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Question: Do you think more than 50% of the ICOs are a scam?
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daico
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July 11, 2017, 06:04:29 PM
 #1

I don't believe in the authenticity in several ICOs and since there is no way to protect our coins once invested, it might just lead to the next crash when one guy runs off with the money. Any thoughts on this and how to be aware of the scam ICOs?

Idice seems to one that has been in the news for this, although they haven't done anything suspicious yet.

Is there a list of factors to watch out for to differentiate a scam ICO from an original?
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WoodySpoon
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July 12, 2017, 02:08:12 AM
 #2

To claim 50% of ICO's are a scam is a bit steep, there is however a few bad ones in circulation.

ICO's operate to provide teams with income to develop a platform/application to get their projects off the ground. This gives A) users a chance to get in early and also make money if the projects successful and B) the investors capital to hit the ground running.

In essence that is good, and a lot of big business that operate in fiat currencies use IPO's to do the exact same thing. However regulation in most cases prevents scams operating in this industry, this model would not work with blockchain technology.

There is however plenty of protection that can be offered at an ICO, ie. escrow services, hosted on and by trusted platforms etc.

If you can look at a projects road map, inspect the teams profiles and verify identity etc. You can already have a good understanding of if the project has the means to achieve what they have stated in their whitepaper. Once you have this information, looking into how they plan to allocate funds and at what stages the devs receive the initial investment is the next step. Certainly and ICO where all the funds are released to the devs immediately would be a large red flag.

At the end of the day scams will just move on to the next target, they always have. ICO's in my opinion are good for the longevity of the crypto market, the more exposure and the more use anything in the market gets, the more people are likely to find out and want in. Just my two cents though.

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July 12, 2017, 03:28:11 PM
 #3

I don't believe in the authenticity in several ICOs and since there is no way to protect our coins once invested, it might just lead to the next crash when one guy runs off with the money. Any thoughts on this and how to be aware of the scam ICOs?

Idice seems to one that has been in the news for this, although they haven't done anything suspicious yet.

Is there a list of factors to watch out for to differentiate a scam ICO from an original?
Hoán đổi sang Tiếng Việt
I also know the ICO, the capital mobilization from investors. The ICO does not manage from government banks. So it has both a priority and a disadvantage. We can sell it as a bond or convert it into cash, but when the problem occurs, we have to account for it. I think I want to make a profit.

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