How do I know if an altcoin is a scam? - page 2.

dustboy

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Quote from: King Khaizan on July 29, 2021, 10:57:28 PM

you should research first before investing, there is no guarantee a project offers something bigger, check all platforms and their long term project plans then you can decide.

It is not easy as its said, doing some researches first about the project is a must obviously but there is still no guarantee that the project will not be a scam eventually. If you are investor and you have done some researches before investing, always bear in mind that you should invest what you can afford to lose only. It does not matter how high you trust the project after your researches but preventing for something worst is always better.

Koro-Sensei

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Quote from: LemonMaker on June 09, 2021, 02:04:35 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?

Look for signs. From whitepaper to team's profile and tokenomics. There is a gray lining in every scam project and research is a must. However, its really hard to determine even if you research all of this. Being doxxed aren't even assurance for them to be legitimate and even those who got successful ICO still doing scam. I remember in 2019 where scams are everywhere and so many money were collected.

Quote from: romero121 on July 29, 2021, 06:15:55 PM

The lack of development make the project go worse and finally after years once again it gets on track. Those weren't really scams, but lack of development or funding leads to some negative results on the market and gone.

This is also a thing with projects having a low experienced core team behind it and its community foundation isn't strong either.

King Khaizan

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you should research first before investing, there is no guarantee a project offers something bigger, check all platforms and their long term project plans then you can decide.

romero121

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Based on the team, the funding partners, the investors, the core behind the project. More such parameters contribute to the project. However even after analysing these many things we can see potential projects ending up as scams. This is ridiculous, and in some projects there'll be break in between.

The lack of development make the project go worse and finally after years once again it gets on track. Those weren't really scams, but lack of development or funding leads to some negative results on the market.

chanler

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Personally I still can't decide clearly how a token is a scam or not. What is certain is that if I really feel that there are irregularities in it and it provides some benefits that I think are unreasonable, then that needs to be watched out. Therefore, if it is in the case of choosing a good project or coin, I will analyze and observe first to avoid scams. I read some of the answers here and it was very helpful for me in the future in choosing a good token too. It is important for us to learn more and more in choosing the right coin so as not to get scam tokens.

WNTRjon

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There is no way to confirm in every case. The biggest red flag for me is when a team says they want to remain anonymous. Yeah, we would all like to remain anonymous, but if you believe in a project that you are leading, you and your team should be willing to expose themselves and put their reputations on the line.

Dragonfund

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Quote from: gustavroy on July 29, 2021, 03:07:07 PM

You can check the whitepaper and search the team members but there is no guarentee in this sector at all. ( unfortunately) Even bitcoin could be scam lol. But checking dev and partners could be nice

Are you OK?
How can you say bitcoin could be scam?
Not 1 year, 2 or 3 but has managed to survive 10 good years of growth and recognition, and you said scam? You shouldn't be in Bitcointalk of you think so.
White paper isn't a guarantee, you can get scam if the team fit to once they get your trust. It has happened many times and likely to continue except in the future if there should be some kind of regulations that protects the investors.

gustavroy

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You can check the whitepaper and search the team members but there is no guarentee in this sector at all. ( unfortunately) Even bitcoin could be scam lol. But checking dev and partners could be nice

ScamViruS

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Quote from: Digital_Lord on July 29, 2021, 01:41:31 PM

The community should be big and hard-working for a token to pumped about 100x and the team should reveal their further plan so the community can make a good decision at the time. You should have to read their full documentary before investing your money.

If you research the project before you invest in coins, the community and the price of the project are likely to be pumped. Then you won't get anything big from that project. More important than the power to pump up the price of a project is to research how promising that project is. This is because whale traders can easily pump and dump a coin if they want, but the durability of this pump is not high.For this, a project should be well researched, so that the strong aspects of that project can be found out.

Digital_Lord

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The community should be big and hard-working for a token to pumped about 100x and the team should reveal their further plan so the community can make a good decision at the time. You should have to read their full documentary before investing your money.

conected

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In my opinion, it is difficult to identify the existing token is a scam or not. We know the token is a scam or not after it happens. Many scam tokens initially look convincing and have a good roadmap and are in demand by many investors. Be careful and choose tokens or tokens that already exist on major exchanges, reducing our chances of being hit by a token scam

- Major exchanges only license those tokens with market, user and fair value, although a few projects go bad after a certain period of time but as long as we are not a user who likes to chase luck and choose tokens with low trading volume every day, it's hard to make us fools and fall for the scam project. However, scam projects seem to know how to convince more people than we think, I don't know what magic they use to make their words be trusted by others despite huge holes, still many people still lose in such projects and don't stop

dataispower

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The obvious heavily plagiarized White paper/roadmaps, inability to perform a crucial promotion to carry out the project to the mainstream and even the obvious copy cat of pre-existing coins having the same ideas and goals copied by the team of the project.
A legitimate project would never mention the exchanges they will get listed at, everything will be developed at the shortest time frame.
However some of points listed by me can be wrong some of the time.

Hannahanto

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Sometimes it's really herd to tell when a project is a scam cause they go all the way in doing ALmost every thing right. Have a lot f followers,post looks legit,makes giveaway and so many of the newbies loves giveaway to the point they'll just make a pre-sale and give out coins at cheap rate we buy and they later fun with everything.
Before you invest in any altcoin you need to DYOR and get some positive feedback to yourself else you might fall in to something bad.

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Quote from: LemonMaker on June 09, 2021, 02:15:14 AM

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

One month? I still consider such project as a new project in the crypto space, I have seen a project stand for over 4months+ only for the CEO to rug pull and run away with the whole liquidity money, you need to be really careful when investing in new projects most of them are likely to be scam or maybe they can't survive the market pressure, instead of taking this risk its best you invest in reputable projects like Near, bitcoin, Ethereum, bnb etc, they are much safer investments than this new coins around.

no-ice-please

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Quote from: wajik-tempe on July 28, 2021, 08:19:21 PM

Quote from: ?? on ??

It is very difficult to detect which is a real coin or a scam coin. I think one of the ways to find out a real coin or a scam coin is information about the founder or the team. There are also several ways for ICOs or coins to deceive investors, these coins use fake teams. Therefore you have to check each team member, you have to do deeper research on certain people whether there is a possibility that the identity of the team really exists and does not just appear for ICOs or seeking funds.

Many projects team are using fake identity, sometimes they are just using random google avatar and random name and then created a linked in account with ton of great experiences at work. So i think the best way to detect scam is joining their group, telegram group or any social media and look how they answer the question by the people, or ask questions to them and look how they answer and ask for evidence of their project running well.

What I would suggest is ask for a live AMA via Youtube or anything like that. If they deny and tell you some adventurous story why they need to stay anonymous, just stay away from the project. These days there is no need to hide from the public if you launch a great blockchain project. There is a very small number of countries cracking down on it so if you have a great idea and want to pitch it to the public, why would you want to hide?

MarjorieZimmermanGinger

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Quote from: LemonMaker on June 09, 2021, 02:04:35 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've also experienced the same thing as you, after looking for as much information as possible, I finally tried to contact the owner on telegram and email, they also said the pre-sale was locked.

They directed me to be patient, because the coin will be opened next month, it is impossible for the coin to be fake if it has been registered on the coinmarket and Excange, there is a high possibility that they are playing the market, to find the best value for the coin.

Try to be patient in the next few months, maybe a pre-sale will be opened at the right time, if it doesn't go up the price will go down, there are only two possibilities that will happen.

lizarder

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Quote from: LemonMaker on June 09, 2021, 02:04:35 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?

There are several things you should know before asking a question to the coin owner, it could be that your question is misinterpreted, so you will be the one to blame in this case.

Check the coinmarketcap site whether it's registered, make sure the coin is registered and can be traded on the exchange, if after checking it's there maybe you can just ask, but to ask them first you have to praise, without being considered excessive.

I think people/owners of Crypto coins really appreciate everyone's questions, they will still respond well to all complaints, if we ask nicely, people will answer well too. Appreciating people is actually easier for us to get information.

goinmerry

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There are obvious scams and good scam attempts.

On obvious scam, no need for further research as you just need to use your brain. Examples are, you need to buy a coin then some too good be true rebate will be given. Another one, high yield promises once you become an investor and so on.

On good scam attempts, you will never know until you found a hole. Or if too late to recognize, you are doomed.

The best thing to learn is how to find good altcoins rather than how to find if an altcoin is a scam. Don't risk on new coins if you don't know how to.

wajik-tempe

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Quote from: ?? on ??

It is very difficult to detect which is a real coin or a scam coin. I think one of the ways to find out a real coin or a scam coin is information about the founder or the team. There are also several ways for ICOs or coins to deceive investors, these coins use fake teams. Therefore you have to check each team member, you have to do deeper research on certain people whether there is a possibility that the identity of the team really exists and does not just appear for ICOs or seeking funds.

Many projects team are using fake identity, sometimes they are just using random google avatar and random name and then created a linked in account with ton of great experiences at work. So i think the best way to detect scam is joining their group, telegram group or any social media and look how they answer the question by the people, or ask questions to them and look how they answer and ask for evidence of their project running well.

Saisher

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Quote from: LemonMaker on June 09, 2021, 02:04:35 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?

These farming sites have time-locked features check if their time locked is enough for investors to check if they implementing a new code, check Rugdoc if they are being monitored I don't invest in projects that are not monitored by RugDoc when investing in farming sites, there are so many risks involved in new farming sites I recommend investing in established farming sites like Uniswap.

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