There are some simple methods to check for ICO scams :
- Check escrow conditions, if there is no milestone, don't invest.
- Check the identity of each team member, the photos are not enough, check their social accounts, google them, do anything to get their ID. if not, then it is 90% a scam.
- Don't waste time on whitepaper, it is made for technical users who can understand the content.
- If somone invites you to invest, and wears their signature, beware, he may be paid to get investors (at the moment just a few users do this)
- Ask them the ICO scam killer questions like : Where is your business plan ? what is your expected realisation delay ? Where is your financial plan ? ...
With these, you can easily avoid ICO scams, but even Bust them.
- Check escrow conditions, if there is no milestone, don't invest.
- Check the identity of each team member, the photos are not enough, check their social accounts, google them, do anything to get their ID. if not, then it is 90% a scam.
- Don't waste time on whitepaper, it is made for technical users who can understand the content.
- If somone invites you to invest, and wears their signature, beware, he may be paid to get investors (at the moment just a few users do this)
- Ask them the ICO scam killer questions like : Where is your business plan ? what is your expected realisation delay ? Where is your financial plan ? ...
With these, you can easily avoid ICO scams, but even Bust them.
Oh yeah, forgot that asking questions is a kill, remind me of something
True agree on the photos of team member is not sufficient as photos can be took, and even use others social profile
The questions i asked to ascendancy just killed them, they deleted them (as it was a self moderated post), in the end, it appeared to be a scam. On background they was sending me PMs inviting me to talk to annother guy for these kind of questions which looked suspicious to me, this is why i droped them.
I feel 99% of the ICO ventures are created to scam people. It's like making 1000 bitcoins by investing 200-300 bitcoins.
There are many accusations on these ventures as the owner pays to people to scam others and increasing the investment by putting the bid himself.
Most of them won't show their owners and developers so that they can scam again and again.
