Topic: When Do you realize a Crypto project is scam or Fraud? - page 3. (Read 7822 times)
In order to identify whether a crypto project is a scam or not, you need to first check the team members and the road map of the project. Scam projects do not have realistic road map. Their road map do not show pattern in relation to the possible outline of the project and specific targets needed to be achieved within a specific time range.
There are some few tricks that you can see when crypto projects especially the recent numerous ICOs that were launched especially in 2017. Most of them have died and some of the few things that you see is when their telegram community becomes dormant and also the team fails to update their community with any more information. Actually all their social channels also become dormant too and you don't see any further progress with the development of the project.
Fake projects can be determined even at the beginning of your viewing, no need to wait for months. Try analyzing the team through the social media they have. Fake accounts are very easy to detect through their activities, whether new or old accounts. You can also check their website through who.is to identify their truth. Hopefully, the article How to Identify Cryptocurrency Scams can help
When the team stops giving updates for very long, then there is problem with the project. Also, when they keep promising listing for quite a very very long time without listing, then there is problem. Also, when a project start removing anyone who asks questions in their group regarding development, there is something going wrong. Then finally when all buy others clear off and leaving very huge sell orders, probably the team members are selling off. All these are red alerts.
Waiting for years for that project to fulfill its promise is not advisable because that is too long. You can detect right away a project if it is a scam when you have waited for a few months then they haven't delivered what they have promised. That sounds fishy already. Most of them are gone and cannot be contacted anymore via telegram or anything.
When there's scarce info about the team, huge locked up supply held off for the team, no vesting arrangement, whitepaper filled with buzzwords..
When the internal team stops every link of communication with the community, secondly when there's a huge token withdrawal from the smart contract to exchanges for exit dump.
It is hard to determine in the first place.Sometimes they have a good team,whitepaper and roadmap and sometimes also crypto project become scam is the team behind it they cannot communicate with the community.
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 ?
I doubt the project specification, first because I often read the whitepaper project so if there is a project that the whitepaper is weird it might be a scam. Then there is no detail like just who the developer and how much their investment (incongruity) might be scam. If the project often delays or is not in accordance with the roadmap schedule or other things that are determined, for me it is a scam because there are no good competencies in the project.
You are right with what you stated. When a project that had a successful sale starts giving excuses why they are yet to launch a reasonable service or product then something is wrong. There are many projects last year with that excuses and the funny thing is, till now they are yet to update the community on what they have actually achieved all this while.
A good project will always update its community with their progress while showing products and services achieved not giving excuses.
A good project will always update its community with their progress while showing products and services achieved not giving excuses.
I predict project will scam when team continues to promise but can't keep it for months and price in market will continue to fall ... they promise and buy time just to benefit from some people
After making proper research I can understand the fraud possibility of any project. It is not easy nor hard to explain this but it is called experience, generally. Before the ICOs, there were unusual projects but after the discovery period, the ICO period scam projects spread in the online places. If a team doesn't apply the new updates to the project, I call this project scam. Experience is not a gift, everyone should go and take it.
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 many criteria for analyzing and comparing projects, when you begin to seriously study all the nuances, then basically you immediately see what the platform is and what its success is in the future. It is equally important, what goals the creators pursue and how much they are involved, in the development of their ideas. Because some projects simply copy others for enrichment and usually this is immediately apparent. When you begin to read documents, for example, to write an article, you begin to understand where all this will lead. Sometimes you just wonder and think that's it? 
Do you really think that there is a way to determine for 100% which project is a scam and which is not? Sometimes a very good and strong project can become the worse scam you ever saw
Once the communication between the project team and community members change to an ugly dimension or seem not the way it used to be, just watch, that project has another thing coming. Most scam projects seem nice at the beginning, through to their sales or fundraising but once that is done, there's a different tone.
Firstly, some involves in continuous sale after ending the main sale which they first stated they will have. Then the team starts going offline for days or hours unlike the way they reply before the sale. Also some indulges in copying other whitepaper with no use case and if they start promising huge exchange lisitng before the sale shows how unreal they are.
Sometimes it is enough for me to read reviews or just documentation about a project. This is his face. The more transparent it is, the more likely it is that the project has a product and further growth. Otherwise, he is just dead.
When you read their white paper at the time itself you can understand this project work is really helpful for the future crypto industry. If you find a such a project then you can close your eyes invest on that ICO.
Never get into IEO alone for good returns. Most of the people from trading only goes to IEO investment.
From my own experience, you will start to notice the team do not provide update again on any of their social media pages. On telegram, the team will start ignoring some sensitive questions. Or give repeating answers on and on again. When you check on some of them you will realize they are not as active as they are before on telegram and finally you can confirm that you have been scam when suddenly their official telegram page is deleted on name change to meaningless words. I have also seen where team joke and make fun of investors after scamming them
If any project want to exit scam the activities of the social media will reduce and the Community Managers will reduce the way they update news and most times appear rude. Such projects hardly have working products.
I always depend on the telegram group, or at least I check on the thread bounties. if there is no response at all from the bounty manager, I think the project is dead.
And what will happen if the project doesn't have a bounty? You check the project is really funny, You should read the white paper and check the project more carefully to give a valid comment Jump to: