Hopefully it won't be too long before all these bullshit ICOs are regulated and it'll be easier to tell if it's a legitimate group. Until then, it would be best to check if it's an actual cryptocurrency and ignore ICOs unless you're extremely good at evaluating their quality.
However, just because a coin exists doesn't mean it's legitimate. Bitconnect is obviously a scam, but it's still a cryptocurrency which is listed on Coinmarketcap.
Important note: if any investment group promises
that you will get specific returns in fiat terms, it's a scam! In the case of cryptocurrencies, if their website or other public representations of their team promise you those fiat returns, it is a scam.
Topic: Identifying Real Cryptocurrency (Read 267 times)
if you want to know or identify real cryptocurrency you can not see it from their result but from their process.
first you must see their development and audience service,
legit project will do more than talk more,
a lot of project give you a lot of promises and have a nice words everytime they made a statement.
but they are showing 0 development for a full week which mean they are not a legit company.
or i called them 'single hand' developer,they claim have a team member but we can not see any development in their project which mean he was a single hand aka 1 man developer.
look at their website,if you can find a SSL which mean they have a money to run the project excluding investor money,
lastly is their preparation.
if you can find ICOs project that will run in 2 months later or more but already make an announcement right now that mean they are make a lot of preparation to attract investor and audience,i believe this kind of project will have a little bit future other than someone who is creating an ICOs project but will start tomorrow or already start the ICOs.
first you must see their development and audience service,
legit project will do more than talk more,
a lot of project give you a lot of promises and have a nice words everytime they made a statement.
but they are showing 0 development for a full week which mean they are not a legit company.
or i called them 'single hand' developer,they claim have a team member but we can not see any development in their project which mean he was a single hand aka 1 man developer.
look at their website,if you can find a SSL which mean they have a money to run the project excluding investor money,
lastly is their preparation.
if you can find ICOs project that will run in 2 months later or more but already make an announcement right now that mean they are make a lot of preparation to attract investor and audience,i believe this kind of project will have a little bit future other than someone who is creating an ICOs project but will start tomorrow or already start the ICOs.
Me too Im a victim of TBC and i spent 50usd for it, I think I made the right choice to leave that scam investment and now making my own account here in bitcointalk is a great opportunity to learn and also to gain experience for my improvement.
Just to add a bit more information:
6. Make sure that the members of the "team" are actually real people. Some projects have made up names and stolen pictures.
7. Make sure that the cryptocurrency is not just a straight off ripoff/copy of a certain cryptocurrency.
8. Make sure that the project is not dead by checking their GitHub repository. Take a look at the latest commits if it was only recently or months/years ago.
Might edit this post if I remember more ideas.
6. Make sure that the members of the "team" are actually real people. Some projects have made up names and stolen pictures.
7. Make sure that the cryptocurrency is not just a straight off ripoff/copy of a certain cryptocurrency.
8. Make sure that the project is not dead by checking their GitHub repository. Take a look at the latest commits if it was only recently or months/years ago.
Might edit this post if I remember more ideas.
I have been a victim of TheBillionCoin or TBC which is a fake cryptocurrency mostly sold by peer to peer promising potential buyers that the value will always increase and soon it would be available in exchanges...that never came true because TBC can never be accepted by exchanges due to many problems. In order to be guided on selecting real ones from the fakes coins...here are some questions you should be asking:
1. Is coin listed in www.coinmarketcap.com? In case it is not yet listed, does it have a plan to get listed. CMC has now became the authoritative site when it comes to cryptocurrency and their value. It would be a big boost to a coin/token to be listed in there.
2. Is coin available for trading,buying,selling in public coin exchange? This should be part and parcel of the RoadMap of the cryptocurrency especially if it is only in the introductory or marketing stage.
3. Does your cryptocurrency have Blockchain Explorer? Now, this is the most critical one and without it this we have nothing to talked about. This is one which the TBC I mentioned above failed miserably.
4. Does Company (or the team behind the coin/token) accept their own coin for their packages, services or products? Otherwise, the project is just treating you like a joke. This is true with TBC.
5. Does it have own wallet to send, receive coin? This is important too...though all of the fake coins also have their own wallets for transactions purposes.
Now, I am sure that there can be more gauge we can use to determine whether one can be real or just one pretending to be true but actually is not...these are just the basics I am talking here. You owe it to yourself to do your own due diligence...we already have Google to help you.
1. Is coin listed in www.coinmarketcap.com? In case it is not yet listed, does it have a plan to get listed. CMC has now became the authoritative site when it comes to cryptocurrency and their value. It would be a big boost to a coin/token to be listed in there.
2. Is coin available for trading,buying,selling in public coin exchange? This should be part and parcel of the RoadMap of the cryptocurrency especially if it is only in the introductory or marketing stage.
3. Does your cryptocurrency have Blockchain Explorer? Now, this is the most critical one and without it this we have nothing to talked about. This is one which the TBC I mentioned above failed miserably.
4. Does Company (or the team behind the coin/token) accept their own coin for their packages, services or products? Otherwise, the project is just treating you like a joke. This is true with TBC.
5. Does it have own wallet to send, receive coin? This is important too...though all of the fake coins also have their own wallets for transactions purposes.
Now, I am sure that there can be more gauge we can use to determine whether one can be real or just one pretending to be true but actually is not...these are just the basics I am talking here. You owe it to yourself to do your own due diligence...we already have Google to help you.
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