Red Flags I Look for Before Touching Any Altcoin

[Hatchy]

Just wanted to throw this out there for discussion: What are some of your “dealbreaker” red flags when it comes to altcoins?

I'm not much of an altcoin fan, but I can tell you that all these you've listed, might not save you from being a victim of loss. So long you have decided to involve yourself with the altcoins market, you should be ready for what ever comes your way.

The reason why many people gets fooled by these new tokens is that fact that it's possible to actually make quick returns and many of these projects would promise it's at first. They might even show good market values and prove in many ways to have good potential. Just when you decide to feel relaxed about your investment, it gets dumped by its developer...

[M47AK16]

just because we believe in something, doesn't mean it will be what it is. We are going to face a lot of scam coins that look like they are amazing and then turn out to be not that great at all. We should always remember that scammers are good at their job, and the really good ones can make a coin that can actually be great if they really wanted to.

This is the questionable and weird part, I have seen projects that were so well done, that if they didn't scam people and actually worked on it, they could have made a lot of money from it. Unfortunately they didn't and because of that they turn out to be scammers which make us be careful against everyone. It's just not that simple to move on by checking a list.

That is the hardest thing for the newbies. Because they see an awesome project, and they see everyone making a profit, and that is lovely and great right? Then they see something else and they think that because it looks awesome, this is another one and they can make that kind of money too, but turns out they are not actually looking at an awesome project but looking at a project that is actually terrible.

Because of that we are going to end up with a lot of bad news and bad results for the newbies and that is going to be the thing that will keep them not doing that great. We should warn newbies about how scams are so great that they can be not scams and still be great and that is why it's such a risky thing to handle when it's a new project, so how it looks doesn't matter.

[gunhell16]

After getting rugged (twice), I’ve started developing my own personal checklist to spot red flags in new altcoin projects. Here are a few I now take seriously:

Team not doxxed: If there’s no face, it’s a risk.

No GitHub activity: A “project” with no code is a meme, not a coin.

90%+ tokens held by insiders or devs: Obvious exit trap.

Whitepaper is vague or just buzzwords.

No clear revenue model: If it doesn’t generate value, it won’t last.

Just wanted to throw this out there for discussion: What are some of your “dealbreaker” red flags when it comes to altcoins?

What you're saying, OP, sounds like a lot of people have already made similar reminders. From what I understand, the majority of people just ignore the warnings from
other members on this forum.

Believe me, many have already created these kinds of reminders, and some were even better presented. I just can't remember which section they were posted in.
But anyway, thanks for this, OP.

[Mahanton]

just because we believe in something, doesn't mean it will be what it is. We are going to face a lot of scam coins that look like they are amazing and then turn out to be not that great at all. We should always remember that scammers are good at their job, and the really good ones can make a coin that can actually be great if they really wanted to.

This is the questionable and weird part, I have seen projects that were so well done, that if they didn't scam people and actually worked on it, they could have made a lot of money from it. Unfortunately they didn't and because of that they turn out to be scammers which make us be careful against everyone. It's just not that simple to move on by checking a list.

That is the hardest thing for the newbies. Because they see an awesome project, and they see everyone making a profit, and that is lovely and great right? Then they see something else and they think that because it looks awesome, this is another one and they can make that kind of money too, but turns out they are not actually looking at an awesome project but looking at a project that is actually terrible.

Because of that we are going to end up with a lot of bad news and bad results for the newbies and that is going to be the thing that will keep them not doing that great. We should warn newbies about how scams are so great that they can be not scams and still be great and that is why it's such a risky thing to handle when it's a new project, so how it looks doesn't matter.

Just because something looks promising doesn't mean it is what it seems we will face many scam coins that appear amazing at first but turn out to be worthless we should remember that scammers are skilled at their work and the best ones can even make a coin look genuinely good if they wanted to. The tricky part is that some projects are so well designed that if the creators had worked honestly they could have made a lot of money instead they choose to scam and that teaches us to be cautious it is not as simple as checking a list or following hype. Newbies face the hardest challenge because they see a project doing well and assume the next one that looks similar will also succeed they get excited by the profits others are making but often they are judging by appearance not by substance this leads to mistakes and losses, because of this, many newcomers end up with bad results and discouragement it is important to warn them that even projects that seem legitimate can be risky and appearance alone cannot guarantee success handling new projects requires patience analysis and a clear understanding of potential risks.

[justdimin]

Just because something looks promising doesn't mean it is what it seems we will face many scam coins that appear amazing at first but turn out to be worthless we should remember that scammers are skilled at their work and the best ones can even make a coin look genuinely good if they wanted to. The tricky part is that some projects are so well designed that if the creators had worked honestly they could have made a lot of money instead they choose to scam and that teaches us to be cautious it is not as simple as checking a list or following hype. Newbies face the hardest challenge because they see a project doing well and assume the next one that looks similar will also succeed they get excited by the profits others are making but often they are judging by appearance not by substance this leads to mistakes and losses, because of this, many newcomers end up with bad results and discouragement it is important to warn them that even projects that seem legitimate can be risky and appearance alone cannot guarantee success handling new projects requires patience analysis and a clear understanding of potential risks.

Yes, we face a lot of issues with people who look at what something "could" be, and not what it is. Promises are the worst part of new projects because many people fall for them. It's true that it's better than nothing, but if a project promises you a lot in return of getting funded, you have to realize and accept the fact that they could take that funding and leave.

There is no incentives for them to use those same funds to make the project better, they may do that, but they may also not do that. Which is why it's quite obvious that we are not going to get that much return from most of the new projects since the devs are only interested in getting rich themselves first, and ignore all the investors who lose money on it.

[M47AK16]

we face a lot of issues with people who look at what something "could" be, and not what it is. Promises are the worst part of new projects because many people fall for them. It's true that it's better than nothing, but if a project promises you a lot in return of getting funded, you have to realize and accept the fact that they could take that funding and leave.

There is no incentives for them to use those same funds to make the project better, they may do that, but they may also not do that. Which is why it's quite obvious that we are not going to get that much return from most of the new projects since the devs are only interested in getting rich themselves first, and ignore all the investors who lose money on it.

That became a trend in the crypto world much later on, which made no sense. People pay founders money for creating a token, usually a shitty one, so that they can do a better one. That didn't existed back in the day, you would have coins that didn't existed one day, and existed another day. You wouldn't even buy a coin that was premined, so the creators of projects literally had no power at all.

You would mine it via the wallet on the hour it was created, so when it had the lowest hashrate, to get some. Basically nobody had any unfair advantage ever, and nobody gained anything from the creation of it. Nowadays, creators are just greedy people who want money from you, for creating something that takes ten minutes to create. Never understood how people believed in them and actually funded them.