Topic: How to detect Scam ICO/ potential fail projects (Read 479 times)
There are two things that I always check every time I join a bounty or ICO, check the person who will lead the ICO and also check the whitepaper. Checking the whitepaper requires experience because you need to determine the content if its plagiarized (copied from other ICO whitepaper). For team members, do some research and check their previous projects.
I agree with you, more and more scam projects are appeared in the crypto world right now. It is hard to tell whether the project is scam or not in just a few glance. The best way to tell is to do some research first, for example reading through some reviews and look for the projects that the dev have done before. If you are good at coding, then reading through the code in their project and gives you an idea of the scam project.
My advise to detect scam project and echo failed are by checking their white paper, team members, the scope of the project on how to implement on it also the bounty manager that lead the whole campaigns and its rating
Some information is for predictions about ICOs
Completion of advertising programs
Percentage reward when investing
Develop team
Development orientation of the project in the future
Completion of advertising programs
Percentage reward when investing
Develop team
Development orientation of the project in the future
IMHO, first of all, I'm trying to find main persons from the team in social networks, I'm looking for his friends. If I see this person is real, I start to read whitepaper and after thinking about the idea in the project.
The first thing you should see is the trust rating of the said bounty manager, if it’s not trustable then don’t join. Also inspect the website of the bounty project if you find anything suspicious. Addition to that, you should observe about the stake rewards that will be given, if you think it’s kind of exaggerating to have a large amount given then it maybe suspicious. Awareness and knowledge is the key to avoid waste of effort and time to scams.
It's not an easy thing to detect a scam if you have never done it yet. But, you will know the trick by more practice. You have to know all about the project, including the team, the token sale, the previous project of the team, etc.
When choosing a company, first look at the representative on the forum , if the projects are strong they advertise high ranks , then read about them , then look at the team and the road map , look at what the exchange will go out , or with whom they cooperate.
You have analyse everything of an ICO, starting with the team, project, token metrics, previous works of the team, their Linkedin, twitter etc. Try to contact them and see if they are legit. But it's a long researching process to understand whether the ICO is scam or not. However if the team is famous and strong then I don't think you will have a problem of being scammed.
Definition TYPE OF SCAM for ico founder needs to be more explained. Maybe with the FAMOUS AND STRONG TEAM OR A BIG COMPANY will never take your money without given token and submit the token to an exchanger, But FAMOUS AND STRONG TEAM OR A BIG COMPANY always take a people money and give shit token without future then they start another ICO do again and again.
https://bitcointalksearch.org/topic/m.46630825
You have analyse everything of an ICO, starting with the team, project, token metrics, previous works of the team, their Linkedin, twitter etc. Try to contact them and see if they are legit. But it's a long researching process to understand whether the ICO is scam or not. However if the team is famous and strong then I don't think you will have a problem of being scammed.
This is a very difficult subject. If it was easy to identify false ICOs, many people wouldn't have been victims. I think the crypto money market would be better.
what things make you say difficult? it is not difficult to identify a project if you are not lazy, for example we can see WP, team, Advisor, Roadmap, Vision and Mission, partners, Investors or major sponsors, ICO Rating, BM which handles and many more things that can be used as a reference.
ICO scam is quite similar to the ICO that really pay. This sometimes gives doubt for investors to invest in ICO because certainly they simply fear of scam that is quite a lot going on. simply analyze the mediocrity is not enough to figure out the scam. If this is the case then the longer the not unlikely investors will start reluctantly to join in the ICO.
my joint advice is to see their team whether professional or not.
then read their whitepapper. website brand. roadmap and their target.
then assessing what their products deserve in the market or not.
then look at the minimum amount of investment.
and who their bounty manager if you bounty hunter.
The Development Team must be the main choice, because with the Development Team's experience all will be more.then read their whitepapper. website brand. roadmap and their target.
then assessing what their products deserve in the market or not.
then look at the minimum amount of investment.
and who their bounty manager if you bounty hunter.
Then the power of funds for ICO determines the future financial strength of the ICO.
The more you practice, the more you will begin to understand which projects are promising. It is very good to follow the news of the project, improvement and work of the team.
This is a very difficult subject. If it was easy to identify false ICOs, many people wouldn't have been victims. I think the crypto money market would be better.
why is difficult ? I guess if you are not lazy to read all the information like the whitepaper, roadmap and team behind the ico project it's very easy to see which legit projects or projects just want to make a profit even scam
This is a very difficult subject. If it was easy to identify false ICOs, many people wouldn't have been victims. I think the crypto money market would be better.
It is becoming more worrisome in the cryptosystem, so many scam ICO and also failed projects. We do so many bounties and end up with useless tokens of failed project.
I am quite an amateur in the system but I know research has to be done before embarking on investing time or money in an ICO by reading about them in different platforms or even checking out their community, team and investors but sometimes I still guess wrong.
I would like to ask the experienced in crypto how to be sure a project isn't a scam and how to determine their success.
I've been following the forum quite a bit and I hope I get response to help me and others enlightened.
Thanks for your time. Much appreciated
It is currently very difficult to distinguish ICO scam because they are experts in manipulating new projects to become real projects, such as the formation of project teams and creating whitepapaer.I am quite an amateur in the system but I know research has to be done before embarking on investing time or money in an ICO by reading about them in different platforms or even checking out their community, team and investors but sometimes I still guess wrong.
I would like to ask the experienced in crypto how to be sure a project isn't a scam and how to determine their success.
I've been following the forum quite a bit and I hope I get response to help me and others enlightened.
Thanks for your time. Much appreciated
Doing more research on their team and checking their offices is a good thing. Transparent in the project team's personal data is an added plus for the project.
to be able to see the ICO scam or fail, then I have a trick. the first is viewed from the sale of the token. Select the project with the open sales, so we can also opt in to supervise the sales. If possible, make sure that the information about the project is always updated.
It's easy to detect the scam project or the real project. Always check the roadmap, whitepaper and the manger who managed this project. If all clearly, then you can check this ICO in ICO bench, linkedin and the others site for check the rating of thats ICO. And the last for make you believe this project is real or not, you can check their social media's activity, if the admin always share the project with transparency and you can believe this project is really real.
indeed we cannot be sure to detect ICO scams or potentially failed projects. but we can minimize the failure by analyzing their white paper. whether the project whose objectives are clear or not, how the project forms and the team that works in it. there we can judge whether this project is suitable or not for us to participate in it.
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