How do I know if an altcoin is a scam? - page 9.

carlisle1

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Quote from: chikading2016 on June 11, 2021, 06:47:32 AM

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?

It is hard to detect scam, there are different ways of scamming and you need to be aware on it. Sometimes we need to search the project and the team behind it to make sure that it is legit. I prefer to invest on project that has a reputable team and the team that already handle a successful project before. To avoid scam invest in good altcoin example is eth, xrp, xlm, dogecoin, etc., because i believe that it is more safe to invest in old altcoin than new projects.

Investing with something that you already understand, it's better for you to research and work more in gaining knowledge
with the type of business that you are participating, projects that have use case and community support.

Assess well and not just blindly following those known people who give their opinions, scam are everywhere you can simply avoid
it by doing your own study.

Likewise, invest with solid project if you are still working with your knowledge, lesser risk for a while until you familiarized yourself with this type of investment.

marilynmanson21

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Quote from: virasisog on June 09, 2021, 03:06:28 AM

Quote from: LemonMaker on June 09, 2021, 02:57:18 AM

Quote from: Maus0728 on June 09, 2021, 02:52:04 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.

coins that rely on fomo don't last long, I was tempted by 100x coins, but as soon as I got a 30% profit from my purchase I immediately released it and didn't come back again,
it turned out that my choice was right when the whale pumped it out, I should get away from the new coin
but whether in the future it can be 100x more than the current price or not

flyer88

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In the past, when I was a beginner, what I did was research, and always approached friends who knew more about which project info was good and profitable. However, find a friend to study with whom you can trust. If we only rely on one source for information I think it is lacking , and if you are not sure about the altcoin you are going to invest in , better not at all . Because if you are sure, it means you are ready with all the risks of profit and loss

chikading2016

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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?

It is hard to detect scam, there are different ways of scamming and you need to be aware on it. Sometimes we need to search the project and the team behind it to make sure that it is legit. I prefer to invest on project that has a reputable team and the team that already handle a succesful project before.To avoid scam invest in good altcoin example is eth, xrp, xlm, dogecoin, etc., because i believe that it is more safe to invest in old altcoin than new projects.

barbara44

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

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?

As a newbie if you can’t tell which projects are scam or legit, then it’s best for you to invest in the old projects. I do understand that a lot of you tend to go for the new projects because you feel that they are cheap and have the possibility of doubling your money in the nearest future. But it doesn’t work like that, sometimes the old projects are the better options to go with, not only are they going to be a safer option, but they are even more likely to give you profit on your investment.

I have not heard about this coin that you are talking about. I think you should do more research on them and check out their team on social media to verify if they are really who they are claiming to be. If you can’t see anything that can convince you that they are legit, then stay off.

Sendi blackspade team

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Quote from: FairUser on June 10, 2021, 09:23:48 PM

Does the OP want to hear from the depths of our thoughts,
Those who have been in this field before are always trying to share all the knowledge they know.
I don't have a lot of advice, but listen and respect the experience of those who have gone before, so it can be applied to your best friend, and depending on your ability it will bring you the following results exactly what your ability to reach.

I myself am still having a hard time being able to distinguish with certainty a project that looks good from a good campaign manager but apparently, the team does not make payments or development.
I used to always follow some good managers for the projects I was following. but I have proven it, not all projects held by the manager that I hope are good will be successful. sometimes someone pays but tokens can't be traded because the team runs away.

Anonylz

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Quote from: ?? on ??

I suggest you review DIVI a solid project with one of the most competitive rates of return, Divi Nodes are the easiest and safest way to earn cryptocurrencies. Also with the launch of its new wallet for DIVI, BTC, ETH and LTC exchanges which undoubtedly makes it one of the best wallets on the market and now with its recent inclusion in @kucoincom

For more information visit: https://diviproject.org/

Looks like you are either one of the Divi team member or a paid shiller to shill about Divi because I can see that a good part of your post are all base on shilling Divi, if you are not part of the team and not paid to shill then I suggest not to be too trusting on this project, especially if you are an investor,

Frankly, if Divi is that good a project, not too much shill is required before people notice it, just saying,
@op it isn't so easy to know scam project especially the clever ones, everything may appear legit with the project details but they will still end rug pull in the end.

FairUser

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bit.ly/3QXp3oh | Ultimate Launchpad on TON

Does the OP want to hear from the depths of our thoughts,
Those who have been in this field before are always trying to share all the knowledge they know.
I don't have a lot of advice, but listen and respect the experience of those who have gone before, so it can be applied to your best friend, and depending on your ability it will bring you the following results exactly what your ability to reach.

Wend

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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?

Well maybe you need to search first and dont be a victim those words a 100x token because most of them are playing time from those investor that invested there money for nothing. And also one to caught up are those people new in crypto word are want only a easy money so thats why many developer has easy get a money from those people has no idea of what project they invested.

Twinkledoe

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Quote from: albon on June 10, 2021, 03:05:49 PM

Quote from: Rakeshten on June 10, 2021, 12:13:17 PM

I think first you should start investing in big project coins or top coins, because you are new. If you want to know about any coin future you should read their roadmap, tokenomics Or whitepaper if have.

Yes, whoever invests in a project should read all the information related to the project, and if you examine the whitepaper of the project and find it without sources or plagiarism, then this is undoubtedly a scam project, so whoever has no experience should not invest in new projects and invest in old projects because it is a safe investment.

The problem is the OP wanted to ask the team if they will be 100x of its price in the future. I don't think even the team themselves can answer such question. Seems the OP is really new in this market. As a beginner, he should first put his funds to establish markets like btc. It may not give him 100x of his investments but at least, you are sure that your funds will not disappear. He should be familiarized first with different alts and how they perform in the market. No one can guarantee such 100-fold of his investments.

Shallow

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SmartFi - EARN, LEND & TRADE

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?

Something caught my attention from your post, that is, "100x token". For you to ask such about a token means that, those project team must have told you that their token is a 100x token or put in words which makes you to believe so or better still, the community is hyping it as such. But the truth is, no one can totally determine if a token is a 100x token except the market and maybe to an extent the team, however in most cases, the team say such in order to draw in more users and then dumping on them.
On the other hand, in a token with good use case, the team do not say anything about price or categorise their token in any way, but they work hard and showcase what they can offer, and through what they can offer which of course is the use case, users will be convinced and hence knowing the best way to invest.
Lastly, any token whose team tells you it is a 100x token, or in which the community is hyping it as such, invest with extreme care and with your spare funds if you must do so, most times, it doesn't end well.

albon

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Quote from: Rakeshten on June 10, 2021, 12:13:17 PM

I think first you should start investing in big project coins or top coins, because you are new. If you want to know about any coin future you should read their roadmap, tokenomics Or whitepaper if have.

Yes, whoever invests in a project should read all the information related to the project, and if you examine the whitepaper of the project and find it without sources or plagiarism, then this is undoubtedly a scam project, so whoever has no experience should not invest in new projects and invest in old projects because it is a safe investment.

Jocuserious

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It is foolish to invest in crypto without sufficient experience and you have to count the losses so wake up first. Moreover, if a project gone to scam then we have nothing to do and it is not possible to get your money back. There are also plenty of scam project in this crypto market so you need to understand which is the better project. I hope you can easily understand this short comment, so spend your time researching crypto.

abel1337

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Quote from: laredo7mm on June 10, 2021, 12:47:22 PM

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?

The first piece of advice is if you don't know and understand a project well enough then don't invest it. And most of the time scam project appears in the market when the market is trending for a certain project. As an example when meme coin hype occurred then we saw many similar projects like Shiba Inu and most of them are copies of Shiba Inu. Those are mostly scam projects.

Scammers tend to take advantage of every opportunity in the market that they know people will invest in. This happened in the past with the ICO trend and the recent Defi trend. There are many projects today especially on Defi that is a Degen project which is very prone to having investors being RUG. There are also projects that are impersonating or copying other projects. Just beware and do research about the altcoins you are planning to invest in.

RussianEnglishTranslation

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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?

You only know a project isn't a scam if it has fair distribution. RVN and 0xMR can't be scams because they are fairly mineable and there are no dev wallets.

laredo7mm

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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?

The first piece of advice is if you don't know and understand a project well enough then don't invest it. And most of the time scam project appears in the market when the market is trending for a certain project. As an example when meme coin hype occurred then we saw many similar projects like Shiba Inu and most of them are copies of Shiba Inu. Those are mostly scam projects.

feelideb

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fLibero.financial

The Amm model of exchanging token base on altcoin like ethereum has increase the participation of bad actors in cryptocurrency space! The likelyhood of a project turning into scam is higher than it has ever be. Therefore, precaution most be made before investing your hard earned money! The basic pre-caution is as follows;
1. Contract Audit and renounciation of contract!
2. The supply of the token and it's appropriation
3. The nature of the token e.g deflationary or inflationary vis a vis price!
4 The quantity of token been held by the Team, Marketing etc!

Rakeshten

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I think first you should start investing in big project coins or top coins, because you are new. If you want to know about any coin future you should read their roadmap, tokenomics Or whitepaper if have.

el kaka22

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It is honestly not that simple not to get scammed. Because there are tons of projects that make it as great as it can be, like I have seen tokens that would make profit if the owner kept it up, they were great and then they pulled the rug and took the money instead.

However there are few methods you can check, like on defi you can see if the ownership is renounced and if there is a timelock and if there is fee change if there is migration basically many things. That is one of the ways you could check and see if they are real or not, and it is a simple deal to check that, doesn't mean you won't be scammed but at least you know certain things and would be scammed less. Regular coins are another deal, check premined and other stuff but you all know what you need to do, I just hate it when team gives itself too much power, that is the most important part.

Ararbermas

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To figure it out you should make a observation first especially if it has no value yet or a new project because it's too hard to know how good it's or let say if it has a potential to become scam project afterwards. But still i suggest to just try to visit the sites if it has a genuine team behind because that's the most important and through the chat group also of the project so that you can obtain some information perhaps it can help you to know if it's a scam or not in my opinion since that's the common ways of other investors to find out if it's good or not..

Topic: How do I know if an altcoin is a scam? - page 9. (Read 2363 times)