How to detect a scam ICO? - page 8. | Bitcointalksearch.org

FrankNoland

copper member

Activity: 560

Merit: 253

Quote from: MANNYKURSH on September 29, 2017, 12:57:45 PM

How to detect a scam ICO?

In my opinion, I think that there are few things that can help you spot a scam ICO. There is a certain information that every ICO should bring forward to their potential investors, the team behind the project is the most important. Ensure that the team is providing their real profiles and not catfishing.

Investigate the team before you can actually consider investing in any ICO, if the team is a lie, then it means that the white paper, the idea/ the technology and the ICO itself is a lie.

bitorama

full member

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read the whitepaper, do some background research of the team and check their github

naidray

legendary

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Quote from: MANNYKURSH on September 29, 2017, 12:57:45 PM

How to detect a scam ICO?

With a good research about the team and the project, you should be able to know if it is scam or not. However, some are very good at pimping themselves, but you had be surprised so much people can know about some certain team and digging out the past. So, it is good to ask questions.

Also, like some have said, google is your friend and you can find out about the team, what they have been up to most especially on linkedin since it is a professional profile page.
Confirm if there is a project they have done in the past and take note of the success of those previous projects. Whitepaper should be the last which will make you have conviction if you feel the project is worth investing into.

tranle789

full member

Activity: 224

Merit: 100

To find an ICO scam is now very easy. You should monitor them more, if you find something suspicious you should avoid that project immediately because it is possible that the project is trying to attract more investors and promise a lot of future profits.

allthebitandbobs

sr. member

Activity: 1162

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a working product or prototype that is already up and running is always a good idea for a ICO .

ap3311

sr. member

Activity: 476

Merit: 300

come on guys. this is definitely not a gamble. Everyone knows that gambling will finally "the house always wins" . but you know that there is no such system . here.if it were really such a thing, it would not be the rich people who earned so much money from crypto.

I asked myself if I can really say what a project is really saying and can really do it. I first looked at the "team members" tab.if there are familiar names and they actually share them from social media accounts, then the project will at least reveal something.the question is now, what if we do not have any members of the team from familiar names? then we search every user on the internet. we are reviewing social media accounts they have been following who have a popularity how important these are. you can actually reveal people who are lying and cheating with a little research. If everything seems to be smooth, you should still try to get into the projects with eth-based and tokens immediately.

patrickgt3

newbie

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Only invest in something you fully understand and if the team is real and capable.

Pattart

hero member

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Merit: 500

Quote from: PandaMiner on September 30, 2017, 02:06:03 AM

Quote from: AiloveYouks21 on September 30, 2017, 12:09:38 AM

Quote from: mroth7684 on September 30, 2017, 12:05:02 AM

I'm too lazy to check an ICO scam or not. sometime just wait people do it for you. and we invest later

who wants to tell you that a project is predicted to be a scam? and whether you believe the person's report is a fact or just an opinion, we can take an example from the Centra project. They are in the beginning said to be a scam for incorrectly installing a photo and immediately replace it and now we can see that they Crowdsale is sold out.

I think he mean he wait everybody invest so much money into it then he follow them. Am I right?

yeah maybe. now many users can follow the tips from various sources. you can see a lot of investor accounts on twitter that gives some tips and information about potential ico. sometimes I follow that tips and get a profit. so I think he also did the same thing as me..

Nerman

full member

Activity: 364

Merit: 107

We can avoid it by first research about the company a simple google would not hurt.Also this forum will help you if there is a new coin try to search it here.

Check who are the people behind the coin. Check if they are truly invested about the coin. You also want to see what are their plans in the future because some coins seems to be a scam but actually it just did'nt work out.

lenyro

sr. member

Activity: 249

Merit: 250

Only invest in popular ico, you won't be scammed any more, most scams are in this forum.

frowsiter

sr. member

Activity: 714

Merit: 261

You can go through list of some things which are important for an ICO to have if they are legit.

Firstly you can have a look into the team itself. There could be fake representation of the team, random pics, names etc. If the ICO is legit then there has to be few know team members and you can consider it as legit. If these managers already given best of the ICO then the chances are high that you will get it as legit one.

Secondly, check for the news about the ICO. If it's in the news in positive way and making the good publicity then the chances increase a lot towards the legitimacy of that particular ICO.

Third, have look into altcoin announcement section if they are present there or not. If they do have thread then look for the discussion, read it and grasp what people are saying about the ICO.

This should lead you to the legit ICO for sure.

Slowhand26

full member

Activity: 350

Merit: 100

It's really hard to determine which ICO is legit or not. I think one good to see is their transparency about the project and about those developers behind the ICO. One good to check is the physical address they are using.

PandaMiner

sr. member

Activity: 322

Merit: 250

Quote from: AiloveYouks21 on September 30, 2017, 12:09:38 AM

Quote from: mroth7684 on September 30, 2017, 12:05:02 AM

I'm too lazy to check an ICO scam or not. sometime just wait people do it for you. and we invest later

who wants to tell you that a project is predicted to be a scam? and whether you believe the person's report is a fact or just an opinion, we can take an example from the Centra project. They are in the beginning said to be a scam for incorrectly installing a photo and immediately replace it and now we can see that they Crowdsale is sold out.

I think he mean he wait everybody invest so much money into it then he follow them. Am I right?

AiloveYouks21

sr. member

Activity: 560

Merit: 250

Quote from: mroth7684 on September 30, 2017, 12:05:02 AM

I'm too lazy to check an ICO scam or not. sometime just wait people do it for you. and we invest later

who wants to tell you that a project is predicted to be a scam? and whether you believe the person's report is a fact or just an opinion, we can take an example from the Centra project. They are in the beginning said to be a scam for incorrectly installing a photo and immediately replace it and now we can see that they Crowdsale is sold out.

red4slash

hero member

Activity: 1470

Merit: 502

Maybe this is very difficult if indeed we do not really understand about ico. Maybe a little I know about the scam project. 1. There is no clarity about their project team 2. Their project is not clear 3. Too many offer discounts or the like. Maybe that's all I know. And keep looking how far the project goes

mroth7684

full member

Activity: 196

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I'm too lazy to check an ICO scam or not. sometime just wait people do it for you. and we invest later

herurist

sr. member

Activity: 1680

Merit: 259

Quote from: MANNYKURSH on September 29, 2017, 12:57:45 PM

How to detect a scam ICO?

No one can give you the right answer, only experience will give you the right answer. Most people will check from concept, team and also price. But some people will always try to making connection with team to know how good they handle customers problem. We only can predict, just prepare the worst. Have a nice day.

marados

member

Activity: 406

Merit: 10

Before I’m investing in something I first check if it is fully transparent, and that people that are involved in project and their past (usually LinkedIn account) is shown. Second thing to check is if the project you are investing in already has a working program, which shows they already put a large effort in it and that it shouldn’t be a scam.

Morphling

full member

Activity: 308

Merit: 134

some ico are obviously scam like the team members are fake, whitepaper lacks of logic, give too many promise and so on, but there are some scam projects seems to be good, only time will tell

Bes19

full member

Activity: 1002

Merit: 112

You can do your own research like if the team is legit coz some are just anonymous which is very suspicious. You can also read some topics on forum and see if that ICO has a negative feedback and ofcourse you can search and analyze it by observing on Market.

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