Topic: how to identify ICO scam ?! some important tips ! - page 2. (Read 634 times)
I would also add Active, Partners, Distribution of tokens, Clear target, Scalability, Transparency, properly allocated budget.
The last project I found suitable for these requirements was Germen Vreo.io, they doing in-games native advertising without interrupting the gameplay. I would like to find few more projects of such level, maybe someone can advise
I think that team, advisors, partners are very important
Focus more on the team before even starting to consider anything and you will be pretty much in a better position as an investor. This is one thing a lot of people do not usually pay much attention to and they let themselves be deceived into investing into empty promises.As long as there is no product, there is no solid team then as far as I am concerned, there is no future and such a project is always a NO for me, no matter how impressive nor how informative their whitepaper may look. Identifying an ICO scam in early days itself may not possible for all the people but over experience everyone may detect.
Some people did share in this forum like even they were very much careful before choosing an ICO and contributed into those ICOs in angel hours itself for maximum discount still when those project listed out on exchange, they were unable to find any big returns for their investments. Considering all these, contributing for an ICO still remaining a gambling as there is no certain way for making returns for our capital.
Maybe the scammers are reading this thread and now they have an idea to create an ico that very promising and convincing but fake and scam. I think its time to regulate ICO's Project by the government to form a board of trustee that will obliged every team member of a project to submit any legal/personal documents before allowing them to conduct an ICO Campaign for the purpose of chasing the team by law enforcers if they are scam or fake and file an appropriate case against them.
Good day, thank you for this post. If only I have merit I would give you some! 
you just need check few things
1 - Does ICO already has real business?
2 - Does ICO has real team?
In fact, that real team is always my own first target and once you can get that sorted out without some fishy stuffs being done, then there is no way I would not go further into trying to check the legitimacy and the whole business idea. A lot of people look at only the whitepaper, the websites and quick glance of the team and make decision based on that, but I believe experience will always teach everyone a lesson anyway.1 - Does ICO already has real business?
2 - Does ICO has real team?
Choose projects with high ratings in icobench or icoraiting.
What are these sites ? ICO reviews ? How reliable they are ? Could you please come up with their URLs if your time permits ? If these sites are being operated by trusted forum members then I guess we may follow them for recommendations. It is very hard to identify nowadays the legit and scam ICO. There are some which started legit but it will suddenly disappear in the circulation. As far as I know, any business run by a strong team, well trusted and professional advisor will lead to a successful come out. I addition to this, if the project are totally supported and endorsed by the top rating investors. Whitepaper and roadmap are well prepared. All links are perfectly will appear in their affiliated channels. But if we notice that the budgets, the token payments and their promises are unbelievable or being unrealistic, scratch it out to save our time, effort and money. This is only based on my study and researches.
Choose projects with high ratings in icobench or icoraiting. But check everything on project's website. Their team, their whitepaper, everything. I recently found one of the best upcoming ICO called lccx.io - looks like promising exchange based in London. Well developed white paper, experienced team, located in politically stable jurisdiction. 
Far from whether the product is real or scam, the profit is the most important reason for speculation
The idea of the project must be revolutionary, solve real problems, motivated to help more than profit with real and future plans.
The team is not required to be famous but at least have experience with proving their competence(github, youtube,...etc).
An open source project with an openness to answering questions and contributing to its development(not just copy/paste).
The competence of the team is one thing I always look out for. There are sometimes even on the ANN thread, when you get to hear the response of some of the team to the questions you ask, it puts you off immediately because you out rightly know that someone who is not sound enough to give you a satisfying answer, how can such a person even be sound enough to build a project and get demand for it.The idea of the project must be revolutionary, solve real problems, motivated to help more than profit with real and future plans.
The team is not required to be famous but at least have experience with proving their competence(github, youtube,...etc).
An open source project with an openness to answering questions and contributing to its development(not just copy/paste).
As long as a project does not get sustainable for future growth, then it is bull shit and as long as the team does not look like those I can trust to invest in, then it is a goodbye.
It is very hard to identify nowadays the legit and scam ICO. There are some which started legit but it will suddenly disappear in the circulation. As far as I know, any business run by a strong team, well trusted and professional advisor will lead to a successful come out. I addition to this, if the project are totally supported and endorsed by the top rating investors. Whitepaper and roadmap are well prepared. All links are perfectly will appear in their affiliated channels. But if we notice that the budgets, the token payments and their promises are unbelievable or being unrealistic, scratch it out to save our time, effort and money. This is only based on my study and researches.
actually this thread has been available and may be more complete. but some of the same entries and some of the missing still have to be read here https://bitcointalksearch.org/topic/m.32425835
but this is also quite helpful for those who left behind the information
but this is also quite helpful for those who left behind the information
First of all I saw the ICO website and their team members.I always check if the information is correct or not.Again,I check their telegram community where people discuss about the project.Some ICO will give 100% bonus on pre-sale, I think this may be the sign of being scam project.I don't like those ICO which give too many free tokens.
Modt scam ico are more interested in the money rather than laying out their game plan on what they intend to add to the blockchain technology
Isn't that why they are scam in the first place ?I feel no scammer actually have an idea to put in place or a game plan in the first place and the only game plan right from the onset is just to cart away with a lot of funds that the gullible investors have decided to give to them.
It is crazy though, knowing that a lot of people have always fallen for this even when there is a huge writing on the wall, but I guess people are just too lazy to always look out for the right things.
I would also add that the important point is the active life of the project. I had the opportunity to compare projects and those that showed their activity
and those who openly positioned themselves come to success. The last my such project Vreo.io https://bitcointalksearch.org/topic/ann-mtc-token-sale-vreo-embedded-in-game-advertising-2886707. The team travels throughout Europe and even America, present their project at various cryptoconferences, were interviewed for television and blogers, magazines write about them articles. Such an active position inspires confidence
Yeap, that's good guys I also follow the project and I'am going to join it and those who openly positioned themselves come to success. The last my such project Vreo.io https://bitcointalksearch.org/topic/ann-mtc-token-sale-vreo-embedded-in-game-advertising-2886707. The team travels throughout Europe and even America, present their project at various cryptoconferences, were interviewed for television and blogers, magazines write about them articles. Such an active position inspires confidence
I would also add that the important point is the active life of the project. I had the opportunity to compare projects and those that showed their activity
and those who openly positioned themselves come to success. The last my such project Vreo.io https://bitcointalksearch.org/topic/ann-mtc-token-sale-vreo-embedded-in-game-advertising-2886707. The team travels throughout Europe and even America, present their project at various cryptoconferences, were interviewed for television and blogers, magazines write about them articles. Such an active position inspires confidence
and those who openly positioned themselves come to success. The last my such project Vreo.io https://bitcointalksearch.org/topic/ann-mtc-token-sale-vreo-embedded-in-game-advertising-2886707. The team travels throughout Europe and even America, present their project at various cryptoconferences, were interviewed for television and blogers, magazines write about them articles. Such an active position inspires confidence
Here's a detailed analysis about ICO tendencies in 2018 and some suggestions about how to make ICOs great again! It's highly worth reading!
https://steemit.com/ico/@cryptohu/ico-tendencies-2018-how-to-make-decent-profit-from-the-changing-world-of-icos
Was really worth reading as well as the OPs'. It is highly necessary for people to understand ways they can easily identify scams these days considering how things have seriously turned out in the space and a lot of scammers seeing it as a quick way to get rich with the decentralized unregulated space where anything goes.https://steemit.com/ico/@cryptohu/ico-tendencies-2018-how-to-make-decent-profit-from-the-changing-world-of-icos
Additionally, every investor who can understand how to fish out these scams just like what OP stated, will always be safer otherwise they will encounter their own lessens like how most people do now a days in crypto world.
Now, ICO's team's white paper and website do a lot of science and technology, giving people a very professional feeling, investors are often attracted by this illusion!
Be sure to keep an objective and cool analysis, discuss with experienced people, and don't rush to invest!
Be sure to keep an objective and cool analysis, discuss with experienced people, and don't rush to invest!
I think this link will add some information about identifying ICO scam now a days. This medium is about how to create ICO scam in crypto community, for me if you know how to do ICO scam, it's easy to understand how to avoid those upcoming scam ICO. Don't be a victim, educate and help yourself for good folks.
ICO Scams: How to create one in 5 simple steps
https://medium.com/coin-governance-system/how-to-create-an-ico-scam-in-5-simple-steps-67391ed8a822?gclid=EAIaIQobChMIuZfyi5mF2gIVhg0qCh0TwQZSEAAYASAAEgLdm_D_BwE
Lol, I totally love the reality check part. It is the truth, a lot of investors who are gullible enough to fall for anything have fallen so badly for a lot of these scam ICOs. Everything that has been listed are the things every investor should always watch out for rather than just accepting the surface alone, there is always a need to dig deeper, chat with the Skype team and see how you can be sure before investing. Also, the idea in this article would be a good one for a lot of investors, having an escrow for ICOs. ICO Scams: How to create one in 5 simple steps
https://medium.com/coin-governance-system/how-to-create-an-ico-scam-in-5-simple-steps-67391ed8a822?gclid=EAIaIQobChMIuZfyi5mF2gIVhg0qCh0TwQZSEAAYASAAEgLdm_D_BwE
You should understand that it’s always important to do your own research, do not rely on other's opinion. I prefer to look very attentively at all aspects of ICO before investing in it or taking part at their bounty campaign. My strategy is to look at:
1. The idea (and ask yourself - does the project really need blockchain technology and their own tokens?)
2. Team and advisors
3. White Paper and Road Map
4. Softcap and Hardcap
5. Token Metrics and Prototype
6. Social pages and site
1. The idea (and ask yourself - does the project really need blockchain technology and their own tokens?)
2. Team and advisors
3. White Paper and Road Map
4. Softcap and Hardcap
5. Token Metrics and Prototype
6. Social pages and site
How you compare softcap and hardcap?
For examples:
1. 2 mln (soft) and 60 mln (hard);
2. 20 mln (soft) and 60 mln (hard).
But if you do not want dive too deep, if the projects' idea is not a new and revolution they will not reach the high hardcap point.
Far from whether the product is real or scam, the profit is the most important reason for speculation
The idea of the project must be revolutionary, solve real problems, motivated to help more than profit with real and future plans.
The team is not required to be famous but at least have experience with proving their competence(github, youtube,...etc).
An open source project with an openness to answering questions and contributing to its development(not just copy/paste).
The idea of the project must be revolutionary, solve real problems, motivated to help more than profit with real and future plans.
The team is not required to be famous but at least have experience with proving their competence(github, youtube,...etc).
An open source project with an openness to answering questions and contributing to its development(not just copy/paste).
I think that team, advisors, partners are very important
But to figure out who is legit and which is having potential, you must gain experience. Without experience you will never able to differentiate even you will be analyzing team, advisers, partners and any other aspects of an ICO.I believe lots of people already filtering out scam ICOs in fractions of seconds due to their immense experiences with many past ICOs. Some people have shared about their skills on this but after years of working on different ICOs. Hence, this kind of discussions are really essential for this community for bringing changes by safeguarding our capital amounts.
Yes, I must appreciate you as you are pointing our the real truth. After coming through OP's long tips, even I am aware of all these already and have read them many times in this forum, still I could not make use of any such tips just due to the reason of lack of experience. OP's tips are just knowledge but we need more experience to fight against scam ICOs to protect ourselves.Take on the "4T" scheme: Theme, Tech, Team, Token !
1.Theme
To begin with, you need to evaluate the promise of the very idea of ICO. If you are not an expert, it will be difficult to do this. But it is possible to find signs of fraud even without profound knowledge in the field of blocking:
Go to the ICO website and see if White Paper developers have posted a project roadmap. If not, the startup can be immediately struck out.
If there is documentation, study it carefully. Honest developers try to explain in detail their idea and ways of its implementation, using not only text but also tables, graphs, charts and other demo material for this purpose.
2.Technology
It is even more difficult here - one needs to evaluate the promise not of the idea itself, but of the technology created for its realization. And even a well-written road map or White Paper will not help you to objectively assess the strengths and weaknesses of the advancing technology.
Lack of contacts for communication, ignoring your appeal or a template response not on the topic - alarm clues, indicating fraud.
After all, developers who plan not only to raise money, but also to start the project, are themselves interested in the fact that potential investors received as much information about the startup.
3.Team
always look for information about the team on the ICO website. Most often it is placed in a separate section ("Team") or placed at the bottom of the page in the format "photo-name-post in the project".
Good teams themselves talk about themselves. On their sites you will find short biographies of developers, information on their education, career advancements and experience with blockade projects.
Check out all the specified contacts of team members
Find the legal address on which the company is registered and verify its authenticity
4.
Open the appropriate section (most often called "Token" or "Token Economy") and find the information
And be sure to pay attention to the main thrust, due to which many investors lost their money. Is there any information on the site that issued tokens are not a digital currency and do not carry any real value, and developers are not obliged to change them on crypto currency or fiat money?
If you find such an announcement, save your money for another project.
GOOD LUCK !!!
1.Theme
To begin with, you need to evaluate the promise of the very idea of ICO. If you are not an expert, it will be difficult to do this. But it is possible to find signs of fraud even without profound knowledge in the field of blocking:
Go to the ICO website and see if White Paper developers have posted a project roadmap. If not, the startup can be immediately struck out.
If there is documentation, study it carefully. Honest developers try to explain in detail their idea and ways of its implementation, using not only text but also tables, graphs, charts and other demo material for this purpose.
2.Technology
It is even more difficult here - one needs to evaluate the promise not of the idea itself, but of the technology created for its realization. And even a well-written road map or White Paper will not help you to objectively assess the strengths and weaknesses of the advancing technology.
Lack of contacts for communication, ignoring your appeal or a template response not on the topic - alarm clues, indicating fraud.
After all, developers who plan not only to raise money, but also to start the project, are themselves interested in the fact that potential investors received as much information about the startup.
3.Team
always look for information about the team on the ICO website. Most often it is placed in a separate section ("Team") or placed at the bottom of the page in the format "photo-name-post in the project".
Good teams themselves talk about themselves. On their sites you will find short biographies of developers, information on their education, career advancements and experience with blockade projects.
Check out all the specified contacts of team members
Find the legal address on which the company is registered and verify its authenticity
4.
Open the appropriate section (most often called "Token" or "Token Economy") and find the information
And be sure to pay attention to the main thrust, due to which many investors lost their money. Is there any information on the site that issued tokens are not a digital currency and do not carry any real value, and developers are not obliged to change them on crypto currency or fiat money?
If you find such an announcement, save your money for another project.
GOOD LUCK !!!
To add additional tip, if the team says or state that their project will be a big and successful event for ICO then you just have to double check Media who covers their project to advertise it, since most ICO are starting to published their project on a serious Media Channel.
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