Altcoins Talks - Cryptocurrency Forum
Learning & News => Announcements [ANN] => Tokens/Coins Offerings (ICO, IEO, etc.) => Topic started by: PhillipGrimes147 on September 22, 2018, 02:39:55 PM
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Please tell me how to known a scam ICO to protect myself
BTW now i should buy ICO coin or buy coin on exchange?
Thank so much
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Actually, it's very hard to detect if an ICO is a scam or not, more especially if they look legitimate and complete in everything like the whitepaper described here (https://agentestudio.com/blog/10-best-ico-white-paper-examples-structure-and-design) as an example. So, you really must conduct a thorough research of the ICO you wanted to join and invest. Below are some articles that I think could help you find the solution to your subject.
https://medium.com/@trade.io/5-warning-signs-that-an-ico-is-a-scam-and-how-to-avoid-them-77fbfb27abce
https://www.investopedia.com/tech/how-identify-cryptocurrency-and-ico-scams/
https://hackernoon.com/how-to-quickly-spot-an-ico-scam-a128a42bd5dc
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Actually, it's very hard to detect if an ICO is a scam or not, more especially if they look legitimate and complete in everything like the whitepaper described here (https://agentestudio.com/blog/10-best-ico-white-paper-examples-structure-and-design) as an example. So, you really must conduct a thorough research of the ICO you wanted to join and invest. Below are some articles that I think could help you find the solution to your subject.
https://medium.com/@trade.io/5-warning-signs-that-an-ico-is-a-scam-and-how-to-avoid-them-77fbfb27abce
https://www.investopedia.com/tech/how-identify-cryptocurrency-and-ico-scams/
https://hackernoon.com/how-to-quickly-spot-an-ico-scam-a128a42bd5dc
That's true, somehow very difficult to notice the scam ICO which managed by so called professional scammers. They can copy as what it is from the original ICO concept that makes harder to identify.
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Please tell me how to known a scam ICO to protect myself
BTW now i should buy ICO coin or buy coin on exchange?
Thank so much
To know whether is an ICO scam or notthere is no foolproof way to me but maybe there is what i will do is to do research on social media on that ICO and the team members to reduce the rate of being scam.
Now is a good time to buy coins from exchange as most of the prices are very low now, i advise you to start with buying coins from exchange after you are able to identify the right ICO then you should start to buy from ICO to make bigger gains.
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i think team is the most important factor. if the team is not giving public information for no reason, the ICO may be scam although there are some exceptions. also, it's good to check if the whitepaper has plagiarism and such.
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i think team is the most important factor. if the team is not giving public information for no reason, the ICO may be scam although there are some exceptions. also, it's good to check if the whitepaper has plagiarism and such.
But some team always update us about their project and still end up with scamming :( Projects nowadays are no longer be trusted, lucky is the success ;D
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One characteristic of ico that is a scam is that they require sending several etherems to their address. He said this to get tokens. Even though we know, our goal of following Airdrop is to get tokens. So, this is very strange when ico asks for uhtereum from prospective participants.
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Please tell me how to known a scam ICO to protect myself
BTW now i should buy ICO coin or buy coin on exchange?
Thank so much
I think It is difficult to know a scam ICO. because Too many ICOs are scam..We must learn the white paper and the man behind the project.
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Better for you is to find as many information about ICO as possible.
In most cases if it's widely known - it's a good one.
Look for people's discussions in different crypto forums. If someone finds a scam these days he usually writes about it on the web.
So just don't choose the new and unknown ones.
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Please tell me how to known a scam ICO to protect myself
It is a hard thing to know scam ICOs. Common way is to analyze the profile of team members and explore their social media. Then, we should learn the whitepaper to find out something strange or awkward. But unfortunately, the scammers become smarter now. They can trap people with perfect way. So, we must learn more and cooperate with folks.
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I think that if you are not sure if a project is 100% safe it's better to wait for exchange listing, in that way you will reduce the possibility of buying a scam token.
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Take a research for identity of the team members and the project ideas. I think these are the most factors that can be analyzed to determine scams or not. But there are many ways to know more about the scam projects.
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you better buy it in exchange. because now there are many projects that do not offer ico. but they prefer to go into the exchange and make purchases in exchange.
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It is difficult to know a scam ICO because some of them looks legit and if you want to invest better to buy coins which listed in exchange.
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You can check in BlockChain transaction if that ICO is suspicious, Since blockchain technology is the key to some of these ICOs, the key to knowing its legitimacy is checking the projects GitHub repository or other code repository. If a certain ICO declares itself to be an open-source ICO then the code repository should speak for itself, with code updates at least once every two weeks.
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The whitepaper is known as the project’s profile. It is a summary of all the information that a person needs in order to decide if the ICO is worth supporting. More than originality and grammar composition, the whitepaper should contain the authentic information needed to make sound investment choices. Warning signs for a whitepaper include plagiarized material, outrageous claims with nothing to back them up, and a lack of details about how the project plans to actually achieve what it promises.
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A website is basically the brochure or catalogue of a company running an ICO, but some fraudsters don’t invest in them. The laziest scam ICO’s website is usually just a basic template with minimal changes, like in the case of ETHBAY. Another known ICO scam, Referpay, used an app image that came with the template on its website, and that same default image has been used by multiple other scams. Although the website is not a 100% reliable indicator of a scam, most scammers are too cheap or lazy to pay a developer or designer to improve their site so the web page is the first place they cut corners.
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This is another sure shot method to spotting an ICO scam. If the company is unwilling to release its code to public repositories such as Github, avoid the ICO altogether.
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If an ICO makes bold claims without an economic plan or roadmap to support it, it’s best to avoid investing. Further, even if the team has offered a roadmap, you have to do your own research and judge the feasibility of the project.
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If an ICO promises to disrupt an established industry without providing any technical or operational details, it qualifies as a scam. Good whitepapers have charts, calculations, specifications, and even code at times.
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You can check it on their website. check their team or if you are lazy to do that, you can also check it in the forum like btt. many scam projects have been reported.
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The most important aspect of every project is the team, the co-founders, technology people and thinkers behind the idea. Since this is a technology-related area, each team member should have a well-developed Linkedin profile and provide their credentials, experiences, and associations. There should be some endorsements at the bottom of the page if the team member is involved for at least a year with any business activity. Obviously, if endorsements are missing, it is most likely that profile has been just created recently and/or this member has no significant business experience.
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It is very tough to explain. But according to me the team is the most important. Read the whitepaper carefully and saw the main motive of that ICO. Before participating in an ICO research yourself.
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pay attention to the following issues and avoid ICO if it:
- Doesn't have MVP (product prototype)
- Has a fake team
- Founders don't pass KYC on icobench or other reputable ICO trackers websites.
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My dear. it safe to invest in exchange icos at least you have a place to trade your token but I notice that some projects use the exchange to raise money after which they left the exchange. exchange fund raising is better but not that safe.
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There are a lot of them. Let's take for example DexAge.
- KYC ( most scam campaigns don't provide it )
- MVP - most don't even create it, write and idea and that's all.
- Open team. You can easy talk to someone from team in a chat
- All time updating social networks with an interesting news and updates.
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There are a lot of them. Let's take for example DexAge.
- KYC ( most scam campaigns don't provide it )
- MVP - most don't even create it, write and idea and that's all.
- Open team. You can easy talk to someone from team in a chat
- All time updating social networks with an interesting news and updates.
Yes, all that you have listed without a doubt positive signs for selection of the good project but for I do not understand why the DexAge does not announces openly how much funds they have raised for the moment, softcap has been reached or not?
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Absence of an escrow account is the biggest red flag to look out for. Similarly, if an escrow releases 100% funds to the project team after ICO, it’s a bad escrow, and should be considered as a red flag. Fund releasing should happen gradually such as 20% after token distribution, 40% after beta release, and similar milestones.
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A scam project has no definite MVP(market value product), a scam project always consists of fake team and management, they have no road map..
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You are well done that you decided to learn it from experienced traders. But now it is easy to calculate the fraud. It may offer strange ways of selling.
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The fraudsters are very cunning, their main task is to disguise themselves as a bona fide manager. I believe that there should be a guarantee that the manager who conducts the ICO will not deceive. He must deposit cash in a special organization that will control the ICO. And in the case of cheating money, the deposit will not be returned to him. Then the scammers will be gone.
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The ICO’s whitepaper should be transparent on how the funds are going to be used. There should also be a part which says the project owners are not allowed to sell their coins for a fair length of time, to prevent cashing out or exit scamming. The distribution of the funds should also be clear. The majority of the project’s income should not be going directly into the pockets of the founders! It should be invested in the project and its success by paying for development, marketing, and other business expenses.
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It is very difficult to detect ICO projects that are scam because they really intend to cheat and make the project in such a way as to get prey, if you will buy coins at ICO there are indeed many benefits, including discounts that make you get more coins, will but must be careful when buying ICO coins
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To avoid Scam Projects we must analyze the ICO product, because blockchain technology is the key to some of these ICOs, the key to knowing its legitimacy is to check the project's GitHub repository or other code repository. If a particular ICO declares itself to be an open-source ICO, the code repository must speak for itself, with code updates at least once every two weeks.
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It is very difficult to find out if ICO is fraud. Now people publish photos, write good white papers, actively run social networks .. But ... After ICO, they disappear ... So there is always a chance to lose money, so invest as much as you can lose.