Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: bettyhill on October 09, 2018, 04:43:17 PM
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What do you normally look out for before investing in a crypto currency or alternative coin?
What are the most visible signs of a scam and how can they be avoided by an investor or a hunter?
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I always communicate with people that deal with crypto and ask their opinion on the services.
If it's a scam people will tell it, if they don't know anything about the service - it's also better not to use it.
Just be curious and people will help you.
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It is a bit hard to determine now if a project is a scam or not because even fraudsters are now good in making websites and whitepaper. Maybe you can start by checking if the founders identity are verifiable
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I am fresher in this site, so I don't identify scam projects but team management, roadmap, ico, Pre-ICO should be helpful for identifying good or scam projects.
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Honestly, Government should take steps towards these scams. I suggest things like regulation on ICOs and to make sure that every ICO in their country is compliant to their law when it regards to cryptocurrency. An international that countries should agreed upon so that people around the world could enjoy cryptocurrency more and to avoid these projects. But as I see it, government bans and its just silly because they didn't consider those small people and freelancer who uses bitcoin to receive their payment for services rendered.
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Every crypto currencies has their own roadmaps and I think it is their responsibilites, developers, to take the road that in their mind, will make their crypto successful. If their crypto currencies did not survive the cruel competition with a lot of other opponents then I think that is the fault of the developers and we don't need to think about it since we are just basing our investments on their future plans and strategies.
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By looking at the team and the address of the project that was developed. Maybe it's a way to find out or judge whether the project is legitimate or a scam.
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Firstly, you need to check the information of the team and project registration. Then, check the activity on the official telegram of the project. A scam project will provide lack information about the team members and not specific location of the project. A scam project also doesn't have detail info related to every team profile both in website and their social media.
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I can advise you to take part only in those companies that have already gathered their soft cap, then the chance that the project will be successful is much higher ;)
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just read there whitepaper and roadmap see there ceo and there telegram if they are always update and check there feedback by the user.
it is easy to know if the coin is scam if you understand there platform.
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Look at the web display that does not show the roadmap and team. the method that I use to assess a scam project or not.
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Usually Crypto scams, having a Roadmap / Whitepaper that doesn't work / program stops too long because Softcap isn't fulfilled. then the coin usually fails. which is worse if request your wallet private key for your verification account. and this is outrageous >:(
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Detecting crpto scams is not easy because fraudsters will get smarter, especially in the open technology. I think studying whitepaper is very important, if the project makes sense then ask about their smart contract. All that is the simplest thing to do.
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basically, we can't predict whether the coin is a scam or not. for sure, if we follow an ico, then we must really understand the ico that will be followed to avoiding the scam ico.
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basically, we can't predict whether the coin is a scam or not. for sure, if we follow an ico, then we must really understand the ico that will be followed to avoiding the scam ico.
Yeah, you are right. We only know if the project were a scam when the project is finished. We don't know what will happen later so what we can do is how to find the good project, so we don't get scam. This is why that I always suggest to my friends to be careful because right now, there is a lot of project in out there and we still don't know which project that can be a scam.
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What do you normally look out for before investing in a crypto currency or alternative coin?
What are the most visible signs of a scam and how can they be avoided by an investor or a hunter?
I always talk to a crypto expert that I really know. They are helpful most of the time. I dont invest without a guide or advice of an expert
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I usually read the whitepaper and see the profile of the project team, if the team photos on their website look weird, I will see the truth from the project team's profile photo, see the names, experiences of several sources on the internet.
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What do you normally look out for before investing in a crypto currency or alternative coin?
What are the most visible signs of a scam and how can they be avoided by an investor or a hunter?
I does not have a foolproof plan to identify a scam ICO, what i will do is research on the ICO team members then follow by a few benchmark sites and finally any youtubers review on that project before i pull the trigger. To me i am more skeptical on how the ICO carry itself like the pictures they are posting and the english errors that they have.
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You can identify the scam ICO through sincerely searching about the basic fundamentals on the team, telegram, whitepaper, and the possible product.
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You can analyze the developer first. After that, see how many coins there are. If the number of coins is below 100 million, then the coin can be said to be potential. See also the market cap and features provided by the developer.
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Nowadays all ICO projects are attentive to dont seem like scam so its not easy to understand. But firstly i look the team and their career. If they dont reassure to me than checked project details. At whitepaper and website if they only focus on collect money, i cant trust them.
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For now it's hard to identify the scam crypto cause they also provide a roadmap the white paper and the team better to ask first or do some research if the project are legit.
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bounty campaigns can be scam too often.
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The first thing I did was research on members of the ICO team then followed by several benchmark sites and finally every youtuber review was reviewed on the project before I concluded the decision. For me more skeptical about how the ICO brought itself like the pictures they posted and English errors they have.
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- If someone offer you some unrealistic profit ofc it will be scam. Example : send 1 eth to get 20 x eth
- If someone use an admin name and chat you privately and ask your private key. Its a scam too.
- If the team is anymous and offer a high ROI and always ask for the donation or insist you to buy their coin
- The website design is too cheap and ugly, just try to get the money and after that they will run out with your money
Its just one of that example. Hope you dont fall for that trap
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This is a really tough job to do. To identify a scam ICO you need to view first the team. The members name may be searched for authenticity. Second look at their White paper or road map or something that could reflect to their road map or plans. Try consult others as they may also have something to say about the ICO. See posts on Telegram as most ICOs use it. If there seems to be a lot of problems, occurring like investors expressing disappointments with in the community then the possibility of a scam is high. Check also on their sales, if the sales is low then be extra careful about them. Their ICOs should be promoted also on a good site that doesn't host scams. There are so many other things to look upon ICOs but these seems to be the most important things I could think of. Thanks!
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Check their telegram account, look for fake/inactive members. (they might be airdrop comers too, though)
Check the team and their past, if you cannot find anything, if they don't share their accounts (linkedin for example), a very bad sign.
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it is very difficult to identify Iico scams because there are good projects that ultimately do not reach sales and do not pay bounty participants
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I think if the project is offering the huge amount of coin/token to the members of the project or to other people to exchange your money but usually ethereum and btc is used for a payment just like ico projects they give promises that their project hit 1$ per token/coin if it's listed into an exchange.
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What do you normally look out for before investing in a crypto currency or alternative coin?
What are the most visible signs of a scam and how can they be avoided by an investor or a hunter?
In my opinion, It is difficult. But You must learn their white paper and The team of the project. You follow their social media.
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every crypto currencies has their personal roadmaps and i think it's far their responsibilites, developers, to take the street that in their thoughts, will make their crypto successful. If their crypto currencies did now not continue to exist the merciless opposition with a number of other fighters then I suppose this is the fault of the builders and we do not need to consider it on the grounds that we're just basing our investments on their future plans and techniques.
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Do you have to explain what crypto fraud is? Many people made crypto and failed during ICO sales. Then there are people who offer the same concept and then succeed. In this case, how do you judge?
Second, there are projects that look good and are successful in ICO sales, but they cannot work on updating so the project dies. What is a scam? in the second case, we will never know that the #DevelopmentTeam will be able to bring the project to work according to roadmaps. So, I think all have opportunities as fraud and we won't know the project is running to the end or death.
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If there is no update of the latest information on their social media, then the admin group telegram has begun to disappear, signs that the ICO is in trouble. And there is a possibility of a scam if it continues. If we find something like that must be careful and start to be vigilant. Don't let our time and our funds be lost by a scam project.
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if we join a project to avoid fraud, we research founders, members, map their trips during project development
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To find out about a scam project and not now it's difficult to distinguish it because a fraudster does everything he can to trick us, the important thing is we have to study it first
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Sadly, I just have bounty scam experiences.
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If there is no update of the latest information on their social media, then the admin group telegram has begun to disappear, signs that the ICO is in trouble. And there is a possibility of a scam if it continues. If we find something like that must be careful and start to be vigilant. Don't let our time and our funds be lost by a scam project.
It's true if there are indications of scam when there is no latest information on social media and telegram.
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All data will be stored in block-chain, and that will allow the platform to work safely and with a high level of trust. In addition, block-chain will completely eliminate the risks of corruption and fraud within the system.
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I saw ICO that made many extension so that they can get more funds from the people then will run away after the ICO ends. And some project will have unknown founder or project team this is one of the most dangerous project because your trusting your money to the people that have no face and name in public.
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First of all I check team on LinkedIn, make a quick reading of whitepaper and check if it’s original or copy/paste. Then I look at social media if numbers of followers is fake or
True