Topic: How to Identify Cryptocurrency Scams - page 10. (Read 7126 times)

This may be a good resource https://venturebeat.com/2018/03/13/how-to-spot-a-cryptocurrency-ico-scam/

I think when I think about scams and things most of the times these things are *too good to be true*

I think that's why just staying away from the things that doesn't add with equations and give weird highly profitable returns for the future and promises things that they cannot even keep even if they are the US president

Also you should understand that you should think about investing in things that are highly thorough with what they are doing and at the same time they are providing you with a proper KYC of their employees and their business is well beyond recognized.

I think that despite the huge amount of fraud, in the next wave of growth in the cryptocurrency market, the number of fraudulent projects will only grow and people will invest money in these projects amid general euphoria.

If this line is always on the mind of most people then getting scammed would be lesser yet people are way too greedy when it comes to huge ROI of their money.
Where they do directly think off on making easy money on a short span of time which is very impossible if we do talk about on legal and possible ways.Earning money on ridiculous high rates is 101% scam.

In order not to be deceived by scammers, you need to use a popular exchange that will be safe

Sincerely its really annoying when you fall into the hands of scammers. Sometimes we normally say its shear negligence that result in such dupe but trust me the are well experienced people on the platform who often done not get duped. Lets all try to learn and upgrade ourselves to avoid such short falls.

If its too good to be true then its most likely a scam. Imagine someone saying your money will double in 24 to 48 hours. If its true, then how come not everyone is in that scheme, how come the government is not supporting such investment venture. Furthermore, if anyone offers something that is higher than traditional banks can offer, better stay away from those.

sadly even when people are informed about this details, they still join schemes which are too good to be true and possible scam in the future and worst part is they recruit people to ride along with them. The true scammer is the greediness inside all of us.

Really helpful article and thanks for sharing with us. It's very sad that scammers eating crypto industry everyday. When crypto industry try to rise up some scammers just use their sh**t brains and fraud with investor. Not just in this industry, actually scammers are everywhere. It's out duty that be careful when we step forward and alert everyone about scammers. 

well, caution will make us better at identifying a project. when we explore a project, then when it is a project scam, it will cause anomalies. well, many people don't realize that because they only do basic research such as reading concepts, or other things. accuracy in a project will make us able to avoid it.

You are being dumb here. If some new project looks like another project, then that is an obvious sign of a scam. See a copied whitepaper or team pictures is no doubt a scam. There have been projects which target the similar concept or a similar market but that is a different issue.

Just saving your money is not what this forum was made for. Bitcoin itself is considered an investment and by all means I consider it the best of all other crypto-currency investments. Keeping your money in a bank only means you get a small rate of interest and nothing more. Consider looking into the top10 coins on any website except the forked coins and decide what is best for you to invest in.

Scammers will always be there. But you have learn to be vigilant and alert. Fear, Greed and Doubt are three things a scammer uses to blind its victim so watch out for such attempts.

Indeed, it is not easy to identify scams in crypto, but the way shared by OP is effective enough for us to avoid scammers. Although we do not fully know what is behind the new project, at least we can consider more deeply to join after analyzing the project.


The point is don't invest if after you analyze it you are in doubt, but invest if after you analyze you are still confident about the project. That is the point that I always hold and consider, so far I have always invested in projects with high trust, projects that I doubt are few, I will not invest. Well you have to be firm about your beliefs.

Yeah, people always want easy money. In times of hype on crypto investors are vulnerable as their judgment might be clouded. 

I observe that fraud is discovered only when a deceived person is already observing his losses.  If scammers work too obscenely and brazenly, then there is an opportunity to convict them of deception, as was the case with recent projects that wanted to present themselves as hardfork ethereum, called Ethirium Classic Vision.

The best way is scam is never to invest any bounty that just pop-up through your email and you didn't register for their newsletter. The article you shared is really helpful for novice investors cos you can't tell the legit cryptocurrency

very useful article for everyone to digest, as an investor with little knowledge about shady project that could possibly turned scam, best bet will be to invest in some of the very popular project among top 100 coins in cmc, it is much safer investing on already establish project than investing in ico's as fresher in the cypto space.
All the same good wright up, this could go along way to assist many not to fall victim.

Countless number of people are deceived when using cryptocurrency. Although the agreed stigma has been inherent in world cryptocurrency, not all cryptocurrency users use approval.

The rise of people who failed because the cryptocurrency was just a spy because they preferred the science of investing in this digital currency. security is a serious problem that will be solved by all countries, not only for Bitcoin but all cryptocurrency. tips for applying a coin scam or ICO scam.
The trick is to see:
1. Team
A company can walk and develop with a reliable team. The success of large coins will depend on the experience, expertise and teamwork in the team. This "team" is one of the benchmarks for investors to assess the level of a coin, however, many lay people do not pay attention to the part of the team, and only focus on ideas and touting coins. There are several ICO, Bitcoin and AIOS coin-companies that have ghost teams. The ghost team is not a team consisting of ghosts, but the ghost team is a company that does not exist, or, a little information about the creator or his team, can also be interpreted as a team of ignorant. This is the reason why they have to take your money away, because nobody knows who is behind the shopping.

2. Roadmap
The Coin or ICO website will display a roadmap. A roadmap is a schedule where companies will try to complete their travel targets. The roadmap will usually announce targets and missions that will be done specifically on a quarterly basis and will ask enthusiasts with:
-Product being worked on.
-Products to be released.
-Pre-sales and sales to the public.

3.Whitepaper
Every old and new coin must have a whitepaper. Why? Because the whitepaper will notify investors about the Coin in detail, from the mission, the team, to the technology that will be used, the Whitepaper can also be seen as the "proposal" coin for ICO to investors. A fake company usually between not having a Whitepaper because it is not professional enough to make a normal Whitepaper, or the company cannot describe their company, their vision, mission and ideas reasonably, companies that usually promise sweet dreams find it difficult to explain in detail and logically how they will achieve their "target", remember that they can also copy the whitepaper from the company that has gone.
In the absence of a whitepaper, it is necessary to consider whether the company really intends to carry out the idea, their own vision because the Whitepaper is one of the important things for investors in deciding decisions for investment, Whitepaper not only provides information about the entire company, but it is important to know that the content and quality of the Whitepaper can also be a measure of the team's professionalism in running a business.

4. Multi-Level Marketing (MLM)
MLM is a pyramid scheme where sales people will get money from product sales and also recruit members and also sell the members' benefits. They will get more compensation from recruiting members than selling products.

Until now, I think I have difficulty in identifying cryptocurrency scams because of all of the projects almost similar between each other, and I don't know which of them that is a scam. That makes me careful to decide to invest in their projects, but fortunately, I don't invest much money with them so I can save my money. I don't think that other people can identify them too because it still hard to find those scammers.

The article has gave a good advise and I read all them and it will be usefull for some newcomers if they intend to choose cryptocurrencies as their investment place. Indeed, that is common thing when bitcoin and cryptocurrencies price goes up there will be newcomer and start to invest and we called them to come here as a hype factor.

They didn't know about cryptocurrency before and they only focus to create a wallet on an exchange and even a few of them didn't know an exchange was scam or not. Sometimes I got confused when there still a people who got scammed, whilst the source/guide how invest in cryptocurrencies is really much such the article that you mentioned. This is pointed out that only few newcomers who make an analyst or find more about cryptocurrency first before they spend money.

To identify scams, you just do not need to trust too profitable offers