Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Mr. Magkaisa on February 15, 2024, 04:05:04 AM
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There are things I want to share on this platform so that we can avoid the red flags that appear in this field of cryptocurrency. I have made this a topic on another platform forum that I will bring here https://bitcointalk.org/index.php?topic=5484168.msg63616905#msg63616905. Some of them are as follows:
1. Anonymous Leadership
2. No Whitepaper
3. Bad Tokenomics
4. When Red Flag in Token Sniffer
5. Static coins
6. Ponzi scheme crypto project
7. Buggy source code
8. Promising coins
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1. Anonymous Leadership
2. No Whitepaper
7. Buggy source code
I consider these three as the big red flags, a project should not have an anonymous team because they are asking for money from investors the investors have the right to know who they are trusting their money, they want to know their reputation, their past projects and capability, if they are anonymous then I consider this as a scam attempt or a dubious project.
No whitepaper means the project has no direction and the project is not real, which is why there are projects that are just a copy of past and existing projects.
If the contract is not properly audited then there's a big possibility that the site has back door this is a big warning signs for investors.
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The thread is interesting because when things are about currency projects and any type of thing that has to do with crypto, things must be done perfectly, I am very careful with that, so much so that I did not trust much again in the projects they launch like this, in fact what I trust most is the projects launched by the casino and that because they are casino, because they already know each other and one can sense that if they do things wrong then their reputation goes away to the ground, which happened to me with Betfury, so these types of things are what we must establish to do things well.
For now, all of these criteria have been taken into Consideration , of course there is much more to know if a project will have a future or not, and it also has to do with the community and how many are interested in the project, therefore every time we do not consider it Let's see things can go up if they do them well, now I only trust in casino projects, it's the most I risk having.
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There are things I want to share on this platform so that we can avoid the red flags that appear in this field of cryptocurrency. I have made this a topic on another platform forum that I will bring here https://bitcointalk.org/index.php?topic=5484168.msg63616905#msg63616905. Some of them are as follows:
1. Anonymous Leadership
2. No Whitepaper
3. Bad Tokenomics
4. When Red Flag in Token Sniffer
5. Static coins
6. Ponzi scheme crypto project
7. Buggy source code
8. Promising coins
I think you did the right thing to bring that here so that others on this platform can also know about what you want to share here, dude. And it will help all the communities that this forum has as well. And from what I can see, the tokens you provided seem to help.
I tried to use it, and it seems that he is okay; therefore, it will help to identify whether or not there is a potential project campaign that will appear here in the cryptocurrency business, as long as you just copy and paste the contract address of the crypto projects.
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You have done well for bringing this topic here. I must say now that all you have listed are definitely big red flag to watch out for in projects that are launching these periods as we are fast approaching and bull run. Many scammers would take advantage of the fact that it is bull run and investors would be looking out for new projects to sink funds into. With these reasons scammers know that newbies are currently on-boarding each day and have little or no knowledge of how the Crypto space is and would definitely want to take advantage by deceiving them into investing in their scam project and once they achieve their goals, they abscond with the funds given to them.
If newbie investors can be able to see this list of yours, they would be guided on how to invest their funds and also noting some features on some projects that should be avoided. OP, if you can do this, I would advise you publish to this post of yours in any public online crypto site that attracts traffic very much possibly a crypto news websites or investment knowledge website so it could be seen by investors. I think this would go a long way to sensitise newbies in the industry.
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This year is going to be a very explosive year for cryptocurrency with Bitcoin starting to get up its own feet and climbing the hill to a new ATH powered by two things: ETF approvals and the halving. With this scenario, we can expect more scam and fraud projects to be introduced into the market because scammers can feel that new people can be coming in and be enticed with their promises of riches...only to be holding empty plastic bags at the end. That is why we have to be careful and know what can be red flags for a crypto project before deciding to open up our wallets. We should be educating people and they should come here in this forum so they can learn what to avoid and how to detect scams and frauds in crypto industry. I am sure that there can be some more red flags to look out aside from those listed above. As to whitepaper it is not enough to have one, it must not be plagiarize or just a copy and paste. And smart contracts must be audited by a well-known auditor so we know the project is really safe. Now, a newbie in crypto may not have the means or enough knowledge to be reviewing a project that is why it would be good if there can be a platform whose job is to review projects for pro and cons.
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A white paper is not a benchmark for a project to be said to be genuine because there are many projects that have a white paper but ultimately end up being fraudulent.
For points 1 and 7, there are things you should be careful of because it will be obvious if they are going to cheat, where unreal sources can make investors trapped in a vortex of fraudulent projects.
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before investing, we have to check the main page of the project and read all the articles in it so that we know how the project will develop or not in the future, we even have to be careful in everything... and we also have to check whether the project equipment is in accordance with other projects being carried out. has developed, don't just invest and not know what the project will create. from all that we will avoid fraudulent projects, because now there are many fraudulent projects.
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There are things I want to share on this platform so that we can avoid the red flags that appear in this field of cryptocurrency. I have made this a topic on another platform forum that I will bring here https://bitcointalk.org/index.php?topic=5484168.msg63616905#msg63616905. Some of them are as follows:
1. Anonymous Leadership
2. No Whitepaper
3. Bad Tokenomics
4. When Red Flag in Token Sniffer
5. Static coins
6. Ponzi scheme crypto project
7. Buggy source code
8. Promising coins
It is important that one considers the stated factors when making an investment in a crypto project in order to prevent making the wrong kind of investment in a scam project
This is not the time to make the error of investing for the sake of investing without doing due diligence beforehand, given the growth in crypto scams. Above all, no matter how legitimate an altcoin appears to be, one should never spend more than they can afford to lose.
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A white paper is not a benchmark for a project to be said to be genuine because there are many projects that have a white paper but ultimately end up being fraudulent.
For points 1 and 7, there are things you should be careful of because it will be obvious if they are going to cheat, where unreal sources can make investors trapped in a vortex of fraudulent projects.
If the project does not have a whitepaper, most people believe it is a fraud since they have not provided information about their future plans. Most projects cannot win the hearts of investors if they anonymize their plans, but this does not mean that all projects that do not provide a whitepaper are scams; it is simply preferable to interact or participate in projects that have a whitepaper so that you can generate ideas and make better decisions about whether the project is truly promising or merely luring us.
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There are things I want to share on this platform so that we can avoid the red flags that appear in this field of cryptocurrency. I have made this a topic on another platform forum that I will bring here https://bitcointalk.org/index.php?topic=5484168.msg63616905#msg63616905. Some of them are as follows:
1. Anonymous Leadership
2. No Whitepaper
3. Bad Tokenomics
4. When Red Flag in Token Sniffer
5. Static coins
6. Ponzi scheme crypto project
7. Buggy source code
8. Promising coins
I think for number 1, they are using this excuse under the notion that Bitcoin, the prime mover of it all, and it's developer is anonymous.
2, they could have whitepaper, but poorly written of full of plagiarism.
To be fair, for number 7, there is no perfect source code, majority of them have loopholes or even if tested by a 3rd party to check everything, there could still be something that a hacker can exposed, thus majority of the projects can be hacked.
For number 8, it's business, of course they will promise that their project will yield good returns for their investors.
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For number 8, it's business, of course they will promise that their project will yield good returns for their investors.
Yeah, it true that they are business but there are some out there that still claim to be the next Bitcoin despite being centralised and also promise things that they obviously cannot achieve all those are the promising coins I think the OP is referring to.
Personally, I wouldn`t even consider a project that is promising too much returns - most of us have seen them come and go without providing anything in the end.
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This really needs to be paid attention to. Because not all campaigns or bounties are valuable. There are lots of scams everywhere and don't let us become part of these scammers by following their bounties or campaigns. And one more thing, there are certain BMs that are already familiar and well-known for red flag campaigns. We may have seen it or even experienced it. But here, we have to be able to differentiate which campaigns are truly legit and worth it from which are scams. And it is true that some of the criteria you gave are included in it.
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There are things I want to share on this platform so that we can avoid the red flags that appear in this field of cryptocurrency. I have made this a topic on another platform forum that I will bring here https://bitcointalk.org/index.php?topic=5484168.msg63616905#msg63616905. Some of them are as follows:
1. Anonymous Leadership
2. No Whitepaper
3. Bad Tokenomics
4. When Red Flag in Token Sniffer
5. Static coins
6. Ponzi scheme crypto project
7. Buggy source code
8. Promising coins
It is very important to consider all these aspects before investing. In particular I have never chosen to invest in unique coins other than Bitcoin and Ethereum but I invested in a coin called Bitcoin Dog from the unlisted presale yesterday. Of course here I have invested in this coin considering various aspects. I analyzed all these things you provided there but I got everything clear. They sold $1.8M in just 24 hours. But I don't know what will happen next, but if there is something good in fate, I will surely benefit from it. But OP with all the list you made here I think all these things should be followed before investing. Because all these things must create a lot of ideas about your project before investing.
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Some of the points you mentioned are like a coin meme project that doesn't have anything they want to accomplish they just want to collect from a group of people who believe in the meme.
Because I see so many memes all that have a lot of anonymity just tokenomics that they display with various benefits.
There are also other projects that are the same sometimes do not display the team behind the project so this needs to be avoided, don't be too easy to believe, especially leading to ponzi schemes.
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There are things I want to share on this platform so that we can avoid the red flags that appear in this field of cryptocurrency. I have made this a topic on another platform forum that I will bring here https://bitcointalk.org/index.php?topic=5484168.msg63616905#msg63616905. Some of them are as follows:
1. Anonymous Leadership
2. No Whitepaper
3. Bad Tokenomics
4. When Red Flag in Token Sniffer
5. Static coins
6. Ponzi scheme crypto project
7. Buggy source code
8. Promising coins
It is important that one considers the stated factors when making an investment in a crypto project in order to prevent making the wrong kind of investment in a scam project
This is not the time to make the error of investing for the sake of investing without doing due diligence beforehand, given the growth in crypto scams. Above all, no matter how legitimate an altcoin appears to be, one should never spend more than they can afford to lose.
- You are right there when you said that this is not the time when we should be able to make a mistake in choosing the investment that we will make; instead,
we should be really careful in choosing the investment that we will make here in this field of the crypto industry.
similar to what I also read that we should know what category of investor we are in, which is whether we can afford or can't afford to lose. It is important so that, at least in the end, we will have no regrets. Right?
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This really needs to be paid attention to. Because not all campaigns or bounties are valuable. There are lots of scams everywhere and don't let us become part of these scammers by following their bounties or campaigns. And one more thing, there are certain BMs that are already familiar and well-known for red flag campaigns. We may have seen it or even experienced it. But here, we have to be able to differentiate which campaigns are truly legit and worth it from which are scams. And it is true that some of the criteria you gave are included in it.
Yes, you are right. So far, there may be several managers who are like that, but I don't blame the managers because they are just carrying out their work, and I am sure that the BM has also considered the risks that might occur. Therefore, the manager usually makes the statement that he is only a bounty manager. and not being part of the core team of a project, so that way the BM is a little safe.
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As investor and cryptocurrency enthusiast you should be knowledge enough to detect those project that are fake I know it's hard to find them especial when a project sound so good and promising but sometimes we easily got deceived by their sweet words and fake promises without us checking the needful aspect of them. Just as you have outlined already, the important aspect to look out is whitepaper and effective community.
Most times community always shows a strong lifting of any projects, if there is a low communication within the community then there is every possibility that the project could scam people because communication matters alot.
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As investor and cryptocurrency enthusiast you should be knowledge enough to detect those project that are fake I know it's hard to find them especial when a project sound so good and promising but sometimes we easily got deceived by their sweet words and fake promises without us checking the needful aspect of them. Just as you have outlined already, the important aspect to look out is whitepaper and effective community.
Most times community always shows a strong lifting of any projects, if there is a low communication within the community then there is every possibility that the project could scam people because communication matters alot.
Sometimes detecting fake projects is very difficult to do because, as of now, there are many website projects that deliberately hide the team behind them, so we as investors will have difficulty doing research. Sometimes, if we only read the white paper, it is still not accurate because the parties Project developers have the potential to purchase the services of people who are good at making whitepapers. What is clear is that you have to remain vigilant and not connect your wallet to a project site too often because there are lots of new projects based on dApps.