Before you invest, check out their whitepaper and what are their visionaries. Check out the team, on LinkedIn or google search them.
Topic: How to detect a scam ICO? - page 9. (Read 2513 times)
First of all read the project white paper, this is very important you should know what is product of the project? Why this project need the blockchain?
Second: Make a research regarding who is on the team (CEO, CTO, blockchain developers, advisors etc.).
Last i think you should research this project have Compromised Escrow. ICOs will usually have an escrow to hold user’s funds during the ICO and after
Second: Make a research regarding who is on the team (CEO, CTO, blockchain developers, advisors etc.).
Last i think you should research this project have Compromised Escrow. ICOs will usually have an escrow to hold user’s funds during the ICO and after
There are some fantastic indicators that have been covered already, if I could add some more:
Generally this takes a lot of research (in no particular order):
If you (mods!) don't mind a shameless plug I'm developing a service to make this easier for us all, you can read more about it on my blog: http://blog.scry.pw
- Evidence of a prototype / market usage (e.g.: Github code review or news articles indicating an industry partnership)
- Listings on big exchanges / news of future listings
- Good, consistent communication by the team (mailing lists, Slack channels, Telegram...)
- (Purely speculative) low market cap relative to the total cryptocurrency market.
Generally this takes a lot of research (in no particular order):
- News sites
- Forums, social media
- Github
- Official blog / mailing list / Slack / Telegram etc.
- Analysis by sources you trust (could be bloggers, journalists, Youtube channels...)
- Market research (coinmarketcap, technical analysis if you're so inclined, etc.)
- Reading the whitepaper
If you (mods!) don't mind a shameless plug I'm developing a service to make this easier for us all, you can read more about it on my blog: http://blog.scry.pw
Thanks for the tip. It should be transparent with what they are doing and can be raech in any means of communication. People behind should be known in the industry and not with the fly by the night groups or company. Its better if they are doing business already .
Basically not being lazy and reading about the project and the team, in the end, it's you who decide to spend your money or not on an ICO. The job of the ICO managers is to convince you to buy their token
How to detect a scam ICO?
I recommend the following;1) Verify the authenticity of the social profiles of the members of the ICO team (linkedIn)
2) Check out the project progress published (GitHub)
3) Avoid businesses that work with referrals.
4) Avoiding unrealistic promises (profits with exorbitant figures)
The most important thing to analyzing ICO by knowing detail the profile of its founder team, and the 2nd is to understand aim and what problem will be solved of the project. To understand it we can read in their whitepaper. And also look for other reviews on other forums,news site and youtube channel, like github, cointelegraph etc.
How to detect a scam ICO?
there are full skams that will never deliver even tokens/coins those are really easy to sport.
no escrow fake link id. (try call to someone
)no experience...
but good ICO can fail to problems on the way that they have to solve but it won't be able from multiple reasons.
There are a lot of nuances in this case. But the most important thing is to check the project team
And watch out that the 'team' is real and not faked.One thing you have to watch out for is ICOs self moderating their threads, and look closely at the ones
who stifle criticism. Cryptodevil caught the Enjin team doing this, although they turned out to be legit
as far as I know. Cryptodevil is a damn fine ICO scam buster, and he probably should make up a list of
projects he deems legitimate. I suspect the vast majority are not. If you can verify that the dev team
consists of real people, that's a very good start. If they pay their campaigners, that's also a good sign,
but not anything conclusive. QTUM paid everyone and they ended up being pretty much a scam. They
censored my posts even though I wasn't being critical of them. You have to watch that sort of thing too.
Oh this is something hard guys. Determining ICO scam is hard because they "scammer" is a clever person. But there is one way is to look at smart contracts.
Most of the people say that;the most important fact is the team qhich create the company.Also i always looking for good advisors.Also whitepaper layout and subject of the project are important for ICO's succeed
How to detect a scam ICO?
You can get a good idea at what a scam ICO looks like by heading over to oxfina.com. They disappeared after the tokens were created. Check out their twitter, facebook and ANN thread here on bitcointalk.
There are some fantastic indicators that have been covered already, if I could add some more:
Generally this takes a lot of research (in no particular order):
If you (mods!) don't mind a shameless plug I'm developing a service to make this easier for us all, you can read more about it on my blog: http://blog.scry.pw
- Evidence of a prototype / market usage (e.g.: Github code review or news articles indicating an industry partnership)
- Listings on big exchanges / news of future listings
- Good, consistent communication by the team (mailing lists, Slack channels, Telegram...)
- (Purely speculative) low market cap relative to the total cryptocurrency market.
Generally this takes a lot of research (in no particular order):
- News sites
- Forums, social media
- Github
- Official blog / mailing list / Slack / Telegram etc.
- Analysis by sources you trust (could be bloggers, journalists, Youtube channels...)
- Market research (coinmarketcap, technical analysis if you're so inclined, etc.)
- Reading the whitepaper
If you (mods!) don't mind a shameless plug I'm developing a service to make this easier for us all, you can read more about it on my blog: http://blog.scry.pw
They have fake team members like declouds scam, only invest in trusted projects.
You should always look up all of the members on the team and see if they really exist and have the experience they claim they have. I always avoid ICO's with an anonymous team since it's just too risky even though it's not necessarily means it's a scam.
+Sometimes you'll see names with linkedin profiles, just check how long the linkedin profiles are active, how many connections that person has and cross checking with google helps a lot
That's a half decent approach but don't forget that all kinds of accounts get hacked or sold so you're trusting a lot.
Scam ICO give a lot of promises about the value of their coin. The whitpaper can be an indicator for technical people, but unfortunately, people do not read whitepapers.
You can do some researche. Start with the official website and see if it is done by professional. Then, read the white paper. The most important factor in the success of a project is the team, that is why you should visit their profiles and know more about them and see if they are reliable or no.
Many factors interfere in the success of a project so be careful.
Many factors interfere in the success of a project so be careful.
If there is a github, I'd check for how often code is developed. If there is no information of the team or pictures with solid profiles - it's a no go. Doesnt matter if the market cap is 1m+ I don't trust any crypto that isnt transparent those are the 2 dead give aways.
First of all you ought to ask yourself: "Is it really necessary to use blockchain technology in this project?". If not, this ICO is not actual and bad for investment. It will be better to learn all information about the team, to read WP carefully, to visit official website and to talk with the application programmers if it's possible.
There are many ways but the easiest one and you'll hear it always, 'if it's too good to be true, it probably is'
You should always look up all of the members on the team and see if they really exist and have the experience they claim they have. I always avoid ICO's with an anonymous team since it's just too risky even though it's not necessarily means it's a scam.
+Sometimes you'll see names with linkedin profiles, just check how long the linkedin profiles are active, how many connections that person has and cross checking with google helps a lot
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