4 main reasons why ICO projects are not trusted

serkhio

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Quote from: TokenSell on November 20, 2017, 07:28:55 AM

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

All of those information could be fake as a cheater is good at win ur trust.
Know more about the project, especially the code in the GitHub.

LancelotRay

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Honestly, even if those points still stand, the ICO might still be a scam.

It's really hard to tell because at the end of the day, they might simply pull the plug and run away with your money, even if their site and everything looks legit.

myrliska1313

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It's not a fact that those ICO who don't have these negative points will turn out to be real projects, now they can hide everything and make a site cool and the manager is active, and as a result scam

Socioman

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I think if the ICO does not have feedback, there is no social (live) page, which not only announces information related to the project, but also responds to letters, it is most likely scammers. You have identified important criteria when choosing ICO. But this is not the whole list. I think soon will develop a system that will verify the ICO and ensure the safety of investors' money.

blackhart7

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Some ico sites have published their staff with linkedin profiles .

bitkanu

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Quote from: tukangkopi on November 20, 2017, 07:34:22 AM

Quote from: TokenSell on November 20, 2017, 07:28:55 AM

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

this is my solution, ignore the ico project that does not include their linkedn link, simple.

Linkedin really seem can be faked though. Someone else might link their scammy ICO project to someone else's profile unbeknown by the real owners, this case has been happened in several ocassions.
Just be sure to check everything up, also see whether there's live interview with the developer team, if there's not, you're putting your money in an untrusted team.

Bodywowoya

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Quote from: TokenSell on November 20, 2017, 07:28:55 AM

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

And that after communication you will be sure that the project is good and you can invest without fear. You are a naive person, the most important thing in ICO is their other competition, their advantages over other similar ones and how much the team is aware of.

jennerpower

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Everything in the list are actually true. I would like to add up.
1. Since they are just starting you should expect that it was not only win-win. You should expect they might fail.
2. You should remember that donations is from the heart. It was not being asked. In that term it was also suspicious.
3. Donation is different from mandatory payment, if you want to donate then you can but it is not mandatory to donate.
4. If they ask for you to pay the fee scan first and search for their legitimacy sometimes it is reasonable because of the high gas fee or transfer fee.
Most of all, be careful and be vigilant.

saycryptohello

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Precisely you wrote this probably the simplest ways to avoid scam projects. From simple things - even see the site itself, how it works, how much we visit, try to write in an online chat, how quickly the answer comes, and also look at the ratings of projects.

iBlitz22

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It is actually not that easy to know if it is really not trusted or scam. But what I can say is just do a further research about them and it is not really convincing like lack of information about their team and their project well you can that it is not trusted. But you can check out this new ICO which is called Daneel. This ICO has been backed up by IBM and was shown by trusted websites like yahoo,etc. You will see how trustworthy this ICO be.

Muo

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what is the obvious reason that tells that ICO is a scam? sometimes it is hard to define the fraudulent one...

Duzenn

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I think there's only one reason why i don't trust ICO at all: the code isn't open source.
Because many ICO projects are only in the early stages, they are not open source for the ICO project.

Lumada

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Quote from: faceoff97 on February 26, 2018, 12:26:50 AM

Quote from: TokenSell on November 20, 2017, 07:28:55 AM

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Basically, the project is all dependent to the development team. They were the ones who actually make things possible, thia only mean that the primary factor why a ptoject fails is the team. If there were no legit people behind the project, that would possibly be a scam. A good project has a well known personalities related to it. Before getting in to it, do check the background information about the team, look at the previous project they have work out. Therr actually good reviews about each project available in the internet, this would help you determine the future of your prospect ICO.

That's why somehow the team matters too, but we should focus more on the project perspective, will it be useful and still applicable in the future? will it have a proper roadmap and keep on being updated no matter what, That's why I prefer investing only when the project already succeed or when it have already a developing product. It's more good if the project really seems pleasing with their team itself.

faceoff97

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Quote from: TokenSell on November 20, 2017, 07:28:55 AM

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Basically, the project is all dependent to the development team. They were the ones who actually make things possible, thia only mean that the primary factor why a ptoject fails is the team. If there were no legit people behind the project, that would possibly be a scam. A good project has a well known personalities related to it. Before getting in to it, do check the background information about the team, look at the previous project they have work out. Therr actually good reviews about each project available in the internet, this would help you determine the future of your prospect ICO.

jhache

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very true, and some of them do not have a clear outline of their projects, their target groups and what problems they seek to solve. makes an ICO look very suspicious especially in this scam and cash-grab era.

Zanetti83

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Quote from: TokenSell on November 20, 2017, 07:28:55 AM

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Well, while most ICO projects like what you explained, there are also some ICO projects which managed by well known members.
For me, I will only invest after I have a thorough learning the information about the projects and looking at the whitepaper, and also the team behind it

Kryten12

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Making an investment in an ICO can indeed be a minefield but if you get it right it is certainly worth the time and effort.
1. Check out the project thoroughly, don't just invest because some guy on Youtube told you to.
2. Read the whitepaper does it actually make any sense or is it just padded with useless information (Naviaddress spent about 10 pages just describing what addresses were!)
3. Previous experience of the developers and business management skills of the CEO and CTO

Riddikulo

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Quote from: TokenSell on November 20, 2017, 07:28:55 AM

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.
The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Unfortunately, now there are high-level scammers who make fake profiles of famous people to raise more money. Now it becomes more difficult to check the ICO in which you can invest.

slaman29

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Quote from: Dluretic on February 18, 2018, 09:34:57 AM

I found most of the ICO, it is difficult for us to contact the ICO team directly, and most of the ICO project is not open source, it makes me very worry, because it appears that most of the ICO project is just for the sake of money, they don't have any innovation.

Most? All of the ICOs are for the sake of money. Don't ever forget that. And ALL of the people who invest in ICOs are also in it for the money. Don't ever forget that. Everyone can pretend other things, but money is the prime and only motivator for ICOs.

People who say otherwise are lying. IF people really didn't care about money, all they'd do is work on non-ICO projects, and contribute and build on them. ICOs by definition means money and everyone connected to it is interested only in this. That's the plain, simple truth.

Greenw87dpecker

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Quote from: ?? on ??

That's why it's always better to give ICO rating sites a check if you're planning to invest in one. It's just a few clicks and some reading.

Wonder! Where do such amazing people who do not bother to ask about the project in which they invest their money? It is simple, takes little time, there are many checkers and simple instructions. If people are more responsible there will be less Scam?

Topic: 4 main reasons why ICO projects are not trusted (Read 735 times)