Altcoins Talks - Cryptocurrency Forum
Learning & News => Tokens/Coins Offerings (ICO, IEO, etc.) => Announcements [ANN] => Crypto Reviews => Topic started by: TomPluz on June 18, 2020, 06:10:37 AM
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How you guys determine a possible ICO/IEO scam...what are the usual red flags that can turn you off in investing money in a new project? For me, in many cases, fake or plagiarized WhitePaper and can be a big NO much more if there will be proofs that anybody in the team is just another fake...these things can make me run away fast.
Aside from those two above, what are the things you look in a project that can lead you to shun it away and never open your wallet and invest?
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Determining whether a project is a scam is really hard, but here are some of my criteria:
+ Website is poorly completed;
+ Whitepaper is plagiarism as you said, or of poor quality;
+ Unable to verify the identity of the team;
+ Activities on Facebook/Twitter are not numerous;
+ Do not participate in events in the crypto world;
+ Providing unreasonable profits;
+ Using a lot of false information to deceive investors;
+ Using deceptive advertising tools;
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Team verification and history in the crypto world, anonymity of team increases chances of scam, price prediction is another indicator I use filter scams or fraudulent projects. Fake projects are all about price, predicting ambitiously high price for a token without utility or working product.
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Determining whether a project is a scam is really hard, but here are some of my criteria:
+ Website is poorly completed;
+ Whitepaper is plagiarism as you said, or of poor quality;
+ Unable to verify the identity of the team;
+ Activities on Facebook/Twitter are not numerous;
+ Do not participate in events in the crypto world;
+ Providing unreasonable profits;
+ Using a lot of false information to deceive investors;
+ Using deceptive advertising tools;
Very helpful sharing, I have also adopted these rules when evaluating a new ICO project.
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Determining whether a project is a scam is really hard, but here are some of my criteria:
+ Website is poorly completed;
+ Whitepaper is plagiarism as you said, or of poor quality;
+ Unable to verify the identity of the team;
+ Activities on Facebook/Twitter are not numerous;
+ Do not participate in events in the crypto world;
+ Providing unreasonable profits;
+ Using a lot of false information to deceive investors;
+ Using deceptive advertising tools;
All necessary information you have done very smoothly and easily. + for quality reply.
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Determining whether a project is a scam is really hard, but here are some of my criteria:
+ Website is poorly completed;
+ Whitepaper is plagiarism as you said, or of poor quality;
+ Unable to verify the identity of the team;
+ Activities on Facebook/Twitter are not numerous;
+ Do not participate in events in the crypto world;
+ Providing unreasonable profits;
+ Using a lot of false information to deceive investors;
+ Using deceptive advertising tools;
Thank you, for your answer, novice learning.
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There are lots of ways to use in identifying a scam project before investing into the project. Just as MrSpasybo has listed above, I also use the YouTube channels and reviews from other youtubers to check about it authenticity. The project team, activeness of the official telegram group, channel and twitter post is another factor to check, the website and its whitepapper. Also, if one as a newbie does not understand these, using some website reviews and videos too can be useful at last.