Altcoins Talks - Cryptocurrency Forum
Learning & News => Announcements [ANN] => Tokens/Coins Offerings (ICO, IEO, etc.) => Topic started by: Domithra on January 23, 2018, 10:30:08 PM
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It has become a sad experience how ICOs of today are full of scam. The question is, how do we tell an ICO is real or scam? Let's be careful.
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Exactly my question.
My conclusion is that 99% of ethereuem based Token and ICO are fake.
The best alternative to look out for now lies in Decentralized Token and ICO not built on eth blockchain eg Wavedex based token. Fraud has not found it way there.
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Exactly my question.
My conclusion is that 99% of ethereuem based Token and ICO are fake.
The best alternative to look out for now lies in Decentralized Token and ICO not built on eth blockchain eg Wavedex based token. Fraud has not found it way there.
Its so sad to know how the ethereum based ICOs of late have become the field of scams. However, I don't know of the wavedex based tokens. I will have to conduct a series of research on that too
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Seriously though, I several people on Reddit speculating about whether or not the Tokia (TKA) ICO is a scam, but it seems legit enough to me. It can be very difficult to discern.
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The demicoin (DEC) is a good example of a scam ICO. Those who invested in their ICO were swindled. They made outrageous claims such as their coin/token which they claimed was valued at $.75 would end up being worth $55.00 after their ICO late last year or towards end of December. But their website (demicoin.io) has been down since beginning of this year. Be careful in what you invest in when dealing with crypto. Make sure the whitepaper makes sense, and the project is viable.
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get some free ethereum :)
The new ethereumkitties
Post your refferal and I'll make an account using yours. We both get free eth : D
https://aethia.co/welcome
3 referrals for a common egg (0.01 ETH) 10 referrals for a uncommon egg (0.05 ETH) 20 referrals for a rare egg (0.20 ETH) 50 referrals for a super rare egg (1.00 ETH) 100 referrals for an epic egg (5.00 ETH) 250 referrals for a mythic egg (20.0 ETH) 500 referrals for a legendary egg (100.0 ETH)
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I will start by checking their team profile on LinkedIn.
Is it a complete profile?
A profile without real photo or little information is yellow flag for me.
How long since they create their profile?
A new profile with only recent activity is yellow flag.
Are they competent enough for their project scale?
Not enough experience or not directly relate to the project is red flag.
How many connection they have?
A profile with few connection is yellow flag.
How many people and who is endorsing their skill?
A profile with very few endorsed is yellow flag.
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Its not an easy task but before joining the ico you can have a look of the whitepaper can also talk about other in telegram group as every camp now a days have a telegram channel.
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Signup to find a promising ICO from a team having more than 5 years of experience. You can buy tokens either in exchange of Bitcoin or Etherium. http://ripplecash.info (http://ripplecash.info)
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Signup to find a promising ICO from a team having more than 5 years of experience. You can buy tokens either in exchange of Bitcoin or Etherium. http://ripplecash.info (http://ripplecash.info)
This website looks sketchy to me :-\ Do you work for them?
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Another way is to look at tokens' price in markets like Ether Delta. If a token is trading at a value much lower than what you can get directly from the ICO, something is wrong.
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Yes! Ripple Cash Info can give you good returns. You can also go through the White Papers. http://ripplecash.info (http://ripplecash.info)
you can signup at this link: NoReferralLinksOnThisSection
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A Japanese influencer who was familiar with finance and programming had picked Scam.
In the project he was deceived, the whitepaper was solid, and contact with the project was frequently taken.
At first glance it was a good case.
However, some days later, some of the people involved in the project got out of funds and the value of the token was almost none.
Even in the Scam case, not all of them are involved in fraud, and in some cases only a part of them will escape funds as a result.
In this way, I think that there is practically no difference with Scam
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Majority of all ERC20 ICO token is fake, but How can I know if the ICO is fake? I signed up 1 out of 100 give me token! So sad reality in this recent days.
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I will start by checking their team profile on LinkedIn.
Is it a complete profile?
A profile without real photo or little information is yellow flag for me.
How long since they create their profile?
A new profile with only recent activity is yellow flag.
Are they competent enough for their project scale?
Not enough experience or not directly relate to the project is red flag.
How many connection they have?
A profile with few connection is yellow flag.
How many people and who is endorsing their skill?
A profile with very few endorsed is yellow flag.
Really good post, I'd grant you Karma for this one if I had the ability to give it out lol. :)
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Is there a source or website so that we can check the info about ICO?
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Is there a source or website so that we can check the info about ICO?
Your best bet is to do your own research. Don't just rely on the ICO launch website, bcos even scam ones look very professional. Research on the management team behind the ICO. Go to their company website, Google search for anything related to their company in News, go to their LinkedIn profiles, email and message them and talk to them to get a feel for it. The best ICOs are always by experienced professionals running an already established company. VLUX is a pretty good example - http://vlux.io/ (http://vlux.io/)
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It has become a sad experience how ICOs of today are full of scam. The question is, how do we tell an ICO is real or scam? Let's be careful.
Yes! these are few sign that an ICO is a scam,
1.No Roadmap or Unrealistic Roadmaps.
Initial coin offerings will generally provide potential investors with a detailed list of what they have achieved thus far in the development of their project,
as well as what they plan to achieve, in the form of a roadmap. If a project doesn’t provide a roadmap at all, then it’s highly likely that they don’t have any plans for the future apart from “exit” and “profit”.
2.No white papers or poor white papers.
A white paper is the most important element of any initial coin offering. In a white paper, an ICO will present an outline of what it plans to achieve, a breakdown of how the technical aspects of the platform function, and delineate its token distribution model.
If an ICO doesn’t provide a white paper, then it’s undoubtedly a scam. Simply providing a white paper, however, is not a clear sign that an ICO is legitimate. Some fraudulent initial coin offerings pay online freelancers to write up hilariously bad white papers under the assumption that providing a PDF white paper document is enough to fool most investors.
3.Team members.
One of the essential elements to consider when assessing a potential ICO scam is the individuals behind it. A robust initial coin offering will present potential investors with a detailed team breakdown, listing founders, developers, advisors, security experts, and anybody else associated with the project.
A “team page” by itself, however, is now not enough to judge an initial coin offering as worthy. Many scam ICOs are now aware of the fact that their team composition will be closely scrutinized by potential investors and go to great lengths to create a believable fictitious team.
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We have already talked about how intermediaries harm producers and buyers of products. The negative impact on production chains, which is exerted by intermediaries, is great, and it must be eliminated.
However, these questions arise quite often. They affect a narrow circle of people. And if we limit ourselves to the consideration only of such problems, it seems that the mediators cause very limited harm.
However, it is not so. The fact is that intermediary activities stifle the entire world economy and hinder technological progress.
Judge for yourselves, today there are many manufacturers who want to produce new products. They have a desire to improve the world and give customers something new, to promote technological progress.
But no manufacturer will do this if it does not make a profit. And the income will appear only when there are consumers.
To find out whether the market needs products, the manufacturer begins to conduct market research. And that's where the problems start.
The fact that intermediaries today occupy a position that allows them to dictate the parameters of products for suppliers. The opinion of the intermediaries replaces consumer preferences. Intermediaries are closer to the manufacturer than end-users. And companies that produce products communicate with intermediaries.
And those, in turn, are absolutely not interested in technological progress. They are satisfied with the current state of Affairs: they do not do anything useful, but get a stable income. At the same time, they are well aware that technological progress can knock the soil out of their feet. And they strongly discourage it.
Good to make it very simple. It is enough to inspire the manufacturer that innovative products are not in demand by the market and will not be sold. The company, which produces products, does not want to work at a loss, and will postpone the implementation of the project until better times.
But there is a demand for new products! However, information about this does not reach the manufacturer. Fortunately, today there are decentralized platforms for P2P-interaction. Using these platforms, the manufacturer will receive reliable information about the needs of the market from those who form this market - consumers. Ultimately, this will lead to breakthrough innovations and new developments in mass access.
One of the first such developments was the Yodse (https://yodse.io) platform. This is a unique decentralized space for interaction between consumers and manufacturers. Yodse (https://yodse.io) users will be able to contact each other directly and work without third parties.
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Always do your research, read the whitepaper, look at the team handling the ICO and if they have an MVP.
Scam ICOs tend to hide their token sale progress by giving individual contribution addresses so that no one knows how much is actually raised. A common tactic involves giving your visitors a big “sold out” message to create a sense of urgency.
Also, look out for fake LinkedIn profiles and fake advisors. Look at their experiences and see if they have relevant qualifications and check out the companies which they work at previously.
Here's one good example of an ICO with a solid team. - https://vlux.io/