How do I know if an altcoin is a scam? - page 4.

aylabadia05

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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?

My advice, if you have any doubts on one of the tokens that you think is genuine or not, you should not trade or buy.
In this sophisticated era, there are many conveniences that can be used to find out whether the token is genuine or not. One way you can check on Google. Now, the Bitcointalk forum has also informed participants about the scam project.

bakasabo

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I would say, if a scammer really wants to scam people - only after being scammed they would understand where was the trap. While participating in bounties, I've seen multiple projects that had perfectly written whitepaper, logical roadmap in which milestones were fulfilled, transparent team, listings, altcoins were traded for a long period. And in the end altcoin holders turned into valueless altcoin holders.

There are also projects that continue running, they did not disappear, they will exist in future. But they stop to develop, they stop doing anything. They just "go with the flow". And this projects altcoins slowly began to loose their value.

In general, I would say that it nearly impossible to tell if altcoin is a scam or not.

nhaila

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Moonbet.io

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.

RussianEnglishTranslation

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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?

If you invest in mineable tokens without a dev wallet you can't get scammed. That's why I invested in 0xMR and Raven. It's impossible for them to rug-pull or exit scam.

HaleyOccam

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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:

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.

campusnet

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Quote from: Nora Olin on July 22, 2021, 10:59:37 PM

Currently, cryptocurrency uses blockchain for speculation, and the bubble is serious. Some altcoins and air coins use the blockchain to deceive speculators, so if you are a confused novice, I hope everyone is cautious and can choose a stable mainstream currency instead of blindly choosing a small currency. It is very dangerous to be fooled.

stable in the crypto market only stable coins. while investing in some other crypto assets will definitely remain risky with the fast-moving market.
it may be better to choose assets in the top market with high trades. I'm sure it's safer than playing for new coins which can lead to a scam.
Currently, there are more and more scammers, if we don't upgrade our ability to analyze, it will end badly for the investments we make.
In this forum, a lot of information has been shared that will help our ability to analyze projects. we just need to read and understand it.

Tina H

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Some novices entering the currency circle have a mentality of getting rich, so they choose to play short-term altcoins. Although the volatility is high, the risk is also high. There are also some scams. If you choose some mainstream coins, you may not lose all your principal. Altcoins are where people grow the fastest, and they are also where you lose more.

Nora Olin

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Currently, cryptocurrency uses blockchain for speculation, and the bubble is serious. Some altcoins and air coins use the blockchain to deceive speculators, so if you are a confused novice, I hope everyone is cautious and can choose a stable mainstream currency instead of blindly choosing a small currency. It is very dangerous to be fooled.

JillianTaft

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Some altcoins are characterized by modifying or directly applying Bitcoin's source code. Because the Bitcoin program is open source, renaming this altcoin does not follow the idea of the blockchain at all, so most of it is a scam.

TastyChillySauce00

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Quote from: ?? on ??

there are usually some characteristics to it, such as obscure teams, having very large discounts (usually above 50%) only promote sales without any developments in the project. this is a common feature that I often encounter, if you want to help you in researching altcoins that are not scams, going to some review channels there usually has good reviews for the future.

I see most obvious sign is when the team is very active in sale time where they gonna try to get money from people and then becomes rather inactive shortly after the sale ended. That doesnt feel right and their effort to develop the project seem has decreased significantly now that they got the money from people who believed in their project. A good project should always stay responsive to their clients anytime because they created public offering of their token.

Slow death

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I want to add a few things:

at times the project may have real team members, have a real whitepaper and have a roadmap that suggests it can be achieve easily, and even then the project is a scam, people should be very careful and observe the behavior of the team members, if the team members are people who do not dialogue with the investors and the community then you need to be careful with this type of project because when the team members have a lot of money they will no longer be active in the development of the project.

daporivera

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First off, if a project doesn't sit right with you. Do not invest your money in to it. Some deep background about the team could expose any hidden skeleton. It hurts really bad when you loss your hard earned money to scammers. Check social presence and make sure it's not mere hype.

lenovop-70

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Put investment on brand new project is very dangerous action, and i am not gonna take that risk, It is like you put money on strangers that wanna pick your wallet you actually.
For me, the coins that are appropriate for me to enter are at least a year it launched and evolved, listed on coinmarketcap, and the team I have know him on reddit or linkedin and other media. Or I used to check the coin in https://scam-alert.io/
Understand the risk before put your investment, IMHO.

sulendra12

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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?

You shouldn't have an expectation like that. 100x token is too good to be true and even those things would exist then people in here would have been rich for a long time ago.

Other than that, if you want to know how to determine which projects are scam or not. You should take a look at these:

Make sure to read the whitepaper first. Most of the scam projects have plagiarized wallpaper from the famous project one and they will trying to make sure that they disguised the whitepaper to be exactly look like a legit one. You can find the example on Scam Accusations, you can find how the thing works there.
Check the website! If they are using free web domain or the design is really bad and doesn't contain any good information at all, then it is higher chance it's a scam project.
Look at the developer team: If the team has weird name and if the people known as the scammer from various projects then it's most likely going to be a scam project. You can check it through simple quick google search and linkedln search.

RealMalatesta

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Quote from: bamb on July 19, 2021, 10:33:29 AM

The best way to know if a project is a scam project or not is through your own research before you buy into such project. It safe to assume that any project will not fully disclose all the information you need to make a right decision. You must read in between the lines and make a sound judgement about their claims. Another way to invest is to buy time test altcoin in Cryptocurrency market.

In simple words, a fundamental analysis from scratch is what you need when you are investing in a relatively unknown and new coin. If you are trading or investing in a coin that has a substantial market cap, you may skip the fundamental and proceed to carry a minor technical analysis.

Quote from: DonFacundo on July 19, 2021, 09:10:14 AM

As a beginner of this crypto industry you should not trust the new project to invest because there are many scam coins out there. It's difficult to find a coin that can increase 100x.. It's better to invest in the top coins and hold but don't expect that can go 100x just be satisfy of your earning.

Strange why people actually expect a 100x growth. I understand the crypto market is volatile and has huge potential but 100x is just too much to expect from a coin. Have we ever seen a stock in the share market go as high as 100x? Apart from a few exceptions, I don't think there are any of them. Then why we cannot keep a realistic and honest approach when trading cryptos.

no-ice-please

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Quote from: Karartma1 on July 20, 2021, 11:22:26 AM

A very common practice in scam coins is that of Premining. That is, the practice of privately mining a new coin before the public sale and/or release. In the most blatant example, a coin developer sets an extremely low mining difficulty level, mines a certain amount of the coin, and, after a certain amount of time, publicly announces the release. There are less obvious methods of achieving a prominent effect, such as a last-minute announcement of the launch through an obscure publication.
With the dawn of tokens anyone without programming skills has been able to issue scam tokens.
There are far too many scam tokens around to talk about them, always DYOR but, if I was to advise you, only trust bitcoin!

The premine scam was a common fashion in the early years, but for now at least as far as I can see it, it doesn't exist anymore as PoW is also quite out of fashion. One of the biggest yet successful premined coins was DASH, former Darkcoin. The developer mined a ton of coins for himself before getting others involved seriously in the process. If you recall how DASH exploded later on, the guy made tons of money.

But there are enough other ways to scam, actually endless ways you could say.

roosbit

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Random coins :)

These guys that create fake crypto projects are actually very creative, and it takes an experienced eye to pick out these flaws.
Some of the obvious things you can look out for are :

Whitepaper has to be original, not copied from another project.
Team members have to be real people, some regular video footage is a must as scammers link real profiles to these projects to look genuine
when it comes to new projects these need to have a clear road map of how they will grow their project, which exchanges they plan to list their coins etc
huge premined coins are a red flag

Gayong88

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There are many things we should look at before making an investment decision. we must really collect all the data and coordinate with the owner in detail. then we start, this concerns the funds that we have spent so as not to be in vain. and waiting is the most boring thing where the certainty we always seek.

junmisakiro

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Quote from: ?? on ??

it's a very extraordinary question, the right answer from forum friends can help us in solving the scamer problem that always haunts us, and of course we will all go to the right path, by eliminating the fraudsters together!

I think you should be able to determine for yourself so that it will not depend on your friends, because actually when you are trading then you should be able to research the coins you buy must have the potential so that it will not make you lose because there are scams that often occur lately.

arifteguhr

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Quote from: Bravehash on July 20, 2021, 01:41:20 PM

Few altcoins are well planned and you will never suspect that they are planning to scam their investors, the best advice I can give you is invest only what you can afford to lose and don't depend on any crypto project

If that is indeed too hectic to run or too confusing to work on, then it is better not to invest in every new project and only choose coins that have proven potential in the crypto space, as simple as that.

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