How to recognize scam - page 7. | Bitcointalksearch.org

kinki32

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Quote from: aleksandra_kickcity on December 05, 2017, 06:03:48 AM

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 Huh

- 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?

I think your advices is good. I choosing ICO with the done product with greatful github.

markers

full member

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Scam recognising is not a very difficult task. All you need is spend your time to dive into the story and study all its details.

Humpert

member

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you should register the event that it's a physical resource or associate degree assurance that after you contribute thereon you may acquire. a good ICO doesn't depend on the unpredictability to be fruitful there should be a wage manufacturing programs behind to support the program. Also, lastly, believe your instinct and counsel the specialists.

parkraol

newbie

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I rely on transparency of the team regarding on the project so I can avoid the doubt. When I'm a bit skeptical I do not continue to support ICO. I also ask for the opinions of those with us or friends here in the forum that has long been in cryptocurrency. It is better to have the excuse and legality of the project. There are projects or ICOs that are currently have SEC registration documents, I joined their ICO.

dangful

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Decentralized Jet-Stream Encrypted Multi-Media Dev

Quote from: investgeek on April 04, 2018, 05:27:43 AM

If project is running ICO without an existing company can you say that it’s a scam?

Actually there are more successful ICOs and Crypto projects that even isn't backed by companies.
Just like Oyster Pearl PRL, one of the most undervalued and underrated cryptocurrency in the market today, at the start it's ICO cap only gathered $75,000 but still the lead developer (Bruno Block) managed to push it into success.
I mean, it doesn't mean that if they aren't backed by companies they are scams, some of them have the potential to be the next top altcoins as well because their Crypto project will decide the price value in the crypto market.

dangful

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Decentralized Jet-Stream Encrypted Multi-Media Dev

spotting scam icos and Crypto projects nowadays are very hard and difficult because most of them (scammers) can even make better websites and they're too good to be true and even they have also a good community strength through telegram channels, facebook, Twitter and other social media channels.
Most of the time, scam icos and Crypto projects will be recognized when it's about to end their ICO sale and they already bag the money from investors.
for me, checking their Telegram Channels will give me difference because good crypto project and ICOs have many active social moderators and admins and active users.
Most scam icos have only admins and moderators in less of time and even not everyday.

investgeek

newbie

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If project is running ICO without an existing company can you say that it’s a scam?

DRCCommunity

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In order to be able to rate projects transparently by the community and professionals crypto needs a decentralized solution.
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Check out Website and https://bitcointalksearch.org/topic/ann-drc-sp-on-the-blockchain-building-wall-street-for-the-digital-world-3205257 join our Telegram for more information.

Be_Happy

sr. member

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For me, the absence of a smart contract is a sign of a scam. Such projects do not want to provide protection for investors and bounty hunters, they just write beautiful promises.

simarpreet1102

newbie

Activity: 378

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We are able to find that the ICO or bounty is scam or not by its website and other information that they are sharing with us ,also the information that they are giving to us we have to check about that topic links in google search and check its past, also we have to check the participants of bounty that they are real or not

mitchel_am

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My strategy is to start with the whitepaper reading. I think you can find a lot and you can observe if the project is a strong one

zerrtty

member

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You can simply try to find different information about people, technologies, past experience of this team. If there are no references in search engines, it is probably scam.

markers

full member

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Fully agree with topic starter. The chance to directly speak with the founder(s) and discuss the project can't be overestimated.

raahi

newbie

Activity: 224

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The initial coin offering which is a scam are under the names of the companies that have committed these scams before in a usual case so you have to check the name of the people involved if any one of those people have been involved in fraudulent activity before then investing in that particular firm may not be a good idea

dasha_buka

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Many scam projects operate in large-scale terms about changing the world and over profits. All real projects are trying to bring innovation to the current market, and do not particularly shout about it.

zapata

newbie

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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. 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

strongwarrior238

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I read some ICO on their ANN threads, websites and really for the composition of the team but I am merely on teams because some of it can be faked so easily but I am deeply researching every details they have just like webinars or discussion because it turns out that is true. 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

coinscircle

member

Activity: 202

Merit: 10

Well they're pretty easy to discover. No team, bad spelling, bad marketing, no SEO, fake followers, fake attention, nobody has heard about them, no whitepaper, bad response rate, bad reputation on other forums, known scammers running, etc. An ICO is showing signs of fraud that will continually change ICO dates on the exchange. I can't say that those you've given signs are correct but yes that might be a helpful one indeed

Adil Amim

full member

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If you want to recognize a scam then you should be ready for spending a little bit more time than you used to be because it needs research so you will be able to find out some information that you can use to help yourself in making a decision for judging an investment and you should be aware of the basic types of scam.

pacho08

jr. member

Activity: 280

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Contact the publisher behind the ad. If the scam originated from an advertisement, let the publisher know about what happened. Many print and online publishers take scams very seriously and would appreciate knowing about problems with their listings. Look up the customer service phone number or e-mail address on the publisher's Web site.

Topic: How to recognize scam - page 7. (Read 3159 times)