Topic: When Do you realize a Crypto project is scam or Fraud? - page 2. (Read 7822 times)
Even a thorough analysis of the team and the White Paper will not save you from a scammer's project. Some scammers prepare all the documents in haste, and you understood that instantly , and there are scammers who prepare everything carefully and collect good investments and only after a few months disappear with the money. For me usually the main indicator of the scam project is the lack of updates in social networks and the telegram group.
As soon as I didn´t get paid from bounty campaign.
As soon as I can´t sell my tokens because there is no exchange.
As soon as I see a big dump caused by team,
The bounty campaigns have no relation with determining the legitimacy of the project. It is a promotional reward by the team for increasing awareness in the crypto space. The big dump is impossible if there is no exchange which doesn't accept scam projects. Big dumps not always cause a decrease in the value of the project, sometimes investors wait for such moments in order to increase their altcoins stash. I can count up to the 10 projects which investors preferred to wait for the listing on the next exchange than buying in the token sale. As soon as I can´t sell my tokens because there is no exchange.
As soon as I see a big dump caused by team,
As soon as I didn´t get paid from bounty campaign.
As soon as I can´t sell my tokens because there is no exchange.
As soon as I see a big dump caused by team,
As soon as I can´t sell my tokens because there is no exchange.
As soon as I see a big dump caused by team,
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 ?
For scam project there is no hope that you could say yourself all will be well. they just got your money which is not gonna back to you. There is not special thing that you understand very soon because they are just already planed to cheat you. but yeas first they seems like very helpful but after they stop commiunicating to you, never replay to your question, not gonna active in social media, inactive in telegram, change survival time their ICO/IEO/STO date, fake promisses to you, not proffesional for any kinda job and so on.
We cant detect 100% scam projects when they are starting yet no matter how you research you would still have the chance on getting victimized.
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 ?
For scam project there is no hope that you could say yourself all will be well. they just got your money which is not gonna back to you. There is not special thing that you understand very soon because they are just already planed to cheat you. but yeas first they seems like very helpful but after they stop commiunicating to you, never replay to your question, not gonna active in social media, inactive in telegram, change survival time their ICO/IEO/STO date, fake promisses to you, not proffesional for any kinda job and so on.
Sometimes you can tell from the middle of listing. Volume, traders and investors loosing interest. Sometimes it seems very perfect to the end, i guess you just find to do a thoroughly research.
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 ?
It is a fraud right away if they are faking their platform, their whitepaper and the composition of their team, some of the scam ICO that are caught are faking their team by doing photoshopped of other people and announcing that they are part of the team, when they are not, another thing is when they copy their whitepaper from an existing project.
I do realize when they becoming inactive in their medium of communications and no response from your queries. No update about the roadmap that they promised to their investors.
If you discover many loopholes with a project and still decide to wait for years hoping for the best, then apparently you are not a wise investor. Once the team do not follow roadmap at all, stop any form of project development updates, give deaf ears to the community, stop being active for long as can be seen from their social media handles or telegram group, set very huge sell orders at very low prices or even clear all buy orders, then it's a red flag. What I normally do when I stop all these is dump and move on.
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 only need to observe their community. If there is no interaction between members, technical updates, roadmap update regularly, or they just update their bonus or token sale, it is certainly a suspicious project.
When they did not follow the plan they had originally planned, they only promised and promised. They tried to give the coin, but no one knew and then let the community decide its value
When I see that the team members are not responding to messages in the group and people are posting messages in the group without being banned. Then there is no doubt the project is a scam project.
I have discovered one thing from the companies based on the progress about the listing and their developments. If they keep dragging the things like developments, listing, AMA sessions etc. These things we need to get accurate updates from the team otherwise, we should consider it as a scam.
First of all, you should research all the social links and whitepaper of the company after that if you feel the team is not serious to launch in exchanges or launching in unknown exchanges that is the point to scam with investors.
The way to discover whether a crypto project is a scam or fraud varies. In my own observation, most of the times that I have discovered that a crypto project was a scam is when I noticed that their functions and activities in social media have stopped. The project team will stop posting any of their project activities and operations. In most cases, their telegram and twitter handle become inactive. The twitter account of the project can suddenly disappear. In another instance, I noticed that a project I participated in sometimes ago was a scam when they were given me stakes in their signature campaign without me making any post for them. Others might not even give stakes after participating in their campaigns. Hence, one can deduce they are scams.
I realise such things on two factors. First of all, if you read the whitepaper, and it contains less than 20 pages, I have seen projects that wanted to collect 50 million with 5 pages written in the whitepaper including the roadmap. Secondly, the team behaviour before the launch, if buyback takes place, more marketing campaigns, trading competitions and so on.
Crypto market is a great technology which has come to put an end to poverty and centralized system that we used to know , but many has turn it to scam and avenue to get rich on time but it think they will soon learn their lesson as major newbies will know what and how to hand their program when ever they wish to invest except those that were taught in a wrong way
After the campaign all the manager and the team will vanished and with no rewards to give. That is the time that I realize that a project is a scam or fraud.
For me, the bounty project was very full of surprises. Some of them initially looked professional and promising, but apparently did not provide rewards according to the initial agreement. There are also those who look ordinary but some time later there is a drastic increase. And that's unpredictable when it's time. So now I prefer a bounty that has a working product and is ready on the exchange.
Luckily the only experience I had with that one is through those airdrop campaigns where in they give you some amount of coins and then you will somewhat wait for that coin to increase in value. That actually happened and the coin did increased in value and I sold those coins but in a matter of hours the coin suddenly dropped value and many people who invested in the coin were scammed because the owner of the campaign suddenly became unreachable. Sad.
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