Anothe thing to remember is that an idea may SOUND great, like we have a technology to revolutuonize supply chain, but in fact maybe thats an entrenched industry with mukti billionair players who could care less about an open source crowd funded tech that they can copy and implement in their own blockchain team that they invested millions into themselves.
It cant just be high quality and useful, it has to be usable. or in the long run its doomed.
Topic: 5 things you need to check before buying crypto (Read 470 times)
Going all through all these can still make you get scammed. It is better you invest in specific coins that are already popular like BTC, BNB, ETH, XRP and the other top 100 coins that are already trading.
Rather than go through all this, yet still get scammed, it's wise and best to simply invest in the BTC and very few well know alternatives.
Reading whitepapers don't help to spot a scam project, the best way to do that is to avoid them altogether(by investing in BTC).
reading whitepaper and roadmap is waste they put unreal goals and start scamming , I suggest is watch how team is doing about project only about project don't give importance to listing in exchanges and other site , see partnerships , and developing about project ideas Reading whitepapers don't help to spot a scam project, the best way to do that is to avoid them altogether(by investing in BTC).
Not everything can be seen in their whitepaper, some fake ICOs are caught even just by looking at their websites from fake team members to fake addresses you can spot them as well. Just by focusing on their whitepaper could lead you too participating on a scam project especially if its perfectly built. With how the article made it based on the whitepaper you can't really spot them especially when you are focusing too much on numbers 1, 3, and 4. They may have created a promising project based on what they want to do but if they are a scam you'll just end up losing your money.
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Not sure how decent offsite ratings are, but you can always google the project name alongside the term "scam" and begging to get a general idea.Here you can look through Scam Accusations. If it’s an Altcoin, you may in addition look through the Announcements (Altcoins)/ Tokens (Altcoins) and read the comments, although it it’s self-moderated then negative/scam tokens will likely have been deleted. In addition, Bitcointalk has a currently evolving Trust System (see Trust Flags) in place that can help you identify scammers on the forum.
Rather than go through all this, yet still get scammed, it's wise and best to simply invest in the BTC and very few well know alternatives.
Reading whitepapers don't help to spot a scam project, the best way to do that is to avoid them altogether(by investing in BTC).
Reading whitepapers don't help to spot a scam project, the best way to do that is to avoid them altogether(by investing in BTC).
If you are talking about an investment with lesser risk, then invest on BTC. But as the common saying goes, the higher the risk, the higher the possible return of investment. And by reading whitepapers you can minimize such risks and have higher possibility to earn so much money.
The bottom line is, an investor must need to understand the risks that he/she can handle before going into it.
Excuse me, is there a coherent watchdog website that throoughly, lists, reviews, and allows community cintribution on any given scam project?
Concerning this I've always mixed reaction. However, this was not enough, even a good attention seeker may transform into negative way. However, this is the same old thing in the cryptocurrency universe. Only bitcoin and other reputed cruptocurrency will be good opportunities. Anyway, Thanks for the thoughtful analysis.
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I know I’m being reiterative here, but please refrain from simply copying/pasting an article and adding a reference to avoid formal forum accusation of plagiarism. As I’ve mentioned multiple times, it is way better to summarize it in your own words, add your opinion, experience, or whatever. Any answer on this thread has taken longer to think through that what it took to paste the OP’s content (being the only tricky part adding the link).As to the topic itself, @pooya87 has summarized nicely the counterpart to that the OP states, and that constitutes a mantra of overly repeated things to investigate. Truth is, people (including me) will find it hard to perform those tasks properly with the degree of knowledge and time required, and will usually fall-back to relying on what some review sites says (and we know how well that has played out more often than not).
Performing the required due-diligence steps, even if one is technically capable of understanding the ropes, is no guarantee, but may improve the odds of not being scammed upfront. The more you invest, the more you should try to cross-reference information, but it’s still a game of odds.
Depends on when you enter and exit the market, you can make significant gain from them. Not saying that you should support copy-paste project but if it's about profit, fundamental values for the top-50 has little effect. At this moment, the hype is what matters. Sad but true, hopefully, project with a fundamental value could survive and kick those garbages.
Well, you're actually right. I'm not sure if that's what I would suggest to beginners asking for advice though. I'd still heavy suggest investing/trading BTC, as I think it's risky enough.
That's not a good idea at all. If we're talking about top 20 on CMC, you are pretty much including the most obvious premium shitcoins like Tron(TRX) and shady coins that could crash down due to regulations like BNB.
Depends on when you enter and exit the market, you can make significant gain from them. Not saying that you should support copy-paste project but if it's about profit, fundamental values for the top-50 has little effect. At this moment, the hype is what matters. Sad but true, hopefully, project with a fundamental value could survive and kick those garbages.
all of these things look pretty only in words but when it comes to actually doing them you can see how hard they are. for example you mention whitepaper and technology but the problem is that you need to first be an expert who is familiar with technical aspects of cryptocurrencies to be able to analyze the new project an conclude whether it is actually a good one with anything new to offer or is it just the copy of what existed before, or in most cases is it just advertising by using technobabble and hyping the project up by using certain keywords!
I think if you are new and have little experience but want to buy a crypto market it is best to buy projects above the top 20 CMC. These projects are quite safe and can give you a decent profit if you choose the right time to buy. It's best to stay away from small projects and low transaction volumes.
That's not a good idea at all. If we're talking about top 20 on CMC, you are pretty much including the most obvious premium shitcoins like Tron(TRX) and shady coins that could crash down due to regulations like BNB.
I agree with your points, But there are some observations I will make:
there are many cases of projects that have a true team, a true whitepaper and a good idea ... But when the project's creators are faced with the real world, they stop being optimistic, they stop communicating with the investors because finally they realize that it has no conditions to evolve in the real world.
Where do I want to go with this? Most of the people who create cryptos projects are people who are deluded and are blind for profit and do not have what it takes for their projects to have a future in real world
there are many cases of projects that have a true team, a true whitepaper and a good idea ... But when the project's creators are faced with the real world, they stop being optimistic, they stop communicating with the investors because finally they realize that it has no conditions to evolve in the real world.
Where do I want to go with this? Most of the people who create cryptos projects are people who are deluded and are blind for profit and do not have what it takes for their projects to have a future in real world
I think if you are new and have little experience but want to buy a crypto market it is best to buy projects above the top 20 CMC. These projects are quite safe and can give you a decent profit if you choose the right time to buy. It's best to stay away from small projects and low transaction volumes.
Rather than go through all this, yet still get scammed, it's wise and best to simply invest in the BTC and very few well know alternatives.
Reading whitepapers don't help to spot a scam project, the best way to do that is to avoid them altogether(by investing in BTC).
Reading whitepapers don't help to spot a scam project, the best way to do that is to avoid them altogether(by investing in BTC).
Good advice, especially for beginners, I think that a small percentage of those who have investing in bitcoin lost something (hacks excluded). Some people have problem with high bitcoin price, and misconception that they have to buy a whole coin, so they pick some other cheap coins mostly based on their name and a bunch of nice promises.
I will not argue that all new projects are scam or that it will fail, but 80% or maybe even 90% of them will not survive. The fact is that it is very easy to launch such a project today, anyone can make a coin and write great whitepaper.
In addition to those things that OP write, before you invest in some coin, ask yourself does this coin have any practical application now or in future. We can conclude that most altcoins can be a source of quick profits, and that with perhaps a few exceptions they are not something you want to keep up for long in your wallet.
No. 2 is the most important and easy to detect scam or real ICO. If you can find information about the team, their business license info and all of their personal information, team will less likely to scam in that case.
Rather than go through all this, yet still get scammed, it's wise and best to simply invest in the BTC and very few well know alternatives.
Reading whitepapers don't help to spot a scam project, the best way to do that is to avoid them altogether(by investing in BTC).
Reading whitepapers don't help to spot a scam project, the best way to do that is to avoid them altogether(by investing in BTC).
@Couster you’re correct as reading the white paper won’t help the newbie, because anyone can draft it up using content writing services. The advice you have given is legit, that is invest in bitcoins to avoid being scammed I hope newbies follow this advice.
Having a good whitepaper and roadmap is common and usual. Of course, it should be presentable as the purpose of it to somehow attract investors.
But unfortunately, even how good and well-detailed their whitepaper is, why some project coin/token still fail? And to add for that, most roadmaps didn't follow properly. Late execution and poor handling by the devs/owners itself.
If a newbie is totally new to crypto, without any basic knowledge at all, never test the waters on those new coins but instead stick only to those who are in the market for a long time now and already established a good foundation.
Actually there are many things to consider when checking or buying crypto. One thing I learned that one should never invest during private or public token sale because ICO price is higher than when the tokens put to exchange. So the basic thing that one should do if you are aiming to buy that crypto then join telegram channel. See how the team manages the group and their response and announcement. There are other teams that will cheat on investors injecting total supply tokens or.owning 70% of.the total supply that could benefit them in the long run.
But, there could.be more better considerations when buying crypto and that is by choosing strong coins in the market like those coins/tokems having huge market cap.volume.
But, there could.be more better considerations when buying crypto and that is by choosing strong coins in the market like those coins/tokems having huge market cap.volume.
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