A Simple Way To Check Legitimacy Of Crypto Projects

DdmrDdmr

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Quote from: libert19 on July 26, 2021, 05:45:00 AM

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Not sure what we mean by legit here: Are we talking about the project having sound and solid basis, or are we more in the line of it is the correct account, as opposed to a fake account?

The former seems far fetched. Some people are more prone to following bags of projects/people, whilst others quite the opposite. We should not really interpret following as vouching, as this would be a very lax (and potentially dangerous) inference made by a simple social media link.

The latter may be a hint, but I fear were in the terrain of the former here.

libert19

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Quote from: lovesmayfamilis on July 26, 2021, 07:26:13 AM

Who is this advice? If this is your advice to bounty hunters, then, believe me, their social networks will overlap with the same hunters.
Moreover, if I trust those accounts that I trust, why can't they be wrong?
Only your own analyses of the project, your own investigation, will be a positive moment. Do not blindly trust the crowd, rely more on yourself.

Quote from: UserU on July 26, 2021, 07:50:16 AM

Quote from: libert19 on July 26, 2021, 07:04:36 AM

That's true, that's why you follow people who you know are legit, it's unlikely for them to follow due to bounty or similar.

I have come across such follow X and Y campaigns on Twitter and Gleam, most of them are just singing the same tune; to the moon, best project, will reach $ in year.

Very prevalent with 99% of those "new" projects out there, regardless of legitimacy.

Do you expect prominent people/projects to follow random trash?

UserU

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Quote from: libert19 on July 26, 2021, 07:04:36 AM

That's true, that's why you follow people who you know are legit, it's unlikely for them to follow due to bounty or similar.

I have come across such follow X and Y campaigns on Twitter and Gleam, most of them are just singing the same tune; to the moon, best project, will reach $ in year.

Very prevalent with 99% of those "new" projects out there, regardless of legitimacy.

lovesmayfamilis

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✿♥‿♥✿

Who is this advice? If this is your advice to bounty hunters, then, believe me, their social networks will overlap with the same hunters.
Moreover, if I trust those accounts that I trust, why can't they be wrong?
Only your own analyses of the project, your own investigation, will be a positive moment. Do not blindly trust the crowd, rely more on yourself.

libert19

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Merit: 952

Quote from: Maus0728 on July 26, 2021, 06:29:24 AM

Quote from: libert19 on July 26, 2021, 05:45:00 AM

1. You start following people and projects who you know are legit af, for example, uniswap, vitalik, arbitrum, 0x project - you get the point.

I scanned their folllowers and checked if there are big personalities in twitter have followed CowSwap and verify if any other person you have mentioned follows this project as well. Unfortunately, I can't seem to find one of them.

The image and cowswap was an example (but still they are followed by known projects in ethereum - 1inch, balancer, matcha, paraswap, defipulse, gnois,..) . You can check arbitrum they are followed by vitalik, that follow can help you determine the projects legitimacy to some extent.

Quote

Sometimes, their follower count increases due to some bounties/ advertisement happening on the grey area of cryptospace. And we can't be certain if those numbers alone will have bearing on the legitimacy of the service unless it is proven by time. This applies to all the projects though..

That's true, that's why you follow people who you know are legit, it's unlikely for them to follow due to bounty or similar.

Maus0728

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Quote from: libert19 on July 26, 2021, 05:45:00 AM

1. You start following people and projects who you know are legit af, for example, uniswap, vitalik, arbitrum, 0x project - you get the point.

I scanned their folllowers and checked if there are big personalities in twitter have followed CowSwap and verify if any other person you have mentioned follows this project as well. Unfortunately, I can't seem to find one of them.

Sometimes, their follower count increases due to some bounties/ advertisement happening on the grey area of cryptospace. And we can't be certain if those numbers alone will have bearing on the legitimacy of the service unless it is proven by time. This applies to all the projects though..

libert19

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1. You start following people and projects who you know are legit af, for example, uniswap, vitalik, arbitrum, 0x project - you get the point.

2. Then you go to Twitter of the project you are interested in and if they are followed by the accounts you are following there is high chance that the project is legit.

For example,

Topic: A Simple Way To Check Legitimacy Of Crypto Projects (Read 83 times)