Topic: How to known a Scam ICO - page 24. (Read 30809 times)

I think one of the possible ways to find out is to ask bounty hunters! If the ICO has a system of bounty and timely accrual of stacks and are paid, then this is at least some kind of a sign of a normal ICO! But it is not exactly !

Read their white paper and look at their team. A good team with a good project will appear in public, hold various presentations, conferences and so on, but scammers do not exactly do it.

me myself still learn this stuff a lot. thanks for sharing so much info about how to know a scam ico that has potential to be.

The Developers Are Anonymous, Their website are too simple or just a copied version of some alike project. Look at the community'sattitude toward it. Read the whitepaper carefully, and it could indicate the lack of creativity of Developers if there're so many duplicated part . You should find the result of project on google, visit websites that specialized on rating ICO

When Centra started its project, many people suspect them of scam, because first was never posted information about the team. In the end, and so it happened

ICO is the most profitable investment in the crypto space. It is very difficult to select good ico among thousand of scam icos.

Before invest do a personal research on bellow facts regarding particular ico.

* Project Idea.
* The project team and timeline
* Project members expertise and reputation of the advisory board.
* Whitepaper
* Community support
* social  profiles

- Check the team members deeply.
- Check the token metrics that how much % bonus did they distribute on their priv or pre sale
- Chech if those tokens locked
- Check how much token will team get after ICO.
- Check telegram channels and chat with admins and ask them something to get general idea.

I don't actually know, but many ICO I have come across is real and them keep their word.

People have mentioned looking over the website and whitepaper for obvious typos, bad grammar, etc., and that is a good start. Keep in mind, however, that having a clean and slick looking website and whitepaper is by no means a guarantee of anything. It's very easy to throw a few hundred dollars at a good website with edited content. It doesn't cost much more to come up with cool looking graphics. It is far more difficult to do the real world work it takes to actually deliver on the concept presented. Before you invest, you need to satisfactorily answer the question: Can they deliver?

Also, don't assume you know how to do due diligence if you've never successfully invested before. Look it up and learn what it is and practice looking over financial statements and such. Actually, you could eliminate most ICOs by simply contacting the team and requesting a financial statement of past earnings and expenses. Even if you don't know how to read it, ask for it. Most are unable to even produce that basic bit of documentation, which is why they are trying to bypass the ordinary process of fundraising for their idea in the first place.

Adding to what people have already said:

- Always look signs like is there typos or false information on their website
- Ask the founders and devs to contact you in Linkedin --> this is very good because if they are not who they say they are they cannot do this!
- You can ask for a video call to confirm identity
- Buying in ICO or in exchange: If you believe in the project after all of your research you should check their private sale and pre-ICO, there is usually discount or bonus tokens for early adaptors. So it really pays off investing in early stage because you might get a really good deal!

Be safe and do your research   

it's good to do your personal due diligence of the ICO company - know their team, background, exposure and all. Read the whitepaper, as in read every detail of it.  Be careful when checking websites and other platforms because of the rampant phishing attacks of scammers.  They take advantage of the opportunities.  Sometimes, even is an ICO company is good, it is attacked by scammers, thus leaving their company and investors hurt in the end.  So be very vigilant. 

To determine or fish out a scam ICO is not easy to deal with. There are certain criteria I personally look at to check whether the ICO is a scam or a real one. Let me share a few with you.
Firstly, consider the developers of the ICO. Are the developers lacking individuality, distinction, or recognizability?
Secondly, check for the goals of the project. Most of the time, they do not have realistic goals about the project being launched. You may know this by reading their whitepaper.

ducsakun the key is research

Don't expect an easy return.  To be successful at any investment strategy will take consistent effort.

I think all the popular points of note are listed above.

Here are a few more.

They are almost all scams. Why would the world need another coin at this point?

Most of the scam ICO satisfied bellow facts.

No visible team : If that ICO is genuine all the team member must be public. you can go to their linked in profile and search their experience and capacity.
No clear vision and reliable road map : If it good ICO, it must have well defined road map and vision. This is basement of ICO.

Before investing any ICO read their whitepaper, most the scam ico's whitepaper are try to create dream world on reader mind.

Anonymous team is a big red flag ! Also the website and whitepaper. The more effort is put into them, the less likely it is a scam. If you don't have time just look for proffesional ICO reviews. There are a lot of really good sites out there.

I think it is worth pointing out here that studies have shown that close to 97% of ICOs end up failing for whatever reason. This means that if you buy into an ICO, your chances of it going anywhere are about 3 percent. The odds are better than the lottery, but not reassuring by any means. I've invested in a few ICOs (sadly, I am the 97%) and read many whitepapers. The problem is that you can't tell by reading the whitepaper how much of the claims are based on actual development vs. how much of them are based on hopes and dreams, but presented as if they were a simple matter to accomplish. So you have to read the whitepaper with a very critical eye and you have to ask lots of questions. And you shouldn't buy in until your questions have been answered in a meaningful way. Most of the projects have chat groups so accessibility is usually not an issue. If your questions are not being addressed, that is important information for you in making your decision.

I could write a whole lot more about it, and have. I would like to point you to an article I wrote recently where I analyze a particular whitepaper and point out the many questions I would want answered before I invested. I do not believe the particular ICO in question to be an outright scam, as in the people are sincere. The overall question, though, is "can they deliver?"

https://steemit.com/ico/@wiser/a-critical-look-at-an-ico-whitepaper

Enjoy the read. It might save you some money down the road if you apply the information and continue to educate yourself on what due diligence really means.

I confirme precedent post, u need to read all time the Whitepaper, and see if this project have a target ! Many scam was born without whitepaper (So long to explain) but its important

The whitepaper have a significant role in it. the aimless and haphazard whitepaper can be pointer of a scam

You can check this way:

1. The Developers Are Anonymous
The first and most blatant sign of an ICO scam is that the token’s developers are anonymous or otherwise-unknown

2. The Token Does Not Have a Clear Use Case
Another sign of an ICO scam is that the developers are unable to clearly articulate a valid use case for the token. The token should serve a key purpose in the startup’s platform. If it does not, the token will not sustain its value over the long-term.

3. The Whitepaper Sets Unrealistic Goals