characteristics of fraudulent projects - page 2.

Twinkledoe

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Quote from: Shallow on March 27, 2020, 01:46:27 AM

The first point is one of the fastest way of knowing them, I think a team building a project should always be ready answer questions from the community. Yes they can't be online all the time but answering the questions whenever possible is very good, it shows that one can only answer what he knows. Banning of accounts is also a good way of identifying them, because they would like to keep the group free from people who ask tactical questions so as not to expose their lack of knowledge of the project. Lack of update, shows something is wrong with the project and care should be taken with such projects.

Basically, the OP listed the items to look at for a project heading to its demise. But for a project that is only starting in the community - look for team profiles, legality of the company, whitepaper content, roadmap, website content and other related articles about the project. Sometimes you will read an article from google that this person scammed this person and he is part of the team. Are you going to trust a project that has a team member alleged to be a scammer? I hope not.

gundala

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Quote from: Cekerula on September 23, 2019, 08:03:50 AM

--

it's so annoying, how you feel? Roll Eyes

Very disappointing. They only give hope without certainty. In addition, they cannot provide certainty regarding important agenda or schedules, for example, token sale, listing schedule, etc. That is an indication that the dev team is not really ready to carry out the plan, very unfortunate.

Quote from: JeotQ on March 27, 2020, 12:56:59 AM

I hope you haven't invested in the project before detecting all this? You don't have to invest first, you can detect how determined the team are just by asking them tough questions on telegram and expect to get blocked if the project is scam

Sometimes, the dev team acts professionally at the start of a promotion. Over time the ethics diminished, there were no updates, then came shocking announcements, delays, and slowly they disappeared.

Iyanu14

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Quote from: Cekerula on September 23, 2019, 08:03:50 AM

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group Grin

it's so annoying, how you feel? Roll Eyes

Well, these are good parts of the characteristics or red flags towards a bad project. However, some may not even do these and still turn out to be fraudulent at the end of the day.
One thing we should also look out for is "unrealistic promises or vision"
Don't fall easily for some seems impossible promises of some projects. When you observe critically and you are able to conclude that the promise or mission of that project seem to be unrealistic, then it is a red flag on it's own.

jessyj48

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Quote from: Cekerula on September 23, 2019, 08:03:50 AM

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group Grin

it's so annoying, how you feel? Roll Eyes

Sorry to say, the absence of all these points on your list still doesn't guaranteed that the project you join is not scam, few scam projects in crypto space are nearly perfected that you won't notice any flaws until the very day they turned scam

Shallow

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The first point is one of the fastest way of knowing them, I think a team building a project should always be ready answer questions from the community. Yes they can't be online all the time but answering the questions whenever possible is very good, it shows that one can only answer what he knows. Banning of accounts is also a good way of identifying them, because they would like to keep the group free from people who ask tactical questions so as not to expose their lack of knowledge of the project. Lack of update, shows something is wrong with the project and care should be taken with such projects.

JeotQ

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I hope you haven't invested in the project before detecting all this? You don't have to invest first, you can detect how determined the team are just by asking them tough questions on telegram and expect to get blocked if the project is scam

bayudndy

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Quote from: joseyphil82 on March 27, 2020, 12:48:07 AM

Quote from: Cekerula on September 23, 2019, 08:03:50 AM

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group Grin

it's so annoying, how you feel? Roll Eyes

Honestly I will be glad if any of this happens because it's not easy to detect fake projects this days, the most effective way is asking big questions in the project group, this can easily make the scammers pissed off and block you, if this happens just leave and move on, at least you aren't in loss

Today we can easily see scam projects because investors are so much smarter than before. They will check everything related to the project, and if they detect some non-transparent issues, they will certainly flag it. That's why new projects in 2019 and 2020 are continuously failing

joseyphil82

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Quote from: Cekerula on September 23, 2019, 08:03:50 AM

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group Grin

it's so annoying, how you feel? Roll Eyes

Honestly I will be glad if any of this happens because it's not easy to detect fake projects this days, the most effective way is asking big questions in the project group, this can easily make the scammers pissed off and block you, if this happens just leave and move on, at least you aren't in loss

Lantind

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Quote from: Bpip.org on March 27, 2020, 12:02:59 AM

my short answer is only one.
no developer as smart as Satoshi.

if all new developers have intelligence & honesty like satoshi, then ICO is no longer valid.

Yes, and the ICO was formed to raise project funds carried out by the project developer, so it's different from a satoshi where he develops the project and the system from his own ideas and uses his own funds as well, even though there is a team that he forms for the project, will but he didn't show it because they worked sincerely in building something that was beneficial to everyone.

Bpip.org

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Quote from: wxa7115 on October 11, 2019, 10:28:06 PM

Quote from: JeffBrad12 on October 08, 2019, 08:10:46 AM

Quote from: dcomomal on October 08, 2019, 08:07:57 AM

For me the lack of working product would be the first and only sign of a fraud project. Such times have passed when a project could scam people with a good whitepaper and original website. Investors are getting smarter.

as I know project trying to gather the funds using ICO is to realize or make an execution to their idea and thus resulting in a working product, maybe some of the projects out there are already having a working product even before the ICO being announced but it's still not right to judge a project as a fraud just because of not having a working product while the sole purpose of creating an ICO is to gather fund.
Maybe it's better to judge them by whether they are following their roadmap or not, although there are some other factors aswell.

But if satoshi could have a working product in the form of bitcoin and he did not received any funding, why new developers cannot create something new and have a working product or something close to it when this market is now so popular? It is not like they have to create everything from zero, they can look at the code of bitcoin and many other coins and find inspiration for their coin.

If this could be done 10 years ago why developers cannot create their coins without any funding? Why do they need so much money? The short answer to me is that the majority of those coins are scams.

my short answer is only one.
no developer as smart as Satoshi.

if all new developers have intelligence & honesty like satoshi, then ICO is no longer valid.

wxa7115

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Quote from: JeffBrad12 on October 08, 2019, 08:10:46 AM

Quote from: dcomomal on October 08, 2019, 08:07:57 AM

For me the lack of working product would be the first and only sign of a fraud project. Such times have passed when a project could scam people with a good whitepaper and original website. Investors are getting smarter.

as I know project trying to gather the funds using ICO is to realize or make an execution to their idea and thus resulting in a working product, maybe some of the projects out there are already having a working product even before the ICO being announced but it's still not right to judge a project as a fraud just because of not having a working product while the sole purpose of creating an ICO is to gather fund.
Maybe it's better to judge them by whether they are following their roadmap or not, although there are some other factors aswell.

But if satoshi could have a working product in the form of bitcoin and he did not received any funding, why new developers cannot create something new and have a working product or something close to it when this market is now so popular? It is not like they have to create everything from zero, they can look at the code of bitcoin and many other coins and find inspiration for their coin.

If this could be done 10 years ago why developers cannot create their coins without any funding? Why do they need so much money? The short answer to me is that the majority of those coins are scams.

JeffBrad12

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Quote from: dcomomal on October 08, 2019, 08:07:57 AM

For me the lack of working product would be the first and only sign of a fraud project. Such times have passed when a project could scam people with a good whitepaper and original website. Investors are getting smarter.

as I know project trying to gather the funds using ICO is to realize or make an execution to their idea and thus resulting in a working product, maybe some of the projects out there are already having a working product even before the ICO being announced but it's still not right to judge a project as a fraud just because of not having a working product while the sole purpose of creating an ICO is to gather fund.
Maybe it's better to judge them by whether they are following their roadmap or not, although there are some other factors aswell.

dcomomal

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For me the lack of working product would be the first and only sign of a fraud project. Such times have passed when a project could scam people with a good whitepaper and original website. Investors are getting smarter.

wxa7115

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Bitcoin is GOD

Quote from: bvg96634 on October 01, 2019, 07:53:16 AM

The list that you have mentioned is spot on brother, but the problem is that these scammers are acting so professionally that you can’t tell the difference. These scammers have now become so professional in scamming people that you can’t tell the difference, even the highly skilled and experienced people cannot tell the difference between these scammers and original project.

And this right now is the biggest issue, scammers are learning they know that they cannot expect to get a lot of money by just registering a website and creating an ANN thread, they know they need to put more effort into it if they want to earn money and they are willing to do it, now it is very difficult to distinguish a legitimate project from one that is a scam and when you cannot tell the difference between the real thing and a fake how can you invest in this market?

And the answer is that many people like myself have decided to stop investing in new projects precisely because of that, this is unfair to those that have a real desire to create an interesting project but we have no alternative.

TaliskerDarkStorm

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-The project that says it's the best is a fraud.
-The project that sells an old technology like new is a fraud.
-The project that says their ico price will be 0.50 or above is probably fraud or that price prediction never happen.
-The project has a poor whitepaper and documentation quality is a fraud.
-The project that doesn't want to spend on marketing is a fraud.

-

Neo.op

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Team is important. You have to check project team and you can decide if its fraudulent or not. Use image search to decide if pictures are stolen or not, check linkedin profiles and decide if team members are fake or not. You can check website and domain information, also telegram groups if they filled the group with bots etc. There are many signs in my opinion.

Masyudhi

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Quote from: Cekerula on September 23, 2019, 08:03:50 AM

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group Grin

it's so annoying, how you feel? Roll Eyes

Of course it will make us feel very upset and when I find a project like that, I will choose not to participate and invest in it because when the team of the project is not active and does not provide updates about their project, it has become of little value and it can be said that this project is not good and the best decision is to look for other projects by looking at the team and the product that is delivered, the activeness of the team to respond to every question will certainly be more value for us to decide whether to participate or not in the project.

shoreno

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Quote from: Flooks on October 05, 2019, 03:55:40 AM

Quote from: Hamzaal24 on October 05, 2019, 01:25:07 AM

Your points are really good piece of information. To scam project these tips are helpful. I believe investor should use them and check market trends before investing their money.

The person is right, if you carefully analyze the project team, their social activity, you can identify scammers. But it takes a lot of time, it’s good that we have this forum, many here reveal scammers.

yes its not easy. it takes time to do a reasearch and anlaysis but its worth the wait and effort once you are succesful on the project that you joined but luck will also matter here because there are those who did all the steps but unfortunately they only caught a not so good project . the forum has a scam accuse and reputation board where they bust scams and frauds but outside the forum there are those who review projects . you can also use those as reference aside from bitcointalk

Flooks

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Quote from: Hamzaal24 on October 05, 2019, 01:25:07 AM

Your points are really good piece of information. To scam project these tips are helpful. I believe investor should use them and check market trends before investing their money.

The person is right, if you carefully analyze the project team, their social activity, you can identify scammers. But it takes a lot of time, it’s good that we have this forum, many here reveal scammers.

Hamzaal24

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Your points are really good piece of information. To scam project these tips are helpful. I believe investor should use them and check market trends before investing their money.

Topic: characteristics of fraudulent projects - page 2. (Read 2897 times)