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Where's can we find information regarding the team that is driving this?
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Russian lawmakers are working on amendments to the civil law aimed at legalizing ICOs, according to Vedomosti, one of Russia’s largest newspapers. Discussion of the amendments has already begun by an interdepartmental working group under the State Duma, which has been assessing the risks of cryptocurrency use in the nation. Read moreSource? If this is true, then it's a huge win for the industry in helping pave the way for other countries to adopt. Additionally, strengthens consumer confidence for all cryptocurrency. News like this can help boost current prices. I'm sure the community would love to see a news source if you can provide it. |
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I anticipate that some will reduce their risk and sell before 8/1 causing a minor dip. But then buyers will then see that as an opportunity to buy lower and scoop up more coins. Ultimately creating an equal exchange to the levels they are at before the selling begins.
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For me, the rule is very simple. If the price is lower than 50% of the ICO price, the project is a scam.
The price on listing? Actually, this is not a very good indication. Most ICOs (even scams) get listed at a very good price. But if there is nothing backing the coin, the price is bound to crash eventually. I agree with JJacob on this. |
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Thank you for doing this. |
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Seems like a lot of ICO's scams are giving a bad rep to those that are actually trying to help create real authentic solutions for this world. Ultimately, this hurts the entire industry including the growth of cryptocurrency.
We should give a chance for ico that are really deserving, we should not say all icos were scam since we gained on it from being bounty hunters,to investors and even having them in trading. Some ico really worth trying for. Yes, I completely agree with you. Especially those that have the items I previously listed. ie. Strong team, prototype, problem solving idea with a strong vision and roadmap, etc. I can't wait until we announce our ICO to all of you...  I understand your mean, but if have opportunity from cryptocurrency with ICOs, why not take advantage of opportunities for earning and become to rich man before this opportunity disappear? I know most ICOs in present not really and are in short time, although they had listed to exchange site but still delist anytime, as MobileGo when listing to Bittrex! Are you referring to buying into an ICO and then flipping it when it hits the exchange for a quick profit? If so, sure... you can do that too and make a lot of money as a short-term investor. But we should do our best to encourage and support the development of projects that solve a real problem, driven by a great team, with sustainable business models. Otherwise, if we continue to support all projects (including scams) just to make a quick flip, it will dilute the market (and exchanges) with a lot of DAO's with bad business models and worthless altcoins. As a result, the growth of the industry will slow as the general public will lose interest. |
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I have been considering doing some data mining to build a model to predict scam ICOs based on a number of features we can extract from their websites and BCT threads. I would need to compile a list of scams versus non scams and then do some data gathering but building a classifier wouldn't be too hard (thank you Kaggle contests) using decision trees or other standard methods.
Anyways, my hypothesis is that coins which offer real high 'early investor' bonuses will be scams. People do this to take advantage of greed as it causes people to jump right in without a chance for discussion or proper research. If it is a legit project then they do not need to use this tactic. While this is not always the case as there have been successful projects which did this my gut tells me scammers will do this.
Then there is the presence of shilling. I am currently doing another project with Amazon reviews to detect shilling (and shillers) so may have to come back to this. A product with actual mixed reviews will have a different distribution of ratings as a product with shilling where two disjoint clusters of review scores form. Sentiment analysis methods can be used to assist with this, along with some semantic analysis.
Then we have poor spelling, quickly written up webpages, short whitepapers, unrealistic claims, no escrow etc. BUT NOT ALWAYS. For example some scams have escrow just to throw people off.
It is good to be back Bitcointalk.. Maybe its time to start calling out scams again to keep my peeps safe.
I think that this would be great. Or come up with a weighted analysis that allows the community to provide an overall ranking (score) for ICO's. Seems like a lot of ICO's scams are giving a bad rep to those that are actually trying to help create real authentic solutions for this world. Ultimately, this hurts the entire industry including the growth of cryptocurrency. We need to collectively come together as a community to report and discourage scams as much as possible. Otherwise, it cripples the growth of this industry and hurts all of us...  |
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Just wait until someone open-sources or white-labels an ICO template / solution. Then we'll see 100x scams... We need to collectively discourage and report scams as much as possible. Otherwise, it cripples the growth of this industry... |
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Just out of curiosity, how could anyone invest or buy this coin when it's a completely anonymous team. Does it not concern you that you are handing over money to unknown parties?
It's a FUCK token. You don't "invest" in a FUCK token. You buy it to when you want to give people a FUCK. LOL... I hope you are being sarcastic... |
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Seems like a lot of ICO's scams are giving a bad rep to those that are actually trying to help create real authentic solutions for this world. Ultimately, this hurts the entire industry including the growth of cryptocurrency.
We should give a chance for ico that are really deserving, we should not say all icos were scam since we gained on it from being bounty hunters,to investors and even having them in trading. Some ico really worth trying for. Yes, I completely agree with you. Especially those that have the items I previously listed. ie. Strong team, prototype, problem solving idea with a strong vision and roadmap, etc. I can't wait until we announce our ICO to all of you... |
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Ethereum - the world computer...
More like, Ethereum - an open door for any idiot to create a token out of thin air in 5 minutes and make millions of dollars selling it to saps.
Tokens will kill Ethereum, sure right now ETH is doing great out of all these lunatics piling their money into it to invest in these ICO's, but eventually, when 99.9% of them turn out to be scams people will lose whatever trust they had in the Ethereum platform and will all switch back to honest, stable crypto currencies (you know, ones that haven't been hacked multiple times already) to invest their money in and build their block chain tech on.
Amazes me daily how much money people are willing to throw at strangers with a fancy website, a corporate video presentation and a bunch of promises.
Oh well, like they say, there's one born every minute...
I doubt this will happen because a lot of tokens are built from Ethereum. There will be some good legitimate platforms that use ETH ERC20 and keep it alive. |
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If you are going to invest in anything business / coin, I recommend investing using the following principles: TeamFirst and foremost, I invest in people. The questions I ask are: - Are these individuals I can trust and share the same values with?
- What experience does the team have in this space?
TractionTraction enables me to understand someone's passion, hustle, and results over a period of time. The question I ask here is: - What traction has the team achieved over the past quarter, six months, etc?
Idea / Concept
It's never about the idea. It's always about the execution. Hence why this ranks lower than traction. The questions I ask are: - What problem does this solve?
- Is this an idea that I'm passionate about and care offer value to?
- Is the idea / concept aligned with my values?
Only investing because a stock or coin has a low market cap without the components above generally do not yield good results. There's a reason why these stocks / coins have low market cap in the first place... |
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Seems like a lot of ICO's scams are giving a bad rep to those that are actually trying to help create real authentic solutions for this world. Ultimately, this hurts the entire industry including the growth of cryptocurrency.
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Just out of curiosity, how could anyone invest or buy this coin when it's a completely anonymous team. Does it not concern you that you are handing over money to unknown parties?
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I agree, investing in ICOs with working products is the best thing to do but there could be great futuristic ICOs too. The problem is identifying ones with consistent and serious developers.
Thanks for this tips
I do agree with you, even a working products is not enough, a developer needs to keep updating and upgrading their products and services but most of the successful developers now have turned to celebrities I think sometimes they do not pitch before the end of the period of completion of the ICO because someone could spoil your plans by taking a copy of your project before them,so other things should also be considered. I can relate to your point here as well. That's why we are also holding off on our announcement until next month while we complete our product. |
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Here are my recommendations: - If you currently have coins and tokens... hold.
- If you do not, wait until after 8/1 to decide.
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Great point. I forgot to add that to my list.
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If they refuse to conduct an ICO through an escrow.
Well,there have been cases where ICO's scammed even they used forum's trusted escrows.Money never arrived on the escrow addresses after the 2 days of the ICO. Whatever they managed to raise in a day or two was wiped away.There have been ICO's which were successful without forum's escrow too and they did manage to raise a few millions to reach the goals.I could give you examples but I'm pretty sure you know their names. Agreed. Escrows aren't a requirement for me either. I'd actually like to hear more about startups using a paper wallet to accept funding in order to ensure security. |
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Jeez Louis guys. What do I have to offer to get people excited and join in.
You need to offer the standard requirements: - Team Details
- Website
- Whitepaper
- Prototype
- Terms
Making a post on BitCointalk and just expressing your idea will not get people excited. Especially during a time of uncertainty with all of these scams out there. |
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Here are my red flags (no particular order):
- Anonymous Team ie. FuckToken
Is anyone comfortable handing over money to someone they have never met, seen, or heard of before?
- Inexperienced Teams
I prefer to see teams and developers that have been in their respective industries for years. Startup and corporate experience are very important here too.
- Fake Profiles
Integrity is perhaps the most important trait for me personally. Once that is betrayed, it can't be recovered.
- No Prototype
Teams with no prototype give me a good indication of a team's ability to execute and gain traction. It doesn't require much time to develop a proof-of-concept for any demo. And quite frankly, every team should be required to prove that they can sweat and hustle (in a short period of time) before trying to raise millions on the open market.
- One Person Companies
Self-explanatory
- A large number of team members and advisors
This scares me for multiple reasons. First, I always laugh when a startup has no prototype but displays a large team of employees and advisors. Additionally, teams can not be efficient at the startup stage with both. Having a large team increases payroll and operating expense. If a team doesn't have a product or prototype, a large team is not going to be efficient in the early stages of the company. The same goes with having a lot of advisors as the leadership team will be pulled in many different directions.
- Quick ICO Timeline
Everything that is worthwhile in this world takes time. Companies that drum up an announcement, website, and try to ICO in short period of time are always questionable.
- Questionable ICO Terms
If a team is raising an large amount of funds despite not having a product or vision to accompany the raise amount, that is always questionable. Additionally, if the token distribution favors the founders versus the investors.
- Solution vs. Problem
If a team isn't solving a problem with a large pain point across many people, it is likely to not have a lot of impact and potential.
- No Clear Roadmap
A team should be able to articulate the results and direction for the company the last six and next six months, respectively. If not, then they haven't done the necessary diligence to plan and succeed.
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