How to avoid ICO scam

[AtlantaFive]

I think the safest way to avoid ICO scam is to avoid investing. As long as you don't invest, you won't get scammed. But as we can see in the past, Alot of people who invested in ICOs are rich now so it's really not that bad to invest in it as long as you know what you are doing. Just gather more information, read it's white paper and road map, and ask someone who is an expert. That way you can be sure to what to do next because the decision is all yours.

If they are afraid of losing their money then investing is not for them. Do not invest if you are afraid to lose money or scam by people in the ICO because it will only put you in bad situation and maybe they are going to be depressed because their money is gone. But i agree with what you said that many our rich now because they are taking the risk but it's not all about taking the risk it's all about learning where to put your money in the ICO.

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[miyong]

There is a long list of requires, for example you should learn each team member. But if you don't understand how it works, you shouldn't even try to invest in ICO.

True, in my opinion, it is important to verify the team behind the certain ICO. Getting some ideas about the ICO and most important thing, reading some reactions or comments about the ICO before you investment to avoid doing some investment in an ICO SCAM.

[Mariya03]

I mean, is there an exact list of rules that could guarantee that someone who follows them will surely not become a victim of another ICO scam. Of course there are obvious rules like event participation, reputation of team members among ather prifessionals, approve by well-known advisors. But potential scammers also know all these criteria and know what to fake exactly.

Is there a 'blockchain way' to create an algorithm, scheme or set of conditions allowing to recognise and ban scammers? Not government laws way which also good for the market in my opinion.

Would be appreciate a link to an old thread, perhaps I just didn't find it.

UPD Best Advices:

• learn about previous ICO projects, select viable ones and participate similar ICOs

The best thing to do to avoid Initial Coin Offering or ICO scam is to read first. Read all informations about the ICO you want because knowing the informations can help you avoid anything that can be scam or anything that will fooled you or scammed you. Look also the website of the ICO if it is presentable and detailed. Be sure on choosing ICO, avoid the fake ICOs as possible.

[appleffi]

My advise to avoid ICO scam is to don't enter without any knowledge on what ICO you are joining, don't go empty handed because it is the most important weapon you must have in  going against your doubts. With this, you have at least the assurance that this is not a scam, because you already researched about the ICO and already reviewed it.

[fuer44]

I mean, is there an exact list of rules that could guarantee that someone who follows them will surely not become a victim of another ICO scam. Of course there are obvious rules like event participation, reputation of team members among ather prifessionals, approve by well-known advisors. But potential scammers also know all these criteria and know what to fake exactly.

Is there a 'blockchain way' to create an algorithm, scheme or set of conditions allowing to recognise and ban scammers? Not government laws way which also good for the market in my opinion.

Would be appreciate a link to an old thread, perhaps I just didn't find it.

UPD Best Advices:

• learn about previous ICO projects, select viable ones and participate similar ICOs

what if we follow one ico, and it turns out until 1 month time still unpaid? is there any guarantee that his dev does not scam us? or does it take a long time for his coin distribution? or add a list of coins on the exchanger it does take a long time? has anyone ever experienced this?

[elzagold]

first: I just consider ico if they advertise it in google
second: the dev team provide their linkedin

[Seansky]

what if we follow one ico, and it turns out until 1 month time still unpaid? is there any guarantee that his dev does not scam us? or does it take a long time for his coin distribution? or add a list of coins on the exchanger it does take a long time? has anyone ever experienced this?

There are ICO's that is slow in distributing their tokens, a good example for this is encryptotel. I have joined their bounty this year and in the span of 1 month they haven't fully distributed their tokens, it also took a long time before encryptotel got listed on good exchangers. Many investors as well as bounty hunters are restless in asking the team daily by that time. There might not be guarantee but the best you can do is to trust the team to fulfill their duties. Just remember to be persistent in asking dev everyday.

[Creating N Action]

I think the best way to avoid ICO scam is to read more about it and then learn. We can also avoid scam by analyze  all about on the whitepapers and be alert to campaign that you know it is scam. You also identify the manager of the campaigns. Read the whitepapers to know the members and you will indicate if ICO is scam or not.

[DarkSi]

For me, background check matters most. Why not have a research about the team's profile from a reliable source like LinkedIn? Also try to read first their White Paper and/or their website. And with that, that's the time to decide whether you will invest or not in their ICO.

I don't think that's enough to decide. The token distribution structure, cap size, market conditions, and viability of product in general are also matter.

[DarkSi]

Invest in companies with real products that have existing customers! This is why I'm an investor of worldcore, they have a product that is used by real paying customers. Avoid any me-too coins, those are coins that are clones of everything else. Avoid coins with names of animals or that make zero sense. Avoid anything that advertises 50% free coins, or anything else outrageous. Use common sense. Ignore trolls.

This is not enough also. If a company feels just wonderful without a blockchain, why it needs ICO?

[chainese]

I mean, is there an exact list of rules that could guarantee that someone who follows them will surely not become a victim of another ICO scam. Of course there are obvious rules like event participation, reputation of team members among ather prifessionals, approve by well-known advisors. But potential scammers also know all these criteria and know what to fake exactly.

Is there a 'blockchain way' to create an algorithm, scheme or set of conditions allowing to recognise and ban scammers? Not government laws way which also good for the market in my opinion.

Would be appreciate a link to an old thread, perhaps I just didn't find it.

There's no guarrantee but you can reduce the chances of being scammed. Such as investing in an ICO with a working prototype.
In my opinion I think its ridiculous when a team wants to launch an ICO and still has to complete working on a prototype.
Investing huge amounts into projects that haven't got anything to show for yet doesn't really incentivize them to work on it.

Sounds reasonable, will add it to the list of criteria

[Wicked17]

Its not easy to determine an ICO if its scam just because they dont have strong marketing strategy or a good product to convince other to buy their token. Some ICO's are very good at first phase of their campaign but when they already get a token sale in their PRE ICO they will make a blurry statement like there is a problem with the product or we face a lot of issue regarding the market.

[muvie]

You should never invest into ICOs where you can not see any team member with their real name. You also should check out if the thread is only living from paid posters which can easily be done by reviewing the profiles of the discussing persons in the ANN thread of the specific token sale.

[Hexah]

I don't think that there are exact ways to avoid some ICO that is a scam it's either you reading there whitepaper thoroughly and inspect there team if they are legitimate or you think it has chance that it wil be a good ICO because hope is your only way if that doesn't turn be scam. To be better avoid to an scam ICO I think just avoid investing to it or better if you invest just put only a small amount so if in other way it would be scam you are not in vain to think how in the world that happen.

[mazzaneo]

I think regardless of any rules and regulations there will always be chancers out there who will want to run scams. The best advice I could give is to use your head and do your homework. If something sounds too good to be true, maybe it is.

[Jenna_G]

Don`t be angry on me. Who can explain to newbie what SCAM means?
I'm sure that there is a hero ready to explain to me

Reply to myself, because I find a answer by myself. ha-ha
I watched some useful video and now understand how to identify scam. Using my new knowledge i choose one that I think should be good - Confideal. Who can exam me like a teacher?

[chainese]

I think the safest way to avoid ICO scam is to avoid investing. As long as you don't invest, you won't get scammed. But as we can see in the past, Alot of people who invested in ICOs are rich now so it's really not that bad to invest in it as long as you know what you are doing. Just gather more information, read it's white paper and road map, and ask someone who is an expert. That way you can be sure to what to do next because the decision is all yours.

If they are afraid of losing their money then investing is not for them. Do not invest if you are afraid to lose money or scam by people in the ICO because it will only put you in bad situation and maybe they are going to be depressed because their money is gone. But i agree with what you said that many our rich now because they are taking the risk but it's not all about taking the risk it's all about learning where to put your money in the ICO.

I agree, investing is always risk. I'm talking not about losing money in general, but when someone tries to steal it through ICO

[chainese]

first: I just consider ico if they advertise it in google
second: the dev team provide their linkedin

Both of these things are easy to use for scammers

[Franko30]

You should have some point that are significant for you in choosing ICO. About Idea i think you should have to things in your mined - Are people need this idea? Do I understand it? If you have two YES, goes to list how to understand that ICO isn't a Scam
my list - Team and it background, Timeline of projects a clearly and easily to understand, Have partnership with fonds or organizations, in WP there is information abt amount of money to each stage, Good support in social media, and good customer service in official resources. Due to this reasons I choose Confideal

[DarkSi]

You should never invest into ICOs where you can not see any team member with their real name. You also should check out if the thread is only living from paid posters which can easily be done by reviewing the profiles of the discussing persons in the ANN thread of the specific token sale.

First advice is quite obvious. Second is good one