What tips you will give to a new investor to identify scam projects early ? - page 4.

iv4n

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Quote from: Amejoaquim on June 27, 2023, 10:37:14 PM

You can go into the official website of the project then checked all of the member of the TEAM.
If they don't put the face of the member of TEAM i can guarantee it almost scam project.

It's even funnier when they put pictures of cartoon characters... it screams "scam" right from the start!

Quote from: ?? on ??

Some specific signs that newbies can spot in scam projects early are:

Unrealistic promises of high returns or guaranteed profits
Lack of transparency or verifiable information about the team, the technology, or the roadmap
Fake endorsements from celebrities, influencers, or reputable organizations
High pressure tactics to invest quickly or miss out on a limited opportunity
Poor grammar, spelling, or design on the website, whitepaper, or social media posts

Nice comment... if we notice anything from what you wrote it should trigger the alarm in our head. Most of the scams have unrealistic promises, we can never forget the old one "If it’s too good to be true it probably is”.

So the best tip for new investors is to check everything, literally everything... starting from grammar, website design, WP, roadmap, etc. And if anything raises any suspicion, just turn around and walk away.

lalabotax

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Quote from: ?? on ??

Some specific signs that newbies can spot in scam projects early are:

Unrealistic promises of high returns or guaranteed profits
......
Fake endorsements from celebrities, influencers, or reputable organizations

These two things are things that happen very often and make newbies fall into scams or ponzi schemes. sweet promises will multiply money quickly from investing in a new project especially with the support of certain celebrities for promotion, or with various false promises and evidence, some or most newbies will believe easily. Unfortunately, not all of them are willing to study first and be more thorough. Most only focus on the money they promise so they will easily fall into the trap of scams. This happens very often but it seems like it keeps happening over and over again.

SaveOurSea

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Quote from: TastyChillySauce00 on June 28, 2023, 11:30:16 AM

Quote from: Amejoaquim on June 27, 2023, 10:37:14 PM

You can go into the official website of the project then checked all of the member of the TEAM.
If they don't put the face of the member of TEAM i can guarantee it almost scam project.

How can you know whether they have been putting their real face or not? i have experienced that so many teams were faking their faces. It's caused by they wanna only fooling investors. This is the main problem.

It's better to join in a project that has been fully doxxed by the trusted company rather than gambling on their faces that showed on their site.

It is true that there are many cases like that, therefore, to minimize the risk, it is better to join a project that is clearly carried out by a trusted company,
we need to take the time to do research and that's very important,
they scammers have many ways so we have to be careful.

TastyChillySauce00

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Quote from: Amejoaquim on June 27, 2023, 10:37:14 PM

You can go into the official website of the project then checked all of the member of the TEAM.
If they don't put the face of the member of TEAM i can guarantee it almost scam project.

How can you know whether they have been putting their real face or not? i have experienced that so many teams were faking their faces. It's caused by they wanna only fooling investors. This is the main problem.

It's better to join in a project that has been fully doxxed by the trusted company rather than gambling on their faces that showed on their site.

QueenVera

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Quote from: krishnaverma on June 20, 2023, 09:04:31 AM

According to me this can be done by

1) Detailed research about the project and people behind the project.

2) Asking about the project on forums like bitcointalk where more experienced members can give proper advice.

3) Checking the community of the project on social media. If there are lot of bot replies or comments on their posts in social media like Twitter, there is strong chance that the coin price is being manipulated.

These are like general advice but do you some specific signs that newbies can spot in scam projects early. What tips you will give to a new investor to identify scam projects early ?

Scam projects are always about the price appreciation and comparing it to other popular coins because they know their project don't have any value but by keeping the hype in their community groups high, new investors will keep investing in their project, observe the discussion ongoing on in their group.
Projects that want to grow will be focused on development and not first and not concerned about the token price because they know they'll appreciate in the future if they can deliver on their promises in the whitepaper. Good project doesn't have thousands of supporters when they start so watch out for that.
Scam projects buys thousands of bot to their telegram group so they look legit and convince new investors to buy their tokens. Legit project grows with time as more investors get to know about the project because of them getting listed on top exchanges and giving their investors good profits.

Dr.Bitcoin_Strange

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I know that during some ICOs, presales, or pink sales, most of those projects are scams, and they go to every length to make sure that they advertise their coins or tokens so that they will get huge investors, and at the end of the day, they will run away with investors fun. About ICOs, I would advise a cryptocurrency new investors to avoid buying a token on the pink sale, or perhaps he or she should just avoid buying a token on presale and only buy the token after it has been listed on CEX. Listing on CEX doesn't even guarantee success for the project, but at least it will reduce the risk of buying a token for $2 during the pre-sale and selling it after listing on CEX for $0.5 (lol). That's how it always happens. Although, there is still some possibility that the token could leta get pumped, if it's not a scame project. So, newbies should avoid investing in ICOs unless they are ready to bear the full risk of losing their money. Also, on the internet, any person who asks you to send your coin to them so that you will earn 10%, 50%, and 100%, respectively, within a week or few days of investment should be avoided; it is obviously a scam.

Cheers 🥂, Dr.Bitcoin_Strange 👺👺

justdimin

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Quote from: savetheFORUM on June 27, 2023, 02:12:05 AM

Quote from: Bitstar_coin on June 25, 2023, 12:52:48 PM

As a new investor who have no clue about market behavior it will be best to stick to top coins, this can't be emphasizes enough because of the various scam activities that usually happens in this space and most especially to new investors who can not identify scam projects from real projects.
It takes a lot of researching, observing and reading different guide to be able to identify scam projects and avoid them but not everyone has the time and patient for it.

I completely agree with you on that one, I believe newbies who are new in the industry should first learn everything and then think about investments, and initially, the best practice for them would be to only invest in the top and trusted cryptocurrencies that too when they are low in order to learn how trading works if they keep doing that and stay in the market, they will slowly start understanding everything and will be able to identify legit and scam projects over time.

That's why it is better to not invest in new projects if you are new to cryptocurrencies because you can lose your money and won't even earn anything nor will learn anything, but if you invest in trusted coins and learn from them and from around the industry, you will one day be able to easily spot scam projects.

Newbies who go into new projects have one thing on their mind; "I am too late to making big amounts of profit from bitcoin, that can't go x100, so I should invest into something new and take the risk, maybe I will find next bitcoin". We all know how many of them end up losing their money because of this, and that is why it doesn't make sense to invest into new things and we all know that's not going to be a smart decision even for veterans let alone newbies.

However, that doesn't mean that we are going to not do it neither, there will still be some people who will do it one way or another and I believe that we shouldn't be really shocked about this neither, we should be considering this as normal and just hope that people do not invest all their money into it.

Apocollapse

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Quote from: krishnaverma on June 20, 2023, 09:04:31 AM

1) Detailed research about the project and people behind the project.

2) Asking about the project on forums like bitcointalk where more experienced members can give proper advice.

3) Checking the community of the project on social media. If there are lot of bot replies or comments on their posts in social media like Twitter, there is strong chance that the coin price is being manipulated.

Someone want to create a new altcoin and then after they read this post, they will do this thing:

1) They will hire someone who experienced to create an altcoin, so it will help the project to make sure anything can be accessed to public. They will create fake linkedin accounts and claimed each of them are professionals.

2) They will buy high ranked accounts in this forum and vouch the project.

3) They will hire people to shill their projects and make sure no reply is like bot.

Now the project already looks legit and they can start to scam Roll Eyes

nyashenka

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I think that the most important is to check what exactly product the project offer and how useful is this project and how many people will use it. It is also necessary to check the team to understand how it can to realize all planned ideas.

Oasisman

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Quote from: krishnaverma on June 20, 2023, 09:04:31 AM

According to me this can be done by

1) Detailed research about the project and people behind the project.

2) Asking about the project on forums like bitcointalk where more experienced members can give proper advice.

3) Checking the community of the project on social media. If there are lot of bot replies or comments on their posts in social media like Twitter, there is strong chance that the coin price is being manipulated.

These are like general advice but do you some specific signs that newbies can spot in scam projects early. What tips you will give to a new investor to identify scam projects early ?

That's indeed a general tips, however it is not only the scam projects that can cause your invested money to lose. You will also need to keep in mind that not every project becomes successful eventually 1 out of 20 projects might become successful and gain good value in the market. So, that's what makes these new projects a very risky investment in crypto space. One important thing to look at is the community and investor's interest into a certain project - that means you need find a community with mutual interests.

Amejoaquim

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You can go into the official website of the project then checked all of the member of the TEAM.
If they don't put the face of the member of TEAM i can guarantee it almost scam project.

JeffBrad12

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Quote from: nyashenka on June 27, 2023, 06:53:03 AM

Usually scam projects offer so attractive profit that even experience investors sometimes make mistake. If scam projects will offer a small and reasonable profit they will not be so attractive for investors and nobody will invest in scams.

that should also be a sign and massive one at that that determine whether the project is scam.
I think distinguishing and figuring one is quite easy honestly its just that some people actually getting blinded by greed disregarding all the possibilities of the project they were invested in of turning and becoming scam because
they thought they'd earn massive amount of returns in the future.
thats what happened with most of scam case, they know something is wrong, but the supposed future profit that they thought they'd get make them frenzied regardless with the investment.
I think besides identify through logical means, one should also know self control and avoid become greedy.

albon

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Quote from: Nrcewker on June 26, 2023, 12:04:03 PM

If you are a new investor, then I would suggest you to not invest in any new projects. Go for projects which are already there in the market for long period of time, or atleast projects where big people are partnered. If you do it then, the chances of getting scammed here decreases. Though I won’t directly advise you to invest in altcoin projects, but it’s upto you OP. Projects related to Bitcoins or Ethereum have more chances to give you profits.

Even expert investors cannot guarantee that if they invest their money in a new project, this project will succeed and will not fail halfway or at the end; I know that their experience is undoubtedly higher than that of newbie investors in sniping and choosing new and non-scam legitimate projects, but there are many factors that depend on the success of the project, and it is impossible for them to know what will happen in the future, so I advise the new investor or the one with experience to invest in old currency projects, which have a huge status among all currencies, but he takes into account what happened to the Luna currency and not rush to choose, and if he wants to invest in a new currency project, he should conduct a deep research about the project in all its aspects, and look forward to knowing the team’s skills and previous experiences, as this is an indicator that may help him determine a good project.

Xal0lex

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Quote from: justdimin on June 27, 2023, 12:12:33 PM

This is why I check the people behind it, if there is a project with people who have been good for a while, then I would understand that it is also quite similar for the next project. If those people worked on different projects before and made some money, that means it is going to be quite great for the next one as well.

So, bunch of people who worked in maybe over a dozen different projects as part of something, then could become a bigger deal and make a profit later on as well if they end up building something together. This is why I believe that we should be careful about it, I know that it is not going to end up being that terrible but it is also not going to be that amazing neither if we are not careful. Always look at the team, that always matters.

It is in such development teams that large capitals most often invest money. If the project has financing rounds, it means that the developers there are experienced and have some portfolio of their past developments. The higher the level of venture funds is, the more experienced the development team is. Funds also take risks into account, because no one is likely to invest a lot of money in a team without experience.

justdimin

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Quote from: Doan9269 on June 26, 2023, 12:07:41 PM

Quote from: bittraffic on June 26, 2023, 03:45:56 AM

Just buy the old projects because certainly if they have lasted the bear market, they eventually be among those altcoins that also will go up when bull run arrives. And it seem very close already since halving will be next year already.

This is one of the tips to ensure that we take care of when choosing a project for an investment, they must have a past and long term existing progress in their offer, not that we cannot invest also on the newly introduced cryptocurrencies but they have to be from the reliable sources we have their guaranteed reputation over years in cryptocurrency, because we cannot afford out of our own mistake loose the entire money we are investing on them

This is why I check the people behind it, if there is a project with people who have been good for a while, then I would understand that it is also quite similar for the next project. If those people worked on different projects before and made some money, that means it is going to be quite great for the next one as well.

So, bunch of people who worked in maybe over a dozen different projects as part of something, then could become a bigger deal and make a profit later on as well if they end up building something together. This is why I believe that we should be careful about it, I know that it is not going to end up being that terrible but it is also not going to be that amazing neither if we are not careful. Always look at the team, that always matters.

nyashenka

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Usually scam projects offer so attractive profit that even experience investors sometimes make mistake. If scam projects will offer a small and reasonable profit they will not be so attractive for investors and nobody will invest in scams.

savetheFORUM

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Quote from: Bitstar_coin on June 25, 2023, 12:52:48 PM

As a new investor who have no clue about market behavior it will be best to stick to top coins, this can't be emphasizes enough because of the various scam activities that usually happens in this space and most especially to new investors who can not identify scam projects from real projects.
It takes a lot of researching, observing and reading different guide to be able to identify scam projects and avoid them but not everyone has the time and patient for it.

I completely agree with you on that one, I believe newbies who are new in the industry should first learn everything and then think about investments, and initially, the best practice for them would be to only invest in the top and trusted cryptocurrencies that too when they are low in order to learn how trading works if they keep doing that and stay in the market, they will slowly start understanding everything and will be able to identify legit and scam projects over time.

That's why it is better to not invest in new projects if you are new to cryptocurrencies because you can lose your money and won't even earn anything nor will learn anything, but if you invest in trusted coins and learn from them and from around the industry, you will one day be able to easily spot scam projects.

Doan9269

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Quote from: bittraffic on June 26, 2023, 03:45:56 AM

Just buy the old projects because certainly if they have lasted the bear market, they eventually be among those altcoins that also will go up when bull run arrives. And it seem very close already since halving will be next year already.

This is one of the tips to ensure that we take care of when choosing a project for an investment, they must have a past and long term existing progress in their offer, not that we cannot invest also on the newly introduced cryptocurrencies but they have to be from the reliable sources we have their guaranteed reputation over years in cryptocurrency, because we cannot afford out of our own mistake loose the entire money we are investing on them

Quote from: bittraffic on June 26, 2023, 03:45:56 AM

Becoming an investor these days while the rest of the world are struggling or even have no access to crypto market is the best thing an indiviual can do this time.

People are investing as long as they have the money or asset to exchange for an investment, there's an open market investment in cryptocurrency where you have the freedom of choosing which cryptocurrency project you want to invest with, when how and where to store your investment asset over time, unlike how it has always been experienced with the traditional financial economy of fiat currency.

Nrcewker

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If you are a new investor, then I would suggest you to not invest in any new projects. Go for projects which are already there in the market for long period of time, or atleast projects where big people are partnered. If you do it then, the chances of getting scammed here decreases. Though I won’t directly advise you to invest in altcoin projects, but it’s upto you OP. Projects related to Bitcoins or Ethereum have more chances to give you profits.

Xal0lex

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Quote from: uneng on June 20, 2023, 02:13:45 PM

A new investor will have a hard time following hints to identify scam projects, because everything is new to him. He won't have any measures to compare one coin to another, because he doesn't know anything yet. For that reason, I would advise him to start investing only in Bitcoin. And only when he gets used to it and experienced about conversations involving altcoins I would suggest him to select some altcoins for his portfolio, following the guidelines mentioned by OP on this thread.

Some things can't be rushed. Time is needed until the investor learns and understands the difference between a promising and unfavorable coin/token, until he learns what is a coin, token, stablecoin, memecoin and their respective features such as PoW, PoS... If you supply too much information at same time, trying to help, he will just get confused.

That's a very good observation. Indeed, in the first year of learning cryptocurrencies, I would advise any newcomer to stay away from altcoins and from trading. It is almost 100% the way to lose money. At the same time, I don't advise anyone to buy bitcoin until you have a basic understanding of bitcoin and the crypto market in general. Buying any asset without any prior knowledge always results in losing money, even if the asset is called bitcoin.

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