What tips you will give to a new investor to identify scam projects early ? - page 5.

Beparanf

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

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 ?

Check the goal of the project is realistic or has a potential. Scam Project roadmap usually just list bunch of tash that can be done on one quarter and they just listing specific task to prolong it. Also if the project keeps emphasizing exchange listing, price boost and influencer marketing then this is a clear sign that the project is a red flag.

For starter, Check the code of the project is it’s undergone an audit since most of the scam project don’t have the time to get an audit for their smart contract and just focus on shilling to attract investors.

MAAManda

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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.

This is important, but not the most vital, of course, the people (team) behind a project will influence how the public evaluates the project which will impact the sustainability and development of the project. The bigger the name of the person behind a team and the more capable the people are, it will have a very good impact.

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

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

This is a silly way, not meant to judge, but when you discuss a project (altcoins) on the forum, not a few people in this forum think of you as a shiller or someone who is doing soft-shills.

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

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.

This is my way of easily identifying poor projects who are unable to properly manage their projects. And for that reason, they have a very high chance of leaving the project.

Yatsan

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Check a project's popularity, people who pronotes it and manages it and more. But these things won't guarantee whether a project is a fraud or not. Unfortunately, even the ones with good credibility in this industry still has a tendency to end up like one 'coz we would only know that it is a scam project once it did its "thing". We saw many projects having huge potential but turned out to be a scam and likewise with suspiscious ones which turned out to be legitimate.

Quote from: Yamifoud on June 26, 2023, 07:00:41 AM

Investing in altcoins, especially for new projects is prone to scams so I encourage newbies not to fall into them but rather make a decision to buy BTC and ETH for safety and guaranteed profit when they hold.

Limiting to established coins in this industry won't be advisable as well. It'll always be better to diversify your money to different projects 'coz it would help managing the risk and generatinf bigger profit if you'd be able to determine or make close to certainty checking of tokens or project in general.

Yamifoud

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Investing in altcoins, especially for new projects is prone to scams so I encourage newbies not to fall into them but rather make a decision to buy BTC and ETH for safety and guaranteed profit when they hold.

Scammers are too clever as we know, they won't let somebody knows their real intention. That is why many newbies got fall into them and just notice that they get scammed after buying. If we are not cautious in choosing altcoins, we are possibly their victims, and in just a blink of an eye, our money was gone forever.

yazher

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The best thing you can do is don't get rush to invest in any coins that you think are new or old but have slow development and rare updates because these are mostly the red-flagged coins especially new but have some anonymous owners or teams behind them because they don't want to be known they have hidden agenda. They also have other plans when their coins do not meet their expectations. Where they try to reach the soft cap at least, they will disappear with the investor's money, and even though they have huge sales, if they are confident about their anonymity, they will still choose to dump their coins at any moment because no one knows them and no one can arrest them.

Ngemmeng

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1. totally agree, because research really needs to be done before investing or supporting a project.
2. if there is a problem that you don't understand you should also ask directly in the telegram group so that you get accurate information from the admin.
3. sometimes bots are used so that posts look crowded and people are interested in reading. Bots on Telegram are used to answer questions frequently asked by group members.

ahoenk

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not so many scam project nowadays.

first, you need to separate scam project and failed project. i saw many failed project not scam now. i agree we need to do " due diligent " for all crypto project. but the most important thing, we need to understand that project in crypto is just like start up in real life. most of them will fail and the coin / token will never comeback. from 2014 untill now i saw thousand scam and failed project. IMO we need more then due diligent to invest in this industry, we need investment strategy like " spreading investment in many project "

bittraffic

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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.

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.

dhruvfire

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Quote from: Husires on June 25, 2023, 02:30:13 AM

The main indicator is that the project is good to be real, those projects that promise the user a lot of tokens, most of the distribution of currencies is short-term, the focus is on paying for advertising and advertising, the developer team controls a percentage of the assets, and there is no long-term plan or thinking to solve a problem.The currency is not required to be scam to avoid it. If it was a failed investment, then it and scam coin are the same, you will lose your money.

You are right. And the saddest thing is that people still fall for these even if these are too good to be true.

TheUltraElite

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So anyway, I applied as a merit source :)

The team members and their background checks are essential when researching a project. The team often falls out which can be a bad omen on most cases and thus never take the initial team list and final and accept that they will leave when their bags inflate with price and you will have to handle that or get out at the same time.

Next would be going to LinkedIn and attempting to talk to the advisory board about their opinions. They may know about the project and only talk positive which is normal, because of vested interests. While some others may never have heard of it, which means that the site is scam and put up those names just to appear legitimate.

Stock images used and copied white papers are red flags. Still no method is full proof, your luck is a factor here.

lovesmayfamilis

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I would advise new investors who do not have a good knowledge of crypto not to get involved with alternative coins at all. There were, are, and will be many newcomers to projects that may not be fraudulent; that is, they do not carry the idea of deceiving investors, but they have little strength for development. Ideas can be exciting and attract publicity at the first level, and even the people who are involved in the project can have famous names, but sooner or later everything turns into dust. If you want stability, trust Bitcoin, although investing in it is quite risky. But if you are attracted to altcoins and their promise of rapid growth and profits, get ready to lose everything. Many have stumbled with faith in alternative projects and have concluded what is more important to them.

Quote from: Bolivar_Tony on June 25, 2023, 03:05:06 PM

Stay vigilant, trust your instincts, and perform thorough due diligence to mitigate the risk of falling for scams.

All right. If there is even the slightest doubt, you are not mistaken.

passwordnow

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Quote from: bittick on June 25, 2023, 06:09:45 PM

when the devs are so money oriented, you know they don't care about the project at all but only money is of their interests.

Yeah, this is a red flag when they talk about money, money and none other than money and returns.

Quote from: bittick on June 25, 2023, 06:09:45 PM

i've seen many projects that ended up become scam have the same stingy devs that are just there trying to get all the money.

Greed is on those developers and that can't be helped and stopped unless all of them have become exposed to their nature. That is why as an investor and if you're wth these projects that still gives you interest, you need to safeguard yourself and have a standard the least.

JeffBrad12

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there has been so many characteristics of scam projects being mentioned above but I think it's also necessary to add some facts in regards of heavily manipulated projects.
in which could be having the same after math like scam projects that is causing massive loss towards many of us.
one of them being, the devs having full control towards the smart contract, basically allowing the devs to mint some new token.
even worse is when the smart contract using upgradable contract mechanism in which expose to the potential of being rugpulled, but then again, people could always determine this smart contract deployed through extensive reviews made by some experienced companies.

trendcoin

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I think roadmap, whitepaper and identity of team members are important issues. Anonymous developers are not welcomed by investors nowadays. Developers must have a clear and verifiable identity. You should definitely check the roadmap of the coin or token you want to buy. In this way, you can understand whether the project team is faithful to its word. A unique whitepaper detailing the business model is also essential. Scam projects generally leave these stages incomplete in order not to leave any traces. However, of course, doing all this will not protect you 100% from dangers because this market is unregulated and open to all kinds of dangers.

bittick

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when the devs are so money oriented, you know they don't care about the project at all but only money is of their interests.
i've seen many projects that ended up become scam have the same stingy devs that are just there trying to get all the money.

serjent05

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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 ?

Aside from this check about their whitepaper and roadmap. Most of the scam projects are just a copy of another cryptocurrency that became the trend. Too good to be true promises and developers don't want to show their pictures. Making high-profile personalities on LinkedIn part of their team without the person knowing it.

About the project, there is no need to research that, we just need to verify the validity of the claims of the developer about their accomplishments.

lalabotax

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In fact, sometimes, no matter how detailed we analyze, today's scammers are very skilled. In fact, they liven up social media and seem to be really an active group. Their marketing methods are also sometimes no less intense than legit projects. It's kinda hard now. The point is if you are ready with the risk, enter into a new project but still make decisions from various analyzes. But the risk will always be there and be prepared. or don't enter the new project, it's better to just top coins which is more reliable.

coin-investor

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

What tips you will give to a new investor to identify scam projects early ?

If the project has no usability and thrives on shilling and there are loopholes on their whitepaper and the team then these signs are considered a scam if you look at the scam sections so many projects are exposed as having a plagiarized whitepaper and fake team.
The project is just a copy of existing projects and their type of marketing is shilling, for me, new investors should not invest in new coins and just concentrate on coins that have proven their worth in the market unless they have huge capital and are willing to take risks.

palle11

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

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 ?

This is a wide range and important for newbies to be aware of. Scam projects can be deceitful and you can look at the manager handling the project, if the token is escrowed.

I believe if a project that has not been listed asking you for KYC should be a red light. This is mostly the case with bounty projects. I think I had a thread with lots of contributions on that, you can check this thread for some of the signs also covered therein the link https://bitcointalksearch.org/topic/m.53975958

Bolivar_Tony

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In summary

To identify potential scam projects early, new investors should:

Conduct detailed research on the project and team.
Seek advice from experienced members on forums.
Check for manipulated social media activity.
Look out for lack of transparency.
Be cautious of unrealistic promises.
Verify the authenticity of whitepapers.
Scrutinize partnerships and endorsements.
Avoid high-pressure tactics.
Stay vigilant, trust your instincts, and perform thorough due diligence to mitigate the risk of falling for scams.

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