Altcoins Talks - Cryptocurrency Forum
Archive => Sorting Box => Topic started by: CryptoZenWorld on July 03, 2018, 01:03:27 AM
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There are lots of ICO in the Crypto market. From a statistics, it has been found 1000 of ICO was SCAM in 2018.Our Bounty hunter has wasted their time and investor have lost their money. But on the other hand 100-200, ICO was successful.
So, how to identify SCAM ICO?
From my personal view and experience, I think a good ICO should have the following requirement:
- Good detailed Whitepaper.
- Legal documents(for example: Registration under Estonia law, SEC, Chamber of Commerce etc)
- Good Team member with reputation.
- Good advisors with reputation.
- Good working product
- Background of the company(optional)
- Road Map
- Background info of the whole team
- GitHub code(Optional)
- Check the viability of the project
etc.
So, now it's up to you to identify the SCAM ICO.
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It's hard to identify them with any level of certainty honestly. There are clean looking websites/whitepapers that I'm sure have scammed people, and crappy looking white paper and websites that were legit. It's kind of impossible to know if they're legit or not. My philosophy is basically to do as much as I can in terms of doing bounties, and not worrying too much about getting screwed over. I'll probably end up in a better position than worrying about it, and I wont miss out on projects that I may have passed on because they look bad.
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That is good information i think,with our detection and learning the project before join invest that can make a little pressing or subtracting us from SCAMMER ICO PROJECT..i know its so hard but if we need to join invest that mean we have ready for the risk.goodluck.
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It's hard to identify them with any level of certainty honestly. There are clean looking websites/whitepapers that I'm sure have scammed people, and crappy looking white paper and websites that were legit. It's kind of impossible to know if they're legit or not. My philosophy is basically to do as much as I can in terms of doing bounties, and not worrying too much about getting screwed over. I'll probably end up in a better position than worrying about it, and I wont miss out on projects that I may have passed on because they look bad.
I know mate but at least this post may help people to know how to choose the best one. I don't have problem, if anyone wants to join in 100-1000 ICO per month for bounty or investment. This post is just a precaution who are worried about doing maximum ICO but at last they get profit from only 3-5 or 5-10 might be more than that.
So, it's totally an individual decision.
Thanks.
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It is quiet difficult to identify scam ICO's but taking into consideration the steps outlined, you will save your time from participating in fake bounties.
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Identifying scam project is very difficult these days. Even after following all these steps, you will still fall into some scam projects.
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Also I can add to this list:
1. Road Map
2. Background info of the whole team
3. GitHub code
4. Check the viability of the project
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Also I can add to this list:
1. Road Map
2. Background info of the whole team
3. GitHub code
4. Check the viability of the project
Yes, of course i will add all the point but i think GitHub code may ooptional.
That is what i wanted..you will share your own experience so that we can make the topic statement strong.
Thank you.
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after ico end ;D
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Also I can add to this list:
1. Road Map
2. Background info of the whole team
3. GitHub code
4. Check the viability of the project
Yes, of course i will add all the point but i think GitHub code may ooptional.
That is what i wanted..you will share your own experience so that we can make the topic statement strong.
Thank you.
I mean Github or other code repo if applicable ;)
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There are several ways you can do for ICO analysis, one of which is by reading the whitepaper. In addition, see the roadmap on an ico. Also consider the site rank and team activity.
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Identifying scam project is very difficult these days. Even after following all these steps, you will still fall into some scam projects.
difficult, but it's better to follow a precautionary step, while the fraud problem itself is a risk that must be faced
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Good information but Scammers are getting improved day by day. They create new technique. But following this steps would be a way to identify most of the scammers. In the the you can still a victim of scammers.
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It's really hard for bounty hunters to find a good project to participate since mostly of the campaigns is really hard to identify as they are using those documents like a legitimate campaign do to encourage investors to invest on their project.
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Everyone know what is ICO/crowd-sale. In short description, ICO or crowd-sale is the one of famous fund raising opportunity from people's.
I always care about some point before spot a scam ICO. I will describe below:
1. Domain Information.
2. Unprofessional Website Design.
3. Website Content Plagiarism/Stolen.
4. Fake Developers/Core Team.
5. Plagiarism & Unprofessional Whitepaper.
6. Corrupted Roadmap.
7. No Real Concept .
8. Disharmonious Token Distribution.
9. Weak Community.
10. Breaking Own Made Rules.
11. No Technological Explanation.
12. No Real Dev's Profile link.
13. Fake Partnership.
14. Highlights Fake Database.
15. Bad Promotional Strategy.
16. Greedy Offers.
17. No Reputation on social media/crypto forum.
18. Mixing Token Name With Existing Coin
19. No Clear Explanation use of raised fund.
20. Discrepant Hard Cap / Soft Cap.
21. Discrepant Total Supply
22. Low Quality Smart Contract.
23. Low Security.
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It is true that it is very difficult at this time to check ICOs that are scam and those that don't. After I read the post that you gave me, I began to understand what actions I could do because in this post I will use it as a reference to be able to identify ICOs that are Scam. Thank you for providing this information.
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Support of the team members is important for me especially when I ask questions to them, if they respond the better
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Identifying ico is not easy. But you can minimize losses by doing a number of ways. The first and most common way for people to do is to read the whitepaper. In addition, pay attention to the road map, team and also the activeness of members on social media.
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There is no fast or loose rule when it comes to knowing scammy ICO. Some can have the best detailed white paper, great info on team and great ideas for the project and still be a scam. For me, the best thing is to do the best you cannas a bounty hunter and not worry too much about being scammed or not. In doing this, you will not. throw away the good project with the bad ones.
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Its very hard to identify. But I have tools to identify if the pictures of the team are fake. https://icoethics.com/tools-to-find-scam/ I hope it will help.
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Thank you for the guide. I’m just have one concern that how can we check the viability of the project? Can you go more details in this section please
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It's really hard for bounty hunters to find a good project to participate since mostly of the campaigns is really hard to identify as they are using those documents like a legitimate campaign do to encourage investors to invest on their project.
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Good information but Scammers are getting improved day by day. They create new technique. But following this steps would be a way to identify most of the scammers. In the the you can still a victim of scammers.
and that's way, we should improve our safety rules every day too ;)
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I have lost interest in these new projects. Some might have good intentions buy may fail in the course of the process due to several reason like bad token economics, insufficient funds, etc. For me i will advice we invest in projects that solving problems and has demand.
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Difficult question, difficult decisions.
But in the world, in principle, there are a lot of scammers, it’s worth checking everything well.
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I have lost interest in these new projects. Some might have good intentions buy may fail in the course of the process due to several reason like bad token economics, insufficient funds, etc. For me i will advice we invest in projects that solving problems and has demand.
Good suggestion but dont lose hope in investing on these new projects. Some of them are still worth watching out, beware with some ICO that merely wanted only is to raise fund. Find a project that as what you said create demand. Also in addition projects with useful cases.
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This is very good information yet but really it is very hard to identify to SCAM project or ICO. I faced many ICO's roadmap was well and stablish but at the end that was SCAM. I think those who are very cleaver and experienced in ICO projects and also research for ICO they can track SCAM ICO, Otherwise it is very hard to identify.