avoiding ICO scam and frauds | Bitcointalksearch.org

wxa7115

hero member

Activity: 2702

Merit: 704

Bitcoin is GOD

Quote from: Rayner77 on June 19, 2018, 03:38:31 AM

Quote from: iryboy on June 19, 2018, 12:42:57 AM

I think proper research about the ICO project can save us from fraudulent ICO, no need to be greedy single -ve point means to get away from the ICO. Most important parts of research are project team and project product or service after the successful ICO.

ICOs are high risk:high reward investments because it can go either way which entirely depends on the developers' integrity; some of which have already proven to have none. It's a waste that new ICO investors just sit on the sidelines waiting for change while legitimate projects end up not getting the funds they deserve.

I'm anticipating a project called MenloOne that's soon to be an ICO markeplace, where its developers mentioned that it will help stop fraud with their unique, decentralized platform. There have been no other similar projects launched before and I'm hoping that this is the change some of us have been waiting for.

The current state of things is that bad that everyone losses except the scammers, investors looking to earn money and to support good projects lose their money without any compensation, the developers of real icos are unable to get the funds necessary to develop their projects, while in the other hand scammers get all the money and they are not punished by their actions.

divowok

copper member

Activity: 196

Merit: 0

Real genuine ICOs can be a needle in a haystack sometimes, all comes down to risk management and doing proper deep research.

A couple ICOs that are very worth looking into are Muirfield IP and Fr8 Network. Neither ICOs have launched yet but are set to be announced soon. Definitely keep an eye on these projects as they both have very real-world use cases and are utilizing blockchain heavily.

Fr8 Network deals with removing intermediaries in supply chains, bringing revenue back to distributors and carriers.

Muirfield IP is a private equity firm on the blockchain.

@hosimanaka

newbie

Activity: 154

Merit: 0

To avoid fraud and cheating in Crypto is the hardest thing, we must have in-depth knowledge, analytical knowledge, today the scammers are very sophisticated we are very easy to make mistakes.

Rayner77

newbie

Activity: 84

Merit: 0

Quote from: iryboy on June 19, 2018, 12:42:57 AM

I think proper research about the ICO project can save us from fraudulent ICO, no need to be greedy single -ve point means to get away from the ICO. Most important parts of research are project team and project product or service after the successful ICO.

ICOs are high risk:high reward investments because it can go either way which entirely depends on the developers' integrity; some of which have already proven to have none. It's a waste that new ICO investors just sit on the sidelines waiting for change while legitimate projects end up not getting the funds they deserve.

I'm anticipating a project called MenloOne that's soon to be an ICO markeplace, where its developers mentioned that it will help stop fraud with their unique, decentralized platform. There have been no other similar projects launched before and I'm hoping that this is the change some of us have been waiting for.

iryboy

member

Activity: 210

Merit: 10

I think proper research about the ICO project can save us from fraudulent ICO, no need to be greedy single -ve point means to get away from the ICO. Most important parts of research are project team and project product or service after the successful ICO.

Scripture

full member

Activity: 1303

Merit: 128

The hardest part is that, even you read whitepaper and ANN thread, still, it can be a candidate for Altcoin scam. I guess for more that a thousand coins, ICO struggle to get on top and even it is still half way through finnish line, it stops their operation because of lack of investor.

Coyoteerex09

jr. member

Activity: 71

Merit: 3

Quote from: Agetan on June 18, 2018, 08:08:25 PM

Scam is bad and all people want to avoid that scamp attemp in ico or other but its not that easy to make us stay away from fraud.
Easy to say but difficult to do. Scam can not be avoid just by checking the whitepaper since whitepaper and roadmap can be made so easily by expert to cover their scammy project.

I think menlo.one can help you with that. It's a platform that will serve as a review site for any upcoming ICO. The good thing about is that it can't be corrupted unlike the review sites we have right now where an ICO just pays a certain amount of money to get a +5 review.

Agetan

member

Activity: 196

Merit: 11

Quote from: RankerCan on June 02, 2018, 09:20:43 AM

We all are well aware of ICO frauds.

I use the strategy to start with a whitepaper, see team member details and the roadmap.

What strategy you adopt to make sure the ICO is not a scam/fraud?

Scam is bad and all people want to avoid that scamp attemp in ico or other but its not that easy to make us stay away from fraud.
Easy to say but difficult to do. Scam can not be avoid just by checking the whitepaper since whitepaper and roadmap can be made so easily by expert to cover their scammy project.

SPINPIX

member

Activity: 308

Merit: 10

Quote from: RankerCan on June 02, 2018, 09:20:43 AM

We all are well aware of ICO frauds.

I use the strategy to start with a whitepaper, see team member details and the roadmap.

What strategy you adopt to make sure the ICO is not a scam/fraud?

that's a good strategy, i almost the same checks, i use to avoid all the projects with strange ideas that have the blockchain inside them just for grab some money with the ico, then i avoid all the projects that promise incredible things like one million transactions for second. For the team analisys i suggest you to make an account on linkedin to check all their career and control if it's real

kolonel_x

sr. member

Activity: 1092

Merit: 250

yes you are right the team is a consideration in choosing the ICO, but sometimes it does not always run smoothly. CENTRA know how people sick because the coin

Diablomania

member

Activity: 129

Merit: 10

It is not to easy to avoid them if we are honest in here, most of the times we fall into those scams because we want to make as much money as possible, and that is it

dunfida

legendary

Activity: 3122

Merit: 1140

Quote from: wxa7115 on June 18, 2018, 06:37:44 PM

Quote from: Lighthouze on June 14, 2018, 07:09:14 AM

It's hard to avoid fraud ICO's and scams. But it's also easy to spot them. Some of the ways to avoid scams is to ensure that you follow the happenings in the community and see how they engage with them. Live AMA sessions are also very vital as you get to interact with the team and ask them direct questions. Don't ignore reviews about them as well

Avoiding the most obvious scams is very easy, since there are going to be many red flags that something is wrong and you can avoid them, the problem is that scammers are getting really smart and they are copying other projects so you may be scammed by a project that copied most of its details from a successful ico, so in paper the ico looked great but that was only because they stole the work of someone else.

They are getting smarter as the time goes by because once methods being busted by scammers they would stup up and improved the way of scamming which as an investor it would already hard to find out which one is the legit and which one is the fake one. They are finding new ways which arent still known by most investors thats why scam ico do still exist nowadays and we should really cautious on investing. Always research and be observant on all sorts.

kateycoin

full member

Activity: 882

Merit: 104

Quote from: RankerCan on June 02, 2018, 09:20:43 AM

We all are well aware of ICO frauds.

I use the strategy to start with a whitepaper, see team member details and the roadmap.

What strategy you adopt to make sure the ICO is not a scam/fraud?

It's Important to make a research before we join a ICO investment so we can avoid the scammer or frauders. Like you said the researching their team, roadmap and white paper is the one important to know if it's a good and have potential project.

mdgabrielzim

full member

Activity: 1232

Merit: 143

Nowadays it is extremely difficult to predict such a thing. I also adopt the same posture as you, I check the WP, I check the whole team, and I also check how the community is reacting on the currency, but even with all this the chance to be a fraud and very big because even if the coin is launched it may still not reach its apex, either for lack of work or lack of ideas in its conception.

wxa7115

hero member

Activity: 2702

Merit: 704

Bitcoin is GOD

Quote from: Lighthouze on June 14, 2018, 07:09:14 AM

It's hard to avoid fraud ICO's and scams. But it's also easy to spot them. Some of the ways to avoid scams is to ensure that you follow the happenings in the community and see how they engage with them. Live AMA sessions are also very vital as you get to interact with the team and ask them direct questions. Don't ignore reviews about them as well

Avoiding the most obvious scams is very easy, since there are going to be many red flags that something is wrong and you can avoid them, the problem is that scammers are getting really smart and they are copying other projects so you may be scammed by a project that copied most of its details from a successful ico, so in paper the ico looked great but that was only because they stole the work of someone else.

Lighthouze

jr. member

Activity: 196

Merit: 2

It's hard to avoid fraud ICO's and scams. But it's also easy to spot them. Some of the ways to avoid scams is to ensure that you follow the happenings in the community and see how they engage with them. Live AMA sessions are also very vital as you get to interact with the team and ask them direct questions. Don't ignore reviews about them as well

Mr.Stinson

member

Activity: 164

Merit: 10

identifying an ICO scam is getting harder and harder. studying the Whitepaper is by far not enough. you should also consider going through the website, telegram, teammember, do some research on the teammembers.

And if you have any doubts simply dont invest. i just put money into ICO where i am 100% sure it is not a scam but you never know. sometimes even the best feeling can be proved wrong.

asritajudin

full member

Activity: 352

Merit: 100

I use same strategy when choosing an ico because the rate of fraud is too much and I also follow my intuition, check the developer and management team, I even check the previous works of the manager and their success story with icos. Some icos have very good whitepapers because they are well developed to attract investors but they later turn out to be scam. It is very necessary to be patient and do a deep research about a project before investing in it.

solarion

hero member

Activity: 966

Merit: 513

Quote from: Re.won14 on June 14, 2018, 05:50:51 AM

Reading white paper is really boring and is hard to do but this is a good thing to spot fraud. What i usually do is see and follow a team which i trust and see if the road map can seems to happen.

When you able to spot out the good or scam project means you do not need to look about the ICO projects. When you go to check the white paper you can find the 10 and more pages in the pdf file bro. All you need to check about the core team and development candidates.

Then check some of the team members LinkedIn profile which is given on announcement or in white paper. That will allow you to show the project legibility to the investors. If find newbie account there you can shift down to other projects.

Re.won14

newbie

Activity: 168

Merit: 0

Reading white paper is really boring and is hard to do but this is a good thing to spot fraud. What i usually do is see and follow a team which i trust and see if the road map can seems to happen.

Topic: avoiding ICO scam and frauds (Read 599 times)