Topic: How to recognize scam - page 2. (Read 3159 times)
I do concede to the straightforwardness part. On the off chance that financial specialists ask them on wire, they ought to give appropriate answers as opposed to stating they don't know. They ought to likewise not restricted who censure them. In the event that they can answer those assertions then they ought not fear those individuals.
You just have to check profiles on developments in social networks, facebook, linkedin, Vkontakte etc. In many times if it is a scam project they will be fake, also you should ask for more details about the product.
You must check if it has a pysical asset or a guarantee that when you invest on it you will earn. A good ICO does not depend on the volatility to be successful there must be a income generating programs behind to sustain the program.
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?
Personally for me, the best indicator of the seriousness of the project is the interest in it from major campaigns side, and i'm talking not only about investment funds, but also about partnerships with other good(famous) projects. Your method is undoubtedly good, but there is one small, BUT, not always a little-known founder of a start-up is bad, you still need to give people without experience the chance to acquire it. Of course, it is not worth investing huge funds in such projects.
You are looking for good project and ignore scam project, you have to focus on project, which type project and member. How they answer your question (about project), how active they are and who are they???. How they show up or not in different social network as they promised. Right now scam project are many, so you have to keep an eye open.
we need to be active in the conversation so we know how good their project and how they response the question from the people. following their news is a good solution for you so you can know what exactly they doing with their project and don't forget to read their whitepaper as we can see what is their purpose in the long-term. many things that we should do before we can know the project is a scam or not so we can choose the right project to invest.
Before investing a huge amount, you can always check the white paper if their platform will be successful or not in the future, in this way you can avoid investing into a scam campaigns.
For me the way I recognize a scam coin is that I normally go to google and search for the project and their team, If I didn't see a video or pictures of the CEO of the project talking about the project, or having an events been attended then I know the project is a pure scam, because project teams doesn't hide their face, they attend events to speak about their projects.
To distinguish misrepresentation, don't race to contribute. Be sufficiently tolerant to investigate the undertaking, look at a few ICO audit spreadsheets, look at what the venture is, insights about the group and past reputation, Browse the web based life stage and focus on financial specialists ' remarks. Try not to contribute construct with respect to adherents via web-based networking media stage, contribute in light of the fact that you have done your definite research.
i dont think there is a laid down way know if a project is a scam or not because these people are very smart too, and they read most of the thing we all write here. the best thing to do is invest with caution, read project whitepapers, ask question from those in the game for a while now. and wait for feedbacks. though these will not guarantee the authenticity of the project but it will help to some extent to save us from the stress of not getting all the information to know about the project
Just like you im more focus on the ceo, have a talk about the project. Anything you ask have an answer in line. About asking personal also is good. Ask.everything can verify the legitimacy of an ICO. Take selfie if needed, thats how i find out the truth behind the project. Its good enough knowing only if the name and experience is real existing
If you look even among the successful projects that collect very large amounts there is a large number of scammers and there is nothing to be done here and not how you will not guess which project is bad
I agree that the easiest way to recognize the scum is to talk with the coin developers. So if you have the experience and time you can participate in the bounty, after participating in the bounty you will learn a lot about the coin and everything will become clear before you invest a large amount. Also from my experience I can say that most of the scam projects are Russian. 
Usually at first you look how social media is working, how big is the community, how frequent do the messages are posted etc. Then you must look at the team, chronological history of the projects development. Community support as well..
You have singled out good criteria! I completely agree with you. I want to add one more sign. You can ask the team address purse. If they have nothing to hide and everything is transparent, then they will necessarily send it or it will be on the site and visible to everyone.
You are looking for good project and ignore scam project, you have to focus on project, which type project and member. How they answer your question (about project), how active they are and who are they???. How they show up or not in different social network as they promised. Right now scam project are many, so you have to keep an eye open.
we need to be active in the conversation so we know how good their project and how they response the question from the people. following their news is a good solution for you so you can know what exactly they doing with their project and don't forget to read their whitepaper as we can see what is their purpose in the long-term. many things that we should do before we can know the project is a scam or not so we can choose the right project to invest.
You are looking for good project and ignore scam project, you have to focus on project, which type project and member. How they answer your question (about project), how active they are and who are they???. How they show up or not in different social network as they promised. Right now scam project are many, so you have to keep an eye open.
you should check if it has a physical asset or an affirmation that when you contribute on it you will obtain. A not too bad ICO does not depend upon the unconventionality to be productive there must be a wage creating programs behind to help the program. Taking everything into account, trust your nature and advice the masters.
Every day the scammers are more serious and more careful to carry out such actions. I think that we need to begin the process of verifying and verifying the identity of developers, in the end, to begin the process of launching responsibility to investors.
If the project does not have a finished product at the ICO stage, this does not mean that its creators are scammers and I know this from personal experience. With all the other points I agree with you.
To know of an ICO is a scam look at their roadmap it should be realistic it is impossible to a token to be a skyrocket in a month. The roadmap of the ICO should be on the same pace. Bounty it must not be unreasonably high. If an ICO promises gain on your investment 30–50% higher than market average, it is suspicious. Pre-ICO A project must have a platform that is functioning at least in a test mode. If such a platform exists, this is not a scam. You check it carefully so you will not be scamed
The best way to recognise scam is to do your own research on team track record, project perspective and announcement correctness, etc. In most cases inappropriate or faulty info become evident rather quickly and easily. The more misstatements or strange things you notice, the more chances that you deal with scam project.
Jump to: