How to avoid a scam project? - page 15.

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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.

When it's obvious that the project has nowhere to go. Someone can go in depth of research and can see that the people behind it seem to be the same people that we see on LinkedIn where they could have grabbed their photos.
That's why looking at the website and contents of it is a way to determine if a project should be avoided and from that, it'll be like a life savior for you when you have found out those type of red flags.

isaac_clarke22

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Quote from: Raflesia on April 27, 2023, 01:09:24 PM

On the other hand, we also can't just be hooked on that, especially now that social media activity can also be manipulated, even seeing that several accounts with verified and large followers can also be used as a means of actual fraud for now.

Promotions in social media are like random. You never know who's paid just to gain exposure for the project and who has the pure intention. It is just a matter of use case and doing somehow a Github repo peek in their project. Surely you would see how many contributions were made within a month or how commits were made in a particular day.

Considering Twitter already had blue tick icon, it might help investors know which are pretty legitimate and which are not but it's not the only indicator of knowing if it is a scam or not. It would be just a cheap subscription for people in a first world country anyway.

Quote from: yazher on April 27, 2023, 09:26:16 AM

This kind of knowledge is really hard to share unless you already read some topics on the scams and accusation board. you will see some traits of scam projects there and also some certain persons and you will gonna know how they execute their scams and lure their newbie investors into investing in their projects. You might not want to be in the same position as them because they lose huge amounts of money believing in some sweet words from influencers that were feeding them some false promises and fake news.

Everyday there would be always newer ways for those scums to scam people, so I won't just rely too much on other people's Scam Accusations. If the project isn't mentioned in the Scam Accusation, I would remain skeptical to the project regardless.

FahriZah

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This Topic Is Very Important Topic And Really Every People’s Need To Know How To Avoid Scam Project And First Of All Need Ti Finding How To Selected Which Projects Are Scam And Which One Real Project Just Need To Use Own Brain And Need To Check And Cross Check Agin.

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Quote from: gurunanakji777 on April 27, 2023, 09:25:14 AM

It can be difficult to predict exactly, but we can get an idea by checking a few details. I have generally noticed that some projects are launched but are not very active on social media. This indicates that the project may not have any updates regarding its progress, and social media is used to attract investors. If a project is not active on social media, we cannot expect much from it, and we should check to see if the team behind the project is anonymous or composed of real people. Additionally, it's important to check the whitepaper. Some new projects don't have a whitepaper yet and may only have a "coming soon" message, so it's up to us to decide whether to join the project or not. Even if there is nothing new in the whitepaper compared to other projects, it is still a concern in my opinion. In addition, if it seems that this project is a copy of previous projects, one should conduct thorough research before investing.

On the other hand, we also can't just be hooked on that, especially now that social media activity can also be manipulated, even seeing that several accounts with verified and large followers can also be used as a means of actual fraud for now.
When talking about things like this, foresight is indeed very important because indeed things like this will be very difficult if we are really looking for projects.
Being in a project that is more certain and which is guaranteed is of course better if you really don't want to feel like you've been hit by a scam or other fraud, but if you really want to try something new then inevitably we have to be as detailed as possible so that what what we do, and what we invest is not in vain because looking for a good project at this time is like looking for a needle in a haystack considering the many scam projects that exist every day.

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Quote from: Iadegbola34 on December 31, 2022, 01:55:26 AM

Scammers are always coming up with new cryptocurrency-based schemes to steal your money. Here are a few things to be aware of in order to prevent a crypto con.

They reach out to you first. If you receive any strange message asking you to send some coins to claim some reward. They are 99.9% a scammer.
If the reward is too good to be true. They always promise an enormous ROI on the money they intend to scam you of.
If you don't have to do anything to receive a reward. There's a saying that, if you're not paying for it then you're the product. The 'paying' outside literal context can be any effort on your part deserving of such reward.
If they ask for your private keys. "Not your keys not your coins" is a popular crypto phrase and if anyone should be in possession of your coins or keys it should be you and only you.
They send you random links. It is pertinent to note that, you should not click any link from any stranger as they might be phishing links or a keylogger.

These and many others are obvious red flag to identify a potential scam. Even if they're not as obvious as these, trust your gut feelings as most times you would be right.

Others opinion are highly welcome on how to know and avoid scams.

This is a thread I made on how you can avoid scam projects.

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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.

This kind of knowledge is really hard to share unless you already read some topics on the scams and accusation board. you will see some traits of scam projects there and also some certain persons and you will gonna know how they execute their scams and lure their newbie investors into investing in their projects. You might not want to be in the same position as them because they lose huge amounts of money believing in some sweet words from influencers that were feeding them some false promises and fake news.

gurunanakji777

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It can be difficult to predict exactly, but we can get an idea by checking a few details. I have generally noticed that some projects are launched but are not very active on social media. This indicates that the project may not have any updates regarding its progress, and social media is used to attract investors. If a project is not active on social media, we cannot expect much from it, and we should check to see if the team behind the project is anonymous or composed of real people. Additionally, it's important to check the whitepaper. Some new projects don't have a whitepaper yet and may only have a "coming soon" message, so it's up to us to decide whether to join the project or not. Even if there is nothing new in the whitepaper compared to other projects, it is still a concern in my opinion. In addition, if it seems that this project is a copy of previous projects, one should conduct thorough research before investing.

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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.

Although its hard to spot a scam since even those project which have good presentation turn to be a scam project. Much better if you read their whitepaper to see is their content have relevance and they have good trajectory om everything they present.

If you find them up posting some shady then you can find them as scam and you can avoid it. Also gather more information by searching a feedback coming from legitimate user since its very helpful.

raidarksword

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DYOR will always be the first thing to do because anything you will decide will be the output in the end. Always look what the project is all about and on how they will have a useful use case for the crypto community. Team must be visible, has great partnerships and got some decent VC if applicable at the moment.

Ojima-ojo

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Quote from: danherbias07 on April 26, 2023, 06:41:16 PM

My trust in new projects in the altcoin industry is down. It happens when you are rug pulled twice and scammed once. I think the losing experience will make you a better investor and it's the best teacher rather than any tips they are giving out there.

Personal experience is a very important lesson that can teach you a lot and help shape your investment decisions and risk assessment ability, unlike relying on the advice of others to make such a decision and this is what has led to many losses that have occurred.

Altcoin investment is high risk and it requires loads of research and findings to discover a potential one because tons of those altcoin projects are all scams and their hire influencers to help deceive potential victims but if you have been a victim before you will be extremely careful not to fail into such project again.

$crypto$

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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.

@Mr. Magkaisa has made step by step to identify about the project maybe this will help you a little in doing his research.

Referring to his thread - Step by step in " DOING YOUR OWN RESEARCH"

You have to be able to choose which one you think is good if you want to be interested in investing in a new project because this will be a high risk and you have to be prepared in all respects if the project is good in your opinion but in the end it ends up being a scam.

bitcoin-shark

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To avoid a scam project, it is important to do your own research and not rush into any decisions. Be wary of anyone who pressures you to pay or give personal information. In the case of cryptocurrency projects, be cautious of investment scams, phishing attempts, and pump-and-dump schemes. To avoid these scams, keep your keys secure, review the team and tokenomics, and stay up to date on laws and regulations. Additionally, be cautious of tips or recommendations from unverified sources and always verify the credibility of the project and team before investing

Bobrox

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Its not easy to identify about scam or trust project exactly for the first time launching, but I don't interested for investing with new project without listing or launchpad on bigger exchange like Binance, Kucoin or other bigger exchange. For project only support or partner with dapp exchange I am not interested yet and better not joining on the early without having good roadmap and guarantee will list on bigger CEX exchange market.

Usually with trusted project they have announce on the early about how many partner have and always with bigger or potential project with their partner.

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There's different type of projects but for my experience in the NFT, scammers are spread they could even make a false advertisement and announcement that people would fall for it. Their social media accounts and even discord where the community gather for whitelisting. For you to know if they are not rugpulling or scam you could check their team if it's legitimate nft project makers. Also their social media account if they are connected to the team since some of the projects only have Twitter but doesn't have discord. And people love to mint so when someone send them link they could get scammed. Just report them to mods for their IP address could get banned.

mich

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Well yes there is so many projects and new coming out all the time. We have to know some of them will be scams and take our money and stop replying to us or the project will go to zero dollars.

For me it is important to see what the project plans are for future. Does the project have a good white paper and team. Is it a project with a real plans and not just project to sell us cheap tokens so it can pump n dump and then just disappear.

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Quote from: Kelvinid on April 26, 2023, 10:01:15 PM

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.

And talking about identifying well, that is hard to do knowing that scammers are smart too. They keep improving their strategies which makes it hard to detect if it was a scam until someone claims that they got scam. It is too unfortunate that yeah, someone had to lose their money before the community become aware of the situation. And I believe that everyone is aware of this thing but guess what, because of greed and the instinct of many people to -instant rich, many still fall into scam projects.

Scammers are now getting smarter at tricking people so that people will not realize that scammers are targeting them. To prevent this from happening, it is better that we don't try to invest in that new project or if we really want to invest in a new project, we should not use big money so that if something bad happens, we are still safe and okay. Someone unwilling to research for a new project will only end up experiencing scams from the new project. So we have to be careful.

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Quote from: daenarys_stormborn on April 26, 2023, 01:51:37 PM

investing in a new project can never guarantee 100% safe, if you want to avoid project scams, invest in bitcoin or other altcoins such as ETH and BNB, this is much safer

it is almost impossible to avoid fraudulent projects, since it is difficult to make sure that the project is not a scam, there are checks and sites where you can see information about the project, but this also does not guarantee that the project is stable

moneystery

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Quote from: rhomelmabini on April 26, 2023, 06:33:51 PM

For FTX I think it was just some bad decisions internally andfor Luna I don't think that was just accidental.

But the two CEOs have something in common, they are both arrogant, pretentious, feel like they are the greatest, and know the most about crypto. That's what I hate the most of these two people. So it's a good thing both companies went bankrupt, because the crypto market is too saturated with people like that.

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Quote from: lobo13hf on April 26, 2023, 10:03:24 PM

Quote from: Rampagoe004 on April 26, 2023, 09:54:52 AM

I advise you to look at various reviews from experts in the crypto field. In my view it's a little difficult to see if the project is a scam or not. I don't understand how scammers work but what I see is they offer amazing numbers. They offer amazing returns that are earned in no time.

The scammers are always giving bullshit promises. He was using the words to fool people. It's always too good to be true. People can easily detect it as long as they do know that so well how it's working right now. The problem is so many people are not even aware about that.
You would able to see there have been a bunch of people keep believing with scammer's words. I think that they were uneducated person in crypto.

Over the top promises when it comes to the performance of their coin is a sure fire way to know if a project is a scam or not, bitcoin the most successful coin in this market and his creator never made any statements regarding the profitability of the project, Satoshi left to each person the decision of whether to invest in bitcoin or not, while scammers take the opposite approach and make all kind of promises, as more than anything they want for their unsuspecting victims to buy their coins so they can run away with whatever money they got from them.

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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.

From my own experience, I think the first is that everyone has been a victim of such projects, and too many times like that, we will learn from our own experience.
What scam projects take advantage of is always really effective when people are ignorant and like to hear clichés about opportunity. In fact, success is not easy and it takes more learning, in the crypto market, scams are very common and many different ways. But there are some things that I can easily see that are common right now are ambiguity in product feature introductions, anonymous teams, improperly distributed tokens, meaningless trends, etc. There are many other sophisticated ways to steal users' information, so newbies need to disseminate this knowledge before thinking about the profits to be made, don't expect low quality projects,remember the really top products like BTC, ETH are worth spending time researching and hoarding don't use the excuse of not having enough capital to buy and spend on the trash of the market.

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