Topic: HOW TO SPOT FAKE/SCAM TOKENS? (Read 427 times)
i will see the project and team, some project not success i will avoid, sometime bank concept is good to pick, it is more popular than health or game project, that is just my opinion
Study the project itself, if it has growth prospects. Look at the composition of the team, but to assess the ability of the team is difficult. Look at the advisers, they should be known and experienced people. Well, if there is an initial version of the product and the start of sales soon begins
most of the fake projects are usually poorly executed. Which means their website, whitepaper and idea are all made in a rush, which is usually the case. Another good indicator that a project has an idea that is "too good to be true", I've recently seen a start up that wants to focus on flying taxis (like flying cars). I mean, I'm all down to fly and go from one place to another real fast, but the goal has to be somewhat attainable, if flying cars have not been fully developed yet, then it's unlikely that a coin start up will all of the sudden find the solution and create the infrastructure necessary to attain that. The goal has to be both realistic and tangible, the consumers have to be able to adopt and developers should be able to build on something realistically.
read number of total tokens / github codes / read more about how they plan for future and if they say you will win fast they Scam you
You tell if its fake if first in foremost, it does not have plan and if the project's goal is not that clear. You need to thoroughly check the team, whether they are reliable or not. And lastly, assess carefully the project if its promising or just merely illusional
Also in addition, fake ones has no clear roadmap. People behind the project are secretive of their identity ans usually its a one man show. I mean only one person running all the project.
You can tell it like some fake if its somethings fishy. Also if you understand well the project but the tokens has a different use of it or just a copy.
Then how would you know if there is something fishy? Be more specific please. You can't tell whether a token is a fake or a scam by just looking at it or reading some descriptions because even the other old users had been fooled by these scams. Just stick to what is legitimate and have advice from your trusted co-users. I would recommend you to focus on 4 big points.
1. Team(background, previous project)
2. Technology.( you can ask people about technology on thematic forums and other communities)
3. Legal status of the token/coin.
4. Legal entity, location of the business.
1. Team(background, previous project)
2. Technology.( you can ask people about technology on thematic forums and other communities)
3. Legal status of the token/coin.
4. Legal entity, location of the business.
But sometimes even these points are met but still a project has more chance to become failure or tagged as scam because the competition is very tight these days.
And also in addition to that, moat scam ICOs are started or managed by low ranked members like Newbie and Junior Member.
Some of them are conducting Airdrops and in the end you'll receive nothing but time wasted
Some sites review the projects and label them as scams - but how to know if that is genuine? You will have to do your own research on the team and project.
Indeed, the best way to check wether an ICO is legitimate is when the core team itself are successful developers in their previous work and has enough experiences to support a cryptocurrency project.
Good ICOs hire higher rank members in order to manage their bounty campaigns and they pay high amount of money to campaign managers so that's one on how to spot that an ICO is fake is when a campaign and announcement is started by a newbie or junior members.
I would recommend you to focus on 4 big points.
1. Team(background, previous project)
2. Technology.( you can ask people about technology on thematic forums and other communities)
3. Legal status of the token/coin.
4. Legal entity, location of the business.
1. Team(background, previous project)
2. Technology.( you can ask people about technology on thematic forums and other communities)
3. Legal status of the token/coin.
4. Legal entity, location of the business.
Checkout the project. Study its whitepaper - is it crating more questions than providing answers?
Checkout the website scrutinizing every detail, click on every link. Is it an empty shell?
Checkout the people behind it. Check their activity. Check their LinkedIn profiles. Are they just fronts? Fake identities? Were these people successful in something else? Do they have the experience and know-how to achieve what they are promising?
What about what the project promises to deliver? Is there a real need for it? Will people be willing to even pay to get what the project is offering? What is the project's potential audience size?
Hope these questions help you spot the fakes and avoid a catastrophe...
Checkout the website scrutinizing every detail, click on every link. Is it an empty shell?
Checkout the people behind it. Check their activity. Check their LinkedIn profiles. Are they just fronts? Fake identities? Were these people successful in something else? Do they have the experience and know-how to achieve what they are promising?
What about what the project promises to deliver? Is there a real need for it? Will people be willing to even pay to get what the project is offering? What is the project's potential audience size?
Hope these questions help you spot the fakes and avoid a catastrophe...
Hmm.. some wrote that its better to look github. This is brilliant idea. Github confesses what happens with the project. Also dev communication makes me realize as if they are doing good or bad. Some icos dont even use their social media at all.
Some sites review the projects and label them as scams - but how to know if that is genuine? You will have to do your own research on the team and project.
From their white paper and the Dev team behind the project.
As a newbie i could go skeptical on investing my hard earned money on tokens. Is there any advice from you that i can get to determine a token that could go scam in the future? thanks in advance.
Because you are a newbie, I will advise you to start your portfolio with coins/tokens from first Top 25 from www.coinmarketcap.com There are where they are for good reasons: they are popular, have good community and already proved they are not scam. You can't go wrong with them. It would be nice to diversify your portfolio for example:
60% BTC
20% ETH
20% Tokens you chose Dash, Monreo, Lisk, Neo.
If you really want to know how to spot SCAM:
- you need to do your own research (always)
- check their website, whitepaper, bitcointalk ann thread, youtube reviews, and community channels like slack and telegram, read as much as you can and don't forget about comments
-if your unsure ask here on the forum I am sure some more experienced user will always help you
-each project will have at some point false accusation here on the forum (FUD), at least I always seen this happen
-google for reviews and ICO rating
-visit YouTube and search Ian Balina (he is very good in review new ICO's)
It's really hard to determine without experience which project is dodgy/scam, just try to invest small first in ICO, and always not more than you can afford to lose.
As a newbie i could go skeptical on investing my hard earned money on tokens. Is there any advice from you that i can get to determine a token that could go scam in the future? thanks in advance.
Well, the reality is that it can't be done 100% accurately so there will be wins and losses anyway. But expierience can increase the nukber of your wins; there's no "secret" about determining coins...
Best way is to check with people here. Research and read their white paper. Go ask the hard questions in their customer support box. You can consult with people here, this forum is actually very helpful with anything related to crypto currencies.
I dont think we will know if it is a scam before it happens to be a scam
Most scammers are pro, they are doing it as their daily job
This is the risk we need to cope with in crypto, easy to earn money but easier to lose it all
Most scammers are pro, they are doing it as their daily job
This is the risk we need to cope with in crypto, easy to earn money but easier to lose it all
Never invest in some coin just because some of your friend will suggest you to invest in that coin and claims it will be big in next few months.
Don't take suggestion about coin you will get from this forum or in trollbox.
Go through different ICO review site and check their unbiased review and take your own decision.
Make some search about the team member listed and make sure they are using real names and actually project is based somewhere with real company backing it.
Don't take suggestion about coin you will get from this forum or in trollbox.
Go through different ICO review site and check their unbiased review and take your own decision.
Make some search about the team member listed and make sure they are using real names and actually project is based somewhere with real company backing it.
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