How do I know if an altcoin is a scam? - page 12.

LemonMaker

newbie

Activity: 15

Merit: 1

Quote from: Bttzed03 on June 09, 2021, 04:23:32 AM

Quote from: LemonMaker on June 09, 2021, 03:04:35 AM

~ 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?

Also they are backed by some important person from Quest Ventures, idk if that is faked or not. I found it here: https://startupboost.app/about-us/

But damn.. this community is super helpful. Thanks guys...

Maus0728

legendary

Activity: 1904

Merit: 1563

Quote from: LemonMaker on June 09, 2021, 03:57:18 AM

what is "degen trade" and how long should I wait in a dip before pulling out?

It's a type of trading technique that focuses on making quick profits. These can currently be used for initiatives such as BSC farming tokens (these are the new ones similar to ICO.). The basic idea is that you will acquire a particular amount of tokens and then swiftly exit once your initial cash has been multiplied and then move on to another project.

Degen trading is quite useful when the market is bullish where every shitty project can sometimes drastically spike in price due to some hype/FOMO and shilling of other people to various crypto communities. Be advised that it's very risky for someone who is not that experienced in this kind of trading or quick investing. Most people call degen traders a suicidal trader of the crypto market. Beware. You can search the web for more info regarding this.

Jackl87

sr. member

Activity: 1722

Merit: 269

Quote from: LemonMaker on June 09, 2021, 03:04:35 AM

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?

I don't think if you there are methods to make 100% sure that a new and umpcoming project is 100% legit and not a scam. You can check the team and looked at their linkedIn profiles if they have one. But even those profiles can be faked and a lot of times the team behind a crypto project wants to stay anonymous which doesn't mean automatically that those projects are bad or a scam so it's really hard to know.
You could also look at the portfolio of the VC's (Venture Capital) that backed this project if there are some known names that have confirmed their investment into this altcoin than it should not be a scam because those VC's make than they should have checked the project conscientiously.

LemonMaker

newbie

Activity: 15

Merit: 1

Quote from: FairUser on June 09, 2021, 04:10:32 AM

As long as you add more information about the project you mentioned, people here will help you, but I have these thoughts about

Quote from: LemonMaker on June 09, 2021, 03:04:35 AM

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?

do you understand it?
do you have faith in it?
....
There are a lot of factors that I'm sure you don't really understand, so for a newbie, I think they need time and money to experience new things, advice is considered superfluous because most new entrants don't like to listen to the opinions of their predecessors.

That will be super helpful... The ticker is "SUBX". Its supposed to help startups grow by providing some apps and products.

Website:
https://startupboost.app/

Contract:
https://bscscan.com/token/0x5232152c8207653aeda5baa0ff7fb1046c23c753#balances

New "app" they releasd:
https://community.startupboost.app/

I honestly think this is not a scam but I've been burnt by some other presale rug-pull before and I already have about 2k here. What do you think?

Bttzed03

legendary

Activity: 2114

Merit: 1149

https://bitcoincleanup.com/

Quote from: LemonMaker on June 09, 2021, 03:04:35 AM

~ 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.

FairUser

sr. member

Activity: 1344

Merit: 264

bit.ly/3QXp3oh | Ultimate Launchpad on TON

As long as you add more information about the project you mentioned, people here will help you, but I have these thoughts about

Quote from: LemonMaker on June 09, 2021, 03:04:35 AM

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?

do you understand it?
do you have faith in it?
....
There are a lot of factors that I'm sure you don't really understand, so for a newbie, I think they need time and money to experience new things, advice is considered superfluous because most new entrants don't like to listen to the opinions of their predecessors.

virasisog

hero member

Activity: 1820

Merit: 537

Quote from: LemonMaker on June 09, 2021, 03:57:18 AM

Quote from: Maus0728 on June 09, 2021, 03:52:04 AM

Although this was posted almost a year now, I think you can still learn some of the fundamentals and parameters to assess if the token will turn out to be a scam or not. It's a compilation of guides that you can read and it may take you a while to learn the patterns of what a scam project does.

Collection of comprehensive guides on identify and avoid scam projects

Just a heads up, even if the project has something nice to offer to the public, it doesn't mean that they will be always truthful to their investors all the time especially now where the market has turned upside down. I would rather use them to "degen trade" instead of falling in love with these altcoins that pop out of thin air during the bullish season.

Super helpful... thanks! One more question – what is "degen trade" and how long should I wait in a dip before pulling out?

It is trading without looking to a coin's real value but hopping in because of FOMO to just join the hype for quick trade profit. You don't want to hold a new altcoin since most of them are just hyped and remember that we were recently in a bull market and now it is almost over, most new coins might not survive once the bear market is over so holding it is not ideal.

LemonMaker

newbie

Activity: 15

Merit: 1

Quote from: Maus0728 on June 09, 2021, 03:52:04 AM

Although this was posted almost a year now, I think you can still learn some of the fundamentals and parameters to assess if the token will turn out to be a scam or not. It's a compilation of guides that you can read and it may take you a while to learn the patterns of what a scam project does.

Collection of comprehensive guides on identify and avoid scam projects

Just a heads up, even if the project has something nice to offer to the public, it doesn't mean that they will be always truthful to their investors all the time especially now where the market has turned upside down. I would rather use them to "degen trade" instead of falling in love with these altcoins that pop out of thin air during the bullish season.

Super helpful... thanks! One more question – what is "degen trade" and how long should I wait in a dip before pulling out?

Maus0728

legendary

Activity: 1904

Merit: 1563

Although this was posted almost a year now, I think you can still learn some of the fundamentals and parameters to assess if the token will turn out to be a scam or not. It's a compilation of guides that you can read and it may take you a while to learn the patterns of what a scam project does.

Collection of comprehensive guides on identify and avoid scam projects

Just a heads up, even if the project has something nice to offer to the public, it doesn't mean that they will be always truthful to their investors all the time especially now where the market has turned upside down. I would rather use them to "degen trade" instead of falling in love with these altcoins that pop out of thin air during the bullish season.

LemonMaker

newbie

Activity: 15

Merit: 1

Quote from: bakasabo on June 09, 2021, 03:17:40 AM

First answer yourself what makes you feel why they are scam. Maybe the answer is obvious.
Check their team and previous experience. If they are new or no-names, I would start to be suspicious. How can a developer has nothing do display on public and promise success?
Check what they offer or are developing? Is this something new? Or another swap/exchange/dog (or other animal) related project? There are thousands of them already. They cant make 100x.
Think about benefits they offer for investors. Isnt it sounds to sweet? Remember, there are no easy and quick money in cryptocurrency, at least anymore.

Well its the chart that's been dropping i think there was a whale that left last night. The entire team is doxxed and they did AMAs and apparently they're a registered company? I'm not sure if that prevents them from doing rug-pull. Doesn't seem like another dog coin to me... there's a 3% reflection for all holders that's it i think.

bakasabo

legendary

Activity: 2436

Merit: 1207

First answer yourself what makes you feel why they are scam. Maybe the answer is obvious.
Check their team and previous experience. If they are new or no-names, I would start to be suspicious. How can a developer has nothing do display on public and promise success?
Check what they offer or are developing? Is this something new? Or another swap/exchange/dog (or other animal) related project? There are thousands of them already. They cant make 100x.
Think about benefits they offer for investors. Isnt it sounds to sweet? Remember, there are no easy and quick money in cryptocurrency, at least anymore.

LemonMaker

newbie

Activity: 15

Merit: 1

Is one month considered a "new project"? These guys seem legit man and I've put in quite abit to pull out now.

MusaMohamed

sr. member

Activity: 966

Merit: 306

If you don't know, don't invest in new projects.

Choose old projects that have years in the market and don't have scam accusations. Scam projects will be reported on the forum or else where. You can check with Google.

https://scam-alert.io/

LemonMaker

newbie

Activity: 15

Merit: 1

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?

Topic: How do I know if an altcoin is a scam? - page 12. (Read 2341 times)