Topic: How to check if ICO is scam or not? - page 7. (Read 17430 times)

One common thing about scam ICOs is that the offer more than they can achieve. Make your own research about the project and its whereabouts considering the team members behind the project. Some individuals can sometimes bring up fake identities of renowned persons as partners of their project but most of the times these are not true but to lure investors into purchasing their tokens.

the way everyone is different, but I will explain a little how I choose ICO, so I do not get scam.
- I will first see who is involved in the ICO, like who is the Bounty Manager and the authenticity of their Team.
- I will read their Whitepaper, how do they work and whether the profit sharing from ICO makes sense.
- and finally, whether the ICO is listed on ICO recommendation sites such as ICO Bench, Tokenmarket and others.
be diligent in asking and don't be lazy to find out.

There are some important factors I consider, first is the project itself, the development team, and the community supporting the ICO. It has to be new and improved idea of a project, this has to attract the people and let them see what's in it for them. Secondly, development team should be real and good credentials, it is one of the biggest factor. And lastly, the people that will support the ICO, larger community mean bigger potential.

It will be a bad idea to invest in ICO project considering how the crypto ecosystem is changing. IEO is the new way to invest into a crypto project which is scam free. If you are still investing into ICO projects then you are at your own risk of either losing your money or buying a scam crypto coin. ICO is dead now.....

First of all check the OP's trust feedback of ANN thread,then visit the scam accusationfor any issues over that ICO by doing this you can ignore 80% of scam projects.

There are many ways as others mentioned such as quality of whitepaper, website, authenticity of team, advisors, presence of institutional backing etc. But unfortunately, you'll never truly know until after the ICO is concluded.

You can have an ICO with the best presentation, and still turn out to be a scam. Why?

There are cases of which seemingly legit ICOs with good quality presentation exit without returning investors' fund, simply because they can't raise enough money during ICO. People lose interest in this bear market and the number of ICO investors declines sharply. And unfortunately when these ICO founders are hit by the harsh reality which they weren't prepared due to their plain ignorance and over confidence - very common in the blockchain industry, they change their mind and decide to "recover the loss" and "save their ego" by taking away whatever investor's fund, instead of returning they money and acknowledging their failure and incompetence.

Do a google search "legit ICO turn to exit scam" and you'll find out the unpleasant fact.

Probably the only ICOs giving you more confidence are the ones run by established "conventional" businesses instead of blockchain startups. Even if their ICOs fail, it's more likely they'll return your fund, because they are well established businesses, and so less likely to risk their existing reputation by scamming.

But who knows, even these established businesses may still keep your money - they won't exit, but will come up with some shameless excuses (some of which have been already demonstrated, like "you failed to pass KYC / AML / identity check / xxxx compliance" or "blockchain technical issues"), if they are really desperate in getting profit. Remember even Coinbase (and some other crypto exchanges) have a notorious history of "disappearing" customers' deposits, which saw a surge during the crypto mania in 2017. If this happens, your only hope remains in a class action.

Just check it mate, you believe that the project is not a scam but you'll never invest with it. I've never understand of what you've trying to say for the beginners and it only causes them doubts.
Supposedly, if we will found that certain project have its potential, have no indications of scam and we can prove that it is a legit project then we can assured that is a project we've looking for and good for our investment.

This is a good site and there is a lot of useful information about projects. But I don’t even believe this site, because they make money from advertising and there is a possibility that they were paid money just for advertising this project.
Until I myself am sure that the project is not scammers I will not invest in it.

The probability of investing in an ICO now that is not a scam is very low. Checking the social media platforms and reading the whitepaper can guarantee you success in your research to determine, if it is scam or not. I will just advise, anyone not to invest more than  you are willing to loose. Invest wisely. I think the IEO is beginning to gain wave and should be a better option.

Indeed, in practice it is very difficult to identify fraudulent ICOs, because fraudsters are creative. You must check the technical document for errors and inaccuracies, as well as check the personal profiles of team members and the activity of administrators and managers.

As you know most of ICO's are scam now a days but you can check about trusted ICO's you should need to check their all social links and ICO,S ranking sites.

It really hard to detect a scam project these days because most newly scam project already developed the idea of the real ones and do exactly the way the real ones appear. One thing you should always watch out for is the interaction within the project team and the community.

I would suggest to read the whitepaper and do a background check for the team members if its a real or fake people and if you are looking for a good project who has a big potential then you need to make deep research about the real use-case of their product.

if at the start admin was active, and then they get some fund lets say 1M$, and then the group was silent over a week no activities from admin or the team member, we can say that project was scam.

A good ICO always has an active group Admin. Who always answers member questions. And a good ICO always provides updates about developments or milestones that are obtained. Also, they have good partners.

seeing ICO nowadays there are many projects that have the potential to scam but there are also good ones among them, we just have to be smart in analyzing a project.
even though business is fatal in your opinion, but if the team behind the ICO is still active it will be potentially good.

Two aspects should observe ICOs are: the developments of projects that run ICOs, as you mentioned; and the movements of prices on exchanges after ICOs ended. If we can see that developments are good or at least acceptable, and price movements show signals of bottom out, we can buy at low price and wait for chances to take profits when development come to product releases.

Have any of you invested in ICO recently? In my opinion it is inefficient and fatal business. ICO dead.

ICO has become obsolete. Now another trend, called IEO, is starting to gain momentum, the primary placement of tokens on the exchange, where the project management is almost completely deceptive, since the exchange acts as a kind of guarantor between the project team and the investor

besides what you have mentioned in my opinion we also do not need to make a decision too quickly.
It is better to observe the ICO's development first, if we think that the ICO is indeed feasible, then we can decide to invest in the ICO because at the moment there are many ICOs that stop in the middle of the road so we have to wait at least half the ICO period.