Identify a fraudulent project? | Bitcointalksearch.org

Seansky

hero member

Activity: 560

Merit: 500

Quote from: EliseIhado on October 25, 2017, 06:44:58 PM

I am a newbie between the project matrix launched daily, where is the prestige point to invest in one.

Sorry for my bad English!!

One can commonly identify a fraudulent project if they are offering some trash around without having real usage of their coins at all for ICO's. Research about them and read their announcement thread, including their whitepaper, roadmap and team. If you do that, the chance of you joining a fraudulent project will get lower. You can also just trust your instincts about a certain project if you are knowledgeable enough.

dotme

newbie

Activity: 84

Merit: 0

it simple we just need to follow our instinct

Trustedintrading

newbie

Activity: 8

Merit: 0

many projects are fraudulent, try researching all aspect of the project, checking team members social media pages, history of the company etc etc , due diligence is so important these days,.

jacky21

newbie

Activity: 8

Merit: 0

You can assign points from 1 to 5 to:

Whitepaper
Team
Expected Profit
Discount on Pre-Sale

No single row with less than 3.
Not the total less than 16.

Pre-Sale is very important.
If Pre-Sale is limited to big investment, and the discount is very high ... is better to stay away in my opinion.

TheHas

full member

Activity: 616

Merit: 167

Some of the more straightforward ways to identify frauds or dodgy coins...

No working product. Bad looking whitepaper. No details provided on developers or their experience. Website looks cookie cutter. Over promise with no basis - like I've seen a coin say they'll be worth 'over one dollar in less than a month' because of xyz reason, and they are selling it to you for the cheap price of 25cents.

Now sometimes they'll be diamonds in the rough where it looks a bit ordinary, but the idea actually has merit. Its hard to identify these sometimes. One way is to see if a big exchange endorses the coin early, and then it should usually be ok.

Anyway good luck! Best to start with small amounts to invest and take it from there.

monkeydominicorobin

full member

Activity: 294

Merit: 104

✪ NEXCHANGE | BTC, LTC, ETH & DOGE ✪

Quote from: EliseIhado on October 25, 2017, 06:44:58 PM

I am a newbie between the project matrix launched daily, where is the prestige point to invest in one.

Sorry for my bad English!!

They are all frauds. Most of them don't know how to code. It is just a short term thing. Just pump and dump. And you will be rich.

Velkro

legendary

Activity: 2296

Merit: 1014

Quote from: boyrocky on October 26, 2017, 07:33:26 AM

the best way to identify is to read the roadmap. roadmap will be crap if its a bad project.

The best way is to wait. See if they will succeed on market, and then invest/use them or not. I think at least 2 years on market is worth lookin into slowly.

Thats safe approach, but in Bitcoin world, security should be first thing.

boyet.d

newbie

Activity: 18

Merit: 0

For me, I always do a little research before join project. Account who post it, is it official or not. Statistic of that account. Found something weird or not on their business (including rules, roadmap, schedule, their social media channel and its popularity). And I always put myself netral first, the more I found promising statements on a project, the more a doubt it till a deeper research makes me sure. Well yes, I'm new member too. But, I have been a BTT reader since 2 years ago.

mk4

legendary

Activity: 2786

Merit: 3845

Paldo.io 🤖

Quote from: boyrocky on October 26, 2017, 07:33:26 AM

the best way to identify is to read the roadmap. roadmap will be crap if its a bad project.

Reading the roadmap wouldn't be enough to determine if a project is crap or not, as they only usually indicate there when certain version or feature releases will be. Personally I think checking the team and reading the whitepaper is a lot more important. I still would read the roadmap though.

4new

newbie

Activity: 33

Merit: 0

One potential litmus test to determine viability of a project is as follows:

It is often said cash is king. However, in truth cash flow is king. This is why real estate occupied by long term tenants sells at a much higher valuation than a property with no tenant. Therefore, in determining viability of a project, investors should seek the project's ability to generate reliable cash flow with reasonable predictability, foresight and transparency. If the path to generate cash flow is clear and sound then the project will most likely succeed. Otherwise, its a cash grab.........

MyTipTopShop

member

Activity: 104

Merit: 100

I always check to see if you can find out who the owners are and they are not hiding who they are.

boyrocky

member

Activity: 212

Merit: 10

“The Internet of Sovereignty”

the best way to identify is to read the roadmap. roadmap will be crap if its a bad project.

hownowbrowncow

sr. member

Activity: 262

Merit: 250

Quote from: EliseIhado on October 25, 2017, 06:44:58 PM

I am a newbie between the project matrix launched daily, where is the prestige point to invest in one.

Sorry for my bad English!!

Hi, here is a good thread on what to look for in regards to all the new coins that are being introduced these days. Hint, most of them are not worth your time.

The thread https://bitcointalksearch.org/topic/3-kinds-of-icos-protect-yourself-2243157

gervais_zion

newbie

Activity: 14

Merit: 0

I do little research on websites related to crypto industry and check project using hashtags in social networks. Than I check whitepaper to understand will this project bring additional value to the future or not. After that, trying to connect with 1-2 team members using their contact details. And one more detail is to check SSL certificate validity.

mk4

legendary

Activity: 2786

Merit: 3845

Paldo.io 🤖

I personally haven't read and or researched about that project, but you really can't say for sure if a project is a fraud or not. Some people are just really good at making fraud. You just gotta do alot of research to make sure the chances of you getting scammed is as low as possible.

Iranus

hero member

Activity: 1792

Merit: 534

Leading Crypto Sports Betting & Casino Platform

-Check the team with a reverse image search and try to dig up information. If the best you can find about them is a doctored LinkedIn profile, they're probably fake.

-If the site makes a bold claim about a person's history, verify that it's true. If the person did something particularly great, surely they would have some public presence.

-If the site promises you profit, it's a scam. Especially if the profit is in percentages and measured in fiat terms.

-Not necessarily about scams, but check that very similar projects haven't been done before, otherwise the whole thing is pointless.

cryptovagas

member

Activity: 341

Merit: 10

@cryptovagas

i think this is what the BLUE project is trying to do

listing scams and scammers addresses ans try to prevent them from surfing online and hurting users

we have to wait and see if this crypto-cop project faces success or not Wink

elegion

member

Activity: 108

Merit: 10

Quote from: deadsilent on October 25, 2017, 07:26:34 PM

Me, im taking a research about the people behind the project. If they are reputable developers. I consider them as legit project. If i found out that they are not real. That's absolutely a scam. If you are tech savvy or code specialist. You can check their source code to github and compare them to other altcoins. Im not good at codes. So im not doing this. Check the whitepaper. Some project are just copy-pasted from other projects. And finally, the roadmap. Check the project if they have roadmap. Roadmap is their aim to accomplish their goals by presenting whether short or long term milestones. That's my strategy to determine what is scam or legit project. Good luck.

What this user said is good advice. I would also say that you should see if they either have a Facebook profile or a Linkedin page with a phone number to see if they are real people and see if they are planning on attending any big events or conferences. Do as much research as you possibly can. And never invest more than you can afford to lose.

Laravel

newbie

Activity: 45

Merit: 0

Quote from: Hanebel on October 25, 2017, 11:20:27 PM

Quote from: deadsilent on October 25, 2017, 07:26:34 PM

Me, im taking a research about the people behind the project. If they are reputable developers. I consider them as legit project. If i found out that they are not real. That's absolutely a scam. If you are tech savvy or code specialist. You can check their source code to github and compare them to other altcoins. Im not good at codes. So im not doing this. Check the whitepaper. Some project are just copy-pasted from other projects. And finally, the roadmap. Check the project if they have roadmap. Roadmap is their aim to accomplish their goals by presenting whether short or long term milestones. That's my strategy to determine what is scam or legit project. Good luck.

This is a good advice.I'm also looking for ways to check if projects I am joining is legit.Before my I only depends on the comments of threas if there are a lot of negative comments.

Yes. I've been using this ways also to check the project authenticity. I'm a self taught programmer and I have an idea on github things which I'm also using to see what projects are good to invest my money.
Best way I know is to join only to projects that are campaigning a lot, like a lot that they consist of signature campaigns and ads. This tells me that they are serious and reliable.

Hanebel

full member

Activity: 363

Merit: 100

Quote from: deadsilent on October 25, 2017, 07:26:34 PM

Me, im taking a research about the people behind the project. If they are reputable developers. I consider them as legit project. If i found out that they are not real. That's absolutely a scam. If you are tech savvy or code specialist. You can check their source code to github and compare them to other altcoins. Im not good at codes. So im not doing this. Check the whitepaper. Some project are just copy-pasted from other projects. And finally, the roadmap. Check the project if they have roadmap. Roadmap is their aim to accomplish their goals by presenting whether short or long term milestones. That's my strategy to determine what is scam or legit project. Good luck.

This is a good advice.I'm also looking for ways to check if projects I am joining is legit.Before my I only depends on the comments of threas if there are a lot of negative comments.

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