Topic: How can the ICO scams be identified? - page 2. (Read 697 times)
With many ico popping and launching everyday it is hard to identify a good ico from a bad or scam ico. There are many ways to help you identify a scam ico. My most common go to is the goal of said ico. If it is too good to be true then chances are it is a scam ico. You can also try looking for credibility of the people behind the ico. Some scammers like to stay unknown.
Most scam ICOs are very noticeable that it is a scam because of the project the roadmap ect but there are still scam ICOs out there that looks real so look at the small details like the telegram the admins there and of course the community.
Here is the article on the topic: https://icoguide.com/en/blog/how-to-identify-scam-icos but scammers are becoming more and more professional and experienced so it becomes more and more difficult to choose good project. I think the main thing you should look at is the team, its experience and background.
If the ICO project does not have open source code, you need to be careful.
Because a good ICO project will open source code.
Great advice mate but they need to learn the background of the teams about reputation of project and and choose the project manager with have an reputable in this field of job with have word of honor.Because a good ICO project will open source code.
Not always good projects have open source code and this is due to the fact that it can be stolen completely or partially which will become an obstacle to the successful development of the idea.
Dear All!
As many of us are aware the fact that there are many scams fooling and cheating people of their money under the disguise of ICOs,it would be really useful if your thoughts can be shared for all to be cautious of.
Please be kind enough to comment your ideas!
Thank you!
As many of us are aware the fact that there are many scams fooling and cheating people of their money under the disguise of ICOs,it would be really useful if your thoughts can be shared for all to be cautious of.
Please be kind enough to comment your ideas!
Thank you!
will in my own experience its hards to determine those ICO project,because if you look up the white paper roadmaps and the parts of the team in blue prints all are legits,even the bounty manager,and then you can identify thats in the end of the campaign,that those you participating project are scam because they cannot paid your works and they diminished after the project is finished.
I don't know who began it however there used to be escrows who will hold the assets. likewise some ICOs are finished by trades also. presently its difficult to recognize all these ICO that can conceivably trick. nowadays I simply answer to those colleagues and the item they had effectively created. however, even so some are still tricks. I have seen multibot which completed an ICO, I saw it had a working item however the dev vanished still.
It is hard to figure out which ICO is fake. ICO resembles calling for venture so they can build up their thoughts. Normally we will know they swindled after the ICO. A ton of precarious appearances influence us to accept. and afterward they will flee. ICO venture is dependably a dangerous decision
If they are selling the dream instead of the project, RUN!!!
Good projects never talk about their future price
Good projects never talk about their future price
first of all you need to study the team that is working on the project if the team is reliable, then 70% that the company is not scammers
100% impossible to identify a fraudulent project, you need to pay attention to the product, its suitability and its goals, and learn about the team
There are a few ways to spot scam ico.
One of the most common ways are
- no profile of the team members like no picture (just name) or the linkedin is not working etc.
- they focus on the profits and not the growth of the product, promise you 100% return in a year
- spelling mistake in their website/documents, not professional and it is just cheap 3rd parties.
- unable to show that they are actively promoting in real world, always hide behind the screen.
One of the most common ways are
- no profile of the team members like no picture (just name) or the linkedin is not working etc.
- they focus on the profits and not the growth of the product, promise you 100% return in a year
- spelling mistake in their website/documents, not professional and it is just cheap 3rd parties.
- unable to show that they are actively promoting in real world, always hide behind the screen.
to indentifie that the ico is one of the scam coin first of all you need to have knowledge about ICOs i mean you had experiance knowledge about some ICOs scams and Succussful ICO si its first thing to know, then you can go through their whitepaper and try to figure out why this coin is creaded and take a look for their roadmap and see if it has any meaning so as last thing u can do is see if they really has a great community, good luck bro
Here are some factors that need to be identified to avoid fraud ico, Know well the team / management behind it,One of the most important success factors for ICO or cryptocurrency is the developer and administrative team behind the project.
For that reason, more and more often fraudsters use fake profiles / biographies on the development team for their projects.
The best protection against this fraud tactic is to thoroughly examine individual team members of a project before you invest.
For that reason, more and more often fraudsters use fake profiles / biographies on the development team for their projects.
The best protection against this fraud tactic is to thoroughly examine individual team members of a project before you invest.
If you are a total newbie, it is kind of difficult. But you need to check the team, search their social media profiles, even contact them directly, do a reverse image search to confirm they are legit. You need to understand the project and need the whitepaper. Need to compare the technology with similar projects to see if they didn't steal anything or if it is just a recycled whitepaper. You need to see if they do have a minimum viable product and be able to see it, try it. You can review the code they already have on github or similar repositories.
Those things, among others, will help you to detect scams.
Those things, among others, will help you to detect scams.
If the ICO project does not have open source code, you need to be careful.
Because a good ICO project will open source code.
Because a good ICO project will open source code.
Great advice mate but they need to learn the background of the teams about reputation of project and and choose the project manager with have an reputable in this field of job with have word of honor.
The best ways I have used that have been so resourceful for me is the reading of the whitepaper and also researching much about the team members and the group or kind of people running the bounty for the ICO on this forum. I have done this for so many times and it has helped me elude this.
If it's a lending platform that's an obvious ICO scam, most of these ICO that disguised as that platform turned out to scam quickly.
Don't just believe when someone says "This project has the potential and has a great team." Make your own assessment and judgement, it's your money not theirs.
Don't just believe when someone says "This project has the potential and has a great team." Make your own assessment and judgement, it's your money not theirs.
There are now multiple platforms where users can crowdfund their dreams and projects into reality. There are no sure way to know if an ICO is scam or not, you just have to have personal investigation on any ICO project you get involved in.
First of all, we need to investigate the team very well. We need to research partners well. And research the team members' Linkedln account. Is there any fake informations, etc..
ICO scams are pretty rare. These scams want nothing, but the investments, then disappear, without giving anything back in exchange.
However there are vast amount of ICOs that are built on bad ideas, or having an incompetent team, etc. that will result in losing a large portion of the value of your investment. This is not something called a scam, but some might feel like they've been scammed.
To indentify, which ICO can be a scam, or does not worth investing, you should check some things about the project. Here are some steps:
0. Read the whitepaper thoroughly. You are investing your funds, make sure you know what you're into
1. Evaluate the viability of the project, and the idea behind it. If its built on a realistic, good idea, that is a good sign.
2. Check the team of the project. Are there any members with years of experience, or high reputation?
3. The partnerships/connections are a particularly important. Make sure to you double check the given informations.
4. Some of these way of scammings are actually pretty old, just being disguised with fancy words and marketing. Being aware of some schemes might help you to keep clear off these kind of scams.
5. Read some professional reviews on the project. These individuals likely to have more experience in investing into ICOs, than the average person willing to invest into ICOs. Keep in mind, that some of these professional reviewers may be biased, so I'd recommend to read/listen to multiple ones.
You should take your time to pick the right ICO(s) to invest, and it takes time to do your research. And make sure you dont invest blindly, or dont just invest for the hype alone - I did once, turned out to be a mistake. It was not a scam, but the team is not making the efforts that would be expectable.
All of those steps are like must to be done before to join any ICO project and you explained everything correctly. However there are vast amount of ICOs that are built on bad ideas, or having an incompetent team, etc. that will result in losing a large portion of the value of your investment. This is not something called a scam, but some might feel like they've been scammed.
To indentify, which ICO can be a scam, or does not worth investing, you should check some things about the project. Here are some steps:
0. Read the whitepaper thoroughly. You are investing your funds, make sure you know what you're into
1. Evaluate the viability of the project, and the idea behind it. If its built on a realistic, good idea, that is a good sign.
2. Check the team of the project. Are there any members with years of experience, or high reputation?
3. The partnerships/connections are a particularly important. Make sure to you double check the given informations.
4. Some of these way of scammings are actually pretty old, just being disguised with fancy words and marketing. Being aware of some schemes might help you to keep clear off these kind of scams.
5. Read some professional reviews on the project. These individuals likely to have more experience in investing into ICOs, than the average person willing to invest into ICOs. Keep in mind, that some of these professional reviewers may be biased, so I'd recommend to read/listen to multiple ones.
You should take your time to pick the right ICO(s) to invest, and it takes time to do your research. And make sure you dont invest blindly, or dont just invest for the hype alone - I did once, turned out to be a mistake. It was not a scam, but the team is not making the efforts that would be expectable.
But why you say that scam ICOs are rare? They are not rare at all and it would be ok for you maybe to hear it from such person as me, but why then all top faces in crypto community say the same? Vitalik Buterin, for example, said that 99% of ICO is scam.
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