Topic: Identifying potential scam coins (Read 441 times)
Sometimes, scam projects are obvious. To avoid scam, you'll really need to check the details of it. Their white paper and the concept. As well as the developers. Keep in mind that a lot of ICO end up successful but its price gets dumped in the end.
Hello,
It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.
Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?
You will have to do your own research and get to a conclusion whether the coin is a scam or not. Look at the development team. If the developers are sketchy you might want to avoid that coin. You should use your own sense to find out if there is any pump+dump tactics taking place. Make sure the new coin offers something unique to the existing market, and not a rip off of some other coins. And always read the whitepaper and judge them in as many ways as possible. It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.
Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?
just look at their website by identifying team members, and you should also see their plans on the road map, and the most important thing is you should be able to predict community feedback on the coin.
If you want to invest in any ICO project, you should:
1. Look at the content of the project ; what the project entails.
Is the project fulfilling any demand, is the demand in need I'm the run.
2. Secondly the roadmap, is very important or you call it the white paper. Research no how to rate a white paper.
What is the distribution of the coin, is the team holding some coins in escrow for a little long term.
3. Invest in tokens with limited supply, always avoid coins with billions in supply.
4. Lastly and most important: check out the team
A team is very important, a good team makes a good coin, a good team can make a shitty coin with no use into $10 and more.
Regards
1. Look at the content of the project ; what the project entails.
Is the project fulfilling any demand, is the demand in need I'm the run.
2. Secondly the roadmap, is very important or you call it the white paper. Research no how to rate a white paper.
What is the distribution of the coin, is the team holding some coins in escrow for a little long term.
3. Invest in tokens with limited supply, always avoid coins with billions in supply.
4. Lastly and most important: check out the team
A team is very important, a good team makes a good coin, a good team can make a shitty coin with no use into $10 and more.
Regards
The usual method is by reading their whitepaper,checking the dev team and their technology
Scam project will have unclear roadmap and unknown dev team,so you should stay away from shady project like that
Scam project will have unclear roadmap and unknown dev team,so you should stay away from shady project like that
I stopped investing into ICOs.
All this metrics at ICOs website showing that e.g. 55% tokens sold in 3 days is BS usually.
Maybe, I am not gonna earn more % but it's more safe to buy when coin hit exchange and project have good reputation at Bitcointalk forum, thanks to you guys around.
All this metrics at ICOs website showing that e.g. 55% tokens sold in 3 days is BS usually.
Maybe, I am not gonna earn more % but it's more safe to buy when coin hit exchange and project have good reputation at Bitcointalk forum, thanks to you guys around.
There are many thing that you have to check before deciding its good or not, scam or not. You can start to read the whitepaper, check roadmap, check developer team and check the website as well. You will know which project work very hard or which one is looking scam.
Always consider the use of the coin, if that coin has a unique use then there is a high chance that it is a good coin. and if the devs are promising something check if it is possible.
it is very difficult to determine which ico is a scam and which one does not, let alone want to determine which ico is going to work and which one does not, which can be done to avoid the ico scam is, analyze the roadmap, whitepaper, team profile and allocation of funds to be issued, but did not rule out that the ico project that has a nice background does not have the potential to scam
Hello,
It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.
Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?
it is hard to guess which projects are scam and not, maybe we see more details about the project, check the road map, It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.
Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?
whitepaper and team, and always be careful in investing
Well it isn't that hard ... read up on the whitepaper , understand their tech , is the identity of the devs known.
If one of these things doesn't seem right i would walk away.
If one of these things doesn't seem right i would walk away.
you read up the whitepaper, Identify the main idea of the project and analyse if the idea will work out or make any sense.
If interested in altcoin project seen the first in note is escrow, if already using escrow see escrow reputation.Making sure they are trusted people and usually handle escrow in the forums.
If interested in altcoin project seen the first in note is escrow, if already using escrow see escrow reputation.Making sure they are trusted people and usually handle escrow in the forums.
Follow the fundamentals - use your discretion and logic to discern when something is not right - trust your gut feeling (unless it has proven to be incorrect often - then use it as an opposite marker)
Hello,
It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.
Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?
It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.
Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?
Let others do the work for you. There are a number of ICO evaluation and rating organizations out there--just google it.
There's no reason to partake in random or obscure ICOs. Find high quality ones that are being heavily talked about. If you're investing in more than one or two a month, you're probably not being selective enough.
First thing I will do to know scam coins is check it in the market. If that coin are in the market I believe it not scam. Before ICO sell I check it in Coinschedule, if that coin listed in the schedule I believe that coin not scam.
easy to spot scams are ones that aren't clear
you won't get your tokens for a very long time cause they're still developing
there's too many scammers promoting them
short, grammar-filled whitepapers
lack of social media
shitty website
you won't get your tokens for a very long time cause they're still developing
there's too many scammers promoting them
short, grammar-filled whitepapers
lack of social media
shitty website
Most of them are rushly done but the best coin for me is a coin with a team with good track records especially past successful projects and their integrity.
Read the whitepaper and if it makes no sense than it's likely a scam coin. They like to overgeneralize about changing the world, and use crypto terminology to the point where it makes no sense. You can buy a whitepaper on People Per Hour or Fiverr for $100, so it goes to show that most of them mean nothing. See if you recognize any of the team from other projects as the team is the most important.
Check to see if they are a working product. Stay away from anything promising the moon.
I completely agree with this. It also seems important to look at security tokens as opposed to utility tokens. Security tokens probably have a much better shot of surviving all the regulations that are being talked about.
Pls could you explain a little bit more on how security tokens are better than utility tokens?
Read the whitepaper and if it makes no sense than it's likely a scam coin. They like to overgeneralize about changing the world, and use crypto terminology to the point where it makes no sense. You can buy a whitepaper on People Per Hour or Fiverr for $100, so it goes to show that most of them mean nothing. See if you recognize any of the team from other projects as the team is the most important.
Check to see if they are a working product. Stay away from anything promising the moon.
I completely agree with this. It also seems important to look at security tokens as opposed to utility tokens. Security tokens probably have a much better shot of surviving all the regulations that are being talked about.
Read:
3 Kinds of ICOs - Protect Yourself
https://bitcointalksearch.org/topic/3-kinds-of-icos-protect-yourself-2243157
3 Kinds of ICOs - Protect Yourself
https://bitcointalksearch.org/topic/3-kinds-of-icos-protect-yourself-2243157
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