Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Domithra on August 10, 2019, 05:32:40 AM
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Fraud and scam has become a major concern in crypto and this has brought several losses to crypto investors across the globe. With this, it is very imperative to know when a project turns out to be scam. Sometimes it can be known when the team fails to deliver what the whitepaper says, no telegram activities from admins, closure of the website, no token distribution, no major information from team etc. What are some other ways to know when a project turns out to be scam?
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the team fails to deliver what the whitepaper says, no telegram activities from admins, closure of the website, no token distribution, no major information from team
You almost stated all the signs of a scam project. Usually, there are no updates again on their telegram group and all social media channels. While all bounty hunters complain on the telegram bounty channel, there are no responses at all. Or they will say the delay for rewards distribution again and again. :D
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You can hardly determine a cryptopara unit to become a fraud, but it depends on the progress of the project and the ability of the people in that project to do it well.
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now I realize how much scams in the crypto world daily lots of scams and fraud happening and no one here to solve the issue regulation not seen in near future even G20 summit no one talk about cryptocurrencies that means no one care about it thats not a good sign for investors and for crypto people will leave this scams very soon if nothing happen
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no token distribution
It can be a sign of a scam project. But, even if the tokens can be distributed, it doesn't always mean a good project. There were already many examples of this. They distributed the tokens but after several weeks/days, they disappeared. All tokens cannot be traded for sure, because people already know that the tokens are only garbage.
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Sometimes it happens just in one second. I participated in Neutro bounty, the team was very active in its social media and also at the telegram. In one second they turned off their website, Twitter and also they disappeared from telegram
In such case you cannot do anything.
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There are other several ways. try use google to search the owners of the project. there are tools in the internet that help you scam faces involved in the project. some presents fake identity and sometimes becomes a tedious task for investors unmasked the real identity behind the project. some are all copycats. that is why everyone needs to research a little before investing.
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I still have difficulties to determine a scam project. The scammers really already become smarter. They can make a project with a good looking and interesting plans. But after they finished their ICO/IEO, they go away and provide no updates anymore.
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It is very difficult to find out. Only when there will be criminal responsibility for it then will there be only true projects. Now it's a lottery. The project is now and tomorrow it is gone
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one of the features of a fictitious project is that the rules published are unclear, including future project planning. more importantly, there is no white paper published as a guide for running the project.