Bitcoin Forum

There are so many scams going on in Crypto world. Useless coins and tokens are released everyday just to scam investors. Currently we are also witnessing so many Masternode coins with crazy rate of interest. I got scammed in such a masternode recently (Brig in my case). Is there any way we could fight this menace?

First you need to know that scams do not come to you and catch you. Obviously you go to them so proper way to avoid them is too know them clearly. There are some signs that will give you hints about is it legit or not. Like proper presentation of the project, solid whitepaper, renowned team members, good ico and bounty managers etc are the sign of good Altcoins.

In my opinion, the masternode projects are all fishy. I would advice you to check the team first before investing. It is the most important aspect. If the members of the team have established names in crypto world then project is a bit safer. Advisors are also important, check that they are indeed linked with the project. Last but not least, check out their partnerships and if they are real. A few google searches should do the job!  ;D

Yes, that's just a new way of tricking investors into thinking what an innovative project it is.
But the underlying whitepaper might seem copied from different source with minor tweaks.

That's why everyone should do their own homework before approaching any masternode projects.

Good question. I think, the most effective way of fighting fraudsters is knowladge. What mistakes do we make when we choose them, what are our mistakes in terms of knowledge and research. Unfortunately, fraud is everywhere in our world, we need to develop ourselves first to prevent scam projects as investors.

Stop throwing your money at shit projects. Almost all ICOs and altcoins are scams. They keep popping up because there is an apparently endless stream of morons willing to give them their money.

Actually all problems has a solution, especially here in crypto world which is we are able to know if the project is safe to invest or not , by searching quickly the background of the project if the team behind is really a professional and has a good intention. 'cause that is the most important,.   So if you want to fix that problem always remember this useful tips , to prevent such issues and repenting .

indeed a lot of scam bounty projects out there and we can not predict, in my opinion better see and read from the concept of their project, if you get a scam project we can only surrender and proceed to other projects.

You can fight with scam altcoin by never holding your coin too long, when you see you can take profit more than 6% to 10% you have sell your coin. You can find another altcoin could take more profit again, never waiting for too long to take much profit until more than 50% because you can loss your money and you have hold more than two or three years. Sell if your profit was reached more than 10% is betetr than you have hold forever.

Well, I became skeptical in relying on reputable bounty managers recently. I learned that some of the manager that I follow, most of their campaigns turns out to be a scam and a lot of members here in the forum are proving that accusation. I read the issue about them and as I saw it, it was really a scam and some of them got a red trust because of that. Maybe they are just accepting the job for the sake of the money unlike other campaign manager who really determine the ICo first if they will do their due diligence.

What you should do is to research on the project or coin first before investing in it, or even joining bounty campaigns. This is the most important thing to do as you should see who the people are behind the certain project, what are its goals, and what do they offer as well. It is very important to be very skeptical in investing in altcoins. Also, take into account as well the hype that is existing regarding the coin by checking their websites or telegram.

That's why regulations are very much essential in crypto. Many people sees regulations as bad thing in crypto, but I don't think so. Regulations will help elimination of many scams from crypto. Many ICO'S are just money grabs and dies after few months. Regulations will end this eventually. Also Regulations will help in building up the confidence of investors and will help in mass adoption.

I totally agree with you. The signs are written all over the wall, it's just left for us to spot them using various parameters. like:

1. Public Team
2. if the amount they intend to raise is not too much for what they intend to achieve
3. Do they have a prototype
4. is the project too ambitious
5. Solid team

To not get to scammers, you need to analyze a lot. And this is not an easy matter. Sometimes you can still run into them and it's inevitable. Unfortunately, scammers are more and more and nothing can be done about this.

These points are important when you're about to invest on some ICOs, yet many people still fall for some projects with photoshopped picture of the team members and shit. Lol I don't understand anymore. Greed is hell of a drug for these people.

There is no such way to fight scammers here in cryptocurrency because most of scammers are using the identity of others aswell they are anonymous the only thing we have to do is to avoid being scammed. We need to be vigilant and also we must learn to be skeptical about investing to an ICO.

There are so many ICO that are scam now, Its hard to find a good project nowadays because theres a lot of scammers.  To fight these scammers is you need to do it for yourself. Make a deep research about their project and also check their team. Some says if their bounty manager  is good their project is good too.but i dont think so thats the basis of a  good project.. The best thing to do  if you dont want to lose your money is not to invest in ICO if your not sure with the project.

If people will carefully choose the projects and not be greedy, the scammers will not be able to raise a lot of money.

Thank you for your disclosure and let more people be free from such scams.
But you have to know that exposing them is not an easy task. Their means are hidden. When you find that you are a liar, you can't catch them. You can only think of your approach, report them in relevant forums and social media. .

That's one of the indications with the bolded part of the quote, they offer crazy rates of interest, unbelievable ROI that the source of income is unknown, insane bonuses that attract potential investor victims, you can check scam accusations board here for the potential ICO frauds or you can check the ICO for yourself, there's a lot of pointers to consider whether the project is fraud or not, we can fight them by unmasking their true colors then inform the community or investors as soon as possible.

Not a new thing yet scams do even exist already since the beginning of crypto market where there are people would do sort of things which can generate them easy money. How to stop? No we cant as long there are people who do have knowledge on creating a coin and setting things up to be realistic then the cycle wont stop where there would always be a victim on losing out funds and feeding those scam devs.
One thing i do believe on nearly to somehow reduce this thing is on regulating ICO.

The best way to fight scams would be to not give them your money. The reason these scams are here is to make money so if they are not making any money then they have no option than to die out. If we are going to rid ourselves of this menace then we have to do it together, if you discover a scam then spread word out so other investors would know not to put their money into it.

You want to avoid many scams coint in crypto?
Some people is called with the name "crypto expert", "ICO analysis expert", ... who have more experience in this market. So if you become a person like that, you can avoid more scam coin.

All I would I sag it is very common nowadays most of the coins are introducing and scamming with innocent peoples all we can do is simply research on the base of these coins usually people advice to talk with manager In this case. But I personally don't believe in new and introducing coins.

Don't stop learning. Your crypto experience will help you to detect scam projects for the seconds.

sCAMS have become a pain for most people in the crypto market as there has been reports all over about  projects coming up but with no intentions of solving problems but rather with an aim of scamming people off their hard earned money, The only way out is to be cautious with how you go about choosing your coins

Most masternode projects are just copies of another codebase with no innovations whatsoever

Researching is the best way to become better informed and lower the chances of making losses on your investments

There are many scams in the Crypto world. This is the fact. The most important thing is to learn relevant knowledge and improve your recognition ability. Before investing, we should read the white paper carefully, understand his team members, understand the background of the project, and your investment risk. Will be greatly reduced

1.- Know the team
2.- If there are no clear funds accounting, just run away.
3.- Invest in new technologies, not new coins.
4.- Knoweledge.

What can one do? The only thing is not to be a victim and research the project before participating or investing