Topic: Fishing out scam projects PART 1 (Read 259 times)

Long domain and contract domain age cannot be used as a scam or not. I often find projects with a long expiration domain, but the project has no development process. In fact, after two years after ICO, the dev team still said that it still found a bug on the project which had been put forward two years ago. If indeed this project is developing, one year should be enough to cover the bug.

So you mean here after the project gets into an exchange?

First reason why ICO investors take high risk and invest in new projects is because they know they can earn more profit possible x100 or more, (Im talking about the past few years) but this year most of the projects even the best one didnt reach their target price of the coin after reaching the exchange.

But there still some people that are willing to take risk for a good project until now.

Agreed binance don't accept any low-quality coin like binance all time because binance said & work clearcut everything mainly liked hard security some exchanger coin/token delisted without any notice, but first notice then delisted.

Another thing that I also noticed is that some projects claim they have approved listings on Binance for example or another top exchange. Now I can't go so far to call them a scam project because of that but they are clearly trying to gain more interest or investments with such claims. And it is highly unlikely that Binance, being a serious business, promises such things and gives permission to projects to make such information public during the ICO stages. In such cases it's a good idea to verify that information with the official communication channels of said exchange.

Binance for example lists such information here: https://www.binance.com/en/support/sections/115000106672-New-Listings
 

Many scam companies claim affiliations and partnerships with a variety of other coins, projects, exchanges, companies, etc., even going as far as to plaster these other companies' logos across their site, despite there being no such partnership. Another frequent tactic is to massively overplay a very loose association, or even worse, a purchasing of services, as a "partnership".

Tron is a classic example of these kinds of shady behavior. They received a single email from Liverpool Football Club to discuss exploring business opportunities (an identical email was sent to many different coins and exchanges), and immediately took to Twitter to announce a "partnership", which Liverpool FC then had to publicly deny. Tron also announced a big "partnership" with Baidu (a big Chinese tech company), and it later turned out Tron was simply renting cloud computing services from Baidu.

At least with Tron being a big project,* the companies that they falsely claim to be partnered with are generally quick to call them out for their lies. With brand new, small, unheard of projects, the companies they are claiming as partners don't even know these scams are using their names, and so don't publicly deny it. You have to go to the effort of contacting them directly.

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*It never ceases to amaze me that Tron continues to exist, let alone be in the top 10. Which idiots are buying this scam?

Good projects really need time to build what they have to build like building their own domain and thinking good ideas for the project's development. If good projects rush things for their project and pop out then the project will failed that is why they need effort and time to spend on making their platform as good as possible.

You are right about that scam pop out of no where. The reason why scam projects pop out of no where is because the person or group of people behind the scam project know that they could also have a project for scamming purpose only. Scammers can hire a website developer to create a website for the scam project site then the scammer will use a fake information such as contact number, a dummy telegram account for the scam project telegram group, fake team information and more of fake info that will make you think or believe that the project is legit and not a scam project.

Yeah, I have to agree with the rest of what you have said, especially on what you said about this one ^. With my experience of busting scams and what I see in the scam accusation board most suspected scam projects are given a choice to prove their legitimacy by just showing any proofs that support their claim at the same time discredit our accusation. If they provided one then you know you made your own mistake but if they gave you alibis like "privacy is important", "let's not concentrate on this useless matter", or some form of evasion then you know instantly that they are indeed a scam project.

Although I agree with OP when he says that quality projects need time to develop, a newly created website doesn't necessarily mean that the project is a scam. It could very well be the case but other factors have to be taken into consideration.

For example if the project claims they have been in business for 10 years but their website together with all their social media and other accounts were created 2 weeks ago I would consider that a very big red alarm.

If they claim they have signed partnerships with reputable companies (scam projects usually do) I would ask for proof what kind of business they conducted with those companies and where can we read more about that. If they can't provide any proof it's clear that they are lying. 

There are many variations to scam projects, and most times they are not as easy to spot as checking the domain name. If an investor based his/her research off that, you'd get scammed a lot.
ICO os a very risky venture and is best avoided, or otherwise one can seek expert advice on potential projects to invest in, if they do not have sufficient technical knowledge to do their own research.
There has been many cases of top marketing agencies which pass projects to stringent audits, managing a scam project unwittingly.

Best way to fight scams; don't out your money into it and view every project as a scam until proven otherwise. Bitcoin and a couple of altcoins has proven that over the years.

I've made up my mind to start helping people fight off scammers and con artists in crypto space by leaking out ways you can detect fake projects so I'm going to make this short and quick.

Good projects don't just pop out of no where ,they take time to get built and it takes time to build the ideas developers wants to implement in every project ,scam projects are the ones that pop out of no where

You should get used to tracking projects website using domain search tools like whois domain search ,you will know when the project has been in development by the developers .

For example I'm going to use miracletele project to illustrate,the fact is miracletele project domain has been created since 2017 ,yes that's so true ,the professional teams have been developing the project and planing what strategy they will use since 2017 and carefully gathering the pieces together.

Check this pictures below showing how I track the website



Miracle tele project ANN page was created on April 23 2018 ,that's when crypto space know what miracletele is ,this is the ANN link

https://bitcointalksearch.org/topic/ann-tele-miracle-tele-blockchain-mobile-virtual-network-operator-3380042

The truth I want you to hold in your left hand and not throw away is GOOD PROJECTS TAKES TIME TO BUILD, you need another proof?

Check out GOWITHME project too



And GowithMi ANN page was created on Dec 28 2018 ,check the ANN link below

https://bitcointalksearch.org/topic/ann-gowithmi-the-worlds-first-complete-decentralized-location-based-services-5090322

As you can see,GoWITHMI has been in development since 2017-7-7 ,this shows that they are no nonsense projects but what about scam projects ? If you track their DOMAIN I'm sure they are build a month ago or like some that I track that they are built few weeks ago , the difference is clear ,they have nothing to offer,all they are after is the funds. I'm not going to start naming the scam projects but if you think they aren't among us right now you are so wrong.

Do the findings yourself from now on and this is not about getting your reward when bounty ends ,sometimes its all in the bounty managers hand but this thread is about how to detect scam projects,you can use  https://www.whois.com/whois/ for your tracking, just insert the website name and you will get full details


Note: I'm not saying that good projects can't fail ,yes they can but its better to waste time good projects that may or may not fail rather than scam projects.

I will keep finding ways to fish scam projects out to safe some bounty hunters time and energy ,stay tuned for more .

Peace out.