fake projects are very difficult to figure out if we are not careful in every way, I think fake projects can be distinguished from white papers
if the content doesn't make sense and their purpose is too exaggerated then the project is only to deceive besides that, there is a lack of updates from their social media
Topic: How to know if the project is fake? (Read 6496 times)
First step in knowing if the project is fake or scam is to read their platform, knowing there supporters if they are active and working as better. A lot of projects are scam and useless so we have take care in participating those ico.
Good explanation, but basically there is a lot that can be done to identify fake projects, need to know the whereabouts of the developer and advisory team, know the road map and achievements of ICO or IEO including HardCap & SoftCap, and who is the Investor team, as well as the realization of the platform developed in the future.
Of course, there are many ways that can be used to identify a project. in fact, you can see it in their draft or whitepaper. what's more, a fairly straightforward way is, to identify their team. However, scammers also have their way of not being identified, like they sometimes get greedy after a sale, or just list the market, then leave the project at bay.
At first getting to know the team behind the project, verification of their social medias handles if frequently updating and last always be cautious of their website appealing UI. Though there is more to this investigative approach but with due diligence one can get the truth in short time. Also, reading news around the cryptocurrency platforms can help most especially those with zero hatred to scammers.
It is listed on Binance, Huobi or Bittrex? If yes, then you can be sure that these reputable exchanges did the work for you. If it is listed on Latoken or Exmarkets, then you can be sure, that the team, product, the user base is so poor and they want only to collect money and run because if the project is revolutionary enough, would the credible exchanges lose their opportunity to participate on the sale? 
Usually the best way to know if a project is a fake or not is to check the white paper, they usually do not care enough to write a proper real and unique white paper and steal it from someone else.
Binance Whitepaper is only 17 pages long, among which there are almost to technical information and information about BNB. Third of whipaper is the information about the team. Other part are some pictures of UI and intro stuff. Binance is a fake project because their whitepaper is primitive?
Usually the best way to know if a project is a fake or not is to check the white paper, they usually do not care enough to write a proper real and unique white paper and steal it from someone else. Obviously they are not going to put it one to one, they are going to change the names and they are going to change couple of small stuff and features and what not, but in the end it is going to be basically all stolen with tiny changes. Which is by far the biggest tell from anything I have seen.
Aside from them, a real road map with team that doesn't match the goals could be another big tell, I see road maps that require so many different skill sets and in the end I check the team working on it lacking almost half of the skill sets and they just say they will hire people or even companies to help them. I am sorry but if you are not already doing the work and do not have the right people for it, I am not going to end up waiting for you.
You can't be 100 % sure if the project is fake. I always recommend to my friends to invest only in the top 100. It is too difficult in the crypto market.
Otherwise you should search about the team members if they are real and authentic persons and check the registered address of the company.
That why we need to make sure by doing our own research about the projects first before investing. We cannot rely on what other said about the project as most of the info provide at the internet was not a 100% correct and can be trust. Use our own sense and gut to believed the projects are fit with our own criteria or not. Otherwise you should search about the team members if they are real and authentic persons and check the registered address of the company.
If you are new in crypto, i think you have to try to join much more project. And you will learn from it.
But, for me ...
1. Team
2. Logic
3. Social update
I think 3 point above i can try to understand how the program work and fake or not.
But, for me ...
1. Team
2. Logic
3. Social update
I think 3 point above i can try to understand how the program work and fake or not.
Bad advice. Do not join projects just to "gain experience" you can learn a lot just by following one project you love and support, AND actually use!
Team? Bitcoin was anonymous. Logic,,, anybody can write logical whitepapers does not mean the project will do well. Social update? Bitcoin has none:)
Fake project are always attractive. Faje project offers a hug amount. But thair website side are Random. The didn’t give a accurate information. Most of the time, the social media of a fake project doesn’t have enough post.
I agree with what you say clearly and indeed the reality is like that, but now they are also smart because they have known how to do it, starting to change by taking data belonging to other people's projects and copying and pasting it to make it look like it has been well prepared even though it is project data other. they know many people who are lazy to see in detail their wp and others, they hope that there are those who are exposed to fraud with them, they don't have to work hard.
Fake project are always attractive. Faje project offers a hug amount. But thair website side are Random. The didn’t give a accurate information. Most of the time, the social media of a fake project doesn’t have enough post.
While there are projects and ways to test them, we have to wait until they exhibit our deceitful nature to realize.
This morning I just read an old topic that BCnex was cheating users after 8 months of operation. Everything was smooth until they found the user could not withdraw money from the exchange.
Or maybe they cheated by slowing down the project's progress after raising an ICO, even though their team looked great and reputable.
The most important thing that I believe to avoid scams is to know the team that leads the project and if profitable, get out of the project if you don't see the potential. Though it may seem emotional, I've been right a few times.
I think the news is quite long. but sometimes we can't analyze it well, like the case in the BCNEX project. they seem convincing by paying their participants in their campaign and operating for a long time. but by claiming the campaign reward you have to put a deposit first should let some people know if something is not right with this project.This morning I just read an old topic that BCnex was cheating users after 8 months of operation. Everything was smooth until they found the user could not withdraw money from the exchange.
Or maybe they cheated by slowing down the project's progress after raising an ICO, even though their team looked great and reputable.
The most important thing that I believe to avoid scams is to know the team that leads the project and if profitable, get out of the project if you don't see the potential. Though it may seem emotional, I've been right a few times.
If you are new in crypto, i think you have to try to join much more project. And you will learn from it.
But, for me ...
1. Team
2. Logic
3. Social update
I think 3 point above i can try to understand how the program work and fake or not.
But, for me ...
1. Team
2. Logic
3. Social update
I think 3 point above i can try to understand how the program work and fake or not.
to me is not that easy to identify fake project, because they do present their project as real also, only when basic and deep research is been conducted, that is only when they can be identify to some extent, and they are some help ful tools that can help in identifying project state which are is Faq(White paper), Team means of communication and managers, mind you this does not guaranteed means, but can help to some extent.
yes that is one way to identify a fake or genuine project but in my opinion the most important thing is to look at the team's background in the project because even though their place is real but the team still has no experience, it is possible that half of the project's journey can stop and left the team
How I identify if the project is fake or not by looking at the potential red flag:
- The people behind this project are anonymous, use fake identities, or have fake accounts on social networks.
- The team does not have professionals with relevant experience.
- Whitepapers and business plans sound unrealistic or lack a detailed analysis of the market and competitors.
- The project author did not provide an example of their blockchain code.
- No working prototype.
- There is no escrow wallet for sending investor money to the developer.
- The project doesn't do any code to Github.
- The project does not have a clear road map.
- Tokens or blockchain do not appear necessary to achieve project goals.
- The people behind this project are anonymous, use fake identities, or have fake accounts on social networks.
- The team does not have professionals with relevant experience.
- Whitepapers and business plans sound unrealistic or lack a detailed analysis of the market and competitors.
- The project author did not provide an example of their blockchain code.
- No working prototype.
- There is no escrow wallet for sending investor money to the developer.
- The project doesn't do any code to Github.
- The project does not have a clear road map.
- Tokens or blockchain do not appear necessary to achieve project goals.
These are very good criteria for analysis and they resemble mine, except that I don't look at the authenticity of the participants. There was a time when I worked with projects whose owners were almost completely anonymous and the project regularly paid devidents every month. Is the project a Scam? Possible. The product may not even have been developed, but everyone made money.
To avoid falling for fake projects, you just need to avoid investing in new projects. Wait until the coin appears on the exchanges. You won't earn a lot of money this way, but you won't lose it either.
Basically i will search about the team whos behind the project and if it anonymous i will stay away as the potential getting scam are very big. Then look their website and if they using a simple template that look made by a kid i will skip that projects also. The most important is check their whitepaper as scam project love to copy paste other whitepaper. Always make your own research and try not to be fooled by scammer.
Now looking at the whitepaper given by the team from those that can be read by the public is a very smart choice because all project progress depends on the concept you want to develop which is implied in the whitepaper, but there are other ways besides that you can use seeing the team at behind the project so you can see the authenticity of the project being formed.
Basically i will search about the team whos behind the project and if it anonymous i will stay away as the potential getting scam are very big. Then look their website and if they using a simple template that look made by a kid i will skip that projects also. The most important is check their whitepaper as scam project love to copy paste other whitepaper. Always make your own research and try not to be fooled by scammer.
I mostly find the authenticity of the people behind the project. Most of the time, the fake project put the picture of people that look trustworthy on their website with fake identity.
What you say is very true and from some of my personal experiences in following a bounty project, it is not uncommon for a crypto project to try to use photos of people who are very influential in the world of cryptocurrency such as John McAfee and others, we know figures like John McAfee has a wide network, so that their big names will certainly be able to influence people's interest to join and invest in the project, this is why we have to do thorough research on a bounty / crypto project before we join or invest our money in the project. . Jump to: