How to know if the ICO is scam - page 4.

doedz

hero member

Activity: 1106

Merit: 502

Quote from: doedz on June 18, 2017, 01:42:07 AM

Quote from: Casabrandy on June 13, 2017, 10:58:54 PM

Quote from: sotoshihero on June 13, 2017, 10:29:06 PM

Quote from: doedz on June 13, 2017, 10:02:43 PM

Quote from: CuriousGeorge on June 13, 2017, 06:14:51 PM

Quote from: agatha818 on June 13, 2017, 05:28:21 PM

Quote from: renes on June 12, 2017, 03:33:21 PM

Let's say it is legit ico but can you know thoughts on founders' mind? maybe they just want to exit by taking your money in any time in the future ?

Exactly! a lot of ICO's already done that, you invest a lot of money to it and then it suddenly disappear, that's why it is very risky to invest in ICO nowadays.

Can give an explanation for me, Why am i invested in the aragon project and my money does not disappear? The ico with a good team will give you a lot of bucks and i like that. it just need all of your effort OP.

See escrow wallet or ico address in trust on the trusted third party, so dev should not use ico funds before the coins are really launching.
See also advocate advisors of advertisers or funders on the ongoing ico project. It may partly recognize a good ICO.

This is so true and good hints. Also, the devs or owners are transparent enough with their project. They nay appear in public so that we know them. Also a good tie up from established company add credibility to the project.

Escrow have been used to know if legit ico's same with it's good to know if the team and devs were easy to ask or cooperative enough for the investor questions. The credibility and feedback should be a anticipated.

The more expensive the Bitcoin price, the growth of ICO will be very good, there will be many ICO's. Researching ICO is highly recommended. So we are safe to invest.

Be careful better. A crime could happen by making an ICO that is not qualified. SCAM.
As long as there is escrow I think ICO is safe, and money will not be taken away.

doedz

hero member

Activity: 1106

Merit: 502

Quote from: Casabrandy on June 13, 2017, 10:58:54 PM

Quote from: sotoshihero on June 13, 2017, 10:29:06 PM

Quote from: doedz on June 13, 2017, 10:02:43 PM

Quote from: CuriousGeorge on June 13, 2017, 06:14:51 PM

Quote from: agatha818 on June 13, 2017, 05:28:21 PM

Quote from: renes on June 12, 2017, 03:33:21 PM

Let's say it is legit ico but can you know thoughts on founders' mind? maybe they just want to exit by taking your money in any time in the future ?

Exactly! a lot of ICO's already done that, you invest a lot of money to it and then it suddenly disappear, that's why it is very risky to invest in ICO nowadays.

Can give an explanation for me, Why am i invested in the aragon project and my money does not disappear? The ico with a good team will give you a lot of bucks and i like that. it just need all of your effort OP.

See escrow wallet or ico address in trust on the trusted third party, so dev should not use ico funds before the coins are really launching.
See also advocate advisors of advertisers or funders on the ongoing ico project. It may partly recognize a good ICO.

This is so true and good hints. Also, the devs or owners are transparent enough with their project. They nay appear in public so that we know them. Also a good tie up from established company add credibility to the project.

Escrow have been used to know if legit ico's same with it's good to know if the team and devs were easy to ask or cooperative enough for the investor questions. The credibility and feedback should be a anticipated.

The more expensive the Bitcoin price, the growth of ICO will be very good, there will be many ICO's. Researching ICO is highly recommended. So we are safe to invest.

phr0stbyt3

hero member

Activity: 672

Merit: 500

There are various ways one of them is checking the background of the owner that he isn't involved in some sort of shading business or has a shady past. Then checking if they are using a reputable escrow. And also seeing the transparency during ico as most of them show the transaction being made

ratatatat

full member

Activity: 144

Merit: 100

OP asking wrong question. The correct question is: "how to know an ico is not a scam?"

you'll find there is no good answer to that question

espante

member

Activity: 98

Merit: 10

Quote from: bongiu on June 16, 2017, 11:44:16 AM

Quote from: Pfizer on June 12, 2017, 07:37:08 PM

There are several ways to understand if a ICO is scam. Try to investigate their team members if they're real people. Try to use scam monitors design for crypto projects. Try to understand their whitepaper if there is inconsistency.

I absolutely agree with this. It's this easy to know if a ICO is a scam or not. Just some basic research Undecided

This is why projects with anonymous teams aren't found anymore but in my opinion its not enough just to look at the team or the idea because I think there will be more and more sophisticated scams out there especially with the amount of funding the projects are getting nowadays.

In reality you can only reduce the probability of it being a scam by looking at the team and the professionalism involved, but there is eventually going to be more well thought out scams that even include both real people and some known people in the community as advisors. Its happened frequently in the real world and its going to happen in crypto too.

terciduk123

sr. member

Activity: 1176

Merit: 252

Quote from: bongiu on June 16, 2017, 11:44:16 AM

Quote from: Pfizer on June 12, 2017, 07:37:08 PM

There are several ways to understand if a ICO is scam. Try to investigate their team members if they're real people. Try to use scam monitors design for crypto projects. Try to understand their whitepaper if there is inconsistency.

I absolutely agree with this. It's this easy to know if a ICO is a scam or not. Just some basic research Undecided

I add a bit to my developers or managers who are active and diligent memppromosika ICO can be a sign that ICO inclines to success instead of reversing direction to SCAM.

bongiu

full member

Activity: 434

Merit: 102

Quote from: Pfizer on June 12, 2017, 07:37:08 PM

There are several ways to understand if a ICO is scam. Try to investigate their team members if they're real people. Try to use scam monitors design for crypto projects. Try to understand their whitepaper if there is inconsistency.

I absolutely agree with this. It's this easy to know if a ICO is a scam or not. Just some basic research Undecided

Mumbeeptind1963

hero member

Activity: 1190

Merit: 568

Sovryn - Brings DeFi to Bitcoin

Quote from: Palider on June 12, 2017, 02:21:44 PM

Many ico was here in forum and i always read the comment/reply of others, they got a negative feedback for project for participant to have doubt in campaign, I know some of member always do that so it can less the user in campaign and they will gain more profit. I wonder specific info on how to investigate, Yah, We can predict if the project will be success or not by reading the update in thread but how specific we can do to check if its scam or not.

ive always reading some comments of others , to find out if they are trusted or not, and if how many supporters are they have. there are some ico that is now yet trusted, so better to avoid that so that we cant lost our money and we are saving our investment too, take a deep research and then make a wise decision.

Snail2

legendary

Activity: 1512

Merit: 1000

If a new project:

- have a github repository with at least a more or less working alpha release
- have some sort of viable business plan with some plausible details
- there is a team behind it what seems to be competent
- developed by some known dev(s) who(m) never been involved in any previous scams.
- there's someone in the team with some experience about managing a business.
- targeting an area what isn't already covered by a couple of other coins (e.g. a 76th cryptonote/monero clone is rather unlikely to take off)
- the targeted sector seems to be interested in third party electronic payment solutions (e.g. a new coin for the gambling/gaming industry most likely never will be accepted by the above mentioned industries as they won't trust some anonymous dev from Godsknowswhere. They only trust banks... if they must.)

Then you have a chance not to be scammed. Of course they can be incompetent or naive, stupid, whatever, so you can still lose your money if something goes wrong.

MintCondition

legendary

Activity: 1147

Merit: 1007

Quote from: slackcryptoz on June 16, 2017, 01:50:42 AM

Most of the ICO that have been promoted through our forum is simply trusted and very few ICO's were developed on a different platform and in a short due to lack of funding the ICO goes as a scam or as an failed project.

Failed ico sometimes tagged as scam project since the fund did'nt obtained and not enough to proceed on exchanges or to continue the program. To be able not to scammed choose ico that have lot of supporters,that have proven theirselves from their past projects like having escrows and partnership in some business pr companies. They will sure not want to risk their reputations.

slackcryptoz

sr. member

Activity: 456

Merit: 250

Most of the ICO that have been promoted through our forum is simply trusted and very few ICO's were developed on a different platform and in a short due to lack of funding the ICO goes as a scam or as an failed project.

Recca297

newbie

Activity: 27

Merit: 0

Quote from: dihari on June 15, 2017, 10:54:18 PM

I don't really know how is the specific ways to know a project going to be scam or not. But I have my own due diligence to analyze an ico, it is:
- read the whitepaper
- who is behind the project. Even if it's a decentralized project, we have to know it, at least the advisor.
- information on Ann thread.
- the website and its design
- roadmap. It's all have to be clear.
- demo product

Agreed with you, especially for demo product, now many ICO draw an beautiful plan but in real they can not even write a smart contract :v

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

How do you know if a dev is sitting on vast amounts of coins premined / ICO'd
then dumps them all at once crashing the price then abandoning the coin etc ?

Does knowing his name or "demo'ing the product" give you this future insight ?

I've said all along that it simply is NOT POSSIBLE to perform "due diligence"
You all simply repeat the same crap like a mantra.. to defend ICO's.
So you can carry on supporting them for profits.

I already know what you are all going to say.. i've heard it all before endlessly.

How to know if the ICO is scam ?
You don't.

Although LOL
I'd say it's a scammy distribution model.

What did i just say ?
If i can prove a dev does not need 1 million dollars to make his coin.. then what ?
Then is BlockNET a scam or not ?
Too many of you you defend that and say it's fine.
You defend Butters of the Ethereum ICO scam or the douche from BlockNET and say they are ENTITLED to rig the system and pay themselves many millions of dollars in free coins.

And why would you guys defend blatantly scammy behavior ?

ROI's

..it has sweet fuck all to do with White Paper's or Identities etc.

Perform "due diligence" --> https://encrypted.google.com/search?hl=en&safe=off&q=define%3A+ideaology

dihari

hero member

Activity: 910

Merit: 525

I don't really know how is the specific ways to know a project going to be scam or not. But I have my own due diligence to analyze an ico, it is:
- read the whitepaper
- who is behind the project. Even if it's a decentralized project, we have to know it, at least the advisor.
- information on Ann thread.
- the website and its design
- roadmap. It's all have to be clear.
- demo product

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

Did you guys realize that coins used to be made with out an ICO ?

Kawasanz

sr. member

Activity: 280

Merit: 250

ICO.a ALLCOIN project without doing ico they will find it difficult to get funds to start the campaign and promotion again scam or not it depends on the coins project the more users / investors the better the project in the future,

Armstand

hero member

Activity: 626

Merit: 500

Quote from: South Park on June 15, 2017, 04:02:18 PM

Quote from: Palider on June 12, 2017, 02:21:44 PM

Many ico was here in forum and i always read the comment/reply of others, they got a negative feedback for project for participant to have doubt in campaign, I know some of member always do that so it can less the user in campaign and they will gain more profit. I wonder specific info on how to investigate, Yah, We can predict if the project will be success or not by reading the update in thread but how specific we can do to check if its scam or not.

An important amount of ICOs are scams, there is no way around it, there is a small minority of projects that are worthwhile but as other have said it is difficult to separate the issue that they are trying to sell to you an unfinished product that is probably not going to live up to the expectations.

Investing in any project is a risk we need to take to earn, but we can study it and verify its vision,if the the team were cooperative and now that almost ico provide escrows. There are lot to choose but always take extra careful.

South Park

hero member

Activity: 2884

Merit: 794

I am terrible at Fantasy Football!!!

Quote from: Palider on June 12, 2017, 02:21:44 PM

Many ico was here in forum and i always read the comment/reply of others, they got a negative feedback for project for participant to have doubt in campaign, I know some of member always do that so it can less the user in campaign and they will gain more profit. I wonder specific info on how to investigate, Yah, We can predict if the project will be success or not by reading the update in thread but how specific we can do to check if its scam or not.

An important amount of ICOs are scams, there is no way around it, there is a small minority of projects that are worthwhile but as other have said it is difficult to separate the issue that they are trying to sell to you an unfinished product that is probably not going to live up to the expectations.

bearex

hero member

Activity: 560

Merit: 501

Hmm for me, what raises a red flag is:

low amount of comments / pages on bitcointalk thread
sketchy looking website (although this might not always be true, they can have a polished website but still scam
lots of constructive negative comments on the thread
lack of social network channels (like Slack for example)

leyton11

sr. member

Activity: 560

Merit: 250

I think all ICOs can become scams when their devs want it, like a company that can go bankrupt when they can not keep it, but today's ICOs are much more diverse and sophisticated, maybe Ethereum is also a scam project? Just my think!

Topic: How to know if the ICO is scam - page 4. (Read 4520 times)