Bitcoin Forum

You will all agree with me that these days there are so many cryptos and icos, tokens ongoing which makes it very uneasy to determine the fake ones from the real ones. One factor to identify a genuine crypto is not the many adverts, nice web designs and wonderful crafted whitepaper. Of course we all know whitepapers can be manipulated and even copied or just drafted to do a presentation but inwardly doesn't underline the very identity of such projects
These are few things to consider to identity the cryptocurrecy
1. The team involved in that project. The progress or failure of a crypto is majorly bothered on the responsibilities of the team. If there are no right team members ready to sacrifice their time, efforts and energy to the success of the project, then it is bound to fail. Most cryptocurrecy are majorly fronted by the CEO and one of few persons.
2. What are the qualifications of the team. Getting a novice or mediocres is a proof that the project will fail. Every team must have experts and professionals who have experience or have worked at certain levels and have adequate knowledge of cryptocurrecy
3. What are the motives of the team. If an ICO, token project is centered on greed, that means all they want to do is raise money and make money alone and leave the investors in the cold.
4. The project must not be run alone by the founder. There are many projects where the founder is the one who receives payments, comments, does all the marketing, sales and things that others need to do. There is progress and success in diversity. And getinf specialists in various fields are important.
5. I have noticed most cryptocurrencies do not have any good product to offer but this coin has great value in the exchange or market while cryptocurrencies with great and wonderful product and use cases are not even having great value in prices. Why because most of these coins without workable products do hype their prices and do pump and dump. But these cryptocurrecies with nice and good products take their time to grow.
6. We must be careful of the scams that go on in crypto currency. Yes it has come to stay but we must be very careful so we don't fall into the hands of projects run by greedy people.

The emergence of cryptocurrecy is a wonderful experience. It will continue to gain momentum as more cryptocurrecies emerge from time to time

It is not an easy thing to determine a good crypto, because nowadays more people make it only to seek a momentary profit that not even a little becomes fraud. factors that you say like good web design and ads that are made as if they look glittering, really can be manipulated by the creator. but I have a separate way to determine that crypto is good and I can follow it. The first is to see the bounty manager whether he is already known or at least has a credible account. seeing all the teams that are moving in crypto, at least they have to be involved on LinkedIn and have been there for a long time and there are interactions. I admit that the way I do it will also not guarantee that it will get the best, but at least minimize the fraud that will be accepted. Finally I saw and strongly believed that luck from ourselves became one of the points that could not be released.

I agree with you I have found a lot of ico bounties that are very promising even some are released in the market but that does not guarantee that the ico can run well and succeed because besides the energy and thought that teamwork brings out it is also very important

I would like to know how too, but it is mostly depend on luck, I think I could find some promising ICO with amazing white paper, decent roadmap, powerful devs team, and superb tech, but that will account for sheer 5% of a successful ICO? And luck is very vague explanation, may be timing, the market condition and some unknown that play a major rate into a good ICO, I would say you trying to bet on one good ICO, good luck with that, you may get better luck by betting on 100-200 ICO.

yes currently i also found many interesting ICOs witch focused not on Payments like bitcoin but based on blockchain so they are not against bitcoin.
But as i saw last 3 years most ICQs are failing or end in scam.


regards

I saw today by coincidence like two or three which were focusing on the exact same thing, seems to be a trend going up recently. Which is pretty cool.

But yeah ICO's are extremely risky. Even if you're smart or a good trader doesn't mean that you will be able to tell correctly the vast majority of times which ones are not scam or going to fail. Really hard to predict at least with the fails especially, even when some scams are well disguised.

As long as you're not into a scam there is still a chance, a possibility of getting some profits.

The white paper is by far the most important determinant of a project’s seriousness. It should be comprehensive, thorough, and explain the technology and purpose of the coin well. Other assets can include videos, blog posts and other contributions from the team.I agree with your points.

Definitely the team is probably the most important thing when you search for a good project. Because a good team can work even with a bad product if they have the required skills and experience to promote it to the world in a good way. One more important thing is to look and read all information about the project. A good project will explain everything to its investors and will have a plan for everything. They are prepared, know what's expecting them and have solutions for anything that may show up on the road

Agree, there is one simple rule, if you really understand technology you know that there is one original crypto which is Bitcoin then thousands copy-paste of it and then Ethereum which is completly different than Bitcoin.
We have TWO real cryptos. Rest is science-projects, fraud projects and nothing more.

Neither of Blockchain or Bitcoin is unimportant but people like to focus on things that have connection with money. Only best ICOs will survive in bear market and sometimes i think recession is important for knowing the difference between good and bad ones.

I would tend to agree with you on this regarding what is crypto, unfortunately only BTC and ETH are through my filter.

Regarding how to recognize a good crypto is more complicated. First thing that is important is to know what is not a good crypto, when you manage to make that distinction then you can move on. Good crypto can be good for one person and bad for other person. It all depends what your goal is if we look at that question from a bit wider angle.

Some people call bad crypto a good crypto, simply because it serves their purpose and makes them money for example.

It's a relatively simple flowchart:

Is Crypto BTC or ETH? --> Yes --> "Good Crypto"™
      |
      |
      v
     No
      |
      |
      v
  Shitcoin™

:P

that is opinion oriented mostly :)
i personally categorize ETH as a shitcoin because it is centralized, it had a premine and an ICO, it is not immutable, and it has lots of bugs and exploits.
and anything else that you categorize generally under "shitcoins" has good projects in it too. they are unpopular but they are a lot better than coins like ETH!

Yes the white paper is a good factor when checking for a good ico or cryptocurrency.
But also a white paper might be packaged with juicy offer and amazing opportunity but all this could just be an unrealistic idea and could still end up as a failure or scam

We cannot determine or tell what are good ICOs nowadays because many projects last year had been declared as scam and some are discontinued due to lack of funds even though they have a great and dedicated team behind it. But people must learn to research first before joining to avoid scam.

Even most times you could research and still end up with a shit project, making such research just reduces the possibility of it happening.
Reading whitepapers, studying the team etc, is beneficial and could increase ones luck in selecting a good project.
One thing with ico is that it's very difficult to be sure which is safe to invest in, that's why a large percentage of cryptocurrency enthusiasts stay away from icos.

As the others said above, you can't determine if an ICO is good or bad, however you can tell if a crypto is good by researching on it's case uses. Crypto's backed by quality products/apps tend to do much better than the others. This is why crypto's like Steem or Mithril are still doing well, they had a good case use from the start (Rewards for content creators). This of course has caused increased adoption. Other good examples are TRON, NEO, ETH, XRP.

First thing to take note of is if the dev/team are active.

Next thing to observe is if the team are passionate about the project.

And finally the level of professionalism. i.e - do they have a quality website? Has everything they posted been thoroughly proof read? i.e no typos whatsoever?

Thats what i generally look out for - for starters.

If i spot a typo anywhere in their ANN or on their website then i know they can't be serious.

I also look at how much tokens team reserved for themselves and how long are those tokens locked, if it is under a year it shows to me that team does not really believe in the long term success of their project.

If all of the above are okay, you will invest in that? You gonna lose to most of the smart scammers.

There are many good cryptos are available in the market, So we should know the promising cryptocurrency and desire crypto for our convenient platform. I always suggest to pick the huge marketcap coin and take risk at long term investment. If they want to start short term investment must gain some knowledge in small scale investment.

Personally i'd stay away from alts.  Look back over the years at coinmarketcap and you will see the top 10 ever changing.  Bitcoin doesn't need the same intensive management when making an investment.

Most of the ICO projects right now are affected by the current situation of the market and aside from that many investors are trying not to risk their money due to a high possibility that they will lose everything, that's why most projects even the good ones are being abandoned for now because no one would take that risk.

A "good crypto" is a coin that has many uses or at least a singular strong use case. The question you want to ask: Can it benefit new residents or new employee.

I would say that what you say is indeed a good coin, but that is not enough for something to be a "good crypto". "Good crypto" is much wider term and I think there are much more factors that make a "good crypto" besides just a strong use case.

Like you said, there are lots of scam ICOs and coins. Maybe because you don't need many things to get a coin up and running. One guy told me it took less than a dollar to create a contract address for a token.
And the problem is that most of the scam ICOs set up their website and informations really well to make it believable. Some of them get featured on big crypto blogs, but at the end of the day it turns out to be a scam.
So determining this is really hard than we think.
Sometimes I feel like nowadays investing in ICOs are like gambling.  ::)

If the crypto isn't bitcoin then you're buying that coin at your own risk because apart from bitcoin every other crypto aren't worth been classified as good crypto. Most of them are bringing in nothing new and won't last upto 5years before they run out of business because business (making profit) was actually their motivation for token/coin creation.

Another hint, if you see a coin adding the name bitcoin to their project just forget about it and move on because it's a scam project just trying to benefits from the bitcoin hype and mislead newbie into thinking it's the main bitcoin.

I would say the only solution is listen and read all but do not trust any. All fake info can be created. Do not trust any, be alert. Invest what you can afford losing.

These above lines are only for ICO, please do not misunderstand that I am addressing this generally.

Indeed, we need to be careful and further research to be able to identify cryptocurrecy projects that are feasible to invest.
Based on my observations, there are several important points that can also be taken into consideration and references before we choose.
1. We must understand and ensure that the Technical Information of the Product or Project they offer is truly relevant.
2. We must know whether the Product Innovation or Project produced truly represents the market needs so that it has a high selling power
3. We must know what and who are the targets of their products or projects
4. We must ensure that the project shows transparency in achieving transparent sales.

If you want to know if it's good or not, base on the following:
1. See if the team is real or not?
2. See the development roadmap
3. Field of study and practical application potential
4. Partner and advisory team
5. The community is strong enough

Good luck! ;)

When it comes to the ICO, I would say that transparency is the biggest factor I would consider before making any investment decision in the same. If you know the people and their past record who are involved with the project then you have a better picture to analyse the possibilities of the future with that project. I am not saying that every project having good potential can give multi-bagger returns but it has the extra advantage over other non-transparent fancy projects in terms of sustainable growth in the future.

ICO are good platform for making huge profit.although there are scam in the crypto due to high surge of bitcoin hitting $20000.

To detect scam ico , you need to research on their partners and advisors  they claim on the whitepaper , verification of these is very paramount, and you need to check for technology they intended to use , although many have forge new partners and advisors with profile LinkedIn with unknown pictures of people that don't even exist which is difficult to detect.

But in my opinion I checked for licence documentation from a reputable government agency   with the project company name if they are genuine before I participate in such ico. I understand that is difficult for ico founders to penetrate into government agency database. This is what I used as a tool to differentiate scam ico and good ico.

yes..! dear totally agree with you if ETH want to become a good coin then they need hard fork or move algo to POS and also fix some bugs like some locks coins etc

Well I appreciate your time and effort but honestly this topic has been discussed severally on the forum
And the examples you gave are quite known already