Topic: How do I avoid and identify scams? - page 3. (Read 593 times)

Well in my own opinion many want something that is going to do 100x if am not mistaken, lets say 100x in just few weeks thats just some hype mentality they put in newbies brain. and boom they fall into the trap... even bitcoin as a whole is unpredictable.

Study the forum well and you will see a lot of topics in the past discussion that talk about ways on how to identify and avoid scams especially on part of the beginners. Stay informed by doing your due diligence to learn how the market works and how it’s crypto coins work and attract profits. And to save yourself from rampant scamming, just focus on bitcoin. Bitcoin is the most secured and safest crypto in the market, so prioritize bitcoin over other cryptos in the market. And never be lured by exchanges, as the best way to protect our bitcoin is through keeping it in our personal and non-custodial wallet.

There are some scam projects where their website is professionally made and it would be hard to determine if it's a scam or not. What I would like OP to know is looking for people that are working for the project. For me, this seems much useful if the website looks professional as I have explained and your explanation says it all. If I am ask how to know to identify a scam is the same as you have shared but if I ever invest in it then I wouldn't spend too much money as it may be a scam and I still have some money left for other investments.

In cryptocurrency their are some coins that are too real to be a scam coin, but at the end you will see the team dumping the coin on investors, i see all altcoins as a scam coin because anything can happen to them at any moment, most of all those coins you see that are being market on social media are just scam coins, if you want to invest in any coin then you should go for bitcoin, their is nothing like good altcoin, they can fail at any moment and everyone that invested their are going to lose their money, but when you invest in bitcoin and bad news comes in, the only thing that will happen is that bitcoin price will dump, and if you can hold, then it’s going to bounce back but it might just take time, so you should just be ready to hold.

When you see some projects, you can never believe that the project is a scam till after investing in it and they end up dumping it on you, but their are some projects which after launching they always end up dumping and die, we shouldn’t blame the team for things like this, sometimes it’s the investors that do end up dumping the coin, so we have to still call coins like this a scam coin, it’s really risky investing in altcoins because their is nothing like a trusted altcoin.

Don’t allow anybody mislead you to invest in any altcoins, if am going to advise you to invest in any coin, then it’s better you simply invest in bitcoin, but if you are planning to invest in altcoin, then you should also be ready to lose your money because anything can happen to your investment at any moment, don’t allow anybody deceive you to invest in altcoin. Just invest in bitcoin and be ready to hold, am sure you won’t regret investing in bitcoin later in the future.

The truth is there is no free money everywhere. Some exchanges may give it freely but know that it has always its own way to get it back, more than what they give. That’s the reason why we don’t need to trust centralized exchanges at all, as it’s only a tool for scamming us and stealing all the coins that we are keeping on our account. Have your own non-custodial wallet, and stick to bitcoin and avoid altcoins as much as we can.

Early detection is way possible unless the team was so bulgar from their plan. Because I will tell you that these scammers are too smart as well and they perfectly hide their real intention until such time they've got money from innocent investors. That is why investing new projects are too risky and a possible chance of getting fallen into a scam project which is why it was encouraged to just invest only in those projects that already have a market record and shows potentiality as we can at least assure something about ROI.

The very first step is about knowing the website you are sharing your personal information to. Be wary of websites and giveaways where they are asking for your personal information upon registration. While KYC is normally asked in some gambling websites, but in normal websites, never share your personal information.

If a website is claiming to give free BTCs or any other type of freebies in that regard, never share your personal information without confirming if such website is genuine. Also, never believe that any website would give free BTCs or cryptocurrencies as these things typically never happen nowadays.

Stick with bitcoin. That way you will come to avoid investing in those too good to be true altcoins that will only waste your time and money. And as much as possible, stay informed with the current hypes and FUDs in the market because that will alert you not to fall easily on the traps of scammers. And while we keep learning about crypto, know that scammers are certainly smarter than us that’s why we should always deal the crypto market with high caution to avoid us from regretting in the end.

How to spot a scam is very important if you aim to avoid scams, to be honest scammers that are intelligent are very hard to overcome but it's not all too complicated to avoid getting scammed if you do the right things.

There has been helpful post on this forum about this very topic and looking back to how I have been able to cultivate some habit I got from reading through I can say it has really been helpful.

https://bitcointalksearch.org/topic/m.34802617

Apart from scammers hitting you up or getting scammed on social media there are also projects that are set out to scam people, here is a helpful thread that would help you.

https://bitcointalksearch.org/topic/m.55238236

Of course this one could be a factor of such community. Verified account of a project the gold one of course not the twitter Blue.

Of course we can. Im a long time twitter user and obviously will discern the difference of an impersonator and the original. Of course is Ive already followed the original, now the impersonator will pop anytime on the original posts,  and from that youll see that you arent following him.

Does having official social media account such as Twitter guarantee the legitimacy of the project? I doubt that. Twitter for example now is after money and as such everyone can request and pay for verification badge. You can not tell the difference between the real owner and the impersonator because they're very smart to use very similar Username that one can hardly notice the difference. Project like Luna with reputable and trust official account failed within a twinkle of eye. Yes, bitcoin has no official media accounts and it gain the trust and popularity.

Op, stay off alt coins and stick to BTC to minimize your chance of falling victim.

Yes you must be always be on alert. The perfect example of misguided one is on social media. Example you follow an official twitter of certain project, then the scammer will post something related to that on the 2nd page as if they are the 1stu author but the truth is they are scammer who impersonating anf using the post of the original and attaching scam link or airdrop link that users wouldnt notice since they saw the first post and will thought that was just a follow up but in reality its a different person.

Perhaps, one should stop investing to every advertised coins you see on every social media platform since it's a never-ending cycle of producing new coins every now and then. Just focus on a reliable coin(s) such as BTC or ETH. It takes some experience to play well in this market since it's all a matter of winning and losing.

Through experience you will know who are those person you should trust. But crypto currency are most likely a gamble thus risking your investment whether they win or fail in this market. Since there are lots of factors that a coin may win for now but would gone after a couple of week so it's all a matter of risking or gamble.

Don’t click random links given by stranger or anyone that you don’t trust. Most cases of scam is through clicking a malicious link that gives access to your wallet for the scammer.

Avoid too good to be true offer and never believe on a passive income without doing anything in exchange for your money. All offer that is too good is a scam. Don’t be tempted to try on this kind of sweet offer if you want to be safe on crypto.

OP, one way to avoid crypto scams is to avoid altcoins. Truly, you can try your best to DYOR about any Altcoin project before investing, and it's possible that the project can be doing great at that very moment or for a few months, but the only question is: how long do you think the project can continue? Every month, there are different Altcoins coming to do promotion here on the Altcoin board, and before you know it, after the forum here, you will not likely hear about the coin anywhere; it will not even be listed on any exchange.


I was going through the bounty board here, and I have come across hundreds of projects that did some campaign here, but those tokens are no longer in existence. Imagine if people who invested that time knew that the project would not exist to date; probably nobody  would not have invested back then. Most of those projects, then, look real; you would not even think that they would fail, but a lot of them do fail.


So, the best way to avoid scams is to be diligent in your Bitcoin holding and investment; don't reply to any offer trying to assist you in multiplying your Bitcoin holding; don't share your wallet security with anyone; and don't go online and click on different links that you are not really sure about. Look out for news updates or trends in the crypto space, wallet security, and privacy. In the crypto space, let security and privacy become your priorities.

all that 👆, and you will be very free from scams.

I am always careful when I see coins that the creators engage in massive advertisements. When huge funds are spent to promote a coin, it's a red flag for me. Any coin that is hyped by celebrities is not also for me. I see these actions as a means to attract people. A coin should grow generically and not attain a high price overnight. Coins that come with guaranteed and huge profit also looks suspicious.

You will not get a black-and-white answer OP because the crypto space is complex and unpredictable. It all depends on your goals for venturing into the crypto space. If you want a long-term investment, Bitcoin remains the best. But if you want to engage in trading and make fast returns, consider altcoins. Always remember that trading needs some skills and is risky.

You already have good pointers coming from people posting your thread created so much better to read up those suggestion since you can get an idea about those possible scam tokens.

But you can also easily spot if they are obvious scam and that is where those tokens use similar name of successful /hype coins or tokens in the market and if you read their site there's no context or clear path on where they are heading so consider to read all the informations available so thag you can avoid scams.

Perhaps it is better to confine yourself to how to invest in good cryptos, so the currency may not be scam, but it is dead, as its value continues to decline for long periods without achieving a return from it.

Invest in Bitcoin until you have the technical background and the basics of technical analysis to know what may lead to a rise in the prices of altcoins, and then limit that your investment to short-term investment is driven by events. I can infer that XRP and PEPE, both of which attracted investors, for nothing but that their value increased in a short time and if you ask them about the reason for the investment, you will find them say i invest because the value may reach $ 100 or $ 10 which is a bad investment.

Identifying scam coins is not as important as Identifying good coins for investment, and definitely avoiding bad currencies for investment means that you will avoid scam one.

Don't expect someone to come here and tells you this is the coin or crypto project to invest on and this one is to be avoided, things aren't done in such manners, you have to engage on making research about them and take the risk after you would have been satisfied enough with your findings about them, there are few additional information i will like to let you know are needed when searching for a crypto coin for an investment.

1. Run a background check on the people behind the coin or project
2. Try to understand their aims and objectives for the project work they developed
3. Try know there liquidity pool, market cap and those major investors of the coin project.
4. Research on their precious projects and success made in recent times on same field.
5. If it appears to be too good to be real then it may just be too bad for an investment.

The best way to avoid cryptocurrency scams is to stay away from alternative coins altogether Since alternative currencies are the main vectors for cryptocurrency fraud. Bitcoin is the only trustworthy currency. 

Reading the project materials, spotting errors in the white paper, looking for promises of rapid currency growth, and other indicators are some ways to spot a scam coin.

People fall victim to cryptocurrency scams in a variety of ways, but newcomers to the field are frequently seduced by initiatives that provide free tokens. Since they are inexperienced and lack knowledge, they just fall into their trap because they want to own a coin. People I know experience this; all they want is to wakeup and see a number of tokens in their wallet. Beware of airdrops because most phoney projects utilise them to defraud their victims as it is the easiest way to attract a bigger number of victims. Participating in an airdrop is a quick way for people to get cheated in cryptocurrency.