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PROLOGUE : The importance of individual research and adequate inquiries can not be overemphasized. From investing in ICOs down to participating in bounties and airdrops all takes important attributes and meaning from us, like our time, efforts, energy, full cooperation, financial resources and privacy. All these things have high priorities to every individual therefore, one can get hurt psychologically or even physically by losing one or two of these possessions. Taking your time and patience to not only research about an ICO but to understand it in your own unique way can not be bought or ignored. All these are needed due to the extremely high raising rate of scam and failed projects. As an investor, there are several things--attributes and red flag to check out for before investing in an ICO. Over time, several members of this forum has shared ideas and straight forward reasons that can assist investors identify a promising, scam and/or doomed ICO projects. They are; For;
Getting started: The returns of investing in ICO projects may not always be favorable however, as for most of us that invested in one or several projects that finally gave us a score, the returns has been worth it or we are still enjoying from it. Picking your projects: I have seen many make the mistake of getting an exchange wallet and purchasing ethereum/bitcoin before looking for ICO projects to invest in. This doesn't seem like a good investing move to me because at the end of the day, you find yourself losing your composure thereby leading into haste and haste leads to quick decisions which in turn leads to bad judgement. I would rather advice investor make and research for the projects they hope to invest that is, identify which project(s) that is/are looking for investors and research about them extensively using the means stated above and more found in the course of your own research. This will reduce your investment project lists since at the end, you will be able to select which project has more realistic goals from the once that has failed to convince you as an investor. For websites that lists upcoming and existing ICOs are; Owning your wallet: Exchange wallets like coinbase or bittrex accounts are not your wallets, never imagine exchange wallets as your own wallet. A wallet is considered yours if you have absolute control of the contents/ private key with minimal or no risk. A very good example is MyEtherWallet. This allows investor to use Ether on the Ethereum blockchain and participate in ICOs. Investing in an ICO project through an exchange account will only yield loss of ICO tokens since most times, exchange has no support for new ICO tokens.
Converting FIAT to ETH : Investing in ICOs requires you to convert your local currency(fiat) into ETH/BTC. This can be achieved by getting an exchange wallet. Coinbase is a good secure way to buy ETH into your exchange account. That being said, Coinbase doesn't support all currency as i have noticed and as for an alternative, i would personally recommend Luno(especially if you are in Africa, Nigeria to be precise). After-which, you move your purchased ETH into your private wallet and make your investments there.  Investing: After registration, as an investor, a receiving address will be found on the ICO web page. Usually, after proper research and going through the ICOs website, Investors would have figured out the right type of crypto, address and amount to send investment. This is also a very delicate aspect of investing correctly because if the wrong amount or cryptocurrency is sent, investors could lose their money or may not receive the tokens associated. Tokens : After investing, tokens will be transferred to your private wallet. Mostly likely, the wallet investment was made from, in some cases, you will be required to add a wallet adrdress on the website or application i.e if a specified application was required in order to receive the token once the sale has ended. The ICO website/whitepaper will provide further information regarding how and when the token will be distributed. Exchange : There is an issue of waiting for the token to be listed in an exchange and finding out which exchange has it listed. An alternative is that the tokens can be used on products/services offered by the company. Possible exchanges that lists ICO coins are ; Better still, as an investor, an easier option to track your token is through Coin market capitalization and searching for the token, if it is listed in any exchange yet, it will be shown as well. Once comfortable with the stated price/volume, you can trade or chose to wait until you hit your price target.
Time is very important as an investor. Investor's/company's location can be challenging if not carefully noted during the token sales. If you missed investing during ICO then, you can still invest as soon as it gets listed in exchange. The only difference will be the discounted price/volumes early investors made. NOTE : Several articles/guides from this forum are included/linked while making this as to help reduce loss and errors while investing especially for the new investors. Clickable words(just click on the word) exist through out this guide and shouldn't be ignore, also, owners of those guide should be recognized for their efforts as well. Thank you.
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Please, forgive my English and spellings. I am trying to get used to English as fast as i can. Any correction or extra idea will be added and appreciated
'Apathy’ is a state of being or condition that means not having interest or emotion about something. It can also be said that an apathetic person is indifferent or insensible. It usually is used in a negative connotation. For example: The teacher was saddened by the student’s apathy for learning. An apathetic person, or a person possessing apathy is not necessarily ignorant, they simply don’t care.
I got motivated after i got tired of reading and hearing about SCAMMERS AND HACKERS and their escapades. It can not be entirely avoided however, most times, we are at fault because we have REFUSED to learn and guard ourselves in good ways in other to identify scams and poor security lapses. We don't care enough to get factual details on actions or projects we engage in yet, when we get scammed or hacked, we care to cry and plead for help.
Let me draw you all closer to home: Have you seen our forum of lately? There are so many posts and threads that in some way keeps asking users to; read, learn, post constructive ideas and comments, follow rules, research, etc yet, you get surprised/irritated seeing the amount of people that has failed to follow simple laid down rules and structures, hesitate to research and read in order to contribute like some others are doing in a healthy way which leads to loss or bad decision making or asking for help unnecessarily over things that could have been avoided.
If only we spend time, resources and needed effort researching more on that investment, job, ICO, project, account/profile security you are about engaging with, then that reduce drastically the percentage of scams and hacks taking place.
Learning and growing are one of the few things in life that has no limit. Same with scammers and hackers, You will be amazed to know the extent at which scammers/hackers go in other to perform tricks, scams and hacks that rival current technology. If each and everyone of us here are to be honest, we will all admit that scammers/hackers are very well experienced and detailed as well as have huge patience in order to execute their intentions and plans.
As a participant in the cryto-world, continual learning and research is the best means to avoid scams and hack tendencies. For example, If most of us researched about crypto projects extensively before investing in them, we would most likely identify a scam project or a DOOMED PROJECT. Some projects out there are not always scam however, that doesn't mean the project will be successful.
We can't always blame scammers and hackers for our problems when part of that blame is on most of us for neglecting ideal research and learning more about what the cryto-space has to offer. I have seen users that are on the verge of investing in a project yet, they have no idea about simple crypto requirements and features like differences in wallets, whitepaper, and several other common terms out there.
I am not in support of scammers and hackers, they have chosen to use the knowledge, resources and skills to cause pain and steal from others yet, we can not deny how these scammers and hackers pay attention to details and rules as well as spend quality time research and learning in other to execute their plans. If we all do the same, we can 90% of the time, avoid loss and hack intrusions when necessary.
EXTRA : Issues of constructive posts won't be an issue or difficult for users if we study, research and exercise patience. There can be lots of benefits that comes from reading and researching other than protecting ourselves, we can also guide others as well as the forum in general. We have so many rules here because many of us have failed relating to common sense and chose to ignore simple instinctive rules.
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THE WHITEPAPER FULL BREAKDOWN INTRODUCTION : If you are interested in the blockchain/cryptocurrency space, be it as a businessperson, investor or a developer, one thing you can’t/ shouldn't ignore is whitepaper. Say, you are considering investing on an ICO, you are importantly advised to read the white paper of that ICO. If you are unsure about what an ICO is, then please check out this article HERE and HERE. If an ICO hopes of becoming a successful campaign, a whitepaper is essential to persuade people to support its idea, product or service. More recently, more and more new cryptocurrency white paper presents new technologies that will change the industry. Due to this, whitepapers has recognized great value in the sight of investors, businesspersons and developers as well. DEFINITION : Guessing enough, the introduction above must have given you a tangible clue to what it is. It is an informational written document presented stating the ICO's purpose, its entire architectural details, what it hopes to achieve and how it hopes to achieve it. All these are for the sole purpose of attracting attention and participation of investors, and other like-minds.
BENEFITS OF READING A WHITEPAPERThere could be more reasons to reading whitepaper than this, but these are the sole reasons for me; 1. For identifying how legitimate the ICO/Cryto is/can be. That is, by reading the whitepaper, there is a good chance of avoiding scams. 2. Value and motivation of the ICO/Cryto. What makes it special, different and worthwhile. LIGHTPAPER : Like whitepaper, this also gives you insight into the plan and technology of the ICO/Cryto however, it is not technical and detailed like whitepaper. Some ICOs utilizes it thereby, many lose focus thinking they are having a whitepaper in study. Most times, white papers can be literally confusing due to the use of technical words and made-up names. These are sometimes, the complications you find in whitepaper making it difficult to understand. However, If not certain of what a project is all about, then it is either the project is more advance than the knowledge you already have of it, or the project just doesn't have anything to offer, literally.
READING A WHITEPAPER CORRECTLYImagine, you have an ICO in mind, having few details is not enough to decide if it will be a good investment therefore, the whitepaper helps you by giving you all the reasons and evidence towards knowing how promising the project can/will be. Now, there are critical points almost all whitepaper possess but it could vary depending yet, still passes the necessary details. They are; - INTRODUCTIONAn introduction gives an overview of what the whitepaper contains and what the reader can expect. briefly explaining the background establishing credibility. An introduction is important and time saving for the reader or audiences. - PROBLEM PRESENTATIONAn insight to what problem the project is trying to solve in context and why the project is needed to begin with. The clearer the presentation of problem to the reader, the simpler it becomes to see its purpose and therefore the potential benefits of the project. Before you invest your time or resources in any project, find out to see if another project is trying to solve the same problem and which is better - SOLUTION PRESENTATIONThis becomes a very technical section of the whitepaper since it details the solution to the established problem . It shows how attainable and realistic the project can be and the competency of the team and the understanding they have of the technology as to achieve a success. Also, it details the applications of project like, the application of Ethereum as a decentralized platform that runs smart contracts. The Bitcoin white paper is a good place to start if you hope to get a view of what a good white paper looks like. - TECHNICAL DETAILSWhen an understanding of the solution to the established problem has been made, then you are shown HOW this solution can be made possible and the problem handled. This is usually filled with technical terms, analogies and crypto-slangs, technologies used may be emphasized or may not however, be ready to get detailed about blockchain, security aspects and tokens. -ROADMAP/CROWDSALEThis will include all relevant launch dates, bonus schemes, how the funds raised will be used. This display project’s objectives, and time ranges at which they are hoped to be achieved. Details such as; duration of the token sale, number of tokens that will be on sale, e.t.c. The more detailed and practical the roadmap, the better the expectations of investors can be managed. With these details, an investor will know when things are fall out of place assuming the project consistently fail to meet its stated goals at its promised time frame. - THE TEAMS BEHIND THE PROJECTThis carefully describes the teams involved and their familiarity with the crypto sector coupled with their experiences. In total, a view of the team's competency will be laid down to prove to the reader that the project is in good hands and minds. - FINANCIAL BENEFITSHow will the project get to the market, how will it be utilized by customers and organizations, what the worth is going to be, how it will save investors towards a profitable means, what kind of money supply management will be put in place, and how it will benefit the cryptocurrency community. - CONCLUSIONActing as a closing statement, summarizing the project’s key points , the conclusion is meant to give hope, and end on a good note. It may speak about the future steps and include a call to action to get involved in the case of an upcoming token sale.
MY FINAL ADVICE TO ALLStudying a cryptocurrency whitepaper is about trusting your gut after looking for what is very crucial in the whitepaper. A good whitepaper doesn't entirely guarantee a successful project, however, a bad whitepaper can give out a project that is sure to fail. Deciding to invest in a project means and requires you to follow ideal investment ethics and DON'T INVEST MORE THAN YOU CAN LOSE, EVER!.
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As a newbie, what are my options for now until i get to a rank where i can participate in bounties. other than posting and reading to get more knowledge, what else can i engage in for a financial benefit
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In the beginning, bitcoin was the best or valued part of blockchain . However, blockchain technology as become a more compound experience than digital currencies through the birth of ethereum, developers have created limitless possibilities to blockchain technology thereby, leading to more decentralized apps(DAPPS) being created with intention to tackle so many problems.
Until quite recently, creating blockchain applications demanded a complex background in coding, cryptography as well as lots of resources. But times have changed. Unlike bitcoin that is limited by its design of being a virtual currency, etheruem offers more than just acting as a virtual currency. Its design has given it the ability to let applications to be built and executed on it. While bitcoin decentralize banks, ethereum goes as far as decentralizing the internet completely.
With this, ethereum can be called the ‘forerunner of DAPPS’ since the greater part of its design runs towards solving actual world problems. Given its very own language - Solidity, Ethereum allows developers to create smart contract through the Turing-complete. With these tools, developers made DAPPS that have real-life use cases, any services that are centralized can be decentralized using Ethereum. Think about all the intermediary services that exist across different industries. Ranging from asset management, resource planning to loans provided by banks and services like, voting systems, regulatory compliance and much more. All by using ethereum’s more flexibly-developed blockchain technology, practically anyone is able to make their own decentralized applications.
Another major point is that, Ethereum is currently being utilized as a platform to launch other crypto currencies due to the ERC20 token standard defined by the Ethereum Foundation. Of course, developers can issue their respective versions of this token and raise funds with ICO. Billions of dollars have been raised by ICOs on the Ethereum platform in the last two years, and ERC20 token out there.
Ethereum has relatively created a new standard, ERC721 token for tracking unique digital assets. One of the biggest use cases currently for such tokens are digital collectibles, as the infrastructure allows for people to prove ownership of scarce digital goods. Ethereum is fast-adapting by providing a user-friendly platform that allows developers to utilize the power of blockchain technology, Ethereum is ushering the decentralization of the world economy. Decentralized applications have the possibility and power to immensely alter lots of industries including public sector , finance, insurance, healthcare and the real estate, etc. Even with all these, its still in an infancy level, we can all imagine possibilities offered now and that would arise as time goes
With these little observations, I strongly believe ethereum in the near-years will surpass bitcoin….
WHAT IS YOUR OWN OPINION ABOUT THIS?
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As a first timer;
Before you readily jump into airdrops, there are basic things you should understand or be told that will help you understand funny situations when they definitely arrive. For example, if i had known what 'PRIVATE KEY' meant, i would have guarded myself better if someone or a link requests for it. So, i will state out little key points for new users, these key points are very delicate and will help you instinctively know when something could be fishy or weird. They are;
1. Private and public key
2. Difference between exchange wallet and erc-20 wallet
3. Difference between airdrops and ico
4. Importance of reviews
5. KYC
6. Phishing
7. Patience, yes, this is a good deal to understand else you will fail to calmly make needed survey
Participating in airdrops and its counterparts, it can be frustrating when you notice your time, effort and participation in general has been a complete waste. Now, i have come to understand that there are different fake airdrops out there with different end-results.
LET'S BEGIN;
First, as someone getting to understand airdrops as 'free coins', i asked myself why would people create fake airdrops and to what end. To the best of my knowledge, a fake airdrop can be profitable to the owners in the sense that your information or identity can be stolen and used for other reasons like participating in real airdrops, yes, scammers know real airdrops and also participate in them and use stolen details to claim more. Also, like in my case when i started, you could lose your private key to a cloned or fake site asking for it thereby, leading to your wallet being intruded and have your coins stolen.
DONATIONS : Why would you need to send any money to get an airdrop? I’ve never donated to an “airdrop” to get more coins, because at that point, it’s more of an ICO. It could be legit, but I find most quality projects will run their ICO through their website and not some Google form.
PURCHASING TOKEN : You can not withdraw or transfer your token without purchasing similar token. This becomes a requirement until you and your referrals. This could be a way to identify fake airdrop. Shady? Definitely.
PRIVATE KEY/KYC : Asking you to share your private key or personal ID and delicate information. This could be done in various ways, a link sent to your through your mail or by an app(telegram). Some times, you could be contacted by someone claiming to be an admin asking for these information. This is where i fell and it became a horrible experience for me.
Brand new accounts : Unless it is a brand new project, there should be some usage history and review. Carefully observe new social media accounts or bitcointalk accounts posting airdrops.
INVALID/LATE TOKEN : In the past ICOs have given away valuable assets. However, things have changed sadly, from tokens not ever received to tokens having no value or trading access
If they’re claiming to be associated with a well-known company, they’re either fake or offering low quality which in total is mostly time wasting and could end disastrously.
INSTINCTIVELY DISTURBED :Yes, you could lose getting some good tokens, but you could also have avoided getting phished or scammed or having your information stolen and sold. So, if you feel uncomfortable in your guts, then back off.
EMAIL VERIFICATION : If an airdrop is done on a website, there should be confirmation. If there isn't, in my opinion, i would recommend you walk carefully.
With all that, this is my own personal experience guide confirmed. There are several other means out there and most of them are solely built out of keen observation and patience. Also, nothing can be better than your own personal observation as you go on. If i missed a point or stated a wrong reason, i would appreciate a correction as well as different views outside mine.
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