So many new ICO, how to check if it's scam? - page 39.

pitiflin

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Quote from: moonswamp on September 11, 2017, 04:55:26 PM

So many new ICO, and they all have new idea and tech listed on their webpages,

and even the websites use the same template...

but so many new ICO, how to check if it's scam, or worth to invest...

Best thing to do is an EDD(enhanced due diligence) is what I term it, and here is an example on how it works in basic terms.
Read their white paper, interrogate with them in various social media sources with different user names. Check their website for every small thing and find out a loophole if any. Try to bluff about their ico and the way they react should be observed carefully. And also figure out how they are going to utilize the funds they receive from people and how well they are going to return it back.

tanoe

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Quote from: moonswamp on September 11, 2017, 04:55:26 PM

So many new ICO, and they all have new idea and tech listed on their webpages,

and even the websites use the same template...

but so many new ICO, how to check if it's scam, or worth to invest...

really ? use the same template ? so far, i never see .

i thought you should check the main concept, whether make sense and solve real problem . or not ?

but, still there is'nt guarantee it's would be successfull , There are many things that makes this fails .

nightwishx

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of course you can see from some things. I think teams and ideas are important. many have good ideas but are not proportional to their strategy, that is one indication of a scam.

munareal

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Services like ICOtracker, ICOrating, ICOstats helps.Look at the team behind it, their reputations will help you decide. Understand the ICO's business model by checking their white paper and roadmap .Check them on GitHub and also their competitors.Some ICOs are not intended to be scams but ended being scams for various reasons.

jingyang

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Activity: 392

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I think we can understand whether or not it's cheating by looking at the team behind the Project.
If the team is made up of experienced and reliable people there is no problem

warrior333

sr. member

Activity: 406

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There is no guaranteed way to protect yourself from the fact that ICO will be a Scam. Not every Creator is counting on that. On the contrary most of the coins created with the hope of a long life, but the people decide to trust them or not and vote for it with their money. A promising project for a few days can be a Scam and Vice versa.

rajakoin1994

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Activity: 308

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You just need to identify carefully about the ICO..
Do research on his team and read whitepapers carefully..
If you are sure with the team reputation, then you can decide to join the ico or not..

jeytora

newbie

Activity: 38

Merit: 0

There are many scam ICO but in order to verify if their project is legit is we need to do some research. Check if they have a product, read the whitepaper, roadmap and know their marketing strategy. These way you can have an input if their project is scam.

Fundamentals Of

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Quote from: concept2 on September 12, 2017, 01:41:15 PM

Check their team. Most of the ICOs which have good team always gain success. Dont follow any ICOs which have a weak team or unprofessional employee. CHeck how they design the website too. Also, if you have time, read their whitepaper. Scammers do not have time to make their own whitepaper. They steal whitepaper from other ICOs and make a few change

That is right. Try to do a process of looking at their track record. If they are infamous in creating scams and starting projects and then leaving in the middle of the development, then that is already a red flag, even if these are all accusations but they are too many. Whitepapers can be made by merely paying brilliant people.

perla

hero member

Activity: 1932

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nowadays there are less ico which scam because they use escrow, if failed they refund investor's money. but it will be different if their ICO success but no update for long time.

moamin77

full member

Activity: 310

Merit: 102

JACS.tech

Look at many things, like:

Team (Leaders, key persons, developers...)
Project Idea (sometimes the brilliant ideas could also be patents or IP publications...these are always great & new)
White paper (how it's written, its structure, the details it includes...)
Timeline (should be clear & deterministic)
Lock-in time for the founders/company tokens (sometimes for the raised funds)

and many more

billyj111

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Deal Coin - P2P Lending Eco-system

Quote from: BitcoinNational on September 12, 2017, 02:11:17 PM

You'll never be sure 100%. But if you check the team (most important criteria to me), if they have experience, if the profiles are relevant for their project, and then the project itself , is the project well explained? Do you have the feeling that they know where they are going?
If these two points are suspicious, don't go further

Agree, but it's not so easy either. Bancor. They had a good team, and I think the idea is cool in them, but it's still zero and unrealized.

kryptqnick

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Join the world-leading crypto sportsbook NOW!

Quote from: Josepht on September 11, 2017, 05:06:05 PM

Most of the ICO's are shit.

The best way to know that an ICO is legit, is seeing that the team already has a working product (for example, BitDice has a running casino for 3 years, and now they come with an ICO).
And, what Whipsplash says: the more info you can find beside their webpage, the less likely it is that is is a scam.

I agree that the team is important. If there is a famous casino or some known people working on the project (which I guess is a rare thing) then it is not a scam. Yet even this doesn't guarantee the project's success, so investing in icos is really hard and risky.

Quote from: ctyong on September 12, 2017, 01:53:39 PM

How to spot scam coin? You need to do some research on their whitepaper and development teams and I find it difficult to determine the scam coin just by those two factor but it will surely narrow it down a bit.

I suppose the question here is rather how to find a non-scam coin that the opposite. By the way, maybe all these Chinese regulations will help to deal with this matter, for I saw the news about the ban of suspicious icos, not all of them.

thinker74

newbie

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Quote from: devollito on September 12, 2017, 01:54:38 PM

1. Check the project - is it possible or impossible project, we can call it dream project.
2. Check the team - a whole team especially CEO and CTO and COO. Also dont forget to see who is the advisor. ( look at cindicator ) the advisor is totally legit.
3. Check the roadmap - how long you willing to put your money in to this project, you can predict it from road map.
4. Check their github
5 check the top management linked in

Thats what i always do..

Thanks for sharing, those are the steps I follow as well, absolutely evident-based practice and I learned the hard way. On top of the above steps, I limit myself to industries that I am familiar with. Talking with the dev/team won't do any good if you are clueless about the technicality and drown in their bullshit.

BitcoinNational

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Join The Blockchain Revolution In Logistics

You'll never be sure 100%. But if you check the team (most important criteria to me), if they have experience, if the profiles are relevant for their project, and then the project itself , is the project well explained? Do you have the feeling that they know where they are going?
If these two points are suspicious, don't go further

devollito

full member

Activity: 560

Merit: 217

1. Check the project - is it possible or impossible project, we can call it dream project.
2. Check the team - a whole team especially CEO and CTO and COO. Also dont forget to see who is the advisor. ( look at cindicator ) the advisor is totally legit.
3. Check the roadmap - how long you willing to put your money in to this project, you can predict it from road map.
4. Check their github
5 check the top management linked in

Thats what i always do..

ctyong

member

Activity: 145

Merit: 22

How to spot scam coin? You need to do some research on their whitepaper and development teams and I find it difficult to determine the scam coin just by those two factor but it will surely narrow it down a bit.

concept2

sr. member

Activity: 750

Merit: 258

Check their team. Most of the ICOs which have good team always gain success. Dont follow any ICOs which have a weak team or unprofessional employee. CHeck how they design the website too. Also, if you have time, read their whitepaper. Scammers do not have time to make their own whitepaper. They steal whitepaper from other ICOs and make a few change

subG

hero member

Activity: 770

Merit: 500

It seems like there's a new ICO just about everyday or two. It is very difficult to follow all of them. I usually look for something in a project that I would actually use in real life and if a token or coin is really necessary to keep the platform going. Some ICO's are just out to milk your money and no one would actually use it when the platform is released. Just do lots of research before investing.

StockBet.com

sr. member

Activity: 322

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Make A Bet on WORKING SOFTWARE

Make sure the team has demonstrable software to prove that they can actually develop.

Most ICOs have nothing to show in this regard. Some have code at Github but it's meaningless if you cannot run the software to see how good or useful it is.

If they cannot prove that they can develop software, then the team members' fancy titles, bios or CVs are meaningless at best, fraudulent at worst.

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