Topic: How do I know if an altcoin is a scam? - page 3. (Read 2363 times)
It's hard to know a project will be a scam or not, especially for beginners, because sometimes the project looks very convincing but in the end the developers run away or the project is suddenly terminated, maybe we can only anticipate it by doing careful research on the project, by understanding the whitepaper, researching the track records of the development members, and looking at the schematic of the roadmap created for the project.
There are plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.
You are right that we should check whitepapers and roadmaps to find out how this project is going to develop, how it works. But it is not very easy to find tricks on their documents, especially for newbies who haven't seen many other examples before.
So one more very important indicator is community and social media. You can judge from the number of people in the community, if devs answer the questions on social media and if they show all their work.
The first thing you should check when you look at the white papers and the roadmaps is whether or not those things are plagiarized. WE have had many cases in the last couple of years where anonymous teams just stole white papers and roadmaps, rephrased it here and there a little bit (and sometimes not even that...) and put it up on a well looking website, claiming that it is their project and they are super ambitious but can't dodge themselves because their government is against crypto... Same story all the time and I would only very rarely touch a coin where the team is 100% anonymous. It is just too risky.
Don't believe until you have a suspicious feeling. If they have uploaded their project information then you can check their project goals, aims, team experience, and tokenomics. I hope then you will find what question you should ask or may you will get the truth of their project.
scams projects have all features ok but scams projects have poor communication and experience. They don't control over communication and sometimes they inactive in social media. They arrange fake team and whitepaper and roadmap.
Don't believe until you have a suspicious feeling. If they have uploaded their project information then you can check their project goals, aims, team experience, and tokenomics. I hope then you will find what question you should ask or may you will get the truth of their project.
I would not easily believe those projects (especially shitcoins) who claimed that this will be the next 100x, 500x, 1,000x coin or something like that. It's a red flag to be honest and very risky as well. If that altcoin doesn't have an impressive real use case and ended up almost copying other's concepts without uniqueness, then I would doubt that it will grow. If their liquidity is not locked and no renouncement at all, I would doubt that project would operate in the long run.
It doesn't matter if the team is doxxed, because all of these altcoins are subject to price volatility and was played by the buyers and sellers.
It doesn't matter if the team is doxxed, because all of these altcoins are subject to price volatility and was played by the buyers and sellers.
There are plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.
You are right that we should check whitepapers and roadmaps to find out how this project is going to develop, how it works. But it is not very easy to find tricks on their documents, especially for newbies who haven't seen many other examples before.
So one more very important indicator is community and social media. You can judge from the number of people in the community, if devs answer the questions on social media and if they show all their work.
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?
First, my approach is to go to the telegram group and try to do some tests there, regularly checking how the group is performing, its seriousness, commitment, and communications. Are they professional or not? I think this exchange will define the project, and also be the most effective way for me to invest. My suggestion is don't believe their 100x, 50x promises. Lol, the value of the project is long-term sustainability, no one knows even dev team 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 plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.
Ideal is when you know coding at least a little, so as to look through the smart-contract that is said to be the only source of truth. Personally I check different functions like mint, transfer, setmigrator to find out how this smart-contact works. If you can't understand anything in their code, it will be a good thing to read the response of auditors if they were audited, which is also an indicator of reliability and security.
It is very hard to identify legit project these days. There are lots of scam project in cryptocurrency market nowadays. As for me , i rather stick to old project from number 1-40 in coinmarketcap. In most cases, some of the project that has no team are fake while some who claimed to have team whose Linkedin profile are a month or 2 months old are fake.
If we still have doubts about a project let alone pre-sale is still locked then do not invest in the coin because it could be a scam, and it would be nice to choose a potential coin because the coin is already guaranteed far from scamer, scam a coin is sometimes very difficult for us to detect so many who take a toll, therefore we must be careful in making decisions in investing from a coin.
There are plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.
If they have an ANN thread here, you will know if they are not potential because they will not gain posters and the thread will not be popular, sometimes they hire shill to bump the ANN thread with a nonsense posts, but we have a lot of legit who care for the investors, so we will know about their reputation if we follow the thread.
sometimes we won't know a scam altcoin before they are listed on the exchange. if they are not on the exchange just as a display in your wallet, then you have been deceived by the scam project that you are participating in.
There are plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.
If they have an ANN thread here, you will know if they are not potential because they will not gain posters and the thread will not be popular, sometimes they hire shill to bump the ANN thread with a nonsense posts, but we have a lot of legit who care for the investors, so we will know about their reputation if we follow the thread.
It's not very easy to identify a scam project because scammers always very smart and tricky. But some sign May make projects scams .... Fake whitepaper, fake Team management, poor community, no definite roadmap and exchanges arrangements.
The level of complexity these scammers can achieve these days are surprising and also I think can be called impressive if you are going to consider the ways that they were able to execute it. The newbie investor should be wary and be always aware of the ways they try to attract people in joining their fake projects. Also if you happen to hear testimonials from other people that gives negative information about the project then we should consider checking further and making sure that we can somehow be able to prevent the newbies from investing to such projects.
I think To know that it is an Altcoin scammer is the first to not have a strong team, and not to have great investors. then the next step To find out that it is a scam altcoin not listed in Coinmarketcap. I think like that
Not being listed in coinmarketcap is the last point for new projects, because the main thing that the project developer must prepare is a completely transparent team structure and a roadmap that really makes sense, so that with that they can also publish their cooperation partners so that investors can come by themselves.true as what you said, but we can also find out on coinmarketcap whether it is listed there or not. I don't believe in a big campaign being carried out by a bounty project team if the token they are developing is not listed there on coinmarketcap.
Yes, and that's why it's very important to work with your knowledge, there are project that seems being legit but suddenly things
went wrong and the project died eventually.
you need to add more time and patiently work with each coins that you are targetting the participate.
Listed coin might give you some breathing just continue to follow and monitor the project.
But in those cases you are often left with no options. If a project seems legit and even the developers show their faces publicly, there isn't much you can do if out of a sudden they turn into a scam project. You could sue them but as we have seen in the past the chances for success in such a situation are often very minimal because you can't prove their malicious intentions to scam all the investors in the first place.
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?
new defi offering high APR is an invisible scammer...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?
defi who has good quality will definitely not offer very high APR/APY and has a professional team and is mentioned by a trusted BSC twitter account. Don't just put your money on a defi platform if it's only based on a high APR/APY.
I think To know that it is an Altcoin scammer is the first to not have a strong team, and not to have great investors. then the next step To find out that it is a scam altcoin not listed in Coinmarketcap. I think like that
Not being listed in coinmarketcap is the last point for new projects, because the main thing that the project developer must prepare is a completely transparent team structure and a roadmap that really makes sense, so that with that they can also publish their cooperation partners so that investors can come by themselves.true as what you said, but we can also find out on coinmarketcap whether it is listed there or not. I don't believe in a big campaign being carried out by a bounty project team if the token they are developing is not listed there on coinmarketcap.
Coinmarketcap usually delists or deactivates data for coins that simply don't produce any trading data anymore, aka they are essentially dead or delisted from any exchange that Coinmarketcap pulls data from. Bottom line is if there is no data for a coin on that website, consider it dead.
I think To know that it is an Altcoin scammer is the first to not have a strong team, and not to have great investors. then the next step To find out that it is a scam altcoin not listed in Coinmarketcap. I think like that
Not being listed in coinmarketcap is the last point for new projects, because the main thing that the project developer must prepare is a completely transparent team structure and a roadmap that really makes sense, so that with that they can also publish their cooperation partners so that investors can come by themselves.true as what you said, but we can also find out on coinmarketcap whether it is listed there or not. I don't believe in a big campaign being carried out by a bounty project team if the token they are developing is not listed there on coinmarketcap.
This question is already an old question. You can search for related topics in the forum. You will find the answer slowly. If you are a novice, you may pay a certain amount of tuition for your youth.
My experience tells me not to believe that pie is falling from the sky, but also to think about whether there are the following characteristics:
In fact, sometimes it is ridiculous to think about it. In their eyes, they seem to think that there are too many smart people and not enough fools.
My experience tells me not to believe that pie is falling from the sky, but also to think about whether there are the following characteristics:
- Any pyramid model involving "pull heads" must be a Ponzi scheme.This is the most common and notorious. The essence is the emperor's new clothes, illusory.
- The project party copied the code without any innovation, copied it naked, and only changed a name. Some altcoins will also madly build momentum, with the help of various celebrities, and shamelessly gain popularity.
- Anything that involves shameless talk such as "guaranteed income" and "inevitably surpasses Bitcoin" must be rubbish coins. Rubbish coins often use pyramid schemes for new promotion, and the project party will eventually circulate money and run away or the capital chain is difficult to maintain and collapse.
- The project code is not public, and there is no audit report before the project is listed, because their purpose is to have low-cost investment to defraud high returns.
- Project tokens will be listed on some unknown small exchanges. Such exchanges are often characterized by small trading volume, slow operation, frequent downtime, and difficulty withdrawing coins.
- The team information is opaque, the team is overwrapped, and the team is advertised as foreign senior programmers.
In fact, sometimes it is ridiculous to think about it. In their eyes, they seem to think that there are too many smart people and not enough fools.
Thanks for writing this up. Actually, the list could probably go on and on, but you pointed out the aspects that are usually so blatantly obvious, yet we see people falling for it. Also when the Telegram channel is full of bots, you just need to search certain phrases and they pop up a hundred times in the search bar because they deploy bots. Mostly, those teams are the ones to also tell you the exact market cap of the coin in two months from now. The team information is opaque - that is almost euphemism. In most cases they are just anonymous or use fake profiles. You can find their fotos with a google search...
If I predict so many people won't agree with me, but I know here we have over 200 profitable altcoins. This is the reason we should stay active in every cryptocurrency situation. You don't need to get information from others. I think I know 200x coins even though I won't advise you to invest in one altcoins. Cryptocurrency is always a very risky investment.
I think To know that it is an Altcoin scammer is the first to not have a strong team, and not to have great investors. then the next step To find out that it is a scam altcoin not listed in Coinmarketcap. I think like that
Not being listed in coinmarketcap is the last point for new projects, because the main thing that the project developer must prepare is a completely transparent team structure and a roadmap that really makes sense, so that with that they can also publish their cooperation partners so that investors can come by themselves.true as what you said, but we can also find out on coinmarketcap whether it is listed there or not. I don't believe in a big campaign being carried out by a bounty project team if the token they are developing is not listed there on coinmarketcap.
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