How can I know Scam coins and token Through Whitepaper

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: millerob on November 10, 2022, 10:11:40 PM

I agree with your point of view. To tell the truth, white papers are conceptual things, and I don't have a good way to filter them. In most cases, some project teams and project endorsements are seen, and then eggs are not put in one basket, and small investments are made. The essence is whether the project party wants to do evil? Or, someone forced him to do evil.

The project owners already have their roadmap in front of them which will never get revealed to their investors. The main scams that happen, happen in the form of abandonment of the project or simply vanishing into thin air. The way this is done, is by making sure the investors remain in the dark while the money is collected by the abstract in th whitepaper, while the team remains anonymous.

If you think whitepaper will tell you about a scam, you are mistaken. Even then a well established whitepaper and a legit team can fail.

millerob

newbie

Activity: 4

Merit: 0

Quote from: pooya87 on October 10, 2022, 10:42:37 PM

You can't because you are not supposed to. Whitepapers are basically the abstract idea about the project and what makes the project good or bad or scam is how that idea is implemented. For example you can't really figure out what bitcoin potential is by reading the paper since that will only introduce the general idea about what bitcoin is trying to achieve. Not to mention that sometimes the idea is very good but the implementation is terrible/scammy like ethereum where the idea of a "decentralized smart contract platform" is good but they implemented a centralized platform for scammers with lots of protocol flaws and a mutable blockchain.

I agree with your point of view. To tell the truth, white papers are conceptual things, and I don't have a good way to filter them. In most cases, some project teams and project endorsements are seen, and then eggs are not put in one basket, and small investments are made. The essence is whether the project party wants to do evil? Or, someone forced him to do evil.

Hypnosis00

sr. member

Activity: 2436

Merit: 343

Quote from: lalabotax on November 10, 2022, 04:29:48 PM

Quote from: Amphenomenon on October 10, 2022, 10:08:37 PM

If every coin has a Whitepaper, that means both the scam coins and the legit coins has a Whitepaper. Then how can a beginner differentiate a scam coin and a legit coin with the Whitepaper?

As a beginner, it is very difficult to differentiate the scam project moreover from Whitepaper. Because a whitepaper can be easily manipulated. However the WP may be copied from other projects. You can search for several information about it. But reading all whitepaper contents may be boring. That is why you may need other ways such as analyzing their team members by checking their social media, Linkdin acount, and otehrs. YOu cancrosscheck the infomration. The group in the telegram may also help you. If they are too good to be true with many big promises but no progress, it is better to stay way from this knd of project.

It is now known that scammers are too smart, they can simply produce a copy of WP from a successful project and use it for their scam project. It is actually hard to determine where it is coming from as we never read all the WP, in fact, I don't read it all. So, the possibility is that they will succeed in their plan and it becomes too late to determine if the project is a scam unless they are too obvious about it.
And if we are talking about social media accounts - scammers will use others' identities. Perhaps, it was a rampant doing that caused a lot of newbies to fall into the hands of scammers.

lalabotax

full member

Activity: 1582

Merit: 132

BK8 - Most Trusted Gambling Platform

Quote from: Amphenomenon on October 10, 2022, 10:08:37 PM

If every coin has a Whitepaper, that means both the scam coins and the legit coins has a Whitepaper. Then how can a beginner differentiate a scam coin and a legit coin with the Whitepaper?

As a beginner, it is very difficult to differentiate the scam project moreover from Whitepaper. Because a whitepaper can be easily manipulated. However the WP may be copied from other projects. You can search for several information about it. But reading all whitepaper contents may be boring. That is why you may need other ways such as analyzing their team members by checking their social media, Linkdin acount, and otehrs. YOu cancrosscheck the infomration. The group in the telegram may also help you. If they are too good to be true with many big promises but no progress, it is better to stay way from this knd of project.

erep

hero member

Activity: 2282

Merit: 589

Quote from: StreakW on November 10, 2022, 07:11:49 AM

It is very difficult to distinguish real coins and scam coins through the Whitepaper. Because basically, Whitepaper is a general idea about the project. many projects with good Whitepaper and promising concepts but in the end, their coin is a scam. So, to be able to determine an original coin or a scam coin, don't just stick to the Whitepaper but also look at their website and also the team behind it.

But it is possible that we can identify some of the obstacles that are often found in whitepapers for fraud project cases:
- plagiarism whitepaper
- the project concept is irrational and seems forced to achieve goals that are impossible to develop even though they claim to have raised high funds from fundraising or private sale.
- fake whitepaper

albon

legendary

Activity: 1890

Merit: 1537

Quote from: Amphenomenon on October 10, 2022, 10:08:37 PM

If every coin has a Whitepaper, that means both the scam coins and the legit coins has a Whitepaper. Then how can a beginner differentiate a scam coin and a legit coin with the Whitepaper?

The whitepaper is the one that contains all the information related to the project, which is the heart and face of the project, If it contains plagiarism and there are no links to the sources from which the information is taken, or it is primitive and unprofessional, then it can be said that it is 80% whitepaper for a scam project, and through the whitepaper, through the team section it is possible to know if the team’s photos are real people or fake people and through their personal profiles on LinkedIn. There are many other factors by which one can know if the coin is a scam or not, and not only through the whitepaper.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

Quote from: Amphenomenon on October 10, 2022, 10:08:37 PM

If every coin has a Whitepaper, that means both the scam coins and the legit coins has a Whitepaper. Then how can a beginner differentiate a scam coin and a legit coin with the Whitepaper?

The whitepaper is like the "tinder profile" for any project. Do you expect the owners if their motive is to scam the investor, will make sure to include and explain all the red flags in the whitepaper? No.

Hence for a newbie/less-experienced eye, the scam projects will not seem to be scam. You have to learn how to do background checks, try PMing the advisors on Linkedin about the project and see if they really exist or not and then do reverse searching on whitepaper texts to check if they are copied or not.

This is a cat and mouse game and the more time you waste on it the more you learn that you are actually wasting your time. Reason is that 99% of altcoin projects and scams and that 1% even if legit are going to fail in a few months, so what is the point of doing this research anyway?

Still I would encourage you to learn how to use these methods to get an overview of a project from a critical point of view.

zasad@

legendary

Activity: 1974

Merit: 4715

Quote from: Amphenomenon on October 10, 2022, 10:08:37 PM

If every coin has a Whitepaper, that means both the scam coins and the legit coins has a Whitepaper. Then how can a beginner differentiate a scam coin and a legit coin with the Whitepaper?

For me, the concept of Whitepaper is closely related to 2017, when there was a lot of hype with the ICO.
I invest funds in good and serious projects at the initial stage, which then help the project to develop. Therefore, the first thing I do is look at the description of the project and investors.

Ziskinberg

hero member

Activity: 3010

Merit: 666

Quote from: YellowSwap on November 07, 2022, 01:23:51 AM

This days it's easy to create a good Whitepaper to deceive people, there are experts out there that takes less money to write a attractive Whitepaper, this days Whitepaper is not on the list of what to look into when researching a project, Whitepaper only consists of the project journey into the future, why not look into the team themselves?

That is really unfortunate and this makes a lot of people fall into scam projects due to such deceiving whitepaper. I'd seen before that whitepaper is a medium to know that it was worth investing but for now, it was been used to trick people and investing the wrong project/s. It was really disappointing that we spend time reading their whitepaper but all of those words written there are fake or might copied from others.
This make me think that it was hard to trust new projects. I preferred old coins coz I already have to see what is their performance, unlike in new projects.

StreakW

full member

Activity: 1189

Merit: 107

Enterapp Pre-Sale Live - bit.ly/3UrMCWI

It is very difficult to distinguish real coins and scam coins through the Whitepaper. Because basically, Whitepaper is a general idea about the project. many projects with good Whitepaper and promising concepts but in the end, their coin is a scam. So, to be able to determine an original coin or a scam coin, don't just stick to the Whitepaper but also look at their website and also the team behind it.

YellowSwap

member

Activity: 201

Merit: 31

KUWA.ai

This days it's easy to create a good Whitepaper to deceive people, there are experts out there that takes less money to write a attractive Whitepaper, this days Whitepaper is not on the list of what to look into when researching a project, Whitepaper only consists of the project journey into the future, why not look into the team themselves?

Jaered

jr. member

Activity: 840

Merit: 4

I think I have a rough idea of how to detect scam projects via whitepaper. The idea comes from reading many whitepapers and having an idea of how to survey through the verbage and picking up the main points. Many scam tokens or coins copy these main points and try to cover it with verbose bullshit but it still is decipherable if you check properly

Jawhead999

legendary

Activity: 1862

Merit: 1209

Honestly there's no way to differentiate scam and legit coin, so whitepaper, social media, complete website, active customer service, fast development etc etc are useless. The only way to know if the project is legit or scam is by talk personally with the CEO and hire a psychologist to know if he's lie or honest.

Quote from: ?? on ??

White paper does not guarantee a project isn't a scam
But the problem or solution the project is embarking on. As my friend would always ask, "Do they have a surname? " Lol! That's why I stopped on most projects and focused on METAISLAND. I am safe with them. Let me tell you about them.

And this is one of scam project that anyone should be careful and avoid this project at all cost, if you want to promote your project just create Announcement thread on Altcoins Announcement section and not spamming in every thread with your scam project!

Orange89

jr. member

Activity: 1078

Merit: 2

I WANTED EVERYONE TO BE HAPPY IN LIFE

In Most cases Scam project Whitepaper are Just plagiarism {COPY PASTE} from other project They Definitely put the Less effort so their design and Style of Language Delivery is just Awful if a Project is Attracting you with their Whitepaper with no sense means less technical it is Probably a sign of Red Flag a Whitepaper is Just a Way to know how a project will Work and which problem will it solving, It is also important to Check the Team so looking at whitepaper and Analyse the project Definitely not a good idea

Blawpaw

legendary

Activity: 1596

Merit: 1027

Quote from: Amphenomenon on October 10, 2022, 10:08:37 PM

If every coin has a Whitepaper, that means both the scam coins and the legit coins has a Whitepaper. Then how can a beginner differentiate a scam coin and a legit coin with the Whitepaper?

If a whitepaper is not too technical enough or it doesn't give a good overview and technical explanation of the final purpose, along with its philosophical basis, and real-world use for the project, it immediately raises red flags and reeks like scam all over. IMO, if a whitepaper doesn't give you an assertive overview of what the project is and you cannot find any real-world application for the token or coin, you should run away like Forest Gump. On the other hand, you can always find the perfect plan and find a pretty well-written Whitepaper which attracts you, but then, unknowingly you may find yourself inside a rug pull.

Jackl87

sr. member

Activity: 1722

Merit: 269

Quote from: Amphenomenon on October 10, 2022, 10:08:37 PM

If every coin has a Whitepaper, that means both the scam coins and the legit coins has a Whitepaper. Then how can a beginner differentiate a scam coin and a legit coin with the Whitepaper?

I think it is very hard to know if a project is a legit one or a scam project from the whitepaper alone but it is a good indication of course. I think first of all you should check if it is not just a copy paste whitepaper that was used by other projects before. Then you should check, if the Whitepaper has informations about very important aspects of a project like the team members, the tokenomics including vesting schedules and also other stuff like use cases and a roadmap.

Kadal Ijo

full member

Activity: 1162

Merit: 106

It is very difficult to distinguish whether the project that we follow is scam or not, the scam project is getting tidy by making everything like social media, sites, and whitepaper that looks like real, the easiest thing we do is ask the experts we can meet in this forum.

Yamifoud

hero member

Activity: 2828

Merit: 518

DGbet.fun - Crypto Sportsbook

You can find some in an obvious way but some are not until the time has come.
As I invest in altcoins and in new projects, I don't rely on the whitepaper, not even bothering myself to read it all but just focus on the team, development, community support, and feedback. But this is somewhat challenging, not even the way to find assurance because most of the time scam happens in the later part when many people had already trusted the project.

AzamNurWahid

member

Activity: 658

Merit: 20

For sure no one can know if the existence of a coin is a scam or not. But at least we can find out through their white paper.if the concept they run does not match the white paper, then don't dare to invest in the project. this is just a small input from me

Minecache

legendary

Activity: 2184

Merit: 1024

Vave.com - Crypto Casino

Quote from: Apocollapse on October 11, 2022, 03:45:44 AM

There's no way to differentiate scam coins and tokens through whitepaper since any developers will write a good thing and try to create an excellent project that will convince investors to buy their coins or tokens.

I think 99% coins and tokens that still exist until now is scam, including BNB This coin has no use case for real life, it's only can be used to get discount if you're using Binance exchange. So this mean most of the holders are Binance users and if the exchange collapse, the coin will follow the same situation too.

it's true, other than bitcoin being widely accepted and used no coin has a real life use case. But what people care about in this market is profit, not technology, everything is just trying to be hyped, new technology, superior technology but the end goal is still to make that coin increase in value to take profits.

BNB and binance are a solid empire in the market, if it collapses, I believe the market will be hit hard. I don't care about its technology, I don't care about its usefulness, but if it dies it will crash the market. So I don't expect that to happen.

Topic: How can I know Scam coins and token Through Whitepaper (Read 444 times)