Avoid Investing in Cryptocurrency Scams with these 24 Red Flags

[crabby]

Hi Everyone!

I hope you've all enjoyed the content I've been publishing. This article is a discussion on red flags which you can evaluate as a crypto user to help determine if a cryptocurrency is a scam (or at least poor investment choice).

https://blog.shrimpy.io/blog/how-to-avoid-scams-with-these-24-cryptocurrency-red-flags

Do you agree or disagree with any of the topics discussed? Let me know!

[hurry_hore]

The article quite comprehensively provides indicators of scam cryptocurrency project, further step is prioritising the indicators by strongest indicator, the most frequent indicators, the easiest indicator. One of the easiest indicator for me is team profile from the website. 

[babysweetTiger0401]

Hi Everyone!

I hope you've all enjoyed the content I've been publishing. This article is a discussion on red flags which you can evaluate as a crypto user to help determine if a cryptocurrency is a scam (or at least poor investment choice).

https://blog.shrimpy.io/blog/how-to-avoid-scams-with-these-24-cryptocurrency-red-flags

Do you agree or disagree with any of the topics discussed? Let me know!

Well, thanks for the good information to find out or determine if the project are scams or their intention only is to scam people here.
I am definitely, agreed all what I read on the articles you gave here, well in fact, it is very helpful for everyone actually. Hope some of the members
could able to read this thread,  Good bless mate.

[akosijue]

One of the suspicious ones is the white paper plagiarism. I often find it in ICO projects and this is dangerous and this case often happens.
This article is very useful to help new members avoid fraud.

Oh, this one I didnt know, glad I know it now. Most of the cases that I've known are identity thefts of developers, team members, and virtual managers. They just don't get arrested or so I don't know.

[hugeblack]

The article is good but needs to be reclassified as the focus should be on the main points and then the branching on the detailed discussion about each point.
There are some golden rules on investment that you have not mentioned. The article focused on how to identify scam Cryptocurrency not investing.
Also, the scam can be confirmed only when it happens so as long as you have any doubt that the project is a Scam one move away from it.
Some projects may be excellent at all points but may turn into SCAM after gaining sufficient trust so do not put your money in one basket.

[Baofeng]

Just one comment about the the public repository though. Scammers know that this is the first thing that a potential investors are going to look at. So they immediately put some codes on Github to give them the feeling that they are legit.

[btc_angela]

Hi Everyone!

I hope you've all enjoyed the content I've been publishing. This article is a discussion on red flags which you can evaluate as a crypto user to help determine if a cryptocurrency is a scam (or at least poor investment choice).

https://blog.shrimpy.io/blog/how-to-avoid-scams-with-these-24-cryptocurrency-red-flags

Do you agree or disagree with any of the topics discussed? Let me know!

Been reading your contents and I would say that it is really helpful. I mostly agree with the list you posted. I mean we have been preaching this to beginners or newbies in the market so that they won't bitch around when they lose money here. We really need to spread and educate them and I do hope that they will really take his before investing their hard earn money.

[omonuyak]

One of the suspicious ones is the white paper plagiarism. I often find it in ICO projects and this is dangerous and this case often happens.
This article is very useful to help new members avoid fraud.

A lot of things are happening and noticing plagiarism in the whitepaper in some of the scam projects are common. Another thing that I will like to add is pick people picture from Facebook that are not member of the team and list them as advisers or team leaders. I read online how "Central Bank governor in one of the developed countries' picture was used as a team leader in one of the scam Pico"! Thank you op for this well write up article.

[FanEagle]

One thing that I couldn't see in those 24 red flags is; no real use for it. I don't know maybe it could be under some other name but for me if a coin has no real use or utility then it usually doesn't worth anything, it could be purpose or it could be "need" but in general the utility could be another topic all by itself since a coin with no real utility that you can use for has no value neither at this point.

Back in the day when a new coin started people wouldn't look for utility because there was already very low amount of coins but right now since there are so many coins that if you build a coin much better than others in technology and improves upon all others it would still fail if people can't use it anywhere, you need to have a place to use it in order to give it a meaning.

[South Park]

Hi Everyone!

I hope you've all enjoyed the content I've been publishing. This article is a discussion on red flags which you can evaluate as a crypto user to help determine if a cryptocurrency is a scam (or at least poor investment choice).

https://blog.shrimpy.io/blog/how-to-avoid-scams-with-these-24-cryptocurrency-red-flags

Do you agree or disagree with any of the topics discussed? Let me know!

The list is good but if someone does not want to go through the trouble of checking if the ico in which he wants to invest does not have any single one of the red flags then the easiest thing to do is to stop investing in icos and invest in a coin after it has been in the market for a year or two, if the developers behind the ico are serious they will find a way to make their project survive even with the low funding, I know this strategy will deprive you of becoming an early investor but when you take into consideration that most icos are scams this is the safest path that you can take that will still let you invest in good projects while they are still young.