Topic: SIGNS THAT A CRYPTO PROJECT IS A SCAM - page 2. (Read 593 times)
It is really difficult to predict which projects are going to be scams. But even if you can't identify completely, I think you can try to identify something or if you follow some basic things, you don't have to fall into the trap of these scammers. For example, whether their white papers are correct, then whether their various sources are correct, who are they projecting. Or they are getting certified from any organization. And scams tend to be mostly new coins so it is better to avoid them
I think that biggest sign is that scams always offer a big profit that is so much attractive that many people invest money in the scam projects without any checking informations.
That sounds like an inexperienced person jumping into a new project that has no details and that is bound to be a scam. While there are many such projects we are here discussing more about those who can determine these scam with relative accuracy and need opinion about more advanced detection. Such simple textbook scams are easily avoided by them.Even then some kids will always make such mistakes and I hope they read this and learn something. Team background check, token economics and previous similar competing projects all should be checked. I also suggest at least a 2year watch period to observe progress before actually putting in money.
So those who are not much experienced in the industry and can't determine if a project is legit or a scam and whether they should invest in it or not, shouldn't do it at the initial stage, especially if they are conducting an ICO or something to collect money from investors.
As cryptocurrency continues to gain popularity, more and more people are investing in various crypto projects. Unfortunately, with this rise in interest comes an increase in scams.
The biggest sign is that they do not have a good audit, not from a place that matters, like CertiK, and yes I know that it costs a lot to get that but if a project doesn't have enough money to get it, then I am sorry but I am not going to get in neither. Why would I fund their entire thing, you should be spending a few thousand dollars, even tens of thousands of dollars if you believe in it, if you do not have that money then you shouldn't make a project to begin with.There are projects that spend a million dollars on their project, and not that rarely, they end up failing too and losing that money. But at least they tried, I could see myself funding them, they could make more or fail. But I am not funding any project that can't even afford a CertiK audit.
Well, I would tell that the market is soo tricky and these scammers are too clever as well. They are smarter than us because even we know that these are the ways to determine scam projects but guess what, they're making another way to gain trust and to fall for their evil plan. In fact, as you can see still a lot of people had fallen into scam projects meaning, no matter how we spread things like this, they still win and can't rid of them. Honestly, when it comes to money, people become a fool and this is how scammers do.
Basically approach everything like it's a scam, and only start to trust them if they prove to be otherwise, there is nothing wrong with that. I mean if you start thinking "this is a scam project" at the very start, that means they will work hard to prove to you they are not, and they will not do it personally to you like you are the only investor, so you just check what they do and what they provide, and that will be fine.
Look at pinksale, between audit, kyc, safu and many other stuff, they end up getting the projects to be a lot bigger and so forth. This means that if they keep working towards that, you get to see what they are working on, and then you can decide if they are actually good or not, and that will help you out a lot.
I have seen quite alot of scam projects fail that right now, any site or crypto project without proper contact details/information in any form or without a responsive customer care representative identifies as a scam project to me. Look at pinksale, between audit, kyc, safu and many other stuff, they end up getting the projects to be a lot bigger and so forth. This means that if they keep working towards that, you get to see what they are working on, and then you can decide if they are actually good or not, and that will help you out a lot.
Even those projects that want to gain customer trust by being up and doing won't be able to fake their intentions after 5years, that's if they aren't figured out before this sited duration expire. More people are getting aware by the day and this is also why government is trying so hard to get involved in the decentralized game, monitor certain of its activity, and why they launched the CBDC, so as to keep a tight lid on the project inorder to protect its citizens funds and data, which the customers present when signing up for these crypto projects.
legendary
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I think that biggest sign is that scams always offer a big profit that is so much attractive that many people invest money in the scam projects without any checking informations.
That sounds like an inexperienced person jumping into a new project that has no details and that is bound to be a scam. While there are many such projects we are here discussing more about those who can determine these scam with relative accuracy and need opinion about more advanced detection. Such simple textbook scams are easily avoided by them.Even then some kids will always make such mistakes and I hope they read this and learn something. Team background check, token economics and previous similar competing projects all should be checked. I also suggest at least a 2year watch period to observe progress before actually putting in money.
legendary
Activity: 2982
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
Can we check the projects through their social medias, that also include their twitter, Instagram, GitHub, and their telegram as well. Because most of the projects have blue ticks on their twitter account, but I have seen they can also do scam with the users who are connecting their wallets through their websites.
It will be very hard to check it. I meant if sometimes the scam project was able hiding their intention to scamming the users who add liquidity on their pool. However, it's quite easy by spotting it through use too good to be true mechanism.
Scammers become even smarter and start to explore so many ways in scamming people.
As cryptocurrency continues to gain popularity, more and more people are investing in various crypto projects. Unfortunately, with this rise in interest comes an increase in scams.
Here are signs that a crypto project may be a scam:
1. Lack of transparency: A legitimate crypto project should have clear information about its team, its technology, and its roadmap. If a project fails to provide this information, or only offers vague promises, it could be a sign that they are hiding something.
2. Unrealistic promises: If a project promises too-good-to-be-true returns on investment, it is likely a scam. While some crypto projects are innovative and have the potential for significant growth, investors should be wary of promises that seem too exaggerated.
3. Lack of community engagement: A legitimate crypto project will have an active and engaged community. If a project lacks social media activity or community interaction, it could be a red flag.
4. No clear use case: A legitimate crypto project should have a clear use case for its token. If a project cannot articulate a clear purpose for its token, or its use case seems vague or broad, it may be a scam.
Before investing in any crypto project, investors should do their research and look for these red flags. By being vigilant, investors can protect themselves from scams and make informed investment decisions.
https://www.binance.com/en/feed/post/804194
5. Tokenomics, if you do see that liquidity isnt locked or simply their contract isnt renounced then better to avoid and not trust up that project.Here are signs that a crypto project may be a scam:
1. Lack of transparency: A legitimate crypto project should have clear information about its team, its technology, and its roadmap. If a project fails to provide this information, or only offers vague promises, it could be a sign that they are hiding something.
2. Unrealistic promises: If a project promises too-good-to-be-true returns on investment, it is likely a scam. While some crypto projects are innovative and have the potential for significant growth, investors should be wary of promises that seem too exaggerated.
3. Lack of community engagement: A legitimate crypto project will have an active and engaged community. If a project lacks social media activity or community interaction, it could be a red flag.
4. No clear use case: A legitimate crypto project should have a clear use case for its token. If a project cannot articulate a clear purpose for its token, or its use case seems vague or broad, it may be a scam.
Before investing in any crypto project, investors should do their research and look for these red flags. By being vigilant, investors can protect themselves from scams and make informed investment decisions.
https://www.binance.com/en/feed/post/804194
6. Whenever they project team do give out guarantees about 10x or 100x or even 1000x return of investment or simply having those kind of sweet words into their investors then better doubt it.
7. If they do start out on making excuses on such key area and slowly pulling out those funds and telling that those are for marketing purposes then better think twice.
8. Everything is trying out to be hyped despite of having no working product or utility which you could eventually be able to see these stuffs
on the process.
I guess the only solution to avoid being scammed is to focus directly on bitcoin. Because if you continue to entertain a lot of crypto projects, you will be deceived in the long run because you will be confused which of them are real and which of them are just too good to be true. So just stay away from altcoins, but stick to bitcoin. No if’s and but’s. It’s okay to experience profits at a long term at least you know it’s legit, than fail in the trap of altcoins and you’ll only lose in the end.
That's one of the solution in avoiding getting scammed. There are other solutions as well but I don't have to share it one by one. There are altcoins that are already existed for a long time if a person is still looking for investments but as you have said if they don't want altcoins or scam cryptos then focusing on Bitcoin only is the best choice. In altcoins, there's ETH, BNB and more if a person wants to spend less fees on each transactions although Bitcoin fees right now is okay. Crypto project team members are fake or copied from other companies should be included in that list. Well, the signs are the basics in my opinion because that's what people do when they want to know if the project is a scam. If you really want to avoid a scam projects then you should not buy their shitcoins or invest in their project. In my opinion, it is better not to buy or invest even though there are some projects that are not scam and just buy Bitcoin.
I guess the only solution to avoid being scammed is to focus directly on bitcoin. Because if you continue to entertain a lot of crypto projects, you will be deceived in the long run because you will be confused which of them are real and which of them are just too good to be true. So just stay away from altcoins, but stick to bitcoin. No if’s and but’s. It’s okay to experience profits at a long term at least you know it’s legit, than fail in the trap of altcoins and you’ll only lose in the end. 
Use cases about projects will really change everything. Meme coins might be hyped now but in the future, they won't do anything good but just for whales to manipulate them and reap the rewards in the short run.
Many projects today don't really have good use cases behind them but I guess we can still find gems out of all that. The other problem is how to market it. The eyes of the investors today are mostly on shit coins and they don't care as long as they are on the hype.
Those are the actual scam projects who will not run long and yet they gain support from many people by just being active in social media. It's the sad truth of the crypto industry today, that's why scams are happening everywhere while the good projects are kept in the shadows.
Many projects today don't really have good use cases behind them but I guess we can still find gems out of all that. The other problem is how to market it. The eyes of the investors today are mostly on shit coins and they don't care as long as they are on the hype.
Those are the actual scam projects who will not run long and yet they gain support from many people by just being active in social media. It's the sad truth of the crypto industry today, that's why scams are happening everywhere while the good projects are kept in the shadows.
99% of projects do not have a real product or their product does not work as it was intended. The goal of all crypto startups is speculation, and the product itself is just a wrapper to lure investors into altcoin and sell it to them, thus enriching early investors and developers.
How many times have we been told these stories about altcoins infiltrating our daily lives. About life where we walk the streets and get paid for it with M2E projects. About life where we spend time in meta universes and sell various items and digital items for tokens and NFTs. About life where we can secure ownership or access some unique items or locations with NFTs. About a life where we gamify and get tokens for it in P2E projects. About life where we engage in learning through L2E projects and get tokens for knowledge.
All these ways of utilitarianism among altcoins are just beautiful stories, in reality nobody is interested in it, nobody uses it on a mass scale and all these tokens are only needed for speculation.
Use cases about projects will really change everything. Meme coins might be hyped now but in the future, they won't do anything good but just for whales to manipulate them and reap the rewards in the short run.
Many projects today don't really have good use cases behind them but I guess we can still find gems out of all that. The other problem is how to market it. The eyes of the investors today are mostly on shit coins and they don't care as long as they are on the hype.
Those are the actual scam projects who will not run long and yet they gain support from many people by just being active in social media. It's the sad truth of the crypto industry today, that's why scams are happening everywhere while the good projects are kept in the shadows.
Such market dynamics tells me there is not really a lot of projects out there anyway, after all if the good projects were abundant I doubt there will be many people excited about meme coins and other similar shitcoins as they will have their pick of good projects to invest.Many projects today don't really have good use cases behind them but I guess we can still find gems out of all that. The other problem is how to market it. The eyes of the investors today are mostly on shit coins and they don't care as long as they are on the hype.
Those are the actual scam projects who will not run long and yet they gain support from many people by just being active in social media. It's the sad truth of the crypto industry today, that's why scams are happening everywhere while the good projects are kept in the shadows.
However it is precisely because of the lack of good projects that meme coins can get so much attention on the market, and scammers are taking advantage of it as the majority of those electing to invest in those coins do not really know much about this market anyway, the only thing they know is that other coins like them have gone in price on the past, and then they wonder why it could not happen to the coin they fancy and obtain massive profits this way without exerting themselves or study the markets for years?
Use cases about projects will really change everything. Meme coins might be hyped now but in the future, they won't do anything good but just for whales to manipulate them and reap the rewards in the short run.
Many projects today don't really have good use cases behind them but I guess we can still find gems out of all that. The other problem is how to market it. The eyes of the investors today are mostly on shit coins and they don't care as long as they are on the hype.
Those are the actual scam projects who will not run long and yet they gain support from many people by just being active in social media. It's the sad truth of the crypto industry today, that's why scams are happening everywhere while the good projects are kept in the shadows.
Many projects today don't really have good use cases behind them but I guess we can still find gems out of all that. The other problem is how to market it. The eyes of the investors today are mostly on shit coins and they don't care as long as they are on the hype.
Those are the actual scam projects who will not run long and yet they gain support from many people by just being active in social media. It's the sad truth of the crypto industry today, that's why scams are happening everywhere while the good projects are kept in the shadows.
Can we check the projects through their social medias, that also include their twitter, Instagram, GitHub, and their telegram as well. Because most of the projects have blue ticks on their twitter account, but I have seen they can also do scam with the users who are connecting their wallets through their websites.
Social media verification can now be paid for so you don't have to trust every account that has the verification badge. Also scammers are hacking the account of verified business to scam people so trusting social medias channels is no longer a secured way to confirm if a business is real or not. This is happening on all social media and not just twitter or Instagram.
We can't also trust platforms that are reviewing projects because they can be bought, project pays this platforms to give them good reviews or rating. Scammers can do everything that make their projects look genuine so they can scam many investors. The difference between a genuine project and a scam project are very small because tables can turn at any moment.
Also a project can turn into a scam at any minute because of the decisions of the owners of the project therefore you shouldn't invest everything into a project so that if it falls you don't lose everything. Most project owners are inexperienced in management so they can make mistakes that'll make investors not to trust the project again and this will make the project to fail.
legendary
Activity: 2982
Merit: 1028
Leading Crypto Sports Betting & Casino Platform
I think that biggest sign is that scams always offer a big profit that is so much attractive that many people invest money in the scam projects without any checking informations.
True, that's why people just need to avoid any projects that was offering something that was too good to be true. So many people have been trapped in this kind of trick caused by they want instant profit. People shall always try to aware if there will be no thing that can be achieved without process.
People never learned from their past experience. That can be considered as main sign to determine the scam project.
I think that biggest sign is that scams always offer a big profit that is so much attractive that many people invest money in the scam projects without any checking informations.
That is an obvious sign especially when they tell that the price of their coin or token will always goes up and it never dump so buy now before its to late then this is obviously a scam. People need to realize that there's no like that exist so its a scam and they just want people to believe on their words deliver then scam them. Also a obvious indicator is when they hide their identity since they will not do that if they are confident with their project and if they doesn't hide anything.
I think that biggest sign is that scams always offer a big profit that is so much attractive that many people invest money in the scam projects without any checking informations.
people with common sense, at least slightest of it, honestly should have gotten the idea to check for some further information when they heard some project offering massive returns of profits.but sometimes its true, some people just outright invest because they got overtaken by their greed. because they are so eager to get rich quick, instead they got broke quick this time around.
Can we check the projects through their social medias, that also include their twitter, Instagram, GitHub, and their telegram as well. Because most of the projects have blue ticks on their twitter account, but I have seen they can also do scam with the users who are connecting their wallets through their websites.
one more improtant thing is partnership with reputed ventures and other reputed company, you will know instantly that they are legit from just looking at that considering the simple fact that they've most likely already being reviewed by these ventures for investment purpose.
I think that biggest sign is that scams always offer a big profit that is so much attractive that many people invest money in the scam projects without any checking informations.
Can we check the projects through their social medias, that also include their twitter, Instagram, GitHub, and their telegram as well. Because most of the projects have blue ticks on their twitter account, but I have seen they can also do scam with the users who are connecting their wallets through their websites.
But sometimes when the crypto project is active in their telegram and any other social media activities they just do it for some reasons that they want to attract more investors to their project and when they get what they wanted, they start to stop their updates and they start to delay their response to their investors in the telegram. That's why I'm saying that's not totally reliable when a project is active on their social media because sometimes they only do it to lure their victims and do not sincerely make any progress to complete their project or to be listed in some exchanges.
Scammers are wise nowadays and yes there are fake projects who seems to be a good one but after reaching their target, problems will start to happen. Again, if the offer is too good to be true, then that's a clear scam for me and also, don't expect easy money because usually those projects who offers a quick return becomes a scam later on. If you're still not sure if the project is ok or not, try every resources and market to confirm it and if still in doubt, then just buy the top coins for your own peace of mind. Jump to: