Bitcoin Forum

There are quiet a few geniuses here but has anyone come up with a method or an algorithm to find out when someone's scamming people?

the number of scammers in the market has increased significantly. This is causing trouble for investors. there is no exact algorithm or way to find out scammers, investors needs to be careful of scammers by using their own experience and skills.

Contributors to the bitcoin industry have been already working for preventing scam. Actually, in a complete technology based system scam is nothing new. But in terms of crypto market although it's a matter of concern but still the ratio of scam is very low, I guess.

That´s funny, how would you create an algorithm for that? I don´t know if what you mean is a method, in which case there are many professional firms that are able to do that for your.

there's no such thing, you wouldnt be able to know if you are a victim of scam unless they show some hints, or else you would end up losing your money.
that's why we have different kinds of things to look for if we want to avoid scammers.

How to know the scam project?
almost no exact answer.
However, you can minimize the risk by analyzing their projects.
The purpose of the project, practical applications, the team (real or fake) and the roadmap ...

As far I know there is still no such method or algorithm to find out such thing. Actually to develop such method is really tough as technology is always upgrading and newer for of technology is coming on a regular basis. We need to be careful; to avoid such problem.

I think that scammers can not be calculated. A lot of sites with ratings, where there are many ways to find out scammers, plus expert assessments. Even such methods do not guarantee the success of the project

Buddy this thing no one in this world can create an algorithm for that. Well, maybe there are some factors you should look out for but the bottom line is that, a scammer is a thief and thieves are very intelligent. They'll show you what you want and get your attention. After that, your money is gone. In my opinion, the best algorithm is to run away from huge promises and returns- they're very risky.

I think that's not something an algorithm can solve because you can easily set up a legit ico but it can also easily turn a scam after things go well  :)

We need to study the project carefully, but it is unlikely that it can not help at all 100%. Maybe guys from Menlo.one know something about it. Becouse they say that will look at scam projects. I hope it is true.

It seems to me that here any algorithms will not help, to determine the moshins, it is necessary to understand each project.

There is no special algorithm to find out which altcoin that could be a scam, the only working algorithm is you doing your own research about the coin you want to invest in, doing your own research will reveal so many thing to you about the coin,

I think that is very difficutl, but it would be very interesting to have at least some way of performing automated and trustless checks on ICO teams.

every algorithm will have a reverse algorithm  to break it so we cant completely relay on algorithm based logic

There are some methods to find most of the scams but you will never be able to find all the scams and there is also not an algorithm or computer program to do that, you need to do your due diligence, if you do, the chances you will get scammed are very low, check their website and the team behind the coin and do that for hours, at that point it is not rare to find some small inconsistency and if you do then do not invest in that project because the chances are that if you found out that inconsistency there are probably many more you did not found.

I do not know how can one create auch algorithm, i think some things cannot be done by artificial intelligence, the answer to your question is simple, if you think anyone is claiming more than practical reality, is suspicious or you see any red flags or simply you are not confident then you should not proceed.

Correctly. Once the algorithm is created, scammers can immediately learn to bypass it. This is a rat race.
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Therefore, you need to study projects, take notes for yourself, watch out for events. Over time, you can reduce the likelihood of cheating. But there is a drawback in this - time goes by.

As far as I know, till now there's no solution or algorithm to find out someone scamming. I will only suggest cautiousness to such cases. If the words seem suspicious then there's no need to take the risk and go along.

The only thing you can prevent scam is to be very careful and do the necessary security precaution.
Always ask yourself “is this true” before acting.

Last few months scam ICO s get more professional. They prepare good white paper, make a lot of advertisement, they work hard to get your hard earned money from you. As they are getting more professional we must have more knowledge about scammers profile. My general rule are;

*If they are offering a really high ROI you must be more careful because mostly they are trying to attract more people to  scam.
*Check teams linkedn profile, check comments, check their profile creating date. If they do not offer a trusted LinkedIn profile run away from the project.
* If they are always insisting on by mails or by private massage  to buy tokens with high profitability run away from project.
*They can never grantee you more amount of money then you intended to invest, if everybody can double their investment in a short quantity of time, then world must have been rich.
*Check if the white paper offers really usable things for our life.

Professional friends can add more rules for that :)

Professional scammers will find a way around algorithms, we all need to be more vigilant and careful about where to invest our coins. Just check that there is active development and a professional team, this means there is a better chance of success, or at least it's unlikely to be a scam

I carefully study the team of each project that interested me. I see whether there are famous people there, whether they hold meetings and whether they participate in various exhibitions.

This makes sense. I have to make sure i follow these steps from now on!

basically find out what country they are from LOL

How can they see that? I hope it can but I think there are no possibilities that they could see those scammer by algorithm.

You should go to the social networking sites or communities of that ICO project and consult with each other and you will discover the misleading of the campaign. I usually do it this way

Why do you say so? How will a country decide how legit they are?

I have a similar list of doing like the majority of other members have I think. And it is really useful thing that helps to minimize losses and be confident.

There are too many different parameters that nobody can detect by an algorithm. So, I think it's not possible.

Do your due diligent on researching their whitepaper. You will be able to find out all the information before making any investment.

This kind of thing is full of trickery, now by using common sense and a little bit of logic, how can an algorithm distinguish between scam project or not if human who creates algorithm that have feeling, common sense, brain and strong logic can't?
even if there's this kind of things then Im pretty sure that it will be useless, pretty much a gimmick I'd say. It's always better to learn by yourself and then you can automatically distinguish the suspicious ones.

You will not understand what a SCAM is until you first encounter this.
I met some SCAM projects. Usually in the middle of the Bounty they just slow down their work, then completely stop it to the end.

How the algorithm will read people mind to be scam or not ? Algorithm just analized the system and not people mind and scam coin or not cannot be detected using algorithm because the scammers already create the altcoin as well and they distribute on many investors and after that they run away and not developed and support that coin again.

well there are some simple things like making a research and reading whitepaper, yet it still can be faked as well. basicly, there's just one major rule - trust your guts

I'm not sure creating an algorithm to fight something like this is possible.  The schemes are pretty simplistic and can be adjusted millions of ways to stop the algorithm from working. 

At present, there is no way to clearly distinguish who is the scamer. It depends more on your experience. Before you plan to invest, you need to know the project you are investing in, and analyze in detail whether they are scamers.

Scams have become the part of crypto and it is very sad event. This discussion is very useful for all of us because I think that we have problems with identification of scam.

There's many ways to look for the scam project, eg whitepaper, website, reviews etc. However, it is very difficult to find the scan coin/project by only looking at the algorithm, as you will need to be experienced in because you might need to look through the program coding.There isn't any algorithm that are related to scam directly as far as I know, most of the scam project are giving some fake ideas or website to swindle money.

Crypto currencies are decentralized currencies, these currencies are not centralized to anyone so there are no algorithms that can detect fraudsters but you can use an ancient algorithm that is by using an escrow system that has been automatically programmed by the system, I think this is quite effective