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.
Topic: What tips you will give to a new investor to identify scam projects early ? - page 6. (Read 1071 times)
June 25, 2023, 12:52:48 PM
June 25, 2023, 11:40:52 AM
The best one to identify the scam project by checking the profile of owner and associates in the social media.You have to check with the social media like Facebook,Twitter and LinkedIn will be enough.Because most the real projects will share their own real Id without fear,So they can assure to run the project in long run.Most of the good projects will survive over a couple of years, it was easy to earn good profits from good projects.
Sometimes those scammers are so smart to the point of building a fantastic social media account..with huge followers who are made up of tons of bots accounts all with the aim to deceive their victims into beliveing that their have a solids team behind the project, meanwhile there is no single team or just a grouo of scammers that call themselves team.When it comes to altcoin investment, its better to invest in already active top coins in that way you can easily check their previous price chat and movement to know what exact to expect rather than being lifted on promises of the team involved.
June 25, 2023, 11:32:22 AM
First thing I research first if I found the project interesting is about the project team members. We don't want project team members who don't have any experience in doing things or at least have no achievements to present in the community. Second thing is deep checking their project white paper to see their plans and problems to be solved. Third is their road map. You need your personal decision to identify if their project goal is achievable in that certain amount of time because not achieving it at that time means that the potential of them losing their token value in the long run is high. Though if you think that the team members and project roadmap is fake that they get to the point that they plagiarize it and if it is too good to be true, then you can identify it as a scam project.
Even if you identify the project as a legit project, there still a chance that they are just a good scammer. It always happen, just be careful. Remember to not invest in too good to be true projects cause it is probably a scam project.
Even if you identify the project as a legit project, there still a chance that they are just a good scammer. It always happen, just be careful. Remember to not invest in too good to be true projects cause it is probably a scam project.
June 25, 2023, 11:05:08 AM
There is silver bullet to say Project is Scam. Lemme share my thought process if it gelps you.
1. Check Dev Team and their promises are realistic
2. Check any HoneyPots using Dex Analyzers like TokeNSniffer, WuikIntel, HoneyPot.is etc
3. Check their activities in TG, Twitter
4. Check their Tokenomics and justification if they want to hold some tokens
5. Check initial tradings of the coin and find out any trends like they are purposefully pumping to dump or other patterns.
6. Importantly, their project should have Sustainable Earning and Return to investors Model else it will be like Octopus eating himself
7. Invest only you can loose if you trust the project.
Many good point in this list so a newbies can follow op list. A scam project giving many fake promise with news. A real project dev team profile is clear like social and there support is fantastic. They have strong community with larger investors family so for a good project no need long time for token slaes. 1. Check Dev Team and their promises are realistic
2. Check any HoneyPots using Dex Analyzers like TokeNSniffer, WuikIntel, HoneyPot.is etc
3. Check their activities in TG, Twitter
4. Check their Tokenomics and justification if they want to hold some tokens
5. Check initial tradings of the coin and find out any trends like they are purposefully pumping to dump or other patterns.
6. Importantly, their project should have Sustainable Earning and Return to investors Model else it will be like Octopus eating himself
7. Invest only you can loose if you trust the project.
June 25, 2023, 10:14:34 AM
You can see whether the project they have created is a scam or not by looking at their promises. See how they promise about their projects. What is the price for the initial stage of sales, how much profit or return will they get, and what are the attractive offers from their project. Is it too ambitious or not.
You can check all of them and make sure whether their project is a scam or not.
You can check all of them and make sure whether their project is a scam or not.
June 25, 2023, 08:42:21 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 ?
I want to look at investing first here, that most of us look for profit in the first place, and it's very easy for us to be swayed by exciting news about an opportunity. Just like hearing someone hungry about investing in crypto can make a thousand times profit, but the truth when we get into it, it's like a maze with many different pitfalls, I think to share from OP is also quite interesting, but IMO here is that we should most taste the failures and limitations after experiencing them. 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 ?
June 25, 2023, 04:18:08 AM
Usually we easily come across scam projects in this market, and it is worth noting here that the size of these is quite low, they only come with the criterion of trend, or tokenmic There are doubts, the team is always vague in sharing information about themselves and the project, or likes to promise to be a competitor to projects that have received a lot of buzz before, as well as like to abuse their work list on big CEX to build trust. Generally, these things will often abuse the greed and ignorance of investors when they first enter the cryptocurrency market, so don't expect too much profit when you need to face reality, have neither the knowledge nor the luck to receive illusory profits.
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.
June 25, 2023, 01:42:27 AM
2) Asking about the project on forums like bitcointalk where more experienced members can give proper advice.
Yes this is applicable but rarely some give feedbacks unless someone is very fond of altcoin like myself. Im usually lurking and finding some gem on the crypto space especially the new projects. But I cant even guaranteed its good one since many parameters can be discern out of it. Apparently, only few are altcoin enthusiasts here due to a lot of scams and also this is mainly focus on bitcoin feature, news, update and etc. June 25, 2023, 01:26:13 AM
identifying scam projects might be quite difficult honestly, you just don't know which project gonna be turning out as a scam, but there are some sign that a project is legit
if you careful enough in your observation, one of the sign is the fact that the project got massive supports from either venture capital or some big exchanges not some measly exchanges
but big one like binance and kucoin and you could be sure that these project legitimacy are really high after all those exchanges would almost 100% sure make a thorough observation in regards
of the coin that they listed they just avoid scams at all costs and you could easily follow that.
if you careful enough in your observation, one of the sign is the fact that the project got massive supports from either venture capital or some big exchanges not some measly exchanges
but big one like binance and kucoin and you could be sure that these project legitimacy are really high after all those exchanges would almost 100% sure make a thorough observation in regards
of the coin that they listed they just avoid scams at all costs and you could easily follow that.
If an exchange like Binance is supporting the coin, there are good chances that it is a solid coin. This is because they take a lot of scrutiny before establishing support for any coin. But is is not 100% full proof way to find a good coin.
June 21, 2023, 03:06:21 AM
The basic identification of a scam project for me personally is that they are always looking for hype from short term trends, there are things like former ICO, IDO, DEFI, NFT, CEX, DEX, MEME, WEB3,... are all crafted to approach the hype on each stage. It is necessary to research everything before deciding to buy, there are criteria about team, community, token, potential, ... for basic assessment. However, in any environment, they have low quality projects, so I think it is really helpful to look at btc or top altcoins to see what's going on around.
June 21, 2023, 12:55:34 AM
The best one to identify the scam project by checking the profile of owner and associates in the social media.You have to check with the social media like Facebook,Twitter and LinkedIn will be enough.Because most the real projects will share their own real Id without fear,So they can assure to run the project in long run.Most of the good projects will survive over a couple of years,it was easy to earn good profits from good projects.
June 21, 2023, 12:11:35 AM
The ambiguity of projects about the necessary information to share with everyone, such as tokenmic, team, capital, project content, ... moreover, look at low-cap and planned projects. ido plan or listed on low quality trading places. The crypto environment can be said to have many special things, but it is also a place that attracts many scammers, taking advantage of greed is a worthy act. I have been exposed to a number of projects that follow trends in the period of 2021 and I have realized that when money flows into this market easily, scammers are active in many places.
June 20, 2023, 11:40:44 PM
The easiest give a way if a project is a scam if it promises crazy yields like 1% a day or something. Many will think, great after 100 days my money will be doubled. But it’s not always the case.
Sure there are some tokens that can yield 1% a day but it’s in the token not in fiat terms. So you’ll double your stash of some useless token in 3 months but the price will go down 50% in the same time frame.
Biggest giveaway is if they promise yields which just aren’t possible. I’d stay far away.
Sure there are some tokens that can yield 1% a day but it’s in the token not in fiat terms. So you’ll double your stash of some useless token in 3 months but the price will go down 50% in the same time frame.
Biggest giveaway is if they promise yields which just aren’t possible. I’d stay far away.
June 20, 2023, 05:57:51 PM
identifying scam projects might be quite difficult honestly, you just don't know which project gonna be turning out as a scam, but there are some sign that a project is legit
if you careful enough in your observation, one of the sign is the fact that the project got massive supports from either venture capital or some big exchanges not some measly exchanges
but big one like binance and kucoin and you could be sure that these project legitimacy are really high after all those exchanges would almost 100% sure make a thorough observation in regards
of the coin that they listed they just avoid scams at all costs and you could easily follow that.
if you careful enough in your observation, one of the sign is the fact that the project got massive supports from either venture capital or some big exchanges not some measly exchanges
but big one like binance and kucoin and you could be sure that these project legitimacy are really high after all those exchanges would almost 100% sure make a thorough observation in regards
of the coin that they listed they just avoid scams at all costs and you could easily follow that.
June 20, 2023, 04:59:37 PM
There are ton of things you can do. And this subject has been talked over and over in this forum,
But i have lost faith that most people would even have the tools or expertise to understand how to compare even succesfull projects. Not to mention identifying a scam.
So i am picking one of your advices here:
You might not get the answer you are looking for. And some people blame you for not doing your own research. But if you are asking a honest opinion and not trying to shill something,
you might get answer from experienced people. Some people will overlook the red flags, and some see red flags when there are not any. But you ain't going to lose by asking.
If anything, you'll get more data for your own research.
But i have lost faith that most people would even have the tools or expertise to understand how to compare even succesfull projects. Not to mention identifying a scam.
So i am picking one of your advices here:
-cut-
2) Asking about the project on forums like bitcointalk where more experienced members can give proper advice.
-cut-
If you ask about a project. There's a good change that someone in here will take a look at it. Like i often do, even if i don't response to everything.2) Asking about the project on forums like bitcointalk where more experienced members can give proper advice.
-cut-
You might not get the answer you are looking for. And some people blame you for not doing your own research. But if you are asking a honest opinion and not trying to shill something,
you might get answer from experienced people. Some people will overlook the red flags, and some see red flags when there are not any. But you ain't going to lose by asking.
If anything, you'll get more data for your own research.
June 20, 2023, 04:42:39 PM
Actually, it is part of the research.
- knowing the team members
- project use case
- reading the roadmap
We already have to do these things but unfortunately, it never guarantees us a 100% safe investment. Scammers are absolutely smart now that no matter hard to check, sometimes we still fall into their hands. We just know later after a few days or weeks that a particular project turns into a big scam.
- knowing the team members
- project use case
- reading the roadmap
We already have to do these things but unfortunately, it never guarantees us a 100% safe investment. Scammers are absolutely smart now that no matter hard to check, sometimes we still fall into their hands. We just know later after a few days or weeks that a particular project turns into a big scam.
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.
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.
June 20, 2023, 01:58:07 PM
In short, DYOR.
Gather information as much as you can and in every place if there's related data you can see from the socials that they've got. All of it are just the same, a community, a place, the forum as everything that they could possibly be in must be looked upon for them. Because you'll need to verify every information you get and the forum is one of the best place to ask and also if they've got an existing community.
Gather information as much as you can and in every place if there's related data you can see from the socials that they've got. All of it are just the same, a community, a place, the forum as everything that they could possibly be in must be looked upon for them. Because you'll need to verify every information you get and the forum is one of the best place to ask and also if they've got an existing community.
June 20, 2023, 12:35:40 PM
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 ?
I think first of all it is important to mention, that even if you do your own research as thoroughly as possible, then there is still a chance, that you will become a victim of a scam. So only invest money into crypto that you can afford to lose completely.
My second recommendation would be to never invest into meme-coins. 99.9% of them are scams or dead within a few hours or days.
Also don't believe the follower numbers on Twitter. Followers can be bought or boosted with airdrops for example.
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