Scam Projects: How to Detect?

[Ghozrd]

It's not hard to spot a fraudulent project, you can see the white paper and some of the teams behind the project.
I've searched several sources, but can't find a surefire way to avoid scams. experience is the best way and see if the contract has been audited or not by institutions such as Certik and others.

[Freemind]

It's not hard to spot a fraudulent project, you can see the white paper and some of the teams behind the project.
I've searched several sources, but can't find a surefire way to avoid scams. experience is the best way and see if the contract has been audited or not by institutions such as Certik and others.

The information you provide is not entirely correct. Many scammers write new white papers even though they know they won't live up to anything that's written, and they do so to build trust. Certik is not an institution, it is a company that, unlike traditional bug detection approaches, attempts to mathematically prove that blockchain ecosystems are bug free, but this doesn't really matter, Certik can prove that a contract is safe, but the team can disappear after ICO.

[coin_12345]

Well these are signs in which you can detect if its a crypto scam
1. Quick rich scheme- There is nothing quick in this world. You always have to work hard for everything.
2. Always make sure you read the white paper of a project to ensure its worthiness. There might be projects which only make false promises on the outside and are something different on the outside
3. Meme coins- PLEASE FOR GOD SAKE DO NOT INVEST IN MEME COINS AS THEY ARE PUMP AND DUMP COINS. THESE COINS HOLD NO TRUE VALUE.

[Duckenth]

Nowadays Scammers are very professional, they can create great projects with information that seems genuine and there is no suspicion that it is a scam. Scam projects can usually be assessed when the project campaign is about to end, they are usually convoluted when asked to send tokens. So it's very difficult to know the project is a scam or not when a new project is started.

[Speaker]

Even after a while, it is impossible to understand a fraudulent project or not. We have already seen this with ust and luna .

[Rheology]

I agree. It is difficult to detect scam projects. Although you can find out about the authenticity of a crypto project by figuring out whether or not they have support.

[Phonometer]

It is best to stay aware by conducting background checks and research before you decide to invest, it is safer. There are and will be scammers in the market but it is all about the choices you make that will help you in your journey.

[rizqillah]

It is best to stay aware by conducting background checks and research before you decide to invest, it is safer. There are and will be scammers in the market but it is all about the choices you make that will help you in your journey.

Scam projects, It's not easy to detect.
I think we should have analysis deeply and be careful to invest in new project.
Better invest in top coins, safer.

[Speaker]

It is better to invest in what has stood the test of time and what you understand

[missbtc]

Now it is safer to invest in old coins from the top 30 by coinmarketcap, especially since many of them fell very low in the bear market. Investing in a new project is always a risk and it is very difficult to identify a future scam.

[Freemind]

Now it is safer to invest in old coins from the top 30 by coinmarketcap, especially since many of them fell very low in the bear market. Investing in a new project is always a risk and it is very difficult to identify a future scam.

I agree with part of your comment, but not totally. Investing in the top 30 (or top 10) is a good idea, but not investing in new projects can make us miss out on good profit opportunities, not all new projects are scams, some (unfortunately few) are really innovative and offer new things to the industry, and those projects are the ones that can give us the most benefits. Investing is always risky, whether in the top 30 or in any coin/token with years on the market.

[TOP_ETH]

detecting a scam project the first thing is project research that will be followed and who has a good team maybe in the future projects like this will rise

[Speaker]

fraudulent projects in the long run turn out to be both with a top team and with a huge capitalization. Nothing is eternal-nothing is perfect.

[legend45]

detecting a scam project the first thing is project research that will be followed and who has a good team maybe in the future projects like this will rise

How to detect good team ? I think It's also not easy , several of them play drama and others are scammers.
Just to collect the money.
Be careful, Not easy to detect scam project

[Speaker]

Therefore, it is important to invest in serious infrastructure projects with investments of large funds on board. Yes, this is not a 100% guarantee, but it is very difficult to sink such a project and especially unnoticeably.