Topic: Ways to identify ICO scams - page 2. (Read 694 times)
First and foremost take a critical look at what the project seeks to solve.Read the technical sections of the white paper and join their telegram group and ask them a question with relation to what they stated.How influential and experience are the team with regards to the project and finally check opinions from other ICO other investors you trust can do good analysis on projects.
A sign if the ICO is a scam is that tokens developers are anonymous or otherwise unknown. While it is true that the creator of Bitcoin - a pseudonymous individual or group running under the name Satoshi Nakamoto - does not reveal his true identity, he does this because he created a network that does not depend on the reliability of a central authority.
From a different perspective, since many great guys are giving great idea.
When I look for ICOs, to define whether they are scam or not, I look at the bounty manager.
Nowadays most bounty managers are Senior/ Hero or Legendary.
However, even they are in that ranking some of them are doing shit jobs.
So, when you find the bounty or ANN thread, look at the name of the manager.
If the manager's name is Sylon, Aerys2, or deadly, they are well experienced
bounty manager, so I think they must have done a due diligence by themselves.
That is one way I decide which ICO to join.
When I look for ICOs, to define whether they are scam or not, I look at the bounty manager.
Nowadays most bounty managers are Senior/ Hero or Legendary.
However, even they are in that ranking some of them are doing shit jobs.
So, when you find the bounty or ANN thread, look at the name of the manager.
If the manager's name is Sylon, Aerys2, or deadly, they are well experienced
bounty manager, so I think they must have done a due diligence by themselves.
That is one way I decide which ICO to join.
maybe is hard to find identify ICO is scam or not. because they all promising, but i think you need look up them white paper and more research about ICO like googling they ICO asking people who already join maybe thats all.
This is the first step in finding the problem through the white paper and the technical route, and then check that the code is open source, and then Google searches for the team's history, which is probably all.
Agree to you buddy, I just also want to add the thing that I always do to see if a project is a scam or not.I make a visit in there social media and there telegram. You can easily know them there because there is no update and discussion about there project. you cant identify if you only look website and whitepaper. They are so easy to create. I think best way to find good ICO, is searching its team and advisor. for example sether has great team and it has John McAffee for advisor.
You know, some ICO has a "no-name" team but it's going to the moon and some has a top-100 professionals and it's creeping on the bottom of the market. It's a good advice but it's not working at 100%. You also can just join their Telegram group or just read through the forum thread also.
Which ICO has top 100 professionals that's creeping at the bottom of the market?
It the team is anonymous = BIG RED FLAG. If there is no whitepaper and there is no plan to come out soon with a Whitepaper = RED FLAG. If the team consists in one or two people only and they have no product yet = RED FLAG.
I have forgotten to mention that also the project have to make a sense - if you cannot understand what they are talking about, probably nobody else will either.
I have forgotten to mention that also the project have to make a sense - if you cannot understand what they are talking about, probably nobody else will either.
Finding a good ICO means you have to first of all take a look at project's goals and the team.
The goals should be real and be demanded by the society. The Team should consist of professionals and consists of people with decent and clear background. Project's roadmap should provide the information about the development plans. If these rules are not followed then a project is usually a scam.
The goals should be real and be demanded by the society. The Team should consist of professionals and consists of people with decent and clear background. Project's roadmap should provide the information about the development plans. If these rules are not followed then a project is usually a scam.
It is really difficult to determine which ico is scam and which is real. I just capitulate to answer the question correctly , but there are several ways but which you can identify
-identify the error in white paper
-the website and content quality
-check their team mate in linked in
-check their track record if any
-check their ranking in various ico benchmarking site.
-identify the error in white paper
-the website and content quality
-check their team mate in linked in
-check their track record if any
-check their ranking in various ico benchmarking site.
This is the first step in finding the problem through the white paper and the technical route, and then check that the code is open source, and then Google searches for the team's history, which is probably all.
Agree to you buddy, I just also want to add the thing that I always do to see if a project is a scam or not.I make a visit in there social media and there telegram. You can easily know them there because there is no update and discussion about there project.
look out for these three things.
1. The Developers Are Anonymous or not
2. The Token does not have a clear use case or just normal idea bought from somewhere else
3. The Whitepaper Sets Unrealistic Goals
1. The Developers Are Anonymous or not
2. The Token does not have a clear use case or just normal idea bought from somewhere else
3. The Whitepaper Sets Unrealistic Goals
I look at the project site, I read about what it is, I look at what team it exposes and maybe what projects they have already done before.
If think if proper, thorough and sufficient research is being carried out it can be detected but there are some scam ICOs that will really look real despite any research, one just have to be very careful before joining any ICO.
learn the command so that all people are real. Look when the project was conceived, if the working model, which bonuses pre sell. Subscribe to the telegram channels with the analysis of projects.
It is difficult to find so first you need to check full campaign details and activities. Experience of the team workers.
Any ICO that you can not verify it's token supply is probable of fraud. ICO that had no history of code development on github may not be legit. They may only be looking for money just to run. ICO must have a working experience of idea they are pitching. It is even better if they have a working product or services.
Guys, do share your tips on how to identify scams. To widen the knowledge for people who are honestly trying to invest and gain earnings with their hard earn money!
Scam ICOs can be easily identified over time.
Checking their website isn't always reliable because everything can be copied today even designs and everything.
I prefer to check their social media community like reddit, facebook and must of all their Telegram as their main discussion and communication platform.
Good ICOs have good social community, I believe when an ICO telegram has over 1k members then not a scam otherwise they are.
you cant identify if you only look website and whitepaper. They are so easy to create. I think best way to find good ICO, is searching its team and advisor. for example sether has great team and it has John McAffee for advisor.
You know, some ICO has a "no-name" team but it's going to the moon and some has a top-100 professionals and it's creeping on the bottom of the market. It's a good advice but it's not working at 100%. You also can just join their Telegram group or just read through the forum thread also.
Yeah, for me, I try to do the equivalent of a background check, on the company + founders, as much as I can find anyway.
Linkedin, past projects, CVs, anything to check reputability.
you cant identify if you only look website and whitepaper. They are so easy to create. I think best way to find good ICO, is searching its team and advisor. for example sether has great team and it has John McAffee for advisor.
You know, some ICO has a "no-name" team but it's going to the moon and some has a top-100 professionals and it's creeping on the bottom of the market. It's a good advice but it's not working at 100%. You also can just join their Telegram group or just read through the forum thread also.
It is hard to identify ICO scams. The best thing to do is research first the project you are to join. Then, check everything- its website, whitepaper and the roadmap. Then see its offered bonuses. Try to compute if its attainable.
Jump to: