Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: tek123 on February 25, 2018, 12:59:30 AM
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how to know that ico is scam or legit ?
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Scam ICO usually don't show their team faces and only have whitepapers, which are usually mostly copy & paste.
If you can find the team on linkedIn and on their profiles it shows the name of the company, it would be very rare for it to be a scam, because they would be held accountable after the fact. This doesn't work with advisors, who often don't have the ICO name on their profiles but are advising them anyway (which I find very annoying...).
Also googling ''ICO name scam'' is very useful, and sometimes you can find ICO who have non-deserved FUD and then the thing clears up and you are in for the gain!
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Few things I have picked up along the way to spot scam projects.
1. They promise huge returns and state a future price on their coin way above the current selling price.
2. Website has been set up recently and with no real way to find out who registered it.
3. Either no links to team profiles on LinkedIn or other professional sites, or brand new accounts with few endorsements and minimal connections.
4. Lack of (or poorly ran) social media channels, minimum should be at least two or three of Twitter, Facebook, Instagram, Medium, Telegram, Reddit etc.
5. Using the term 'blockchain' for the sake of it, no real need for the project to use it.
6. Coin/token distribution heavily waited towards founders/developers/early investors etc.
7. Lack of (or minimally detailed) whitepaper and roadmap, need to know what progress the team has made so far, and where they plan to take the project.
8. No open source code access available on GitHub or similar.
9. Stock photos used for team members or project details (can always back check them using google image search).
10. Project is too vague with no real information on what they are planning to do and how they are going to do it.
11. Google the project name plus review, and be aware that many of the reviews will be paid reviews.
12. Bottom line is do as much research as possible, it is your money you are going to be investing.
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In addition to all the great responses on this posts, I would also add that it's very important to read the whitepaper and fully understand their reason for doing the ico because some projects don't necessarily need to have blockchain in it.
Sometimes the ico can be legit in a sense that they have real team and company etc. but their reason for doing the ico could be for the wrong reasons like more as an exit plan from the current business rather than for blockchain development. - And that's obviously not good for ico investors.
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Agreed that the whitepaper is hugely important, but for some reason I missed mentioning it specifically :o I was just trying to point out the other areas that indicate the 'trustworthiness' of a project. Even after doing all the research you possibly can, unfortunately there is still the risk of a project being a scam, just an extremely well organised one. These are just ways of reducing the risk, and even then the project could just flop. It's a dangerous world out there.
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In addition, in addition to having whitepapers and teams, they always dare to contract with one of the popular virtual currency to work together with mutual benefit. Usually, we smell fraud through the website and form AIRDROP alone we can recognize SCAM. 8) ;D
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Look for a working web site.
Look for an active social media presence.
Look for a team & LinkedIn profiles/details, also advisors.
Look for a White Paper.
Check forums/Twitter, etc., to find out more background info.
Check web site and white paper for spelling mistakes or copy/paste of others material.
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At this time ICO can be a scam if the persons who is developing the coin or token are anonymous or they are hiding their true identity, another is when the information regarding their project is a copy from other projects like the roadmap, whitepaper, or even their site is similar to a site that has already been offline. So we have to do a thorough research on an ICO before investing and putting our trust on them.
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how to know that ico is scam or legit ?
it is not easy to know it even if ICOs are regulated but you can do a few things to prevent falling a victim for scammers.
Readwhite paper, look for identity of team, layout of site, advisers, reviews from investors and check their social media profiles.
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Few things I have picked up along the way to spot scam projects.
1. They promise huge returns and state a future price on their coin way above the current selling price.
2. Website has been set up recently and with no real way to find out who registered it.
3. Either no links to team profiles on LinkedIn or other professional sites, or brand new accounts with few endorsements and minimal connections.
4. Lack of (or poorly ran) social media channels, minimum should be at least two or three of Twitter, Facebook, Instagram, Medium, Telegram, Reddit etc.
5. Using the term 'blockchain' for the sake of it, no real need for the project to use it.
6. Coin/token distribution heavily waited towards founders/developers/early investors etc.
7. Lack of (or minimally detailed) whitepaper and roadmap, need to know what progress the team has made so far, and where they plan to take the project.
8. No open source code access available on GitHub or similar.
9. Stock photos used for team members or project details (can always back check them using google image search).
10. Project is too vague with no real information on what they are planning to do and how they are going to do it.
11. Google the project name plus review, and be aware that many of the reviews will be paid reviews.
12. Bottom line is do as much research as possible, it is your money you are going to be investing.
I think these points are very helpful. Though you cant totally run Away from scam projects you can at least minimize your chances of falling into a scam project. Thanks for the information
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it is very difficult to differentiate between SCAM and REAL ICOs.
and also the ICO that has been running but does not touch Softcap's continuing value of income, the ICo is returned to the investor and the SCAM can also be said.
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Few things I have picked up along the way to spot scam projects.
1. They promise huge returns and state a future price on their coin way above the current selling price.
2. Website has been set up recently and with no real way to find out who registered it.
3. Either no links to team profiles on LinkedIn or other professional sites, or brand new accounts with few endorsements and minimal connections.
4. Lack of (or poorly ran) social media channels, minimum should be at least two or three of Twitter, Facebook, Instagram, Medium, Telegram, Reddit etc.
5. Using the term 'blockchain' for the sake of it, no real need for the project to use it.
6. Coin/token distribution heavily waited towards founders/developers/early investors etc.
7. Lack of (or minimally detailed) whitepaper and roadmap, need to know what progress the team has made so far, and where they plan to take the project.
8. No open source code access available on GitHub or similar.
9. Stock photos used for team members or project details (can always back check them using google image search).
10. Project is too vague with no real information on what they are planning to do and how they are going to do it.
11. Google the project name plus review, and be aware that many of the reviews will be paid reviews.
12. Bottom line is do as much research as possible, it is your money you are going to be investing.
I recommend his opinion. This is actually right. It is reliable and you can try it.
@cryptothief I give you karma for informative respond.
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In our time it difficult to understand,which project SCAM or Legit! Read whitepaper,see activity in social network and telegram chat,also see that the team is actively participating in blockchain conferences.
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It's complicated.Usually they will know later, when the ICO has raised funds. Then it becomes too late, the investigation begins and people are waiting for their money-if at all waiting.
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As for me, it's very easy to identify fraudsters. All these scammers say only good, they promise unrealistic sums
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Failed ico sometimes tagged as scam project since the fund did'nt obtained and not enough to proceed on exchanges or to continue the program. To be able not to scammed choose ico that have lot of supporters,that have proven theirselves from their past projects like having escrows and partnership in some business pr companies. They will sure not want to risk their reputations.
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There are some difficulties to determine the scam ICO which looks very nice during stages. Very hard specially if the team doing their very best to serve the supporters nicely that make them satisfied. Time will tell that they are scam once they gone without any footprints behind. Hurt truth.
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"It will be very difficult to distinguish whether the ICO is a scam or legit. In the end if the ICO is legit, investors will receive tokens / coins according to the number of purchases. And vice versa if the ICO is a scam, so, we will get nothing. To distinguish it, we must be more careful in analyzing the ICO, especially the team and also the concepts offered by ICO developers.
"
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A good ICO project always provides information ranging from project objectives, number of tokens, use of funds, team and advisors and roadmap. this will make the project accessible to everyone and make investors interested in joining the project. The ico scam project only displays the number of tokens and roadmaps. The ico scam project usually gives a big bonus without thinking about the future of the project.
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how to know that ico is scam or legit ?
In my opinion It is difficult, But You should learn white paper and road map. You also follow their team at social media.
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Scam ICO usually don't show their team faces and only have whitepapers, which are usually mostly copy & paste.
If you can find the team on linkedIn and on their profiles it shows the name of the company, it would be very rare for it to be a scam, because they would be held accountable after the fact. This doesn't work with advisors, who often don't have the ICO name on their profiles but are advising them anyway (which I find very annoying...).
Also googling ''ICO name scam'' is very useful, and sometimes you can find ICO who have non-deserved FUD and then the thing clears up and you are in for the gain!
You really have a lot of doubt when they do not show their face. Do not join them when they do that. . What I'm doing is not to get involved with an ico project scam. I read their Road map and above all the development of their project. When I get a good start and I have a future for their coins, I invest and hold and wait for big value. Thank you.
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how to know that ico is scam or legit ?
I think You can read the whitepaper and the team of the projects. You also learn about project's purpose.
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how to know that ico is scam or legit ?
I think the coin doing the ICO must have sufficient info and preparation. Like they have their website, their plans or roadmaps, their team. Also those who announce their ICO must be a little bit reputable.
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how to know that ico is scam or legit ?
I think It is hard to detect scam ICO. But You shoukd be carreful , read the whitepaper and roadmap.
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right now ICO can be a rip-off if the people who's developing the coin or token are nameless or they are hiding their genuine identity, another is while the records regarding their challenge is a replica from different initiatives just like the roadmap, whitepaper, or maybe their website online is similar to a domain that has already been offline.
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In my opinion scammers can only promise unbelivable profits but no good reasons to invest in.
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how to know that ico is scam or legit ?
I think, It is difficult to know that ICO scam or legit. But we must be carreful..We should read whitepaper and road map.
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how to know that ico is scam or legit ?
I think You can check it in icobench. Read the white paper , road map and the team.
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Every day there are new scammers. It is better to invest in something stable.
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If you want to earn more-you have to choose new projects
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But new projects are a big risk. I prefer not to lose money.
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ICO scams will not provide legit or original information. they will falsify the team's profile, the location of the ico project. from there you will get complete information.
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Simple way to protect yourself-to use services such as w12.io (https://tokensale.w12.io/?utm_source=psv&utm_medium=altcoinstalks&utm_campaign=altcoinstalks.com/index.php?topic=7505.msg227085#msg227085), it will completely protect you from losing money
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Wow this thread has been really helpful to me. Although I don't think there's a 100% guarantee of avoiding scam. We just have to be really careful