Topic: How to avoid a scam project? - page 4. (Read 2376 times)

I do not agree with a. I know of a project that refused to share any information of the team. From their admins to the CEO was keep private, and people were investing. After a long while of maybe almost 2 years, the CEO finally shared the info of who he was. That project was a genuine one yet, you see how that went? For your option c, it isn’t necessarily true because I’ve seen great project with a simplistic website and have also seen scam projects with really amazing design (just to entice you).

It's really very hard to identify scam projects very early but there could be red flags,

a) developers doesn't want to show their faces or wanted to go anonymous, it could be, but they might be hiding on this reasons so that when they run off, no one will know them

b) poor written whitepaper, maybe they are in a hurry to released it and perhaps just hire someone to write for them without checking the output. And then someone will call them about the copy whitepaper

c) the design of their website is poor. Same with whitepaper, this scammers wanted to put up their website ASAP to show that indeed they are real. But if the website UI is poor and not appealing and you think that they are taking about millions but can't even create a good website that it looks like a 10 year old build it, then think again on investing on them.

That's right, because at the beginning even the known scam ones have hard time when people figured out that they were scams. But before, they're like the most authentic ones that made people optimistic about them but then, it's all about lie.
It's all about the promises that they've made to their communities but then they've broken most of those but made some of it. And then, from all over the entire community that they seem to be at their peak, that's when they're going to cut their ties and will turn the route backwards and will execute the scamming tactics that they're about to pull.

Of course, there is no fixed ways to determine scam projects. Everyone has their own way to check a project, but there is no very accurate way to know it. In common way, we can check the track record of the teams/developers, know the fundamentals of the projects, analyze the whitepaper, take a look their partnerships, and learn how strong the community supporting the projects. However, sometimes all of them have been analyzed well and we have found nothing suspicious. But at the end of the day, the teams/developers suddenly disappear, and the projects can't survive longer. I already experienced this several times. So, it is very difficult to check or analyze a project where it is a scam or not.

The real truth is that there’s no particular test to know if a project is scam. But you can pay attention to red flags when looking for what project to invest in (especially these new alts). One of which I’ve seen is when a project’s team members is not having any tangible or reputable background. Additionaly, check the use-case of the project, check what problem the token solves and how effectively it does that.

Sometimes you look at a project from all sides, and there is not even a hint of fraud, but then, unfortunately, it becomes apparent, what am I getting at, that fraud in projects is now like an art, it can be so impregnable and at first glance difficult to understand.  I can’t recommend what to pay attention to first, because there are scam projects even with a lot of capital on board.

Before investing in a cryptocurrency, research is crucial. Consider the founder's and project's goals. I agree that knowing the founder and objective isnt crucial. Cryptography is ecological, and honesty and dishonesty coexist. Like getting lost in a maze - one false step might lead you nothing. Its crucial to verify every facts because bogus news can look excellent. Your advise is great. For beginners, sticking to well-known cryptocurrencies, especially the top ones, is safest. Even seasoned crypto experts often struggle to keep up with new ones. Always prioritize quality over potential profits, especially for novices.

We are constantly seeing new projects in the market, so it is difficult but not impossible to find a real project among so many new projects. Real projects can be found if the project is properly scrutinized. Before investing in a new project, the website must be observed for a few days, if the website of the project can be observed for a few days, then it will be very clear to a user what the project is like. Then we should try to know how much the people in charge of the projector are sharing their verified address or profile. How long is the domain of the project website or how much is the rating of the project website by monitoring these things well then we have to be sure that how much the project is real or how much is fake although it is not possible to get 100% information this way, still it is much better to know this way than not knowing anything.

In this case i said that anyone who wants to invest there fund in new project in this time many scam project are coming in market first of all collect information about project then check what say old users about project see the project partners etc that all thing show that the project are strong are not .
If a project not strong so can't trust.

Of course, you have to do a really thorough analysis or research on the new altcoin or token that you are going to buy. Like finding out who founded the altcoin and what was the purpose of creating the altcoin. The simple analysis that I usually do is like that. Because in my personal opinion, knowing the name of the founder and knowing what the goal of the project is. Become a keyword and it will be more visible in the direction in which the altcoin is created. Is it to commit fraud? or created to develop a clear project.
But even so, fraudsters in the crypto realm will definitely cheat in order to trick or deceive their buyers. So even though the two factors above have been carried out and for example the results are positive. But you have to be careful. Because it is possible that fraudsters in the crypto world manipulate data to make it look more promising.

So my advice is, it's better to buy cryptocurrency whose quality is really clear. Like buying cryptocurrencies that have a rating of 15 and below. Especially if you are still a beginner, it is better to avoid risks. Because maybe it is true that some of the altcoins or tokens that have just been launched, maybe some of the coins might be profitable. But to find out which altcoins are profitable or at least not fraudulent, in my personal opinion this is very difficult. Because as you know, every month not only one or two cryptocurrencies come out, but more than that. So it will definitely be very difficult to analyze it, especially for a beginner in the crypto realm.

Agree. We mustn't invest in too many projects, it will make us confused to manage our crypto assets. It also increases the chance to join scam or weak projects because having too many projects means to have an extra efforts to analyze them. When we analyze too many projects, we may not be very careful due to spending too much energy. That's why we are better to invest in a few projects only, choose the most convincing project that have strongest fundamentals.

Sure, when we choose a project, we must ensure the project has a good fundamental. They have trusted teams/developers, convincing products, clear roadmaps, good partnerships, and they plan to list the tokens/coins in reputable exchanges. These are some matters that we must take a look on the project before we decide to join it (buying the coins/tokens).

There are so many scams project nowadays ,we can only avoid them by making a good research about the project ,what concept does the project has and the team behind the project that way you can be able to avoid most of them and protect your funds from scammers.

The fact is that,  89% of all the project fhat are popping up right now are all scams and only a few unnoticeable ones have been successful so far,  we have to be very careful in doing our own research before we ride with any wave that comes along,  this is important because altcoin projects,  and the industry in a whole ride on hype and if an investor is not careful you can end up investing into a scam project since their number seems to be higher than that of legit projects.

So we must be weary of hypes such as the current meme coin hype, which is currently leading to many scams.

op you asked a good question. How can we avoid scam projects? According to my knowledge, it is very difficult to identify the scam project. But if you try, you can identify it, even though the project is scammed by the team. Because they don't keep what they say while running the project, instead they kill the investors' money and become pointless. A good way to recognize a project is if the team follows their project roadmap and the company has an audit pass. If these are there then it can be said that it will not scam.

It depends on the situation. Most of the scam projects can be easily detected if you do deep research. Most of them actually have no clear plan for the project and sometimes their plan is an overall copy of another project. But yes, there are some projects that really build up their own plan, which looks serious but, in the end, they end up being a scam project.

Understanding how people are being scammed and the methods being used by scammers is crucial. Increase your knowledge about account security as knowledge is the key to power. Identify a scammed project from a legitimate one by using your knowledge, instinct, and common sense. Examine the LinkedIn profile of the project team and their background.

actually things like scam project could simply be avoided by only trusting the most reliant platform there is and sticking with it.
like for example you wanna invest in new project, just follow the ones sponsored by some big exchange like binance.
if you still don't really trust these new coins that much because maybe they are not that good in your eyes you can just invest in coin like ethereum that have history of having long established and still reliable until today.
its quite simply actually, the main reason why many gets scammed because they are greedy enough to invest in something so obscure.

There isn't any. Things like that cannot be completely avoided, it's just that we have to always be alert and always do very in-depth research so that we are really sure about the project we are taking part in. Even though some of them seem to promise public sales with huge discounts, or have a roadmap in general, it also can't even be confirmed whether they are a scam or not.

Will you not not drive the car because there is possibility of accident?
All projects are not equally scam , there is many worthy projects having real use case backup by Binance and other big trusted ventures. we can easily select quality project if we do little research. Ethereum, XRP, Matic, Bnb and many other projects are long term projects and we can say that these projects are worth to invest

actually the possibilities you mentioned is not happened always and Ratio of hacking in very low so we can say that 1% legit project could also prove in indirect scam but other projects are still trusted and one could invest safely. as far as risk concern then investors should always invest according to fund he afford to live happy life without these investing fund and this is not only specific with crypto. if you start any business then risk is involved there and possibility of losing is possible there too. OP wants to ask the basic of knowing scam project so that he can make difference between legit and scam project which i think is team details, backup information, Contract verification and the idea any project working on it.

The principle is that you always have to do research before you want to make an investment, especially for new projects that can always fool us. I agree with you that for every new project, there are several stages before placing the funds, including the team behind it, the white papers, and others. It must also be remembered that many projects are smart enough to cheat; even though everything looks good, what is most often done is to make the price received lower than when buying, so many investors suffer losses.But it is always to analyze, even though not necessarily the analysis will always work well. At least fraud can be avoided.