dihari (OP)
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February 08, 2017, 03:49:30 AM |
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As we know, new coins is born almost every week. ICO is inviting peoples to invest on their project with the promise of big return. But we have seen many of them disappeared without a trace after hold fund from investors. This make a decrease in the level of trust to invest on new project from new developer. How do we know if some project is going to be scam? What factors make it different with "good future" project?
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Slark
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February 08, 2017, 04:05:56 AM |
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I will tell you the truth. If the scam is good enough you won't be able to spot it that easily. There are however some clear indicators that we are dealing with fraudulent developers:
1. Unrealistic or hyper optimistic goals. 2. Stolen, copied whitepaper or paper without technical details. 3. No transparency, no real names behind the coin, no social media accounts, or fake LinkedIn profiles. 4. Self Moderated thread is usually slightly suspicious too, but that is rather minor fact, might be a way to deter idiots and trolls. 5. No real purpose, or project overly similar to already existing ones.
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Wind_FURY
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February 08, 2017, 04:12:49 AM |
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They are all scams. Why do they need to attach a new coin with no use in their platforms? Why not use Bitcoin from the start? The result is still the same. The people who invest in them still dump those coins in an exchange and hold Bitcoin including the founders.
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Xester
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February 08, 2017, 04:13:59 AM |
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I will tell you the truth. If the scam is good enough you won't be able to spot it that easily. There are however some clear indicators that we are dealing with fraudulent developers:
1. Unrealistic or hyper optimistic goals. 2. Stolen, copied whitepaper or paper without technical details. 3. No transparency, no real names behind the coin, no social media accounts, or fake LinkedIn profiles. 4. Self Moderated thread is usually slightly suspicious too, but that is rather minor fact, might be a way to deter idiots and trolls. 5. No real purpose, or project overly similar to already existing ones.
This are helpful tips but I would like to add somethings. During an ICO always check the total number of coins in the circulation if its more than 20 million coins the possibility that when it hits the market a huge dump will happen. Check also if the distributed coins exceeds 40% since that coin possibly made without huge backup funds and was created solely for the developer to earn money. It will just disappear even before hitting the market.
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Yakamoto
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February 08, 2017, 05:14:43 AM |
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As we know, new coins is born almost every week. ICO is inviting peoples to invest on their project with the promise of big return. But we have seen many of them disappeared without a trace after hold fund from investors. This make a decrease in the level of trust to invest on new project from new developer. How do we know if some project is going to be scam? What factors make it different with "good future" project?
A lot of what Slark said, but reputation can also be a big thing. If it is a group that has made something before and they're putting out a new one, then there is a relatively high chance that, assuming their last one was successful and/or respectful for their clients, then expect for them to do again. A first-time ICO should have a lot of what Slark said; transparency, profiles and information.
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rizkyhiw
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February 08, 2017, 05:30:21 AM |
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They are all scams. Why do they need to attach a new coin with no use in their platforms? Why not use Bitcoin from the start? The result is still the same. The people who invest in them still dump those coins in an exchange and hold Bitcoin including the founders.
Not all , you cannot say or justifying like that pal As long as it provide a reasonable profit percentage and run under reliable forum member I think there is a lot of chance for an ICO become a seripus and legitimate project You just need to do your own research and make a decision on it!
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Dude.Lebowski
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February 08, 2017, 05:31:35 AM |
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As we know, new coins is born almost every week. ICO is inviting peoples to invest on their project with the promise of big return. But we have seen many of them disappeared without a trace after hold fund from investors. This make a decrease in the level of trust to invest on new project from new developer. How do we know if some project is going to be scam? What factors make it different with "good future" project?
but you're joking, right? In 2017 ICO means scam. Don't be fooled. Plenty of people know how to make money off of scams and you may too. But don't fool yourself that the replacement Bitcoin, Ethereum or Monero are going to be born this year.
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Okay. The old man told me to take any rug in the house.
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Zadicar
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casinosblockchain.io
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February 08, 2017, 05:41:57 AM |
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I would say that transparency would be the best basis for me regarding on selecting a particular ICO and also you should know the Devs,Active community and Roadmap because these things i usually check it first before choosing and so far i didnt experienced of getting scam on this field.
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Kakmakr
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Leading Crypto Sports Betting & Casino Platform
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February 08, 2017, 05:43:21 AM |
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You will never know 100%, because people with a good reputation can still change and they might get greedy or they were building on a long con. < You make a legitimate site and build a trust, and then you go for the big scam in your next project. >
The rule says, "If it is to good to be true, then it most probably is"
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Japinat
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February 08, 2017, 05:54:45 AM |
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You will never know 100%, because people with a good reputation can still change and they might get greedy or they were building on a long con. < You make a legitimate site and build a trust, and then you go for the big scam in your next project. >
The rule says, "If it is to good to be true, then it most probably is"
That's correct, the team behind the ICO can always make a good presentation to make the project look good, the intention is to attract more investors to fund the project, but do we have control on what they will do. Everything is a gamble, if we feel we can trust the developers then we put our money on the project, now, it depends on their effort then as we might profit or lose. The least we can do is just to diversify our investment, don't trust with just one ICO.
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audaciousbeing
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February 08, 2017, 06:02:02 AM |
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I will tell you the truth. If the scam is good enough you won't be able to spot it that easily. There are however some clear indicators that we are dealing with fraudulent developers:
1. Unrealistic or hyper optimistic goals. 2. Stolen, copied whitepaper or paper without technical details. 3. No transparency, no real names behind the coin, no social media accounts, or fake LinkedIn profiles. 4. Self Moderated thread is usually slightly suspicious too, but that is rather minor fact, might be a way to deter idiots and trolls. 5. No real purpose, or project overly similar to already existing ones.
These are good suggestions but at the same time some of us are too lazy to check all those things you mentioned for example white paper even the one for bitcoin, I have not read as those things just bore me because of the technicals that are embedded in it. With all other suggestions even some doing more by going to the extent of appointing reputable members of the forum as escrows or manager and the likes still end up scamming people of their resources. For me, all the suggestions are only precautions and not a determinant. But some though are red flags
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hl5460
Legendary
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Activity: 1620
Merit: 1000
news.8btc.com
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February 08, 2017, 06:02:19 AM |
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One simple rule that I follow is to track down the authenticity and history of the team members of the project.
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Teraboy
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February 08, 2017, 06:47:47 AM |
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Are they wanna use the reputable escrow to keep his investor's money. And that's become the a critical element in crowdfunding. Too many the copycat project but IMO a lot of the scam project isn't use escrow or use escrow without the escrow keep the investor's money for directly.
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MFahad
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February 08, 2017, 06:58:40 AM |
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They are all scams. Why do they need to attach a new coin with no use in their platforms? Why not use Bitcoin from the start? The result is still the same. The people who invest in them still dump those coins in an exchange and hold Bitcoin including the founders.
Not all coins are scams. Yes, Coins are made by the dev. to get profit only and very few of them are for lifetime or long term. Considering on how to check if ICO is scam or real, just see if ICO is properly escrowed than it will not be a scam . Do not invest in any ICO which is not backed up by escrow.
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▄▄████████▄▄ ▄▄████████████████▄▄ ▄██████████████████████▄ ▄█████████████████████████▄ ▄███████████████████████████▄
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| | ▄▄███████▄▄ ▄███████████████▄ ▄███████████████████▄ ▄█████████████████████▄ ▄███████████████████████▄ █████████████████████████ █████████████████████████ █████████████████████████ ▀███████████████████████▀ ▀█████████████████████▀ ▀███████████████████▀ ▀███████████████▀ ▀▀███████▀▀ | . ElonCoin.org | │ | | .
| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
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topesis
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February 08, 2017, 07:23:37 AM |
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They are all scams. Why do they need to attach a new coin with no use in their platforms? Why not use Bitcoin from the start? The result is still the same. The people who invest in them still dump those coins in an exchange and hold Bitcoin including the founders.
No you are wrong, they are not all scam, you should remove that BTC google. The first thing is the team composition, if the developer's information is not in public domain is likely to be scam How real is the idea, if the idea is to build castle in the air, run! The quality of individuals used as Escrows, they must be trusted and reputable people, to protect you when the developers want to run away with your BTC.
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ASHLIUSZ
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February 08, 2017, 08:12:15 AM |
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They are all scams. Why do they need to attach a new coin with no use in their platforms? Why not use Bitcoin from the start? The result is still the same. The people who invest in them still dump those coins in an exchange and hold Bitcoin including the founders.
Not all coins are scams. Yes, Coins are made by the dev. to get profit only and very few of them are for lifetime or long term. Considering on how to check if ICO is scam or real, just see if ICO is properly escrowed than it will not be a scam . Do not invest in any ICO which is not backed up by escrow. Funding is the fundamental method to find a legit project. Following which the popularity and the news regarding the project getting published in popular websites and news portal gives the legitimacy of the projects. Among the recent days project, Qtum is a trusted project.
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shield132
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February 08, 2017, 08:58:00 AM |
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Well, unique logo, design and etc means something good but if we look, nowdays many hypes are doing this to blind people. To my mind it's better to check who are behind the project, how was their past and how seriously are they working on their project because there is less risk if group of developers are experienced people, also active staff is very good. You can't 100% analyze if ICO project is going to scam but these will help you.
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Golftech
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February 08, 2017, 09:02:54 AM |
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Well, unique logo, design and etc means something good but if we look, nowdays many hypes are doing this to blind people. To my mind it's better to check who are behind the project, how was their past and how seriously are they working on their project because there is less risk if group of developers are experienced people, also active staff is very good. You can't 100% analyze if ICO project is going to scam but these will help you.
well it should be checked before placing any investment, as we knew its always hard to say whether project will be a good one or will turned into scam, and that's the advantage of this forum you will be able to justify alts with the opinion of more experienced members and as time goes a long its always the developers reputations will take place if he is for real or he just wanted to collect funds and skip away.
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ivanst776
Legendary
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Activity: 1540
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February 08, 2017, 09:04:25 AM |
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As we know, new coins is born almost every week. ICO is inviting peoples to invest on their project with the promise of big return. But we have seen many of them disappeared without a trace after hold fund from investors. This make a decrease in the level of trust to invest on new project from new developer. How do we know if some project is going to be scam? What factors make it different with "good future" project?
You have to check if the ICO project has hired any escrow and not anyone but one of some popular escrows that are here in forum. Even if it has escrow we should check if the money that is being invested there is moving to escrow address(es) and not like the ASC which turned into scam recently even though there were 3 escrows.
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mkmdoc
Sr. Member
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Activity: 658
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VIMee - Social Network
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February 08, 2017, 09:06:05 AM |
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While you are choosing a coin with an ICO, you need to check whether the coin has an unique features from others and also you need to find whether coin has an innovative thought with stream line road map. You also need to consider the coin with development phase first and later ICO.
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