Topic: How do I know if an altcoin is a scam? - page 5. (Read 2363 times)
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
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Right now I think it's very difficult to detect that this altcoin is a scam or not because a lot of people are talking about it in this thread and I'm sure many scammers have read it, making it difficult for them to scam again.
Usually scammers offer large ROI for investors, so new investors feel they have to invest at a moment's notice. When investors use emotions to carry out investment activities, they will be easily deceived.
other than that, knowing facts about the team and developer is a must. You have to be a skeptic in order not to be easily influenced by scams.
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!
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!
many people buy even knowing that the coin is scam, just to flip it asap.
that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase
Yeah, it's too risky. I prefer to choose coins that have promising prospects in the future. however, when the coin becomes a scam, it is very difficult to track it down until we know that it is a scam. because when the swindlers really intend, then almost anything made is good enough. however, doing research is the right thing to know if it could be a scam or not.that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase
many people buy even knowing that the coin is scam, just to flip it asap.
that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase
Yeah, it's too risky. I prefer to choose coins that have promising prospects in the future. however, when the coin becomes a scam, it is very difficult to track it down until we know that it is a scam. because when the swindlers really intend, then almost anything made is good enough. however, doing research is the right thing to know if it could be a scam or not.that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase
you have to accept that you either gamble on possible scams or you invest in projects that are already backed by big investors that would never invest in scams
many people buy even knowing that the coin is scam, just to flip it asap.
that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase
Yeah, it's too risky. I prefer to choose coins that have promising prospects in the future. however, when the coin becomes a scam, it is very difficult to track it down until we know that it is a scam. because when the swindlers really intend, then almost anything made is good enough. however, doing research is the right thing to know if it could be a scam or not.that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase
Swindlers desing things for their profits, we can't easily track their intentions until they do it and runaway with the money,
more and more projects are design to invite investors and let them see what are the project for, but behind that there's
secret intentions, they'll do their best to make it more real and wait for the right time to escape and collect huge amount of
money from the pocket of those who trusted them.
You can join their community to see what they are discussing, look at their project team, basic technology and white papers, don't be fooled by the huge profits the project team said, stay calm. If the project just relies on hype, don't invest in this project.
In addition to these you must always be active in the market analyzing the market will make it easier to know the information about each team and when a currency is going up and down it is also better to stay away from new currencies.Being active with the team social media channel will allow you to learn more deeper about the project.
To the extend that you'll see what are the development if there are things that being worked out around the community.
If there's none and everything are just talking about hypes and being added to large exchange and the price will grow with
unexpected value without any
concrete back up in terms of development, then it safe to say to avoid such project, as promises are just to allure investors
and will possibly runaway with your money.
Can't say anything about 100x that's all a matter of experience and understanding project's potential and use case in future.
But yes there is many ways by which you can know if the project is scam on not ( I doesn't claim 100% accuracy but in most of the cases it works)
1. Read the Whitepaper of the project then the roadmap and relate them. See if the promises is possible in the claimed time or not (Requires experience and knowledge)
2. Research for the team members. Go to every team members social profile and research if the account is genuine and everything match with the project or not.
3. See for good partnerships like with established crypto projects or established companies related to the project concept. And verify the partnership or investment from both end.
4. Make sure you contact with the admins and try to understand their intentions about the project by questioning them in different means. How confident they are. How long they want to go. Their mindset.
5. Always research on the tokenomics of the project. If it is well planned then only enter into the project.
But yes there is many ways by which you can know if the project is scam on not ( I doesn't claim 100% accuracy but in most of the cases it works)
1. Read the Whitepaper of the project then the roadmap and relate them. See if the promises is possible in the claimed time or not (Requires experience and knowledge)
2. Research for the team members. Go to every team members social profile and research if the account is genuine and everything match with the project or not.
3. See for good partnerships like with established crypto projects or established companies related to the project concept. And verify the partnership or investment from both end.
4. Make sure you contact with the admins and try to understand their intentions about the project by questioning them in different means. How confident they are. How long they want to go. Their mindset.
5. Always research on the tokenomics of the project. If it is well planned then only enter into the project.
many people buy even knowing that the coin is scam, just to flip it asap.
that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase
that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase
What about dex and swap platforms? They barely have a whitepaper, and even if there is one available, it gives very overall information about cryptocurrency and trading, and just few words about the platform. In fact, there is nothing much to be written about dex and swap platforms, as most of them are alike. The team is also something on one hand pay a lot of attention, and on the other hidden team is not necessary a flag of a scam. For example does anyone knows the full team of Binance, OKEx, Coinbase? There is even no info about them, yet they are not scam.
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 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?
Check their whitepaper and roadmap so many scam projects are guilty of plagiarism because they really don't have usage and platform to speak of and they are just copying other people's project, go check the scam section and you will see that those guilty of plagiarism turns out to be scam projects, many of these scam projects developers are fake profile, they extract them online photoshopped these people and upload them in their website.
Agree to this and join those, as well as try to do your own research so that you will know. But the basic one is to read their whitepaper to see if it is worth it or not. Most of the time, the scam coin is their whitepaper is written so poorly that you can tell something is wrong with it. Well, we should be aware nowadays because there are a lot of new tokens coming out every day, whereas previously here in the forum, there were only a few and those few were all successful coins.
There are several ways you can do that, namely by joining a community you can trust, via telegram or other social media, there will be a discussion of a project that you might be interested in taking, and you also have to learn the ins and outs of the project.
to find out which platforms are scams developed or not is very difficult because usually they will look good in front and will scam at a time when no one knows, all platforms in cryptocurrency can potentially be scams, it's just that we all have to be vigilant because the risk is always there is.
You can join their community to see what they are discussing, look at their project team, basic technology and white papers, don't be fooled by the huge profits the project team said, stay calm. If the project just relies on hype, don't invest in this project.
In addition to these you must always be active in the market analyzing the market will make it easier to know the information about each team and when a currency is going up and down it is also better to stay away from new currencies.
For people who are just starting to invest in crypto, don't jump into projects that are just starting out with IDOs, ICOs, and the like because investing in these has a big risk, even people who have been crypto for a long time can get scammers. it's better if you want to start just investing in large altcoins such as bnb or ETH rather than expecting short profits to be multiplied but in reality not as expected.
You can join their community to see what they are discussing, look at their project team, basic technology and white papers, don't be fooled by the huge profits the project team said, stay calm. If the project just relies on hype, don't invest in this project.
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?
ask about the development funds they get, where they are kept, and what they will do next. don't forget to check the background of each development team. do not easily believe the words they say, and always pay attention to every thing. because scam projects usually look promising at first.
Sometimes I watch some new projects at ANN, read their white papers, or fund allocations, and go to social media to find out. However, some of them have specialized packaging companies that will package this project perfectly, and sometimes it makes me unable to distinguish.
if you want to know if the coin is a scam or not, it will usually be seen from the response given in the telegram group which usually doesn't give a good response to other members, but with this thread they scammers can read this and maybe will improve their way of doing it. scam.
Yes, i agree with that since its already my experience and if you see their website there is no proper support and clear view on their roadmap until such time that we can no longer access the website and telegram support will gone. 
if you want to know if the coin is a scam or not, it will usually be seen from the response given in the telegram group which usually doesn't give a good response to other members, but with this thread they scammers can read this and maybe will improve their way of doing it. scam.
Yes sir you are absolutely right because a scam project handling their telegram community with poor skilled team management and they don't answer community members questions and avoid valuable information. They don't have definite whitepaper and roadmap, fake teams . Jump to: