Bitcoin Forum

Stop investing  (investors) or promoting (bounty hunters)  projects requesting ridiculous amount of money just to build some silly application... it's just outrageous 90% of these kind of projects later Play an exit scam on investors

Imagine requesting 50 million usd to just build a chrome extention for add block ... this was the case for online.io and now the whole token market capital is just 5 million usd on cmc with a 24hours volume of 5000 USD... THIS KIND OF PROJECTS ARE BAD NEWS

Just make your own investigation and do not invest in every ICO that has good marks on the rating websites. Unfortunately a lot of people are doing this and nobody cares about the whitepaper, MVP, community and so on.

Yes, I agree, sometimes it looks fun.
Creating an application is a small part of work for the all system. Perhaps a lot of money is needed for marketing.
Bitcoin was not immediately known. Altcoins are still unknown to many people.

Well, we must be careful in selecting the right new projects upcoming in order to avoid scam and being deceived by the scammers. However, only not investing in the projects that offer the ridiculous amount of the money and systems will not be enough. There must be also some considerations that we must pay attention to. Moreover about their team, now we must be more careful in analyzing whether their team is real or not, fake or not by checking them on the web, social media, and other identification sites. But, of course, sometimes it is also hard to avoid.

Yes, but not only this kind of invest make people lose money, there was in past also lot of projects who fail or exit scam and also there was some exchanges in past who run away with people funds.

Determining the project on how good it is seems to be difficult these days. I think one of the good standard is to depend on the managers choice of projects. If from them, they can filer all of the projects that they manage, the participants will benefit from it. But some of these projects are running on their own and they have their own bounty manager so to bounty participants, you should check if its really legit by conducting a lot of research and tests.

I think that most of the naive investors who decided to entrust their money to ICOs throughout 2018 and 2019 have already realized this, and that is why the level of investment in that market has fallen so drastically, that's why the new ICOs are having so much trouble reaching their financial goals.

However, for me it is truly surprising that there are still people willing to invest in this type of business, even knowing the high chances that their investment will disappear in the medium term.

many ico project want huge amount of money just for develop simple application and sometime ended with scam or in case before they develop the product they run away and bring investor money

Just a single tip and it has been all over the platform for long

Do your own research

Do your own research

Don’t rely on gossips; don’t rely on influencers; don’t rely on fuds or fomo
Just dyor

We cannot deny that people in this forum not aware for some shit project and continue patronizing and promoting their project if you a true investor you will check every detail of the project becuse you want assurance or a good return for your money a single effort for a huge return this is people want, but everyday new project are came in this forum to launch their project.

My tips is , don't investing in ICO then I'm sure that you won't lose your money anymore  :D
Actually it's too hard to identity which project is real or fake, which one will become famous or exit scam in nowaday, so research project and reading whitepaper is most important part before participate in ICO sale. Anyway in current market condition, a lot of project run out of money for development project.

I hate to admit it but its true. Even the famous ones project also falls even having enough resources like paid and sponsored advertisements in any social sites. So how much more this projects that just relies there project's reputation to bounty hunters.

It's not identifiable for most of the people that whether the project is easy to build or hard because not everyone has the tech related knowledge properly. For example, I wouldn't say how much easy to build a project is because I have no fucking idea about the programming.
If investors or bounty hunters need to verify that, I think there will be almost zero to a little people left for investing.

I don't think the amount of money they are requesting for is the problem here, but the lack of the ability to be able to deliver what they have promised, my own advice is that any ICO company that cannot reveal it's team to you via a webinar is a very big suspect and could make away with you money, make sure to do a thorough research about a project before investing in it, in order to avoid losing money unnecessary that could have been avoided.

I think it is about time that bounty hunters start studying and analysing each project before promoting too and after their research they should be sure of what they are promoting, they should be sure it is a legit project with quality project with practical use cases and not only a plain website trying to raised funds for a non feasible product similarly non serious and low quality projects should also be skipped.

Before I clicked this topic, I know already that this will be the tip you will say. Stop investing and promoting scam projects.

For investors, I think investing of ICO's is very risky right now because of what happened last year. There are many scam ICO's right now and it will never end. There will be ICO's out there who will get the money of the investors. Now in terms of promoting, I don't think the bounty hunters are aware if the project is a scam or not as long as they will participate in the campaign they want to participate. Bounty hunting for me needs time and patience and at the same time, you must know which campaign will you promote. You must know which of them is a scam project and which is not.

There are some people actually ask why some projects need so much funds in their tokensale while the platform is pretty simple to build. Project's team probably use the hype of cryptocurrency to gain money for theirselves through bounty and this can be a reason why the project's development is not as fast as our expectation (cause they are enjoying investors' money)

Even many projects that reach hardcap of millions of dollars end up have too low market cap on cmc but I'm not surprised ,many devs this days only care about how much they made for there pocket and care less about the project itself

That's true that some project doing so, but if the project really got a hardcap doesnt it mean they have a huge community? Therefore, they should be able to put their token on a big exchanges while doing massive promotion to gain more investors from the market.

the problem is how do we know projects that turn out to be like this ? so many empty promises that are not fulfilled. the fact is that we all know its not an easy task, but projects owners should stop promising what they cant do which they only use to lure investors to invest in their project. these days its more reduced as only serious projects gets investors to invest based on their credibility and working product not just on hype as before.

i think people have to only realize that whenever they are investing in a project like this (for example the ICOs) they are not investing their money, instead they are gambling with their money by making a bet on whether or not this token is going to be pumped or not.
if you accept that, then things can become a lot easier for them to make decisions and protect their money better.

I think yes, right now that's how it is
most ico only collect funds from investors and then go somewhere without caring about the development of the altcoin they have developed.
this is the risk of this industry without any regulation that can be a legal umbrella for investors and prevention of ico scam

how about stop investing in anything that is asking for money BEFORE they even release anything. that covers all of these silly scam ICOs and IEOs and all the similar ones that exist or will exist in the future!!!

the thing is, in this market since it is unregulated you can't trust anybody to deliver anything. you should instead ask for deliverance of some "product" and then invest in that "product".
but as long as you are doing it in the opposite direction, when they receive their funds they no longer have any incentive to do any work anymore because they know there is no more money in it for them.

Unfortunately for us, the scammers will start to make more reliable looking projects. I like that there was IEO, now the exchange itself should check the projects.

There are even ICO that launches an exchange but can launch one lower for 1 million but they want 20 million, investors are wiser now, they will invest in a project that is already in the market, or they are shifting to IEO which is more safer than ICO.

Please stop investing if it is doubtful, but many also make it through investment only they don't tell about their success, and choosing a good investment is clearly very difficult so we also need strong references if we want to do it.

There are some ridiculous projects asking for over $1 million just to build a forum site with crypto tokens integrated in it. Probably the worst chat site ever created, even more so than the free ones you can sign up to!

I think it is completely rubbish for a team to jump out of the blue, request millions of dollars from investors just for the purpose of building an app. Even some of the most sophisticated apps in the world were developed with just few dollars. Moreover, the team should raise their personal capital to finance the project.

Yes I agree. Most of them are just like that today. Building another browser for the cryptocurrency is not necessary for me. Raising a huge amount of money in that project is not reasonable. We should just make sure before investing that it is important for the project that they have product and roadmap or plans that is possible.

I agree, mostly of ICOs require a lot of money that they really do not need. They should be thankful for every contribution and make everything to satisfy their investors because this is really important mainly in bear market where investors are too picky.

At a point I started questioning the rationale behind ICOs. What exactly do they need the millions they're asking for to build? It's really outrageous how most of the ICOs where just a means for the promoters to get rich leaving token holders with worthless tokens.

Stupid project are many out there and its up to everyone to safe his/herself from fake projects, most of these devs are desperate to make fast money which is why they set their hardcap as high as 60million dollars just to develop product which is all lies. Always do yourself favor by researching and investigating team of projects

While they want huge funds for there fake projects they promise to pay bounter hunters millions of token allocations ,I don't get fooled by such projects anymore ,I expect many bounty hunters to have wisen up

I would advise you to read the documentation every time you want to invest in something.  As for me, this is the right way to define a fake and a good project.  No need to be lazy.

In my opinion, bounty hunters never forced anyone to invest in such projects.. The choice still falls on investors to decide which project is worth their funding. Although I sympathize with investors, the failure ratio amongst ICOs is alarming and warrants more scrupulous investigations and research before making investments.

I even think that the amount seen in signboard is inflated. Because, if you pay attention to the projects that have reached the softcap, just bounty hunters inquire anything in public group, afterwards admins sneak out slowly.

This is impossible because many people are stupid and they don't want to think. They are promised a lot of money and they thoughtlessly invest in the project, hoping to become rich.

There is nothing wrong if a project decides to raise funds from the community either for further development or an app that is probably essential to the project sustenance.

because of an incident like this I decided to stop investing and promote projects that don't make sense, but unfortunately out there there are still many stupid and greedy people who invest before doing a lot of research

If we think the softcap or hardcap target is abnormal, then we will better to stay away for that project.
It is silly to buying or supporting those kind of projects indeed.
You will find more red flags in that projects if you have more time to doing your own research.

in as much as I understand how you feel, but it can't work that way because every projects depending on its products and development will require different amounts to be raised so even if a project asks for just 1million, and depending on its products, they were supposed to be asking for like 500 thousand dollars. So I will say they are all thesame

The reason why these big projects fail is because they rely more on the power of investors to keep the value high through the market than the project product itself, that is why thy spend more money on promoting in social media than having a product. Most of the adverts I have seen has been for people to come and get return on investment and not about what the people have to benefit from their products.

I don’t go for project that does not have a product that I can say it is worth using and probably committing my money to, except utility tokens, those ones I know I can’t do without if I am to use the cryptocurrency for payments.

Yes, how many of the ones that have succeed in raising such big amount of money has been able to account for the money, what product can we really see that has been created that warranted such huge amount of money. Many of these projects like to inflate the cost of the projects unnecessarily.

I am not trying to discourage new projects or company, but we cannot stop them from quoting whatever they want to quote that is necessary for their business, but for investment, I think I will prefer not to be the used as example, so I will wait to invest when the project has already entered exchange and have a working product.

Unless there is strict rule of law and strict action against the culprits we are going to see fake and low quality projects continuously, this type of environment is encouraging scammers to launch their copy paste project and then exit scam, last year we have seen massive wave of scam icos that is why i suggest their should be a regulated platform for icos and they should not be allowed openly like they are now.

I totally agree with this, most projects want to raise millions just based on an idea and at the end, they will just give you  a product that can be done with literally few hundred of dollars, just lately a project I know raise millions of dollars and until this moment all they did is a website that can be done with 2 figures.

If you are interested in the project, just take it after entering the exchange. It will save you money. Almost all projects fall in price when entering the stock exchange. Especially if the project had a bounty.

That's the best strategy nowadays, a lot of coins are promoting at high price, but once they are listed the price was dropping or declining a lot, and the team will just say that they cannot control the market, so for me, it is way better if you think the project is good and has future, then you'll just watch it out on the exchange and buy the dip.