Topic: Way to distinguish between scam and genuine ICO's (Read 185 times)

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It is never as simple as that, the example that you are giving was precisely one way to try to distinguish between the good icos and those that were scams, some time ago people realized that the coins that had very large telegram groups made a lot of money to those that invested in them and as you may guess scammers realized this and began to pay people to join their channel so it seemed as if they had a good project.

All that is needed most times is to ensure you have set parameters for evaluating a project. One good way to distinguish between scam ICOs to check their telegram groups, if the number of member is overly bloated, then that could be suspicious as they're trying to portray an image of being very sought after project when in the actual sense that's not the case.

If we all did our due diligence before investing in ICO and projects, we wouldn't be ripped off and there would be less scam because there wouldn't be people to patronized them.

The best bet nowadays is to stick with ICOs from veterans in the industry that have a proven track record and already offer some products/developments at time of ICO.

I'd like to share a project I personally work with, called XAYA, which, as an investor,  I recognize meets all the benchmarks required of a solid ICO. XAYA is a blockchain dedicated to blockchain gaming that addresses all the issues faced by gaming on Ethereum and other blockchains. This includes a number of unique features, of which I will list a few:

* Language agnostic: publish games in any language, including via Unity SDK
* Game Channels: state channels specifically for online gaming that enable 100% blockchain gaming that is real-time and infinitely scalable
* Major industry support: First game (Treat Fighter) from TrickyFast Studios is in open beta, Soccer Manager (25 million downloads) is launching Soccer Manager Crypto in December.

This project comes from the inventors of blockchain gaming in 2013 via Huntercoin. It's network is already live and it's already being used. ICO is listed on Liquid exchange, which means automatic listing upon completion of the sale. You can check it out here: https://app.liquid.com/ico-market/CHI

If you are curious/skeptical about the tech, the CTO delivered a comprehensive presentation at Blockchain Games Summit recently: https://www.youtube.com/watch?v=wMd9mvc8pqA

There are web sites like ICO Holder to attempt to do that. But after launching my own ICO, I learned that all of these web sites just want money to promote the ICOs.

Another test - can you talk to someone? Do you understand how they will make money. Flashier the adds and hype, less I believe.

I created a Token / ICO that is backed by profits from mining, and my early investors (from June!) are looking at 10x today. I know that there is a lot of spam and crap out there. But please look at https://bitcointalksearch.org/topic/annno-ico-aga-token-mining-profits-already-listed-solid-returns-pre-sale-4627045 and give me a call if you want to learn more. This is a real ICO. Look how BORING it looks versus all the hype. But take the time, to click on the links to Facebook, LinkedIn, e-mail us, call us. You will see that it is real. I do not think you could do that with the super flashy ones.

Tomasz

Tomasz

It is quite difficult to distinguish or differentiate between scam and real icos
The most important factor is the individual (the investor)
How good are you when it comes to rsearch ?

Do your research always and u won’t have to worry about fake or real
You realize them instantly

When inspecting the project, I always try to pay attention to the representative on the forum , the project site and of course the smart contract and the team , you also need to read the white paper.

Scammers don't care about anything except making money. If you put in your life savings, and your children's medicine fund, they will take it all without mercy. Don't be a victim and secure your coins, only invest in quality ICOs

Yes, we are also distinguish between the ico and real scam as I am social and human being so I feel bad for all those who have lost in this whether they are investors or bounty hunters.

No one allows thieves / decoits to enter into his home.  We should use gentle language because it is mirror of our character.

So, you are basically saying that you are too lazy to DYOR, and that you would rather have someone else (the forum) that does that work for you, with no payment so that you can earn more doing bounty. You are a shameless lazy one.

In case you did not notice, this is crypto, YOU are responsible for spending your time, money and effort because it is you who is trying to make a profit.

I absolutely agree with you, because it is also unpleasant in its own way when investors lose their money in a failed project, respectively, and the bounty of this project in which you participate this time wasted.  Although I would like to earn my money!

I have the same feelings as you are having.  I also feel myself very much sympathetic to the innocent people.  May it be investor; or bounty hunters or any other members on board.  We are here like one family.  I feel all are my brothers and sisters.  That is why I feel pain when somebody losses something. 
I always pray God almighty to give positive mental thoughts to everybody.  I pray everybody becomes nice.  Every body becomes co operative.  No body cheating anybody but on the other hand giving his share to the person in need.

I would like to share one thing also; I am here not just for money making.  I am not working for myself.  I am working because I want to earn some money for the charity.  I see there are so many people who are suffering from various sorrows.  Some are sick; the other have no food.  I just want to serve and satisfy their needs only.

I am having enough money and good source of monthly income to satisfy my basic needs. But I face the same problems as shared by you.  Even few days back some person hacked my account and stolen the coin which I had to donate to one hospital.  But It's ok.  I will do more work ; will earn again and then I will start my charity. 

Your suggestion of some board formation also is appealing.  May be some senior members has look at your post and does some thing on it.

Several ICOs are being launched every month.  These ICOs are being launched through our bitcoin forum.  My past experience is that though some of the projects launched are good but on the other hand there are several projects which are  just scams.  These projects are just launched to cheat the money from the investors. And when the project proves to be a scam resultantly the bounty hunter is the person who also have to bear the loss for the work done by him.  His labour is not paid.    Also I would like to add that though the labour of bounty hunters is wasted in such projects but also the money of investors is lost.  I feel pain when I see no return for the  work done by me but when I think about the money wasted of innocent investor then in addition to being sad; I feel guilty too.  Bounty hunters need to be alert and aware enough while joining any ICO.  Before joining he must ensure the future plans of the project.  The past track record of the team behind the project needs to be checked.  Though above suggested steps must be taken by the bounty hunters.  But still there are several scam projects.  My suggestion is  Can there be some board / committee / group of persons technically expert appointed like administrators / moderators  who should be monitoring the ICOs being launched through bitcoin forum.  I also suggest that without their approval no project should be given green signal to advertise through bitcoin forum.  They should be reimbursed by the ICOs.   I think it may become a major tool to cleanse the forum from such cheaters.