How to avoid a scam project? - page 12.

petulino

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Quote from: FireDAO CY on April 26, 2023, 02:55:32 AM

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

A lot of projects are launched on a daily basis, most of which later either fail or become scams.There are some projects which give you profit on daily basis but there you have to make some investment.And you are also told that if you refer your friends, you are also rewarded for referrals.Such projects are often scammed later.

Whenever a new project is launched, its complete documentation should be read.you should also check the form on his social media to see how many followers project has and whether creator has been updating his project or not.

you should get complete information about the project, what is its future use case and for what purpose it is designed.The goal is to do proper research before investing.There are some sites that create a lot of hype.And then people put everything on them by blindly trusting them.

CreativeCat

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To avoid falling for a scam project, it's crucial to conduct thorough research and exercise caution. Start by researching the project and its team members. Look for information about their experience, credentials, and past projects. Scrutinize the project's whitepaper for clear goals and a realistic roadmap. Analyze the community and online presence to ensure genuine engagement and transparency. Check for reputable partnerships and endorsements. Finally, assess the project's technology and code for authenticity. By following these steps, you can minimize the risk of getting involved in a scam and protect your investments.

uneng

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If you want to avoid scam projects just invest in solid cryptocurrencies, mainly in Bitcoin. But if you still want to try something new in order to find a gem that can boost your profits to the moon, make sure to avoid projects which doesn't have any reason to exist at all or that don't bring any new feature, usage or concept to its adopters. Potential usages which don't make any sense in a practical way must be avoided as well.

Moreover, don't invest in a cryptocurrency just because it's pumping. Make sure there is a valid reason why that crypto is gaining more price, besides solely speculation. This way you avoid one of the most dangerous scams of the industry: the pump and dump schemes.

JayTrain

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Quote from: FireDAO CY on April 26, 2023, 02:55:32 AM

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

It's important to do your own research before investing in any new project, especially in the cryptocurrency space where scams are unfortunately common. Look for transparency in the project's team and development roadmap, and be wary of promises of unrealistic returns or overly aggressive marketing tactics. It's also helpful to seek out community discussions and reviews from trusted sources before making a decision. By sharing our experiences and knowledge with each other, we can better navigate the often murky waters of the crypto world.

loopes

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Quote from: ?? on ??

Identifying a good crypto project or a scam can be a difficult task, as the crypto industry is constantly evolving and new projects are emerging every day. Here are some steps that can help you avoid fraudulent projects:
-snip-
4. Review the credibility of the development team: Ensure that the development team has sufficient credibility and experience in the field of crypto or blockchain technology. Review the backgrounds and experiences of team members to ensure that they can develop and execute projects well.-snip-

i agree with you, analyzing background's team aspect is one of most important things to do to avoid a scam project. but what do you think if you find credible tim inside the project, it seems good at initial phase of sales, but time by time the project goes to be a scam project. Do you remember Terra Luna? this is what i am talking about.. I means not every credible team inside a project will guarantee the legitimate of the project.

Wakate

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Quote from: Magic-Money on May 03, 2023, 12:50:17 AM

The scam project are really big problem in cryptocurrency industries market, because many projects has come up with difference promise and end up being a scam project, just a few are legit, and to avoid a scam project, is to follow up the successful once that are succeeding in the industry before investing or joining.

There are many ways we can identify spam project if we are ready to make proper research in the cryptocurrency market. There are people in the market that are ready to build scam projects in order to steal from innocent investors that are always not ready to carry out research that will make them identify projects that are not going to survive in the market for a long time.
There are a lot of rug pulled projects that had scammed investors because they think during proper research is unnecessary with the urge to double there capital funds. We need to take a close look into the market so we can make scrupulous decisions.

ningrum

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Quote from: Magic-Money on May 03, 2023, 12:50:17 AM

The scam project are really big problem in cryptocurrency industries market, because many projects has come up with difference promise and end up being a scam project, just a few are legit, and to avoid a scam project, is to follow up the successful once that are succeeding in the industry before investing or joining.

Basically it's not that easy to avoid and we need definite effort,
I think it's so important to do in-depth research because that way you can at least minimize,
what is clear is that we must always be careful and consider many things before joining a project.

usekevin

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Now the most of the altcoin was short run one,the people who had invested for the longer period will get scammed at the last.This attitude change should be done by the most of the project.Because it also affect the new emerging good project,this affect the name of the entire altcoin market and demand in the market.This is one of the main reason for the traders to move towards the bitcoin from the altcoin market.Because we was assured that the bitcoin will sure for the next decades,the price of the bitcoin will move to the 100k in a decade and people need of bitcoin in the high level as compared to now.

Furious 7

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Quote from: Magic-Money on May 03, 2023, 12:50:17 AM

The scam project are really big problem in cryptocurrency industries market, because many projects has come up with difference promise and end up being a scam project, just a few are legit, and to avoid a scam project, is to follow up the successful once that are succeeding in the industry before investing or joining.

Actually there is something much simpler than that because by not caring about existing projects, you can indirectly minimize and even block it.
I know that not all new projects are scams but judging by the current conditions, the majority of them are scams and that is a foregone conclusion.
When you see something like this, if you really don't want to get caught up in it and don't want to be bothered with research or research that is being carried out continuously, why not just cut it short by not doing that and not touching on new projects.
It can release you from all possibilities regarding fraud, although in this case there are risks that still have to be taken, such as we don't get any benefits when there is a new project that is really good.
But I think it's still worth it because as long as we focus on the original goal, it doesn't matter.

Victorik

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I hear a lot of people talking about doing research and checking up the team background. But the honest truth is that not everyone knows how to go about this. For a newbie for instance who wants to invest in a certain coin/token that have been shill to them, how do you expect such an individual to know what and what to look out for.

It is easier to say than do, actually, despite all the due diligence, we might still end up calling for this scam if care is not taken, because these scammers are also inventing new ways and scheme to scam people. They are evolving in their approach as well.

Magic-Money

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The scam project are really big problem in cryptocurrency industries market, because many projects has come up with difference promise and end up being a scam project, just a few are legit, and to avoid a scam project, is to follow up the successful once that are succeeding in the industry before investing or joining.

nesty

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Quote from: FireDAO CY on April 26, 2023, 02:55:32 AM

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

Here are a few tips to avoid scam project. First you have to do a research. Before investing in any crypto currency project, make sure to check on first the team behind that project, their experince and their track record. Look for reviews and feed back of other investors. Verify the project legitimacy if it has licenses to operate. Avoid unrealistic promises on the project. The project should use reputable exchanges. Be cautious of unsolicited offers, especially those who promise quick profits or require urgent actions. Always research and study first before investing.

justdimin

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Quote from: JANUS23 on May 01, 2023, 07:15:58 AM

The truth about scam project is that you are not 100% sure. It can tick all the boxes you expect as a legit project and still exit scam you or do a rug pull

In fact, if it ticks all the boxes, there is a possibility that it could be a scam as well. You first check the size, if something is too professional and big, then it will probably not be a scam because they would spend millions on it and look as legit as it gets, they could fail as well even while being a legit company but that doesn't mean that they will scam you.

I knew a project that literally had office full of workers, there were 20+ people there, maybe as high as 30, and we saw videos of them working on it, basically 100% legit, but they failed because they just didn't get any interest from the community, when people don't invest, that means there is nothing to do about it. However, find those, they have a lower chance to scam and higher chance of success.

Hispo

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In my personal opinion one of the biggest red flags a shady project or possible scam can give is to over-estimate itself.
If anyone of you go searching for gem coins among the dirt, you should completely avoid those developers who claim to be working on the next crypto revolution or the Bitcoin/Ether/anything killer. It is a red flag because scammers would take advantage of gullible people who may actually believe nonsense.

Look for projects which are realistic and honest on their objectives and road maps, that are clear not only about their advantages but also their weaknesses. Avoid coins which are shilled to the infinity and beyond without merits. Roll Eyes

albon

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Quote from: FireDAO CY on April 26, 2023, 02:55:32 AM

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

Avoiding scam projects depends on the person’s ability to analyze, conduct research, and reveal all aspects of the project. It takes time and experience because many scam projects have been launched recently. It can be done through the project whitepaper, the project team, the roadmap, and what they achieved in terms of goals and domain details and their currency contract and its details; through this, they can give the person an indication that this project is legitimate or fraudulent. A loophole or proof must be revealed to show whether this project is good for the person to invest in or avoid. There are those who invest in a project without bothering to conduct good research and collect the necessary information about the project and its currency, which results in them falling victim to scams and losing their capital.

ije07

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Although it is difficult to determine whether a project is a scam or not, our senior here offers a number of tips on how to avoid it. In addition, a number of websites rate the new cryptocurrency project, allowing us to evaluate the level of faith the project has in itself. You must conduct learn if you wish to select a new project. Additionally, if the new project uses this forum for marketing, a lot of thought will go into deciding whether to stick with it or move on.

timoshani

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Quote from: newdevices on May 01, 2023, 12:00:12 PM

To be honest, in 2023 it is very difficult to distinguish between scam projects and good projects,
because we know that the Terra Luna and FTT cases both have good fundamentals,
but look at the fact that the top projects are really scams. Of course, from that case I learned that no project is really safe except Bitcoin.

In principle, any new project in the crypto can be considered as a scam. Although my personal observation is, a number of recent projects that I considered to be a bench gave good profit. Even experience in crypto does not give any guarantee will distinguish a good project from a bad one. There only luck should be certain.

newdevices

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To be honest, in 2023 it is very difficult to distinguish between scam projects and good projects,
because we know that the Terra Luna and FTT cases both have good fundamentals,
but look at the fact that the top projects are really scams. Of course, from that case I learned that no project is really safe except Bitcoin.

JANUS23

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The truth about scam project is that you are not 100% sure. It can tick all the boxes you expect as a legit project and still exit scam you or do a rug pull

humanvelocity

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Well any new cryptocurrency that launches out of the blue that promises something that’s too good to be true that it’s very highly likely to be a scam. One of the things I always do to avoid such scams is by going to their website and checking out their whitepaper etc., Reading about the coin and seeing what the roadmap of the coin looks like and also most importantly I always check what people think about the coin in forums to get even better understanding. Good luck

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