Topic: How to recognize scam - page 15. (Read 3159 times)
I guess this one would come handy to find scams https://www.bitcoinmarketinsider.com/crypto-scams-and-what-to-watch-out-for/
Hello everyone!
Today I've read a couple of articles and I've noticed that the most people are used to label each ICO as a scam. That is not fair, I know. Especially when you work in a startup launching ICO and do your best to make a project successful. However, having worked in ICO industry I learned how to recognize a scam just from one conversation with a Founder. I don't know how to explain this feeling. Probably, my subconscious translates knowledge, but I could not say a have a large experience.
So I decided to make a list of scam signs: (and this is just my own opinion)
- A founder and a team are not open.
Talking with a founder is always nice. They are usually full of energy and ready to talk about their project for hours. No matter how tired he/she is: when one is asking about a project, a founder starts talking about it with eyes burn with a fire. No matter who you are. When a founder deflects, tries to escape and avoids it makes you think that he/she just can't tell you anything important. What is more, it is crucial talking to a team. When a team member doesn't know how to answer a simple question about a product, it is also a bad sign.
In case of the lack of opportunity to visit an event and to talk to a team, you always can contact a founder and a team online. They should be open and answer patiently all your difficult questions. Even if you ask it every minute.
- Spending a lot of money on marketing isn't always show professionalism.
Just think. A company needs ICO to raise money for a company development. Isn't it a little bit queerly when an unknown company is too fancy. How? And Why? Why do they need ICO if they already have money on expensive advertisement? I don't know too
- You know nothing about a founder. And you cant find any information about him/her.
Always google the founder. Always. And now I'm not talking about his/her FB page. I'm talking about his experience, education, photos, events he took part in. A founder should not be a mysterious person who came from nowhere. His background should be open to everyone.
- They don't have a readymade product.
Let's make a sober recognition. The competition is high. In the end of 2017 - the beginning of 2018 you just can't appear with an idea and ask for money. You need to develop your product before ICO. It should not be an amazing one. It could be just prototype. But investors need something real. They need to touch and try your product. However, just 16% of all ICO has a product.
And what do you think about it? What are your signs of a scam?
Today I've read a couple of articles and I've noticed that the most people are used to label each ICO as a scam. That is not fair, I know. Especially when you work in a startup launching ICO and do your best to make a project successful. However, having worked in ICO industry I learned how to recognize a scam just from one conversation with a Founder. I don't know how to explain this feeling. Probably, my subconscious translates knowledge, but I could not say a have a large experience.
So I decided to make a list of scam signs: (and this is just my own opinion)
- A founder and a team are not open.
Talking with a founder is always nice. They are usually full of energy and ready to talk about their project for hours. No matter how tired he/she is: when one is asking about a project, a founder starts talking about it with eyes burn with a fire. No matter who you are. When a founder deflects, tries to escape and avoids it makes you think that he/she just can't tell you anything important. What is more, it is crucial talking to a team. When a team member doesn't know how to answer a simple question about a product, it is also a bad sign.
In case of the lack of opportunity to visit an event and to talk to a team, you always can contact a founder and a team online. They should be open and answer patiently all your difficult questions. Even if you ask it every minute.
- Spending a lot of money on marketing isn't always show professionalism.
Just think. A company needs ICO to raise money for a company development. Isn't it a little bit queerly when an unknown company is too fancy. How? And Why? Why do they need ICO if they already have money on expensive advertisement? I don't know too
- You know nothing about a founder. And you cant find any information about him/her.
Always google the founder. Always. And now I'm not talking about his/her FB page. I'm talking about his experience, education, photos, events he took part in. A founder should not be a mysterious person who came from nowhere. His background should be open to everyone.
- They don't have a readymade product.
Let's make a sober recognition. The competition is high. In the end of 2017 - the beginning of 2018 you just can't appear with an idea and ask for money. You need to develop your product before ICO. It should not be an amazing one. It could be just prototype. But investors need something real. They need to touch and try your product. However, just 16% of all ICO has a product.
And what do you think about it? What are your signs of a scam?
Yes you speaking right. I strongly agree with you.
You can't recognize scam, it's to know if the scam is legal or illegal because as of now there are many scam that affects us today. But as for me, if the papers are legal, complete and notarized then it's legal.
Before you join any investment program or a cloud mining site, always look for reviews from people who had been using it for a long time. That is what I do, I do a background check before I join in.
Before investing in a project, we must first understand their white papers, road maps, teams and all kinds of information, of course, observe the attitude of people how it is, try not to find some sites are not doing well, only some explanation Unclear information project, this project is often a scam.
actually your explanation is enough to explain the scam project, an ico project does require a lot of funds, but we do not get caught in a scam project, we must know the background of their team, and the roadmap is also clear, if we want to invest in their project offer
Generally there is no free lunch, so as long as it looks weird, high pay are basically a project with a set of money suspects, these projects to raise awareness before investing.
Most importantly, pay attention to the team, if the scam then there may be fake names, use the search to search for all the photos of the team. In my practice, there are already two projects that used fake photographs. Also, you should pay attention to the product can already have analogs that are already successful, the swindlers just make a duplicate of a successful project! It would be nice if there is already a working version of the product, also if you have already raised funds before the start of ISO of some kind of investors. Carefully check any information in all sources!
If I am alone, see the project is a scam or not, see who the project manager I will follow
whether he has a bad reputation or not, if he has a bad reputation then I will look for another project
which is handled by a reputable manager
that is it
whether he has a bad reputation or not, if he has a bad reputation then I will look for another project
which is handled by a reputable manager
that is it
I think, if a transaction/investment is to GOOD to be TRUE, put your doubt on it. It may be a scam.
To avoid a scam in the projects you need to study white paper
I don't agree with with you completely. The whitepaper can be one of the elements that can help you to recognize scammers, but not the only one. In my opinion, Team member feedback is the most important Element to recognize an ICO genuinely. Team members with a decent background and past work experience in the field of crypto gave us the confidence to invest in ICO. Even project progression also encourage investors to invest in ICO's.
One of the biggest signs of a scam is that if it sounds too good to be true then it probably is. The whole point of a ico is to make money if the project has alot of promise it could all well be a good idea. If the founders won't talk answer questions then that has to raise doubts.
Piggy enough snake swallow like. Just do not be too greedy, I believe the sky will not fall for no reason pies, there is no free lunch in the world, then you will not be easily deceived.
One of the biggest signs of a scam is that if it sounds too good to be true then it probably is. The whole point of a ico is to make money if the project has alot of promise it could all well be a good idea. If the founders won't talk answer questions then that has to raise doubts.
Piggy enough snake swallow like. Just do not be too greedy, I believe the sky will not fall for no reason pies, there is no free lunch in the world, then you will not be easily deceived.
Its really hard to differentiate what is scam and what is not, some of them are good, too good to be true, some have a nice website but still end up to be a scam at the end, almost all are just redundancy project.
We can easily see if the project is a scam if its too good to be true, read carefully everything about it before you invest. This is the risk we are talking about on this kind of market specially when you are joining ICO’s. But if you really believe on the specific project go invest on it. Always think that if its high risk it can gives higher profit but of course invest only what you can afford to loose.
the only one that we could recognize scam or not is by getting paid in the time to get the payment. and if we don't get the payment and the other people is not get the payment too, then the project is a scam because they are run away with the money. I have seen this before in the past but we cannot know if it is a scam or not before the end of the campaign.
It all comes down to research.
I don't think all projects will cheat, but when the participants and potential buyers in BBS are not enthusiastic, many of them will choose to disappear.
I don't think all projects will cheat, but when the participants and potential buyers in BBS are not enthusiastic, many of them will choose to disappear.
You marerecpgnize something if it's a scamm if they offer more than you can to check every payout so it's necessary to be careful for scam prevention.
Its really hard to differentiate what is scam and what is not, some of them are good, too good to be true, some have a nice website but still end up to be a scam at the end, almost all are just redundancy project.
Not at all, a boatload of obvious scams are scams which baited 1000s of people. Like BCC was glaringly obvious but people shilled and still do All your points are definitely valid.
I would add an additional one, the one raised by Cialdini in his book on manipulation. He stated something like this (I don't have the exact quote available): you know, it is really hard to tell if someone is taking advantage of you or not. But there is something common in all the situations like this. It is a gut feeling that you are manipulated to do something you don't want to and you can feel it as a tightness in your gut.
You do realize that no matter how much of a strong gut feeling you get a lot of people get blinded by green pretty damn easily and fall for obvious shit I would add an additional one, the one raised by Cialdini in his book on manipulation. He stated something like this (I don't have the exact quote available): you know, it is really hard to tell if someone is taking advantage of you or not. But there is something common in all the situations like this. It is a gut feeling that you are manipulated to do something you don't want to and you can feel it as a tightness in your gut.
Thank you for this detail report. I have always said it that is not all ICOs is scam. I have been a bounty hunter and investor in ICO and i have receive token from so many project i promoted in bounty and there were successful and they are still trading till today improving on the ICO price and investors are in profit already.
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