Topic: How to avoid a scam project? - page 14. (Read 2376 times)

Unfortunately,you will only know a project would be a scam once things are indirectly announced by the project itself; sudden inactivity, and other rugpull related actions by the project itself. So I'd say there's no way to really avoid such kind of projects but there is for sure a way to lessen the risk falling for this scheme. Do a background checking for people behind the project including its team and also overall popularity of the project. On my end, I tend to read articles about a project of interest in order to help me decide wether I would engage into it or not. I also do tend to read news and other related projects to that project in particular which somewhow for me, adds to project's credibility.

Some of the points already mentioned are the important analysis of reviewing new projects to avoid scam projects and we can never be deceived by hype coins offering high profits, so we often review new projects so without doing a deital analysis we can already distinguish potential coins or scam coins, especially reviews on project website, technical posts on social media, active members on telegram, and trusted project partners.

I have seen many people who made guidelines here in the forum on how to avoid scam projects. And I think you are not reading properly here on the forum platform and you are just making a topic without thinking carefully.

Everyone knows what to do first so that you don't become a victim of scam projects. And that is nothing but applying dyor {do your own research}.

Research should be done first to know about any project. Then you will understand that is it a good or scam project. Some of the features of Scam Project are:
1. Fake team members.
2. Shaddy roadmap.
3. Plagiarized whitepaper.
4. Fake followers in social media etc.

From my view and very best understanding on how long I have spent here it's hard to detects the real project or the scam project. First there is no internal communication or mind sharing to know what they had internally because it's very easy for some project owners to show their faces and draft all forms of lies to come deceive their investors, within yourself your are convince of them being good project. Believe me or not the fake projects are they ones who tried to make their project looks authentic and very unique for investors to be convinced and invest their funds. Secondly when ever the projects team began to lock their telegram group then you should know you have been scammed they did that for questions not to be much on them.

Yes, it's true that there are many new projects launching in the cryptocurrency space every day, and it can be challenging to distinguish between good projects and scams. Here are some tips that can help identify potential scams in the cryptocurrency space:

Do your research: Before investing in any project, it's essential to do your research and understand the project's fundamentals, including its whitepaper, team members, and roadmap. You can also check out the project's social media channels and online forums to gather more information and feedback from the community.

Check the team's background: It's crucial to research the project's team members' background and experience. Look for projects with a reputable and experienced team that has a track record of successful projects.

Analyze the project's technology: Check the project's technology and its potential for innovation. Be wary of projects that promise unrealistic returns or use buzzwords without any substance.

Evaluate the project's community: Look at the project's community and its engagement. A strong and active community can indicate a healthy and legitimate project.

Be wary of promises: Be cautious of projects that make grandiose promises, such as guaranteed returns or high profits. No investment is entirely risk-free, and high returns often come with high risk.

The easiest way to do it would be making sure that you are doing the right thing by checking it twice. If you ask around, talk to people who are both in the community of the scam project but also out, learn why someone invested into it, and learn why someone would never invest into it, and compare the logics about it.

Someone who would never invest into it will tell you all the reasons why you should avoid it, if it makes sense and you feel like you should avoid it as well then you are going to be fine, but if it doesn't make sense and you feel like you should not avoid it, then it may go towards the other side, for that you talk with someone who already invested into it and learn their reasons, if that makes sense and you feel like you should too, then you could start to put a bit in there.

True, simple advice I think is very appropriate especially for beginners to avoid fraudulent projects like you mentioned by looking for warning signs as written above what I don't like the most is the last point the project's online community is filled with bots or fake profiles.

If you are smart enough and it's very easy to avoid the scam projects. These things are always related to the scam projects

- offering to good to be true promise
- it has horrible tokenomic
- anon dev or the dev has not been doxxed
- its group was full with bots

I think that those things are enough to be used as a way to determine whether that was a scam project or not. You can even explore more to know what kind of project that potentially to be scam project.

Theory itself is not enough but you shal try to implement it in your real life.

If it's IEO like from binance, you shouldn't worry about avoiding a scam, you should worry more about the prospect of the project whether the investment gonna gets vested and whether at the time the vesting was finished your investment will still retains its value.
honestly anyone that's worry about getting scammed should just stick with binance and some similar platform IEO, since the scams in many fundraising is so rampant.

there is no other way to check whether a project is good or not, has potential or not, scam or not unless we do in-depth research on the project. Checking is also not only done once, but is done periodically. because some new projects sometimes look very potential at the start of sales, or launch, but after a while, the project will slowly be abandoned by its developers. besides that, some projects also have good concepts, but the team is not clear, or even, they are projects with dummy concepts. Another important thing is, after you do research, and find obstacles, I think the risk level of the project will increase. Whether it's a potential scam or not depends on the results of the research you've done.

Bruh. You can identify scams if you do research. Yeah, sometimes things like LUNA or FTX may happen, but most scams are more obvious. Most of the time if someone is trying to make you buy something it means that it's either a scam or that person is getting paid for promoting it. Bitcoin and, I guess, Ethereum are the only exceptions.

It can be identified easily. As long as you were conducting it based on the various benchmark. It's very easy for the veteran to determine it. I meant you shall also aware with the fact that if these days many people are still able identifying the scam project before the project will be launched. The only thing that is needed to be a dicipline person caused by it required you to be a very selective person.

Whether it was in a decentralized or centralized platform, we are still cautious and do the deep research as possible. Because many scammers try to trick people by pretending that they are trusted projects and sometimes got involved with reputable exchanges but in the latter part, they'll turn into scams. Too sad that it was hard to trust new projects launch when the bull season is coming. I hope I was wrong but most of them are hyped and scam.

You will never be sure if this is a good project or scam. We join and only then we can say after the analysis having studied the project from and to

thats true but even that require some skills in determining which project could be turned out to be some scams, there are many that have done analysis and yet get rugpulled, there are many angles where these scammers could always use some trickery, whether it's from tokenomics and many more.

according to my experience, before plunging into a newly launched project, we must do analysis and research first so we don't get scammed, don't listen to other people's words, don't be fomo, do your own research on the project you want to run because no one can predict that the project will successful or scam so stay careful

Many fraudulent projects tend to launch on Decentralized Launchpads or self-launch, rather than reputable Launchpads like Binance Launchpad or Kucoin Spotlight. It's important to note that selecting a reputable Launchpad is crucial. While it's possible for anyone to launch a project on a decentralized Launchpad, centralized Launchpads require more research. Although we value the decentralized nature of Bitcoin, it's essential to be cautious about the initial investment on a new project. I'm not promoting centralization, but rather expressing concern about potential risks associated with investing in new and unknown projects.

Detecting scam projects aren't getting any easier, as some of these buffoons learned to acquire some traits and quirks that legit projects hold. But there are still a couple of tell-tale signs that a project is a sham and is there to rip you off.

Too good to be true: if a project promises something that you know is a little bit fantastical and is something that you don't have any confidence of ever becoming real in the future, you could be true. As such, projects that offer stupendous returns, features, or benefits should be avoided.
Profit-centric: This isn't as tell-tale as I made it out to be, but hear me out. Most projects out there offer more than just profit. Gameplay, community, etc., could be good additions to a project's arsenal. If they solely offer profit and nothing more, then the project could be a cash-grab that wouldn't really last long, or worse, it's a pump and dump/rugpull scheme waiting to ripen.
No transparency: If a project's team omits details you think as an investor is something that you should know, or worse, they don't listen to the public, then it could be a sign that the project you're in is not gonna be there for the long run, and is only there most likely for profit.

Try to find any red flags as much as possible, im aint saying that suspicious mindset is needed but you would really be needing to since we are talking or speaking about investment which it is really just that right
that you should really be having that assurance before you would really be making such step or investment decision. Yes, its really hard to determine scams on first launches considering that they are really
that good on hiding themselves and trying out their best to look them legit and really that a solid project on where those newbie investors would be easily
get hooked up just because they do been shown up with some multipliers on how big their investment would become.


Always stick into project into having that their use case and have that dedication specially into its devs and something not anonymous. You would be able to point
out those criterias on where you could say that there's really a future for this project and not just some fly by night which we had seen lots of
them from the past up to now.