. Users should learn to limit avoidable losses. No doubt, more scam projects will be launched. It is the duty of crypto users to cautiously avoid scam projects and exploiters.

[Blaze]

Currently, in my opinion, detecting scam projects still looks difficult because sometimes the project developers at the beginning still look very responsive so that it makes investors and participants find it difficult to know if this project is a scam or not.

[lepbagong]

Currently, in my opinion, detecting scam projects still looks difficult because sometimes the project developers at the beginning still look very responsive so that it makes investors and participants find it difficult to know if this project is a scam or not.

Proving that a project is not good or fraudulent is not an easy thing and I agree with what you said one thing to do is always be responsive at the start of the project. obviously that's not all they do for fraud they have studied well and prepared all the supporting tools well so that it is not detected, because they have studied everything well before actually jumping into a new project to cheat.

a slightly improved way is now being done by BM to prepare an escrow wallet to accommodate coins early when the project will be run so that there is a sense of trust that can be shown even though it is not guaranteed because many tricks are done to cheat, but at least there is protection from the start.

[TOP_ETH]

how to avoid a scam project, I also haven't been able to find a way to avoid a scam, maybe I can carefully minimize the risk and information available

[Lanirex]

We can actually easily detect scam projects, so that we don't fall into their traps. 
See White paper, rodmap must be clear and no less important is the team from the project. 
Because it is very likely that the project will be Scam if the project consists of fake teams, and that has often happened.

[gunhell16]

Scam projects are too difficult to determine, because they are smart and good in pretending and especially they are also
good in hyping people to attract them to invest to their coins and make a lot promises to get the trust of the community then
once they hit their target, all of a sudden they will disappear, just like that.

[de_prof]

Scam projects are too difficult to determine, because they are smart and good in pretending and especially they are also
good in hyping people to attract them to invest to their coins and make a lot promises to get the trust of the community then
once they hit their target, all of a sudden they will disappear, just like that.

Yes, I think scammer is smart people with bad attitude.
I think It's really difficult to detect scam project, we should learn their white paper and roadmap also always follow their social media account

[Freemind]

As I think I already said once, there are many ways to "detect" when a project is a scam, but even so when it seems that everything is going well and the identity of the team members is public and everything seems to be in order, there are still risk. Sometimes the little details are the most important, such as a lack of technical knowledge of blockchain on the part of the developers, which is why I always ask questions like that. But we can never be totally sure that a project is 100% legit.

[hobo66]

Realize about the the team and founder of cryptocurrency project. First you will be aware of the scam by knowing about the project manager after that realize their rules it can be helpful for you to know regarding the scam project. But i just think that it is sometimes become difficult because there is no such evidence with the help of which you can educate yourself about scam.

[gurunanakji777]

I feel it's not easy to detect a scam project at first sight basically experience teaches us which project we should join or not. Generally, I believe if the team is lethargic or we can say not active on their social media platforms and admin hardly replies on social media platform such projects should be ignored in my opinion because most probably such projects most of the time end up as failed projects or scammed projects.

[Orange89]

There are a lot of ways to determine whether a project is real or scam while looking at their Twitter handle and their followers the second way if by looking up their roadmap and the their way with their ido. Ico they are running a famous and trusted platform or not