Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => DeFi tokens => Topic started by: Jaephoenix on December 11, 2020, 03:13:29 PM
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ICO is stone dead(RIP) and IEOs are on its death throes. Now its Decentralized Finance season and everyone and his pet cat are launching projects, and slapping DeFi on it. I would be attempting to point out the points to look out for in scammy DeFi projects.
1. Fake/Non-existent team
It is an increasingly common trend for scammers to invent fake founders and biographies for their projects, and stick it o their websites. Some don't bother at all. Having said this, some legit DeFi projects have anonymous team members. This point shouldn't be a deal breaker though.
2. No or almost no social media presence: These projects can go days or weeks without any posts or tweets. That's simply because there is absolutely nothing to report. They are simply waiting to snap up your cash
3. Poor Grammar
One of the hallmarks of a scammy project is a hastily concocted whitepaper. Even with the Google Translate, the website, whitepaper and blogs are bloated with poor or elementary English.
4. Poor and/or plagiarised whitepaper
This one is a no-brainer. From copied whitepaper content, blog news these guys copy content from successful projects and gleefully slam it on their whitepaper. Many times they are successful with this ruse.
5. Audits
I have made it a point of duty to always check if any DeFi project I associate with has an audit with a reputable and well-known firm. Audits simply mean if there actually is a real project and whether such tokens exist.
Final Thoughts
Never take my word as gospel. Some DeFi can still exit scam or rug pull even after fulfilling these conditions. Remember: ALWAYS DYOR
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Many a times ,it can't be easily idenfied a scam project. I already taken participated in many scams projects but they arrange their teams with real photos of others, they made strong team management, whitepaper original. Please see king casino, clipx and cindex . All projects are completed their ieo sessions on various exchanges.
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The DeFi project is currently seen as being mostly scammed. And you made a very valuable post about this. However, I think there is a man on the site of DeFi project. I think if they don't make a good decision, people will lose faith in the girl. And what approves must be a good decision before an end. So that people's faith grows again and here people start investing again.
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At a glance you can easily idenfied a scam DeFI projects..
1. Plagrismed whitepaper
2. Fake website
3. Scam/fake teammates, management
4. Undefined roadmap
5. Fake social media platforms
6. No community
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Many a times ,it can't be easily idenfied a scam project. I already taken participated in many scams projects but they arrange their teams with real photos of others, they made strong team management, whitepaper original. Please see king (casino), clipx and cindex . All projects are completed their ieo sessions on various exchanges.
I know what you are talking about. I participated in promoting all three of those stated projects, from KingCasino, ClipX and CindX. One thing common in those 3 projects was lack of social media presence. I noticed it odd that there was almost no new posts for days to weeks. ClipX's own was more apparent than the rest
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It is not easy to know the DeFi scam project, apart from in-depth analysis, finding out the truth of the company such as address, telephone number, email, company registration, etc.
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Yes it is easy to identify a scam project if an investor can take it time to analyze and do more findings about the project. But at times, it's not that easy. I will use MAC finance as a case study. I will not say much about the project but I'm sure we inventors know it's not what it used to be when it first started.. At times, even the team might not have that intention but they may change their mind as time goes on
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At a glance you can easily idenfied a scam DeFI projects..
1. Plagrismed whitepaper
2. Fake website
3. Scam/fake teammates, management
4. Undefined roadmap
5. Fake social media platforms
6. No community
Agree with you. However, some more information is needed to identify the scams. It is good to know the correct information about the team. However, I think the above issues predominate in identifying scams.
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At a glance you can easily idenfied a scam DeFI projects..
1. Plagrismed whitepaper
2. Fake website
3. Scam/fake teammates, management
4. Undefined roadmap
5. Fake social media platforms
6. No community
It's very hard to identify scam projects/ scam DeFI projects but many websites analyser developer . They easily find mistakes of websites, plagrismed whitepaper, fake projects team management and community. But hunters can't identify it.
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At a glance you can easily idenfied a scam DeFI projects..
1. Plagrismed whitepaper
2. Fake website
3. Scam/fake teammates, management
4. Undefined roadmap
5. Fake social media platforms
6. No community
Who scams projects with intelligent team management. They are very intelligent and they have a lots of hacking knowledge. So it is very hard to get any information from scammers team.
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scam DeFi projects may come in the future. But I think this is not a common occurrence. I haven't seen scam projects in most cases. So I think it has a spread.
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I have noticed many times that some projects of DeFi have worked.Therefore, it has been seen that some people have lost confidence in this technology. If the scam project continues like this, then the loneliness of the DeFi project will gradually decrease.
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Polkadot, YFI but these are actually DeFi's coins. But due to the sudden rise in popularity of these tokens, some of the trimmers who run the scam project have been given the opportunity to leave in the meantime. Their price and popularity will increase again.
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What if the web page only shows cartoon images on the faces of each team? is such a project any good? how to find out fake web page?
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This is very good alrt news that you are share. Already record number of projects are scam to this project. I think you are also right and you topic is true. But now some of managers are lounge some good project. I think this project is scam free projects. Because some of projects manager and community is very strong.
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Scams DeFI projects has
No Definite whitepaper
No Roadmap
No exact date of exchange listing
No social media community
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The rapid growth of the decentralized finance sector is indeed causing a lot of debate and controversy. projects in response to increased demand are forced to create millions of coins that are junk. It is the demand that creates new problems in the cryptocurrency market.
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I never believe that DeFi project is all scams. There may be some project scams as it has been seen that any project on DeFi platforms has actually been successful. For this reason, it has been seen that some scammers have swindled a lot of dollars by running scam projects. But I think more DeFi projects are much better and they still have a lot of profit if they invest in the tokens they have.
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Currently most of the DeFi's projects are scams. Currently the biggest problem with this project is me. If you look at all the other aspects of this project, you must understand that in the project High level project. Most of the DeFi projects in the country are listed on Binans Exchange. At present, this project is bringing a lot of good campaigns to the market. Hopefully this project will improve further in the future
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Thanks for the valuable information. When I start participating in DeFi projects, I always study this information and follow these criteria, but everything goes badly for me (
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Scams DeFI projects has
No Definite whitepaper
No Roadmap
No exact date of exchange listing
No social media community
Yes bro you are right. All the DeFi project campaigns that will be scammed can be understood by looking at all the projects. The reason is that all those projects do not have any community or road map on such social media. So we will always notice these issues so we can catch the scam projects ourselves. We invest a lot of time but we will invest after targeting these issues.
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Until now, I am still looking for a scam DeFi project that cloned a previous DeFi project but hasn't found a list yet.
If it's a new DeFi project and we want to investigate within it, then we need a lot of time doing team audits and code audits on smart contracts.
From the article I read https://academy.binance.com/en/articles/how-to-spot-scams-in-decentralized-finance-defi I think we also need to do an audit according to our capabilities in seeing scam projects in the future
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Currently Most Defi projects are scams. By 2020, we have seen many defi projects being scammed. However, there are many tokens in this DeFi but currently the cryptocurrency is the top exchanger Binans listed.But now DeFi's many good projects are coming. Hopefully by 2021 all of Defi's projects will be scam free.
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Currently Most Defi projects are scams. By 2020, we have seen many defi projects being scammed. However, there are many tokens in this DeFi but currently the cryptocurrency is the top exchanger Binans listed.But now DeFi's many good projects are coming. Hopefully by 2021 all of Defi's projects will be scam free.
The defi scam project will still be around in 2021, so be careful. Maybe we should be more careful in checking new projects at this time, such as the quality of the team and the concepts they have
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Sometimes is not really easy to discover scam in the Defi cryptocurrency project although there are many of them already in the system, in my opinions any defi projdct with great hype and requesting people to send them etherum is already smelling like scam project in the eyes of people.
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Compared to the past, most of the DeFi projects are now reliable projects. Currently most of its projects are being successful in the market. But you have shared a lot of valuable information. You are innumerable Thanks for sharing a valuable info with us.
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The DeFi project was a lot of scams but in 2020. At that time, the kind of DeFi project that investors had invested in, some investors benefited a lot and many lost a lot of money. But at the moment if we notice that DeFi project has several tokens whose price is just above the increase. If any investor can invest in all these creatures, he can finally make a lot of profit. But there are a few things to keep in mind before investing, so you can definitely benefit.
In particular you will notice that there are no aspects to the scam projector
No roadmap
No social media community
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There is really a lot of excitement around defi projects, and every scammer wanted to get a certain piece of the pie from this industry. As of September 30, 2020, the market capitalization of DeFi tokens has already exceeded $ 16 billion, which was at that time a third of the total capitalization of BTC. I believe that the situation will only get worse and each of us should be more careful before making decisions regarding investments in DeFi projects.
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Made a very nice and valuable topic. How do you know about the DFI scandal? The senior brother has told us a lot of nice things. Hopefully, by posting like this, we will be able to move forward very soon.
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At a glance you can easily idenfied a scam DeFI projects..
1. Plagrismed whitepaper
2. Fake website
3. Scam/fake teammates, management
4. Undefined roadmap
5. Fake social media platforms
6. No community
I agree with you. But a foreign friend of mine created the project. Who had no whitepaper. However, the project was not made for fraud. Investors will believe the project has not been successful. Somewhat past the epidemic period. Currently, research is required to invest in DeFi projects.
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This is excellent ready news that you are share. Effectively a record number of activities is a scam to this task. I think you are likewise correct and your subject is valid. However, presently a portion of the supervisors have relaxed some acceptable undertaking. I think this task is without scam projects. Since a portion of some director and community is very strong
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Fake/Non-existent team
It is an increasingly common trend for scammers to invent fake founders and biographies for their projects, and stick it o their websites. Some don't bother at all. Having said this, some legit DeFi projects have anonymous team members. This point shouldn't be a deal breaker though.
I believe for every project to an investor, this should be the major criteria to take note going forward, might not necessarily be DeFi specifically.
It is very perfect to say a project without a proper team or an anonymous/fake team is either born to fail or it is totally a fake one from scrap. It is the most important thing in my opinion.
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DeFi projects are the most scam. Most of the projects of DeFi advanced platform Tao are scam. However, the DeFi projects that are currently in place are much better. I think DeFi platforms will be further improved in the future than at present.
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Thanks for the nice explanation. If I had known these things before, I would not have suffered any loss. I bought some DeFi tokens that have been IEO in UniSwap. Which later scams. I became alert after reading your post today. Thank you very much.
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There are currently all DeFi projects They are not likely to be scams Because at present the DeFi platforms are being improved.Due to which day by day DeFi projects are cryptocurrency Going forward a lot.I hope the DeFi platforms will be better in the future.
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What if the web page only shows cartoon images on the faces of each team? is such a project any good? how to find out fake web page?
Only Decentralized Finance projects are possible without team management but others projects with cartoon pic mentioned that it is scam projects.
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A few days ago we saw some scam projects where they did everything right but when it came to payment they went down the web page. Again there are some who have run away after completing 50% of the work.