Topic: Scam scam scam!! (Read 483 times)
even all team and management is look like fine and all progress transparance its still have alot of risk invest in ICO right now, working product and valuable token/ coin can be a good factor.
Some red flags for the beginners in the crypto world! Make sure to check these red flags before investing in any ICO.
1.CLAIMS OF HIGH, GUARANTEED RETURNS.
2.CELEBRITY ENDORSEMENTS. (check their SNS where announcements are made to make sure they are genuine).
3.CLAIMS OF “SEC-COMPLIANT” (guarantees that their coins will trade on an SEC-compliant exchange where you can buy and sell them for profit)
4. INVESTING WITH A CREDIT CARD.
5. PUMP AND DUMP SCAMS.(Tempting you with guaranteed gains with pumps and dumps during pre ico to crowd sale)
6.Team members without any social profile. if they provide be sure to check the genuinity on basis of followers and background.
7.Language( grammar is correct or not)
and if you have done these (or not) BE SURE TO READ THE WHITEPAPER!!
That sixth reason is even enough for any smart person to know they should not even be investing at all in such a project in the first place and it is not even about any social profile, but team that does not have old social profile that has been up and running, fully functional for a long time, should not even be attempted by anyone to invest in such.1.CLAIMS OF HIGH, GUARANTEED RETURNS.
2.CELEBRITY ENDORSEMENTS. (check their SNS where announcements are made to make sure they are genuine).
3.CLAIMS OF “SEC-COMPLIANT” (guarantees that their coins will trade on an SEC-compliant exchange where you can buy and sell them for profit)
4. INVESTING WITH A CREDIT CARD.
5. PUMP AND DUMP SCAMS.(Tempting you with guaranteed gains with pumps and dumps during pre ico to crowd sale)
6.Team members without any social profile. if they provide be sure to check the genuinity on basis of followers and background.
7.Language( grammar is correct or not)
and if you have done these (or not) BE SURE TO READ THE WHITEPAPER!!
I have seen occasions where some teams will newly open LinkedIn page and put some bullshit positions or responsibilities they have had but in this day and age, any professional person in the tech industry that is just newly opening a social profile and most especially a professional one is a suspect.
I would like to add these too
No token use case for product
A lot of companies do not account for the fact that they should be utilizing blockchain technology when they were to do an ICO.
Empty Github/bitbucket
In an open-sourced project, development code and progress are typically updated on Github or Bitbucket. If a project is touted to be an open-source project but yet has an empty repository on Github or Bitbucket, it might be an indication that the company is not interested in development and only interested in marketing for their token sale.
No token use case for product
A lot of companies do not account for the fact that they should be utilizing blockchain technology when they were to do an ICO.
Empty Github/bitbucket
In an open-sourced project, development code and progress are typically updated on Github or Bitbucket. If a project is touted to be an open-source project but yet has an empty repository on Github or Bitbucket, it might be an indication that the company is not interested in development and only interested in marketing for their token sale.
I would like to ask you to pay attention to the projects, the devs of which are from Russia. 99 percent of them are scam.
Cant generalize it for one country. I have seen many projects with good names in the field but still a scam.
this frightening specter in the hunt for digital currency is very disappointing if in the hunt we get a scam project. semogah no one controls the whole project rather fore him no longer a scam
I would like to ask you to pay attention to the projects, the devs of which are from Russia. 99 percent of them are scam.
How I hate and hate these moynikas for their moshshaneichstvo if you only knew. That's how you work, work in companies, and as a result, no one will give a reward. Yes, and in life, too, the same way.
this is due to the race of the icos all want to participate even knowing that it is a fraud all want to get a token erc20 but in fact this is due to the managers and not banish because they receive in eth anticipated to publish cualuer ico now know that this capitalism but in fact master stroke
Thanks for sharing. The most striking one for me is the claim of guaranteed returns or high profit
That is for sure an ambiguous claim. This cannot be promised by any genuine coin because the profit and the loss depends on the market demand and supply besides other factors like risk. You got to research and work a lot before picking a crypto for investing. See the project behind it and the market history. Simply going for coins that are available on low price in the market is irrational decision. Some red flags for the beginners in the crypto world! Make sure to check these red flags before investing in any ICO.
1.CLAIMS OF HIGH, GUARANTEED RETURNS.
2.CELEBRITY ENDORSEMENTS. (check their SNS where announcements are made to make sure they are genuine).
3.CLAIMS OF “SEC-COMPLIANT” (guarantees that their coins will trade on an SEC-compliant exchange where you can buy and sell them for profit)
4. INVESTING WITH A CREDIT CARD.
5. PUMP AND DUMP SCAMS.(Tempting you with guaranteed gains with pumps and dumps during pre ico to crowd sale)
6.Team members without any social profile. if they provide be sure to check the genuinity on basis of followers and background.
7.Language( grammar is correct or not)
and if you have done these (or not) BE SURE TO READ THE WHITEPAPER!!
Most Ico are scammy. Even you remember those rules well but you still have high chance of investing in scammy Ico. I prefer buying in exchange. 1.CLAIMS OF HIGH, GUARANTEED RETURNS.
2.CELEBRITY ENDORSEMENTS. (check their SNS where announcements are made to make sure they are genuine).
3.CLAIMS OF “SEC-COMPLIANT” (guarantees that their coins will trade on an SEC-compliant exchange where you can buy and sell them for profit)
4. INVESTING WITH A CREDIT CARD.
5. PUMP AND DUMP SCAMS.(Tempting you with guaranteed gains with pumps and dumps during pre ico to crowd sale)
6.Team members without any social profile. if they provide be sure to check the genuinity on basis of followers and background.
7.Language( grammar is correct or not)
and if you have done these (or not) BE SURE TO READ THE WHITEPAPER!!
You have to be very careful and not get tricked by Celebrity endorsements. Floyd Mayweather already promoted a crypto project that turned out to be a scam.
First of all, I'm checking team of the project. Top managers must be found in social and this must be live accs with real people with family, friends. I don't believe that anyone no doesn't exist anywhere in the social media. If I found nothing this is pure scam at 99.99%. You can try google search by photo of the team.
This is actually the first thing I go for before even attempting to go further in checking the details of the project and if there is an available product.It is more like investing in a company and if I cannot see the team, or know the things they have achieved in the past, or the positions they have attained, or if at all they are real, then what is there to invest in because the last time I checked, these are the ones you are really investing in since the project or product is not going to be developing itself as time goes on and that make you fish out scam pretty fast if you cannot trust the team.
actually to answer all the things that a bounty hunter an investor feels on a white paper and you should examine it carefully and thoroughly.
the liveliness of the team and the advisor is also the key to the success of an ICO lest you get stuck with a project that culminates with a scam
the liveliness of the team and the advisor is also the key to the success of an ICO lest you get stuck with a project that culminates with a scam
Tell Waves and Sonm teams about red flags with Russian team) Ada using Russian team to write code for their project. Listen more YouTubers:) I don't remember when I saw some scam ICO from Russia. But I remember a lot of scam from other countries. Write at least 3 Russian team scam ICO's? Don't remember? So do I:)
I can add anonym team it's a big red flag
linkdin team profil created recently and on the same time as ICO launch
team from russia , arabs countries , and asia countries
compagny registred or based on russia , arabs countries , and asia countries
linkdin team profil created recently and on the same time as ICO launch
team from russia , arabs countries , and asia countries
compagny registred or based on russia , arabs countries , and asia countries
Thank you OP for making this post and starting this discussion. This will help the community grow. It's always sad to see new people who enters the crypto world get harmed by scams and dissuaded from exploring further.
If those ICOs are not scam, they can't offer high returns or talk about such things, most of projects even give no guarantee regarding exchange listing. I would rather suggest investing in solid projects.
Yes, They will not guarantee you atleast. 
If those ICOs are not scam, they can't offer high returns or talk about such things, most of projects even give no guarantee regarding exchange listing. I would rather suggest investing in solid projects.
Good!
I'd like to add - check the team properly. Google their existence and profiles in social networks (FB, LinkedIn).
Couple of scam projects were caught with wrong photos of their team (XeonFrame, Benebit etc.)
I'd like to add - check the team properly. Google their existence and profiles in social networks (FB, LinkedIn).
Couple of scam projects were caught with wrong photos of their team (XeonFrame, Benebit etc.)
Self moderated thread is usually sign that something is wrong.
The first rule of investing- Invest what you can afford to loose! Because you only can do your part but still don't have control over how things eill go! Thank you for your tips, your article is comprehensive, but the best advice is not to invest in any ICO, because good ICO also has a great chance of failure!
Chance for failure is always around you will never know if you don't invest, project could become big one day and it is worth of shot. Invest what you can afford to lose, last year people were selling their houses to buy bitcoins and where are they now, they have lost at least 60% of their investment. Jump to: