How to know if the project is fake? - page 5.

Princeofpoetry

member

Activity: 686

Merit: 28

PUGG.io

Quote from: ?? on ??

I also researched a lot of new projects, and found that most of them were fake and just wanted to fool investors.

This is how scammers can trick investors with new projects. The easiest to spot is if the project is suspicious it should be avoided

Quote from: ?? on ??

Alias name or anonymous identity is okay as long as that project has a good reason to without their identity (privacy-based crypto).

I see, I would avoid projects without knowing the team behind them because the project that is trusted is who the person developing the project is.

restuibu

full member

Activity: 994

Merit: 100

seeing the team and partners in the project is also a very important consideration in determining the project, but if some of you don't have enough experience in determining projects, I recommend choosing projects that IEO in binance because all of the projects there will be listed there legitimate..

blue_hurricanger

full member

Activity: 653

Merit: 183

Quote from: mamesso on August 21, 2020, 02:10:47 PM

Quote from: Estehmanis on August 19, 2020, 10:48:25 AM

good advice, maybe it can be added in my way like this, I studied the project, the roadmap for updating social accounts and the person behind the project. But I think the success of a project is also influenced by the market, so you have to really understand to choose a project for participate in investing or become a member of the bounty hunter

Checking road maps, news updates on social media and people involved in the project are the first things to pay attention to. And the bounty manager has an important role in attracting bounty hunters, usually a good project will recruit a manager who is experienced and very familiar with bounty hunters.

Yes, checking the project's partners like the bounty manager also a good way to see if that project is legitimate or not. Although roadmap and other news feed on their social media channel won't help much since they know quite well those are the first thing appear in investor's eyes.

Miaallen

member

Activity: 573

Merit: 30

Researching the authenticity of the team is the first step to take. Try to know if the people claimed to be behind the project are truly behind it. Check their partners and even contact them to confirm if they are actually connected with the project. With that, you can be certain that the project isn't fake. But you should also know that a project is not fake doesn't mean it is going to be successful.

Cadaver20

sr. member

Activity: 1442

Merit: 264

Quote from: cosmofly on August 23, 2020, 02:14:08 PM

you only need to note 3 things.
1. The web design is very sketchy and the whitepaper is often copied from other projects.
2. Roadmap is also not detailed and clear, the direction is misleading and always aims to make the price pump strong.
3. Huge discount with the purchase at seed round, about 50% - 60%, it can be considered as a scam project.

You point out 3 most important matter. But I want to add some point with you..
a. Reputation of bounty manager. Before joining a campaign we should check the reputation of BM.

b. Visit project website and see the team members of the project and try to assess whether team members are real or fake.

c. Newly created social media. Most of the scam project's social media are newly created and lack of knowledge about the project.

cosmofly

full member

Activity: 532

Merit: 100

PrimeDAO - An Adoption Engine for Open Finance

Quote from: BestEarningTips on July 18, 2020, 02:37:03 AM

I had read an interesting way to make sure the project is real. You can identify the project is fake by it's address of the company who is running IEO/ICO. Fake project would be indentify with this way because they put fake location. You can check it with google maps to verify if it's real.

So how do you indentify if the project is fake?

I think that's not a good way, because they can rent an office there and when the project is complete they can easily go elsewhere. To analyze and identify scam projects is quite easy, you only need to note 3 things.
1. The web design is very sketchy and the whitepaper is often copied from other projects.
2. Roadmap is also not detailed and clear, the direction is misleading and always aims to make the price pump strong.
3. Huge discount with the purchase at seed round, about 50% - 60%, it can be considered as a scam project.
From the analysis of the projects, I have drawn out 3 things, hope it helps you.

lxiaoh

full member

Activity: 533

Merit: 100

Thank you for sharing your experience to identify fake project, frankly speaking, at first, i almost dont have any of skill to distinguish dummy project at all, so i have taken part in some fake projects sometimes, fortunately, i just as a bounty hunter participate in bounty compaign, so what i have lost was just time, no money. As the saying goes"A fall into the pit, a gain in your wit." Now i would serch the information of the project first when i wanna join in.

Anish02

member

Activity: 588

Merit: 10

Quote from: Untomabur on August 23, 2020, 11:53:43 AM

Quote from: mamesso on August 23, 2020, 11:00:31 AM

Quote from: ?? on ??

What scared me of new projects in this market was that many of them looked good and legitimate, but after listing them in exchanges the price dropped many times and disappeared from the market. But underrated projects that were more likely to be a scam became successful. It's too risky for you to choose and invest in new projects

The fake project is perfectly designed, so it is very difficult for us to distinguish a fake project and real project. Such a thing is part of their strategy, everything is so perfectly designed, that it looks like a real project. It's too risky to invest in a new project because it could be a project that we think is good, it will actually make us lose the assets we hold.

one great way is to buy coins from new projects on Binance, I'm sure you will avoid scammers,
because it has been proven that Binance is the home of good projects

I would agree with your opinion because people trust Binance more than any other platform because of its reliability and it definitely gives assurance to everyone about how good as well as safe it is to buy new coins. Buying from the Binance would be the best choice you gonna made because it could help to prevent scam projects from you.

Untomabur

member

Activity: 669

Merit: 10

Quote from: mamesso on August 23, 2020, 11:00:31 AM

Quote from: ?? on ??

What scared me of new projects in this market was that many of them looked good and legitimate, but after listing them in exchanges the price dropped many times and disappeared from the market. But underrated projects that were more likely to be a scam became successful. It's too risky for you to choose and invest in new projects

The fake project is perfectly designed, so it is very difficult for us to distinguish a fake project and real project. Such a thing is part of their strategy, everything is so perfectly designed, that it looks like a real project. It's too risky to invest in a new project, because it could be a project that we think is good, it will actually make us lose the assets we hold.

one great way is to buy coins from new projects on Binance, I'm sure you will avoid scammers,
because it has been proven that Binance is the home of good projects

mamesso

hero member

Activity: 2114

Merit: 740

Leading Crypto Sports Betting & Casino Platform

Quote from: ?? on ??

What scared me of new projects in this market was that many of them looked good and legitimate, but after listing them in exchanges the price dropped many times and disappeared from the market. But underrated projects that were more likely to be a scam became successful. It's too risky for you to choose and invest in new projects

The fake project is perfectly designed, so it is very difficult for us to distinguish a fake project and real project. Such a thing is part of their strategy, everything is so perfectly designed, that it looks like a real project. It's too risky to invest in a new project, because it could be a project that we think is good, it will actually make us lose the assets we hold.

Alohadanc3

member

Activity: 1050

Merit: 10

Martian Swap - Anti Whale Measures New Yield Farmi

In this market a lots of fake or scam projects available. And the number of these type of projects are huge. So you have to careful always. This kind of projects are real threat for newcomers who don't have knowledge about this market. So always try to understand this crypto market first then go for investment. There are many processes to identify a fake projects. But still the success rate of identifying a project fake or not is not 100 percent. Always check for their team they are fake or not, go how are the partners,go for the whitepaprr,the exchange they partnered with. And always crosscheck this details. There maybe many more process to check their validity. And you also can go with those

Kez1817

member

Activity: 909

Merit: 17

www.cd3d.app

Quote from: BestEarningTips on July 18, 2020, 02:37:03 AM

Fake project is really frustrating if you're one of the victim especially for investors and bounty hunters.
I had read an interesting way to make sure the project is real. You can identify the project is fake by it's address of the company who is running IEO/ICO. Fake project would be indentify with this way because they put fake location. You can check it with google maps to verify if it's real.

So how do you indentify if the project is fake?

That's true, that's why we need to do some research first before joining. But sometimes we can't avoid to join a project which is promising and has a good start but sadly at the end of the campaign they didn't pay the hunters because project is failed.
Here is a helpful link to join a good campaign and avoid fake...
https://bitcointalksearch.org/topic/safe-campaigns-in-the-altcoin-section-to-join-dont-waste-your-time-with-others-5228629

Bossfidelity

copper member

Activity: 350

Merit: 1

I'm of the opinion that it's not easy identifying every fake project. Some fake projects have successfully built up themselves to be difficult to track. I was duped by one popular project which happened to be an exchange. Bcnex exchange had a lavish ICO and everything seems right, until I woke up to find out that the exchange website was on maintenance before they finally exited. I never knew in my widest dream that the exchange was a scam, though they've been having delayed withdrawal which I felt was as a result of internal issues.

mamesso

hero member

Activity: 2114

Merit: 740

Leading Crypto Sports Betting & Casino Platform

Quote from: Estehmanis on August 19, 2020, 10:48:25 AM

good advice, maybe it can be added in my way like this, I studied the project, the roadmap for updating social accounts and the person behind the project. But I think the success of a project is also influenced by the market, so you have to really understand to choose a project for participate in investing or become a member of the bounty hunter

Checking road maps, news updates on social media and people involved in the project are the first things to pay attention to. And the bounty manager has an important role in attracting bounty hunters, usually a good project will recruit a manager who is experienced and very familiar with bounty hunters.

Shallow

sr. member

Activity: 938

Merit: 255

SmartFi - EARN, LEND & TRADE

You laid out a good point. Also, there are many other ways to know or spot out a fake project and one of the prominent ways is through checking if the team are really true and legit, and this is done by checking their identity on prominent websites like LinkedIn. This is because, it is quite easy to steal a profile from LinkedIn and use it to deceive investors. Another way is through contacting the partners if there is any to ascertain their level of trust and growth; also one should be careful with this particular strategy, that is, making sure the partners are really registered and/or known. Other ways can include unrealistic ideas, listing on bad exchanges, no attractive updates from the team regarding development etc.

JCviggen

hero member

Activity: 1260

Merit: 505

Age Of Mars | GameFI Virtual colonization of Mars

Quote from: pungopete468 on August 19, 2020, 01:43:34 PM

When you find something shady about their whitepaper like copied, patent, poor execution and presentation of solution, shady team and no appearances of the team itself. Sometimes you will not know that it is fake sometimes they just don't finished the project saying that it failed well that's their strategy to look like the project really failed but in the end they just wanted you to invest to them and runaway with it.

we cannot be insured against the fact that after some time the project will be closed and the team will leave with our money, but in this market we have to risk our money

Pamadar

legendary

Activity: 2982

Merit: 1028

Quote from: Estehmanis on August 19, 2020, 10:48:25 AM

good advice, maybe it can be added in my way like this, I studied the project, the roadmap for updating social accounts and the person behind the project. But I think the success of a project is also influenced by the market, so you have to really understand to choose a project for participate in investing or become a member of the bounty hunter

Being updated by following the roadmap and the team social media accounts gives you information if how well the team behind the
project are performing, it's a good basis if you are planning to participate both with investing and bounty huntings.
Knowing that the people behind are active and they are real person not a dummy is good to being your investment.

denasha92

member

Activity: 616

Merit: 10

Quote from: BestEarningTips on July 18, 2020, 02:37:03 AM

Fake project is really frustrating if you're one of the victim especially for investors and bounty hunters.
I had read an interesting way to make sure the project is real. You can identify the project is fake by it's address of the company who is running IEO/ICO. Fake project would be indentify with this way because they put fake location. You can check it with google maps to verify if it's real.

So how do you indentify if the project is fake?

yes, That's one of a simple way to know the fake project. also they will use plagiarism document and fake team member profile. there are some member here that will warn you about the fake project if you visit the projects ANN discussion. they usually did some research about the project and warn you to avoid the projects if there is something fishy by posting in there.

pungopete468

hero member

Activity: 1470

Merit: 504

When you find something shady about their whitepaper like copied, patent, poor execution and presentation of solution, shady team and no appearances of the team itself. Sometimes you will not know that it is fake sometimes they just don't finished the project saying that it failed well that's their strategy to look like the project really failed but in the end they just wanted you to invest to them and runaway with it.

azmirihaque

member

Activity: 224

Merit: 16

I firstly try to read the white paper and justify the team members profile. It is one of the best way to identify scam project. Generally scam project is run by the fake team members. Bounty Detective community always run good project, so I don't miss to participate their bounties. Besides, I follow up the participants. The skilled bounty hunters can understand the face project and does not participate in such project.

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