Bitcoin Forum

What are the trust sources out there that you know? When there is a new crypto currency project, there is the need to do the due diligence work before engaging with a project, for that reason I am asking for some reliable and trusted sources where anybody can verify how legit and honest a new project is.

That's a broad question, and a good one.

You should ask around on the Project Development sub-forum here.

By what criteria do you propose each project is evaluated?

An altcoins with zero pre-mine most probably a legit one, still there are lot of no-concept/copy-cat coins are being created with zero pre-mine just for pump and dump purposes (eth came with huge pre-mine still got famous).

A strong follow up and detailed study will help us to find out the legitimate of one crypto project.

Altcoins with a premine/instamine can be okay if they openly admit it and explain how it relates to their intentions for the coin.  If they don't explain that, it's safe to assume that they're just doing it so that they can dump loads on the market when it gets big enough for them to make a profit.

So to some extent, the key is transparency.  If an altcoin or other crypto project isn't offering transparency through things like open source code (if applicable).  

On another level there's the trustworthiness of the admin - if the admin is known to have done decent projects before then it's easier to trust him/her.  Sort of within that, there's also how professional the project looks - you'd think it doesn't matter, but if they make loads of typos they probably didn't put enough effort in for it to be worth your time.

For some things, transparency can be about transactions - for example, a crypto project showing all of the transactions that happen by doing them with one public address.  That way you'd know straight away when they scam you.

Here are some thoughts on categories that due diligence could be accounted for;

• Project idea and expertise
• Potential success for adoption
• Investment required as well as budget spending plans
• Return on investment

I do get most crypto currencies information from reedit.com/r/btc. Most of the new project are explained here  and those behind it. Coindesk also do provides information about new project and the level of research they have reached par time. So I think you should endeavour and do your research very well over any project using reedit, tweeter and even google.

This is just one reason why I'm not into alt trading yet. There are pretty much countless alts out there that it's hard to decide which one to put my bits in. Let's say that even if the alt is "legit" like not just made for pumping, what are the chances you'd be able to make a profit out of it, especially if it's pretty much unknown?


Guess that's good enough reason to finally make a reddit account.  ;D

Reddit is the worst platform to get credible advice on Alt coins. The place is full of kids making snotty remarks.. with little or no knowledge on the

subject. The pre-mine/instamine of a Alt coin will give you some indication on the legitimacy of the coin, but it is in no way a guarantee that it

will not turn scam in the future. Remember that we dealing with a piece of code and code can be changed.  ;)

if you want to test it first try what will be tested.
when there is a new crypto currency project, so much needs to be in lakuakan before getting involved in the project.

You can try altcoins project. They can work for your due digilence queries. Altcoins are cheap investment gives you hold in your investments. They can be very profitable project if you work like crazy with them. You can check few of them listed in trading discussions section.

Icorating.com (http://Icorating.com) is providing some good insights for upcoming projects in easy to navigate form. But I don't think they have enough manpower to cover majority of upcoming projects, currently only small percentage of them is assessed. 

Unfortunately there is nothing like the BBB(Better Business Bureau) in bitcoin to help us check the seriousness of a project while this may seems like bad news it gives to those that can actually evaluate if a project is good enough to invest a tremendous advantage over anyone else.

Honestly there is none, unless they are verified and accredited by their government, but most of here are working through anonymity, and seldom declaring their own identity.  Investment in this project is purely a risk and speculation that the developer will deliver.  We are as investors are under the grace of the project developers.  People in this forum, though I believe there are some reputable members but they, themselves are not sure if the project is legit or not.  It is all "gut feeling".

the question you need to answer first is what is it exactly that you are looking for?
if like the rest of us you want to invest in an altcoin to make profit then stop looking for legit projects, because while that may be good it takes a lot of time and there is no guarantee that a legit/good project rises in price, we have lots of examples. and shitcoins get pumped left and right.

but if you are looking for something else, and some other use case for an altcoin project then revise your question because that is a whole different approach.

Kindly do as much as possible due diligence for this new altcoin project when they come upp. Because if you remove the history of total 2016 new altcoins that were launched and if you check majority of such coins have no value in 2017. So be cautious investing in such coins.

It can be verified from his idea, the legit and honest project not aiming dumbass or nonsense idea that idea is too far to be a reality.
The trust sources have a lot of kind. The reliable source to asking with the expertise people of the project. But sometimes the result will depend on how the project can be released in the future. Not just a crap idea.

well unfortunately there aren't that many trusted sources that we can use, most people are giving biased opinion based on what coins they are bagholding themselves and want the project to succeed.
that leaves only yourself and the knowledge you have. you can search for the developers history to see how many failed or successful projects (if any) he had in the past.
you can also go through the code, the white paper and the roadmap they release and see how much they are living up to the promises.
these should give you a general idea.

Correct, the legitimacy of a project not necessary translates on earnings in your pocket, so if someone is looking for investments or trade opportunities you are probably better off just studying trading and forgetting about checking the details of the coin.

Instamine/premine is part of coin initial distribution, we have some amazingly popular coins which were instamined or premined, like Dash.
Premining a coin itself is not a problem when it is properly advertised and explained. Hiding fact that coin was instamined is never a good sign.
It will most likely hurt coin reputation and hinder its growth, in some cases it can even discredit developers completely.

One of the major things i would asses is the team and their reputation and how strong is their project and what their insights are,most important who are the acting escrows ,because it is an important factor now a days because we are seeing more scams in this sector,if all these factors satisfy me then i would invest in the project.