When Do you realize a Crypto project is scam or Fraud? - page 10.

setialovers

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Quote from: Kaneki11 on May 29, 2019, 04:48:25 AM

Quote from: oseikuf44 on May 28, 2019, 05:32:12 PM

At a point the team start given excuses to abide by what they promised to do or stop communicating with the community then I can sense the project is scam. How do you determine a project is gone bad and won't fulfil it promise? What criteria do you use ? or you wait for years thinking all will be well ?

There are various ways to know if a project is scam... but I'll leave you just one tip... if they claim theyve raised millions of dollar.. but the coin is selling 100× below price at exchange listing ... that means theyve raised no money and are definitely lieing

Indeed, if their claim is right, i dont think holder will dump their token below ICO price. For long term investor, they are looking on the project in the future and i think when the price deep drop, i think investor already realize that developers team not reach their own target

Kaneki11

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Quote from: oseikuf44 on May 28, 2019, 05:32:12 PM

At a point the team start given excuses to abide by what they promised to do or stop communicating with the community then I can sense the project is scam. How do you determine a project is gone bad and won't fulfil it promise? What criteria do you use ? or you wait for years thinking all will be well ?

There are various ways to know if a project is scam... but I'll leave you just one tip... if they claim theyve raised millions of dollar.. but the coin is selling 100× below price at exchange listing ... that means theyve raised no money and are definitely lieing

StaffDear

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Before investing in ICO you need to make a good investigation.
Good projects have a clear whitepaper, not copy pasted from other projects. Often it is translated to several languages.

The team is very important in ICO. This information should be open on the website with their real photos and social media links, so you could check, whether it is a real person or just has been created for ICO.

Ask questions. The team should answer all your questions as soon as possible.

See whether they update the news. The members of ICO should know how the project is developing.

Read the feedbacks of other participants. But also check their profiles. The feedbacks can be written by one person that has many accounts.

Lan75

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Quote from: stigmacryptonight on May 29, 2019, 03:16:28 AM

If the project guarantees a profit, I think crypto doesn't need to be trusted in that. All prove that the project is useful in the community and that many people and products will also be needed. Don't just promise, because all profits are no guarantee unless the project develops and at a later price will follow. There later we will feel the benefits.

That's right, a legitimate project will blossom slowly with time and don't promise anything in return. It's up to the investors if they really trust the project and it's developer.

Red flag for me is that the legitimacy of the team that handles the project, they should be transparent enough.

stigmacryptonight

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If the project guarantees a profit, I think crypto doesn't need to be trusted in that. All prove that the project is useful in the community and that many people and products will also be needed. Don't just promise, because all profits are no guarantee unless the project develops and at a later price will follow. There later we will feel the benefits.

coinporch

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Quote from: oseikuf44 on May 28, 2019, 05:32:12 PM

At a point the team start given excuses to abide by what they promised to do or stop communicating with the community then I can sense the project is scam. How do you determine a project is gone bad and won't fulfil it promise? What criteria do you use ? or you wait for years thinking all will be well ?

simple when the developments stopped and no active dev team in their forum, such as telegram group, or others
and for sure i will stay away from all project with no active development for very long time buddy

DainSLane

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I realize if the crypto project is scam if they keep on promises to their supporters and did not fulfill their promises and they keep on excuses and most of the admins are not active in their social media because they already leave the project.

Pamadar

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Quote from: joromz1226 on May 28, 2019, 11:35:30 PM

Quote from: oseikuf44 on May 28, 2019, 05:32:12 PM

At a point the team start given excuses to abide by what they promised to do or stop communicating with the community then I can sense the project is scam. How do you determine a project is gone bad and won't fulfil it promise? What criteria do you use ? or you wait for years thinking all will be well ?

You will realize that the project is scam if they always hyped their community, then if they didn't fulfill their due date of the project. If the project give announcement to extend their ico more than twice, in that way that project for me was a scam they are doing something fishy and hiding to their community as well, and will not active to their telegram, neither in the forum too.

Project that keep giving promises but there's no realization from what they are doing, you have to be more selective and check the potentials,
there's always good things to happened when you fully analyze those projects to invest your money and your time.

mitchr4

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The ICO's reputation is currently very bad because of the widespread fraud. Don't easily believe how good the project is with no pay attention for the background of the project team. Abandoned projects, they are only active at the beginning of promoting the project so they can carry away the money from the sale.

tonyvo2017

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Quote from: oseikuf44 on May 28, 2019, 05:32:12 PM

At a point the team start given excuses to abide by what they promised to do or stop communicating with the community then I can sense the project is scam. How do you determine a project is gone bad and won't fulfil it promise? What criteria do you use ? or you wait for years thinking all will be well ?

most of such projects are now back. They really feel troublesome when investors always ask to pay tokens and so do bounty hunters. If the IEO did not start, I think those ICO projects were silent and kept our money.
Currently you only need to invest in IEO projects. those projects are moderated by exchange before deciding whether to support the project or not. Wink

Indrawan77

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Its important to detect the sign early don't wait until years and then you realise, at that point its already too late, the first thing to do is to read the whitepaper to see the roadmap and see how the progress match with the roadmap and then see does the roadmap make sense or not, then see their website, is it design professionally or not, last thing, keep on communicating with their team, asked a detail question, if they can't answer well, then its better to avoid the project, its either a scam project or a bad project

Sacramentus

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I do realize when I start seeing foul play from the team or no too much activity from them. Although no much activity isn't really that relevant as most project can actually be working without activities on their socials. But as you said, when they start giving too many excuses

Red-Apple

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Quote from: oseikuf44 on May 28, 2019, 05:32:12 PM

At a point the team start given excuses to abide by what they promised to do or stop communicating with the community then I can sense the project is scam.

by that time it is already too late!

my criteria is when a project has one of these:
1. a premine of any size. this can be actual obvious premine or shadow premines which they try to hide it which is even worse.
2. any type of fund raising including but not limited to ICOs, IEOs, STOs,... because any project that asks for money up front is planning to take the money and abandon the project without an exception.
3. lack of innovation. a new cryptocurrency needs to be stand alone, NOT a copy of another project and it has to have some new innovative features in it. if it is rehashing the same ideas then it is planning to fail and run away.

joromz1226

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Quote from: oseikuf44 on May 28, 2019, 05:32:12 PM

At a point the team start given excuses to abide by what they promised to do or stop communicating with the community then I can sense the project is scam. How do you determine a project is gone bad and won't fulfil it promise? What criteria do you use ? or you wait for years thinking all will be well ?

You will realize that the project is scam if they always hyped their community, then if they didn't fulfill their due date of the project. If the project give announcement to extend their ico more than twice, in that way that project for me was a scam they are doing something fishy and hiding to their community as well, and will not active to their telegram, neither in the forum too.

Aalu

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I come to know about a fake or scam project when I am scammed. It will be really difficult to know a project is a scam beforehand. Otherwise the people would not have been scammed out of millions of rupees and no regulation would be required. There is increasing incidents of scams and this peaks when price of coins is going up. Something should be done immediately to curb scams.

ryan992

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Of course, you can immediately know that the said project was a scam or fraud by its unusual way of running it and its platforms are unclear just like its promises to its holders. You can also make a research about the project so you are about to get informed or be warned that your target project is just a scam so your time won't be wasted.

michellee

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The easy way to know or realize if a crypto project was scam or fraud is by knowing they are leaving the project without giving any information or they abandon the project. That will be a big sign for us that they are running with the investor's money and they never come back in the future. But if they start the project in the first time, it will difficult to know that if they will scam us or not, and we only know after it's running for a few weeks or months.

CryptoBry

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Quote from: oseikuf44 on May 28, 2019, 05:32:12 PM

At a point the team start given excuses to abide by what they promised to do or stop communicating with the community then I can sense the project is scam. How do you determine a project is gone bad and won't fulfill it promise? What criteria do you use ? Or you wait for years thinking all will be well?

When accusations of frauds are starting to leak into forums and social media...that can mean to me that there can be something wrong. Now, a good project can still be accused of being fake but how the people behind it will respond can be telling us about its real intent. Usually, if there is smoke there is fire - may not be in all cases but most are. When a project is using fake profiles of its leaders then most likely it is a big scam. When the project is just plagiarizing content from other projects most likely the project is just another scam. In other words, when the project is not honest and is making so many shortcuts then mostly likely it will just fly with the money when the crowdfunding is over.

antsam

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ICO is always extended, communication on telegram accounts is always slow and quiet, minimal and even no updates on their social media. The market is not available for these tokens or coins, not on time according to the roadmap. I think if you have found the characteristics of a project like this it will end in a scam

joshua123

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Quote from: oseikuf44 on May 28, 2019, 05:32:12 PM

At a point the team start given excuses to abide by what they promised to do or stop communicating with the community then I can sense the project is scam. How do you determine a project is gone bad and won't fulfil it promise? What criteria do you use ? or you wait for years thinking all will be well ?

Honestly I hate the style of some project who are very active on their time of ICO and presale but when the time comes and the project must response already in the community. They are gone just like a wind, and not responded on every inquiry. Clearly this can be categorized as criteria for a scam. Dont ever joined campaign which lack active communication cause this is the bridge for investors and the project to see uptodate news on their project.

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