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Topic: What is the first sign of a scam project (ico) for you? (Read 2723 times)

jjacob

legendary

Legendary level

Activity: 1554

Merit: 1026

★Nitrogensports.eu★

Quote from: jexphe2k on July 24, 2017, 10:53:52 AM

I believed we now have plenty of HYIP Monitor sites, Why don't we form a similar concept an ICO Monitor/Analyzer sites? Expert on spotting ICO scammers should lead this ICO Monitor/Analyzer sites Cheesy

Cheesy

HYIP at least have to make a claim about how they generate high returns. People can analyze that and attack that.
With ICOs, even that is not necessary.

thecryptoconsultant

full member

Activity: 130

Merit: 100

thecryptoconsultant.com

Quote from: Grant Hero on July 24, 2017, 10:18:39 AM

Quote from: thecryptoconsultant on July 24, 2017, 07:59:27 AM

Quote from: sakkosekk on July 24, 2017, 06:17:07 AM

This problem is actually quite hard to spot
Sometimes it depends on the heart, the greed of the developers
Behind the ICO projects are the 'dev'
There are dozens, hundreds of ICO projects on a daily basis
Be smart to choose yourself a best project
ICO idea:
+ Application (learning, game, health, ...)
Business model?
ICO technology
+ On which platform? (Blockchain, Etherum, Wase, ..)
Traditional
+ WEDsite
+ Blog
+ Forum
+ Advertising
+ Facebok
+ Twitter
+ Github
+ Youtube
...
Time to open sale?
Initial ICO price?
What is the Token Number?
How much capital to call? (How many tokens are sold)
Market
+ Scale
+ Object
Long-term vision (5 years, 10 years, ...)
Development team (Who are they?)
TOKEN DISTRIBUTION
+ Dev (%)
+ Bouties (%)
+ Pulic sale (5)
...

I would add to it, which Platform is it based on, I would stay away of all project that are built on top of an existing blockchain but not built on top of top 5 crypto currencies. (e.g. Next platform thats not user friendly at all).

Victor

Just out of curiosity.... What are some examples of "next platform"? Are you referring to something like Waves? Thanks.

I mean the next platform it is a project by itself, there is the Next coin do to stuff on the Next platform. it will switch to ardor soon. I would stay away from it for a long time. It is full of bugs

HardFireMiner

full member

Activity: 872

Merit: 120

Quote

What is the first sign of a scam project (ico) for you?

It has the word "ICO" in it. Crazy huh?

And it's true.

DuarteFig

full member

Activity: 169

Merit: 105

So, I can see some people consider uncapped ICO's as a sign of scam and others that consider the capped ICOs as a sign of scam, is that correct?

I think that some projects might fail even if they are not scams. A scam is when someone writes a whitepaper and creates a website promising to develop something he has not the intention of actually building. We maybe won't know what the real scams are until some months or years from now.

The cap raised during the ICO cannot determine whether it is a scam or not, but maybe it can determine if the project is a good investment (considering it is not a scam) or not, because very large caps will probably devalue after listing on exchanges.

Probably the biggest sign of of a scam project is the use of fake names and profiles in the Team section.

If the team has a product under development (or already developed), uses their real names, provides transparency about their operation, and stuff like that, if their ICO is uncapped and people send hundreds of million of dollars, the company might become overvalued, but I don't think it automatically qualifies the project as a scam. If instead they have a capped ICO and sell out in seconds, for me it also doesn't make the project a certain scam.

swaglord420

newbie

Activity: 7

Merit: 0

The background of the team, but also the amount of market cap they have over a period of time, if their coin doesn't fluctuate in value I'm assuming not much is happening at all, and therefore it is usesess to accumulate said coin

jexphe2k

newbie

Activity: 42

Merit: 0

I believed we now have plenty of HYIP Monitor sites, Why don't we form a similar concept an ICO Monitor/Analyzer sites? Expert on spotting ICO scammers should lead this ICO Monitor/Analyzer sites Cheesy

Cheesy

nonlinearboy

hero member

Activity: 703

Merit: 500

As for me, if I decide to buy an ICO tokens after some deep research, I will always keep my eye on it latest news, join in the slack, follow the twitter and blog if they have, and I will try to see if the team is working hard or not.

Beparanf

hero member

Activity: 2926

Merit: 795

Quote from: cryptohunter on July 24, 2017, 10:34:08 AM

Quote from: AshCoins on July 24, 2017, 10:28:31 AM

Question for all of you that consider every ICO to be a SCAM, how else would a company distribute their coins? And don't say air drop, because no one is going to spend significant time and money on a project to give it away for free.

If they are to have an ICO

Widely advertised beforehand
Uncapped with long duration
If possible POW phase 50%
Road map with milestones/fund release intervals.

anything less is setting up to be an insider market making colluding scam project.

There should be a working product or as much as possible the project can be vision potentially. When we can vision it chances it can get successful plus the team should be onhand and easy to contact too. Be smart in choosing ICO.

cryptohunter

legendary

Legendary level

Activity: 2100

Merit: 1167

MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG

Quote from: AshCoins on July 24, 2017, 10:28:31 AM

Question for all of you that consider every ICO to be a SCAM, how else would a company distribute their coins? And don't say air drop, because no one is going to spend significant time and money on a project to give it away for free.

If they are to have an ICO

Widely advertised beforehand
Uncapped with long duration
If possible POW phase 50%
Road map with milestones/fund release intervals.

anything less is setting up to be an insider market making colluding scam project.

AshCoins

full member

Activity: 336

Merit: 102

Question for all of you that consider every ICO to be a SCAM, how else would a company distribute their coins? And don't say air drop, because no one is going to spend significant time and money on a project to give it away for free.

cryptohunter

legendary

Legendary level

Activity: 2100

Merit: 1167

MY RED TRUST LEFT BY SCUMBAGS - READ MY SIG

First sign is the letter I

Suspicion starts to form.

If then C comes right next to it I am on red alert.

An O after the C = 95% scam.

I am now looking for the word capped or limit - I spot it.

100% scam confirmed.

Grant Hero

member

Activity: 112

Merit: 10

Quote from: thecryptoconsultant on July 24, 2017, 07:59:27 AM

Quote from: sakkosekk on July 24, 2017, 06:17:07 AM

This problem is actually quite hard to spot
Sometimes it depends on the heart, the greed of the developers
Behind the ICO projects are the 'dev'
There are dozens, hundreds of ICO projects on a daily basis
Be smart to choose yourself a best project
ICO idea:
+ Application (learning, game, health, ...)
Business model?
ICO technology
+ On which platform? (Blockchain, Etherum, Wase, ..)
Traditional
+ WEDsite
+ Blog
+ Forum
+ Advertising
+ Facebok
+ Twitter
+ Github
+ Youtube
...
Time to open sale?
Initial ICO price?
What is the Token Number?
How much capital to call? (How many tokens are sold)
Market
+ Scale
+ Object
Long-term vision (5 years, 10 years, ...)
Development team (Who are they?)
TOKEN DISTRIBUTION
+ Dev (%)
+ Bouties (%)
+ Pulic sale (5)
...

I would add to it, which Platform is it based on, I would stay away of all project that are built on top of an existing blockchain but not built on top of top 5 crypto currencies. (e.g. Next platform thats not user friendly at all).

Victor

Just out of curiosity.... What are some examples of "next platform"? Are you referring to something like Waves? Thanks.

nunchuck master

newbie

Activity: 14

Merit: 0

Quote from: Hoganye on July 24, 2017, 06:36:24 AM

In fact, ICOs project in 2017 or last year are can become to scam project, but the time they become to scammer still long. Because if try scam at now, they will miss opportunity make money with this type. Not have rules can helps them easy to PR and creating project, just need use some money from crowdsale, they can easy listing to exchange site and user will say they are really project Roll Eyes

Roll Eyes

You mean that they would rather finish an ico, issue tokens, get listed on the exchange and only then scam than disappearing right after money is raised?

thecryptoconsultant

full member

Activity: 130

Merit: 100

thecryptoconsultant.com

Quote from: sakkosekk on July 24, 2017, 06:17:07 AM

This problem is actually quite hard to spot
Sometimes it depends on the heart, the greed of the developers
Behind the ICO projects are the 'dev'
There are dozens, hundreds of ICO projects on a daily basis
Be smart to choose yourself a best project
ICO idea:
+ Application (learning, game, health, ...)
Business model?
ICO technology
+ On which platform? (Blockchain, Etherum, Wase, ..)
Traditional
+ WEDsite
+ Blog
+ Forum
+ Advertising
+ Facebok
+ Twitter
+ Github
+ Youtube
...
Time to open sale?
Initial ICO price?
What is the Token Number?
How much capital to call? (How many tokens are sold)
Market
+ Scale
+ Object
Long-term vision (5 years, 10 years, ...)
Development team (Who are they?)
TOKEN DISTRIBUTION
+ Dev (%)
+ Bouties (%)
+ Pulic sale (5)
...

I would add to it, which Platform is it based on, I would stay away of all project that are built on top of an existing blockchain but not built on top of top 5 crypto currencies. (e.g. Next platform thats not user friendly at all).

Victor

Antivoid

full member

Activity: 280

Merit: 100

The team, some are just joker, like 16 years old team member called himself experienced, and then the project itself, does it has a clear plan or just pie in the sky

Hoganye

hero member

Activity: 625

Merit: 501

In fact, ICOs project in 2017 or last year are can become to scam project, but the time they become to scammer still long. Because if try scam at now, they will miss opportunity make money with this type. Not have rules can helps them easy to PR and creating project, just need use some money from crowdsale, they can easy listing to exchange site and user will say they are really project Roll Eyes

Roll Eyes

sakkosekk

full member

Activity: 224

Merit: 100

This problem is actually quite hard to spot
Sometimes it depends on the heart, the greed of the developers
Behind the ICO projects are the 'dev'
There are dozens, hundreds of ICO projects on a daily basis
Be smart to choose yourself a best project
ICO idea:
+ Application (learning, game, health, ...)
Business model?
ICO technology
+ On which platform? (Blockchain, Etherum, Wase, ..)
Traditional
+ WEDsite
+ Blog
+ Forum
+ Advertising
+ Facebok
+ Twitter
+ Github
+ Youtube
...
Time to open sale?
Initial ICO price?
What is the Token Number?
How much capital to call? (How many tokens are sold)
Market
+ Scale
+ Object
Long-term vision (5 years, 10 years, ...)
Development team (Who are they?)
TOKEN DISTRIBUTION
+ Dev (%)
+ Bouties (%)
+ Pulic sale (5)
...

MakaveliTheDon

copper member

Activity: 90

Merit: 0

The idea itself (real pain?, 10x?, market (size, stage, penetration point, timing ...), product-market fit, tech behind it (is blockchain solving something real, is it necessary?), economics, long-term vision (how will world look like with this product and w/o in 5, 10 years?))
Team (experience, size, relations and dynamics (hard to judge without personal talk, presentation - it would be a good idea to do a quick promo video like you need to do for YC application)
Tech (website, social pages, mail, MVP/working prototype (if in the right stage) ...)
ICO timing and structure, big allocation of funds to team, escrow ...

Jonashe

full member

Activity: 194

Merit: 100

CryptoPuzzle.com developer

It's not always a "scam" but you can make very bad investment if there is no cap, long period investing (1 month), tech already existed, blockchain is useless for this tech etc.

pedrog

legendary

Legendary level

Activity: 2786

Merit: 1031

Do they have a functioning product?

I they're selling vapor, it's better to stay away.

Do they really need a token?

Many of these projects could work with bitcoin and litecoin, there is no good reason for them to have their own token.

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Bitcoin Forum>Alternate cryptocurrencies>Altcoin Discussion

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