Topic: How would we know which cryptocurrency would be Scam? - page 14. (Read 3150 times)
I think 80-90% of altcoins will worth nothing at the end of year. I prefer to hold Bitcoin or Ethereum.
As of now there are 1500+ cryptocurrency exists in the world.
Many dead many rising and many has to come.
So how can i know the currency ,where i am putting my money is not a part of scam?
Or is there any other way so we can check about respected crypto might be it'll work?
Many dead many rising and many has to come.
So how can i know the currency ,where i am putting my money is not a part of scam?
Or is there any other way so we can check about respected crypto might be it'll work?
First of all I look to the Team member and their profile.If I feel valid then I do research on social media about the project.Most of the times, scam project will offer you tokens in very low amount.Also you won't find professional work from them.Their website will be also not to upto the mark.You will find many bugs on their system.You can also seek experts permission before investing on any currency.On digital world scammer can't stay many day's.
Really it is the main problem with crypto currency. And it is very difficult to check the lagality of any currency.The only method is to read various blogs and to know majority opinion on board.
those crypto that has no clear goals are the one that will turn scam in the end, i always look at that factor for simple analysis. you can mix it out with other factors as your personal indicator , it is not guarantee anything but at least you have a standard.too many crypto popping up and has no function at all , it makes the crypto ecosystem turn wild.
Lot of the members already pointed out various reasons
Would like to add
a) If it sounds too good to be true, then definitely it is not true ; Else they would not have come through the ICO mode to look for funds
b) Team , Team and Team: Will will be difficult to find out that ones that are likely to scam then find out the ones that are unlikely to scam ( so can be used only as a filtering criteria) .
c) Working product: If it has a working product or a beta version then unlikely they will scam as the benefits of the project would be more than they will gain from scamming
Would like to add
a) If it sounds too good to be true, then definitely it is not true ; Else they would not have come through the ICO mode to look for funds
b) Team , Team and Team: Will will be difficult to find out that ones that are likely to scam then find out the ones that are unlikely to scam ( so can be used only as a filtering criteria) .
c) Working product: If it has a working product or a beta version then unlikely they will scam as the benefits of the project would be more than they will gain from scamming
if the first lot of projects that eventually carried a scam, now many projects that are qualified with the advantages of each,before we follow the project we first see more detail jagan origin we come, see who is managing and project is transparent
To be honest i actually check all of those you mentioned above but unfortunately i have Still been scammed on the past. that is why i can say that it is really hard to find out if a coin or crypto is a scam. but i now learned my lesson , that is why i didnt invest immediately to an unknown coin even if the specs is good or the supply is low. i now only focus to bitcoin and etherium because im confident that my invested capital wont be wasted.
There is no way you must have checked all of that and you will still be scammed. I have been an ICO investor for a while now and the only time I ever got scammed was the day I decided to drop my principles and just because I fancy the product, and then after the ICO, one thing led to the other and the team bailed out on the project after it got listed on exchange.There is no way you will confirm if a team is solid, with a lot of past achievement and still get scammed by such team (LinkedIn is always there to know that, but run away if the account is new). I do proper digging on the team, after a little knowledge of the project before even going into the detailed part of the project.
Well obviously some cryptocurrencies are introduced with a foundation to scam investors, but thats very few compared to the number that is actually introduced for a good purpose. Well as for those introduced for a good purspose one of the reason they finally turn out looking like scam is the fact that couldn't meet the expected target so the coin ends up being almost worthless. At such situations some the cryptocurrency inventors gets discouraged and closes the campaign with the little they have earned.
Hey, in my opinion, investing in ICO's is a bit dangerous... most of them are scammers. So in case you are planning to invest in a ICO, make sure you do your research. Get to know more about the project, their team, check their website... Try to check every single thing, that way you will reduce the risk of losing your money due to a scam. Hope it helps! 
at least from this there is no means to protect yourself from fraud. Even with full information about the Project, you can still be deceived. Scammers also know what they are doing and trying to be as convincing as possible.I remember how some guy who claims to be the CEO of a project's ICO and said he is an English man. In fact, I started suspecting from the use of English on the website, and then decided to want to have a chat with him, only for him to bail out. LinkedIn profile for all members were all new, and for those who claimed to be IT professionals and professional in their industry? Come on!
If for me personally, i just look from coinmarketcap.. and see some of the top coins are visible there. And for me.. i don't really care about the crypto that's not famous yet or very strange when i know it. Well i just following the flow of crypto development from time to time related to its popularity among many people and from a various sources including my closest friend that more experienced in crypto, often i ask to him.
Just keep deepening about cryptocurrency from a various sources, the longer.. your knowledge would be more widespread and would be more careful.
Just keep deepening about cryptocurrency from a various sources, the longer.. your knowledge would be more widespread and would be more careful.
Really it is the main problem with crypto currency. And it is very difficult to check the lagality of any currency.The only method is to read various blogs and to know majority opinion on board.
It's can't know anyone without God and Admin.
You really have to do your due diligence to to check the company, the background, the team behind and so on in order to verify it is a scam. What I observed nowadays is mostly legit. The only question is, is it going to fail or succeed.
As of now there are 1500+ cryptocurrency exists in the world.
Many dead many rising and many has to come.
So how can i know the currency ,where i am putting my money is not a part of scam?
Or is there any other way so we can check about respected crypto might be it'll work?
Well it is tough to determine if that cryptocoin is scam or not hence, in order to avoid this issue we should be wise on the coin that we are going to choose like knowing the background of the developer and look if it is trusted. Moreover, you could also determine on its volume, the higher volume the coins has the less risk of being a scam. For now that is how I determine the coins if it is scam or not. Many dead many rising and many has to come.
So how can i know the currency ,where i am putting my money is not a part of scam?
Or is there any other way so we can check about respected crypto might be it'll work?
I am not a crypto pro but usually when you see a coin that has like price 75% gains for the last 24 hours and only has like $324 dollars in volume....that drives me nuts but there will always be scams and it makes it hard for me to decipher between a coin that may be legit but just not have a lot of publicity yet or a coin that has two or three jerkoffs trading coins to pump it up.
never invest in individual altcoin as they are majority scam ,developing from scratch is very difficult so majority of project go for token base ,usually these scam have been reduced compared to previous as people invest in project which are escrowed funds,always make sure to invest in project which have good team and are using escrower and avoid scam link.
In fact, to always be safe, I would say never to invest in a project that does not have any product or does not look like a product that can ever be useful. Some will end up promising you different stuffs, giving you the idea that they have not even put into work, those are the kind of projects to run away from when it comes to ICO, or even any coin or token, no matter if they are listed or not. The product is what drives the coin and the devs are the ones that drives the coins further with the project development. i have no idea if there are coins that are just a scam, if ever that coin is used in a scam ICO then maybe it really is a scam but coins that are used in paying for good ICO projects then it is not a scam instead it has a promising future ahead, means it will probably increase its price in the future. I knew some coins but with low price you can think of most of the coins as real or not scam but will they last for a few months or year because maybe they will lose its value in the future. I suggest just invest in coins that has a valuable price and some coins that have high price such as bitcoin and ethereum.
Yes, there are so many of them and they are called shit coins. There are so many coins that have been abandoned by the devs, some the community is still just bag holding while the devs still keeps deceiving them, some after so many years still do not have a product and they are now a product of pump and dumps, those are the kind of coins we are talking about. Stay away from them, otherwise you will end up with shit coins, they are scam coins and that is all they will ever be. Not all listed coins on exchanges are considered good. 
If you mean ICOs, then you should make a complete research on their teams, their social media platform, investigate their profiles in LinkedIn but don't be fooled some of the profile still tends to be fake. You should also read their white paper, probably you might see if it may interest you to invest in. But be VERY careful, after all this, there are still some fake ICO that would pass all this and still be a scam. You just have to be careful.
Just plain simple! If the team looks like those who cannot manage money well, and they do not even have the slightest experience to pull whatever they want to do of, before even considering the cryptocurrency or ICO at all, then such a project is obviously a scam. There is no need brushing the faces and thinking something good may end up coming out of something that obviously does not even sound right. Like you said, it takes being extremely careful to be able to make good decisions when it comes to investment. 
But why would you be jumping into any cryptocurrency you see online, why not just concentrate on one only? If you keep on going from one to the other like this, you will end up being scammed that’s it.
If you don’t want to get scammed, or maybe you can’t afford to lose money, you better just stick with the first-20 cryptocurrencies or just the ones listed on coinmarketcap.com. Any other cryptocurrency apart from theones listed there, is likely to end up as a scam. It’s left for you to choose.
If you don’t want to get scammed, or maybe you can’t afford to lose money, you better just stick with the first-20 cryptocurrencies or just the ones listed on coinmarketcap.com. Any other cryptocurrency apart from theones listed there, is likely to end up as a scam. It’s left for you to choose.
Hey, in my opinion, investing in ICO's is a bit dangerous... most of them are scammers. So in case you are planning to invest in a ICO, make sure you do your research. Get to know more about the project, their team, check their website... Try to check every single thing, that way you will reduce the risk of losing your money due to a scam. Hope it helps!
at least from this there is no means to protect yourself from fraud. Even with full information about the Project, you can still be deceived. Scammers also know what they are doing and trying to be as convincing as possible.Definitely, some of them succeed on their ICO but failed to work for their project after that. It's hard to tell now which ICO's are legit cause most of them works very well on their site and even with the team so if you don't want to take much risk better not to participate on any ICO, or if you really want that project then participate but don't expect something in return for just a year.
Hey, in my opinion, investing in ICO's is a bit dangerous... most of them are scammers. So in case you are planning to invest in a ICO, make sure you do your research. Get to know more about the project, their team, check their website... Try to check every single thing, that way you will reduce the risk of losing your money due to a scam. Hope it helps!
at least from this there is no means to protect yourself from fraud. Even with full information about the Project, you can still be deceived. Scammers also know what they are doing and trying to be as convincing as possible. Jump to: