You should never believe with any claim that created by those scammers. If that was having a solid product and it must be popular right now. If the fact was saying the opposite thing and then you must be careful with it as it's potentially to be a scam project anytime. You should ask about the audit for the code. Even when the dev said that if LP locked and it can't be trusted.
You must be careful with any new project. This is a new project and it has a very big potential to be another scam project.
Topic: How do I know if an altcoin is a scam? - page 11. (Read 2341 times)
Op said that he is still new to this ecosystem, to avoid the risk of being caught in a scam it is better to choose a coin or token with a high rating in the market. Moreover, scammers are getting better at hiding their lies, newbies will definitely be easily provoked.
Never invest your money in something you are not familiar with. and make sure you know the risks, must be prepared to lose.
for project-related questions, try asking what the project's advantages are compared to other similar projects.
Never invest your money in something you are not familiar with. and make sure you know the risks, must be prepared to lose.
for project-related questions, try asking what the project's advantages are compared to other similar projects.
it is not possible to know in advance if an altcoin / project will be a future scam unless there are already many negative reviews on sites such as trustpilot or similar sites of other users who have already tested it, otherwise you have to do your own research and see if the altcoin has large volumes on exchanges, which use it can have in the sector and if there is an experienced team behind it
You can learn about it right away through reading the team's white paper and monitoring the price movement of their altcoin. You should also learn about their schemes like the offer or the expectations they are giving with regards to their coin. Also you can try searching for the top altcoins at the moment so that you wouldn't have to waste your time anymore risking on a new or unpopular altcoin. It would be safer that way and it could be more beneficial if ever the coin suddenly gets more successful over time.
First of all i think you should not invest in a thing that you don't understand. Secondly they need to prove that the project can solve a real problem and you need to know the CEO of the project has done good things on other projects in which he has been involved. Thirdly try to read and read more about that project.
To know if altcoin is scam, visit their website and study the white paper, know the team behind the project and other important details regarding the project. Also, don't invest if you hesitate about it. It is still better to invest those altcoin which already have a strong foundation in crypto market.
If you try to find 100x tokens, forget it, you're just wasting time. Investing doesn't necessarily make you rich quick. there must be analysis and calculation to get the profit you want, and maybe a little luck. btw, back on topic. don't believe what they say easily. you can try to check it yourself. if they promise to have a good use case, you can try checking their product, if you feel their product doesn't match what they say, then that will be the first red flag. You can also take a look at their github repository, if they are really a good project, they must have qualified and active developers
The best advice for a beginner like you(since you kinda give that kind of vibe) is to put off investing on startups first and try to invest on well established altcoins instead while reading more about this industry so you can get a feel of this industry without having much risk while improving your knowledge and experience. Then when you manage to know a bit more and feel quite confident, you can go and start small, then gradually increase your capital per investment till you get the hang of things. But for now, steer clear from startups.
I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?
If you are asking the questions to the team and they are probably only saying good stuff to you, to make you feel encouraged to invest into their project.The best thing you have to do is just search the background of that project by yourself, like the team, roadmap, what they offer etc. If we had known which projects to bet the next 100x token, then we would have been really rich right now and people start investing on the same project.
There should be tell tale signs that an altcoin is a scam. Based on my experience, it should be the flowery promises of big profit, the marketing hoopla that you can see on their websites, the social media. They give out all to easy rules on how to join and how to "invest". Maybe give you some perks or two along the way, but of course it will take a few months until you will feel the slow progression of their malicious intent. Just don't fall to those "get rich quick schemes" you see on the Bitcoin boards and forums.
It can't be fully precised, but you can do research, scam projects also have characteristics, such as no seriousness in project development, teams with no profile picture, minimal information, too closed.
but nowadays there are many new projects like that, and the results are beyond reason!, a trend like this is called the meme coin trend, of course this is like gambling,
if you buy a meme coin at random and the result is a pump then you are lucky,
but if you buy meme coins then dump, yes that's the risk.,
to be honest this year it's a scammer and it's not very difficult to distinguish
Hello, I'm new here and I wanted to ask something I've been confused about for a few days.
I recently got into an altcoin (called startup boost token) and the devs are doxxed and presale LP locked, they claim to have live use case and all.
I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?
Most of the scam projects offer huge returns, easy money as what we called it. Greedy people usually got fooled and caught in their trap that is why it is a need for us to make some search before investing and we don't need to rush because of those offerings as in the end, you only make yourself as their prey.I recently got into an altcoin (called startup boost token) and the devs are doxxed and presale LP locked, they claim to have live use case and all.
I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?
What you have to do now is to have some market observations and since you are new to crypto, you just invest those coins that are already listed to exchanges, not these new projects that have no working products.
Some questions that you can ask:
Further, some of the red flags include the following:
- Whether the entity is registered legally?
- Whether the entity is regulated in its country and whether your own country would be able to enforce your rights in such country?
- Whether there are real people behind the project and what are their credentials?
Further, some of the red flags include the following:
- Promise of guaranteed return or high returns
- Promise of regular income
- Something that is too good to be true
- They ask for your money before they actually start the project
A decentralized and safe shouldn't have developers privacy right violated through doxxing or something that. You could ask those who wish to remain anonymous to voluntarily verify their true identity in a way that does not compromise on their privacy/anonymity right. This should be the Right Practice in True Cryptocurrency rather than resorting to activity that could put the cryptocurrency project at risk.
I think the doxxing part makes it abit challenging for me to offer advice on the project security. The project could be considered already compromised in certain situations.
I think the doxxing part makes it abit challenging for me to offer advice on the project security. The project could be considered already compromised in certain situations.
Do they need their own token? Can the same thing be achieved with already existing currency (BTC, ETH etc)? If they first make the token, then find the uses for it its most likely scam. Not in a way that they blatantly take your money, but they just issue token as a get rich quick scheme for themselves.
Hello, OP.
You should probably just be off researching by your own.
Even a higher ranking member managing an altcoin ANN thread or managing a bounty could still ruin your day as you know that there are still some purchasing accounts happening off-forum.
You should probably just be off researching by your own.
Even a higher ranking member managing an altcoin ANN thread or managing a bounty could still ruin your day as you know that there are still some purchasing accounts happening off-forum.
It can't be fully precised, but you can do research, scam projects also have characteristics, such as no seriousness in project development, teams with no profile picture, minimal information, too closed.
I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?
Roughly speaking for now there is no way to know the altcoin or token you got/buy from the project is a scam, except: You check all the origins of the project in detail before you make a decision to join or buy tokens to become an investor, it's a long process.Suggestion:
If you want to get altcoins/tokens from projects/bounties, at least you can see the manager who manages the bounty who has a good reputation or not in this forum, at least it can have a good chance of tokens/Altcoins in the market and also the team involved in the project.
With advice like that at least, you are a bit spared from Altcoins / tokens that lead to scams, because managers who have a good reputation will assess the Altcoins/tokens/teams involved in the project carefully, before they make a decision to promote the project in this forum.
Note:
What I tell you does not guarantee 100% that you will avoid scams, sometimes managers can also be tricked by the company after they successfully promote their project, but good reputation managers at least they do Escrow, for guarantee.
Hey man thanks for the suggestion. Can they be a scam even though they are doxxed and LP is locked? They also had AMAs and i think backed by some advisor in VC.
I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?
Roughly speaking for now there is no way to know the altcoin or token you got/buy from the project is a scam, except: You check all the origins of the project in detail before you make a decision to join or buy tokens to become an investor, it's a long process.Suggestion:
If you want to get altcoins/tokens from projects/bounties, at least you can see the manager who manages the bounty who has a good reputation or not in this forum, at least it can have a good chance of tokens/Altcoins in the market and also the team involved in the project.
With advice like that at least, you are a bit spared from Altcoins / tokens that lead to scams, because managers who have a good reputation will assess the Altcoins/tokens/teams involved in the project carefully, before they make a decision to promote the project in this forum.
Note:
What I tell you does not guarantee 100% that you will avoid scams, sometimes managers can also be tricked by the company after they successfully promote their project, but good reputation managers at least they do Escrow, for guarantee.
~ if its a real 100x token?
Did the team tell you that the token will give you 100x return? If so, that is already a red flag on its own. I would completely avoid it or just spend 1% of my portfolio if I feel like gambling on new or micro cap projects.They didn't say 100x but the dev did say 1b in 6 months was the plan. Is that considered high?
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