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Author Topic: So many new ICO, how to check if it's scam?  (Read 14811 times)
JainaVsUther
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February 09, 2018, 04:34:34 PM
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 #441

I notice the latest trend with many ICOs is to release an alpha or preview build of the product they're releasing. This will allow you to see the direction of development the dev team intends to head. Also as others have stated, read the whitepaper, but also make sure to examine the code on GitHub if it's available. Make sure there's real code there and not just readmes.

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Sundark
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February 09, 2018, 04:36:28 PM
 #442

To not be scammed you gotta analyze lending page, the developing team, if the technology is far reaching, check the statistics on sites and don't forget about the level of popularity, it's still very important.
aleksandra_kickcity
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February 09, 2018, 04:46:36 PM
 #443

Guys, I've made this topic "How to recognize scam"

There is a couple of things everybody should know https://bitcointalk.org/index.php?topic=2524679.msg25772947#msg25772947

lukmankhan25
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February 09, 2018, 04:50:15 PM
 #444

we cant know the project is a scam or not, but there is a way to minimize so as not to get scam
Read whitepaper, roadmap, and how team manage that project
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February 09, 2018, 04:55:02 PM
 #445

A smart contract can be a key factor in choosing a project. A strong team will always have a good smart contract. My subjective opinion

Semosuchi Tesongrato
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February 10, 2018, 10:51:58 AM
 #446

Actually there is no a safe way to detect a scam.
Of course, using common sense and normal analyze you can easily identify the most obvious cases of scam or - very often - poor project and bad management.
But don't forget that there are a lot of professional also between the scammers, and they know how to present a project in a way that it seems absolutely convincing.
Very difficult topic.

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February 10, 2018, 03:23:15 PM
 #447

I'd like very much to have an answer: unfortunately, there are so many proposals and so many aspects to check that it's very easy to make costly mistakes.
But - in the meanwhile that some rules will appear - we can at least identify and stay away from the most evident scams.

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Kavallo
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February 10, 2018, 03:30:00 PM
 #448

There is one great tool to check if an ICO is legitimate or a scam, but you must have learned how to use it. Most people have this tool at hand, but didn't ever learn to use it properly up to all its potentialities. But if you train yourself enough in using this tools, you will almost always detect a scam ICO and distinguish it form a good one. The tool I am talking about is human brain - you should have one, it is placed by default in the skull at the moment of delivery.
kriticko29
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February 10, 2018, 04:01:20 PM
 #449

So many new ICO, and they all have new idea and tech listed on their webpages,

and even the websites use the same template...

but so many new ICO, how to check if it's scam, or worth to invest...

The only thing you could do is research. Check the background of the project and its team. See if the team that is developing the project do have the skills and experiences to make the project a potential long term success. The team's background also affects the view of investors on a certain project. It is also one of the criteria taken before rating a certain project in different sites.
ETHtotheMOON1
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February 10, 2018, 04:06:31 PM
 #450

you can never be 100% sure because once they collect money it's easier just to say sorry we tried and keep it. But first thing to check is the team behind the project, then white paper. If it all makes sense, there is a good chance they will deliver

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Kkhoailang
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February 10, 2018, 05:23:08 PM
 #451

Research is the great solution to avoid scam ICO. in my opinion the most important is a team behind that project  Cool

You can detect that ICO is scam are not with 10 key following thread:

https://bitcointalk.org/index.php?topic=2889318
Anco_Marzio
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February 10, 2018, 05:43:37 PM
 #452

No way to be absolutely sure; more over, there is also the possibility that someone that started with good intention, when he find himself with some millions on dollars in his hands, begins to think different and may be tries to find a way to keep everything.

GrassBite
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February 12, 2018, 06:17:41 PM
 #453

at least 80% are scams, including the ones you've already bought into.

Envion?  Scam most likely.  Electroneum, definitely a scam.  Etc.

You are giving money to people who have ZERO - accountability.  It is totally unregulated.  If you were given money in an unregulated way with ZERO accountability...would you bother following through with your "design?"

Sure, there have been some real ones.  But most of the real ones, you never had a chance to buy into as they were private icos.

Here are some legit items: Augur, 0x, Civic, OMG, shapeshift, trueflip, ripple, polychain, kyber, filecoin.
cyprto_spell
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February 12, 2018, 06:19:56 PM
 #454

Besides looking at the obvious website, and whitepaper. If there is no actual product, no proof or backing then I would avoid getting into it. That's the general rule of thumb I use.
Coins4Favors
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February 12, 2018, 08:31:30 PM
 #455

I think the country where the team members grew up is a significant factor.

Corruption is part of the culture of many countries.  Hence, I check the corruption ranking of countries:

https://www.transparency.org/news/feature/corruption_perceptions_index_2016

If the ICO is from a country with a high corruption ranking, then you are taking a bigger risk.  This is because the team probably has less of an issue with inaccuracies, exaggerating, lying or cheating, because these things are more ingrained in their country's culture.


 Smiley Good our Leadership Team at Coins4Favors is German, hard working, honest guys, just not a lot of humor  Grin

Just kidding, interesting that you use this as a rating criteria, never thought of it but kind of makes sense...
Good luck with your investments.
DMiracle1
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February 12, 2018, 09:30:29 PM
 #456

To determine a worthy ICO some requirements should be answered. You always need to understand what exactly you are getting by buying someone's coins, and what the final product will look like. Make sure that these questions were adequately meet before investing. Are all the objectives and specifications described in the white paper? Are the project objectives realistic? Does the team have expertise in blockchain? Does the project have a realistic road map? Will the tokens have any value after the ICO? If it does then the chance that this ICO your eyeing is legit.
nik9990
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February 12, 2018, 09:38:49 PM
 #457

conduct your own research, there are many bad projects, you just need to understand the prospective

Brunusmagnus
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February 13, 2018, 06:00:43 PM
 #458

It's more and more difficult to detect a bad project, because it seems that the organizers of an ICO put much more attention on the package that on the project itself, so - out of some evident scams - any ICO loos fantastic at first glance.
There is no defense, but we can check carefully all the papers, the project, the team who worked on it, and so on, and the probability to make a bad choice will reduce.

Puroc
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February 13, 2018, 06:12:04 PM
 #459

Check their token on the website if they are on the list, if the ICO just started of course you won't know right away, but it's a good thing if you ate on their group in the telegram, atleast you get updated...
MaskOffFuture
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February 13, 2018, 06:19:46 PM
 #460

To determine a worthy ICO some requirements should be answered. You always need to understand what exactly you are getting by buying someone's coins, and what the final product will look like. Make sure that these questions were adequately meet before investing. Are all the objectives and specifications described in the white paper? Are the project objectives realistic? Does the team have expertise in blockchain? Does the project have a realistic road map? Will the tokens have any value after the ICO? If it does then the chance that this ICO your eyeing is legit.


Right but there is no certain way to track them in an ordered way. We should investigate their company profile first. Then we can take a look at the team structure and white paper maybe.
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