How to avoid ICO scam

[Liquidhero]

Just checking the rating on sites like icobench, will have to understand what a project!

[chipzeru]

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
• invest in an ICO with a working prototype only

Hi, not to believe any rating and so called ICO experts, if I am not mistaken Bennebit was rated with high ranks and suggested as investment option my most ICO 'experts' and it turned out to be scam, always do your own research.

I agree with you. I doubt if the ICO expert like on icob*nch giving a honest rating to an ico as they could use their expert status to charge for high rating. Even Fina coin which was mentioned by J*hn Mc Afee turned into scam. In the end, we should do our own research before invested.

[Striker17]

More search and reading is the first step you need to do, then you will find your own solution. But there is no 100 percent sure or guarantee to determine whether that ICO you choose is legit or not scam.

[luis sagna14]

No matter how perfectly you've done your research for one ICO's project, there are still many unpredicted circumstances take place in our lives...

Hence, it's wise not to put all your eggs in one basket.

[TheClownSong]

More search and reading is the first step you need to do, then you will find your own solution. But there is no 100 percent sure or guarantee to determine whether that ICO you choose is legit or not scam.

First thing we should do before joining on ICOs is always research. With gathering many information, we can make good decision before we investing our money. Reading whitepaper, looking information about their dev team and their product will give us many information

[0t3p0t]

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
• invest in an ICO with a working prototype only

It is too hard to avoid scam ICO's due to it's good appearance, idea and application since new ICO's that turns out to be a scam are good at start though too good to be true projects are easy to spot on. Some plays good at start and run away with peoples investments when they got the target money. The only thing to counter these scam projects is regulations of ICO's in every country by government. We can be safe with that I think since these ICO's has to sign an agreement with the government so they may face some consequences if they did something fishy to investors.

[aiza2007]

We do not want to scam.first before we get to the scam to avoid scams. Because we do not see that scam already.Or let's search for what we know we are doing.for the rules and regulations.

[chenjkai]

I think the scammers come across naive people who believe in fantastic headlines and promises. You can't just take and generate unreasonable profit.

[cryptolet]

It will be very good for an investor to find what is behind an ICO -Initial Coin Offering project Before joining them from the begining. Once you find out that they have nothing good to offer, you avoid them.

[Dima95]

one guy wrote a whole topic for that question. you can read it here. https://bitcointalk.org/index.php?topic=3249042.msg33834182#msg33834182
it has some water inside, but the whole idea is good

[mysterecryptoooo]

I think to tell you exactly how is gonna be tough because there are a lot of parameters involved. However what you really need to do is to do some digging first about the team, the product, i like also to see if there s hype around the project. Also there are some Websites that are giving a rate to Ico,s you can check them as well to give you a brief overview of the project.

[digitran]

Before Investing in ICOs just do research on their project and team members, how the project will work. Read white paper to know their project.
Most of the ICOs are unsuccessful, Just do your own analysis before investing.

[tylerderden]

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
• invest in an ICO with a working prototype only

The above two advices are pretty helpful in selecting a decent ICO. You can also see the whitepaper and visit website of the project to do your research. And if this seems good then you can also see the social media accounts of the people involved in the development team as there are many a times that the accounts are newly formed and maybe forged from a different person just in order to make a fool of you.

[lovemsngr]

There are many methods by which you can distinguish a scam from a good project or a bounty campaign, but the problem is that it becomes increasingly difficult to distinguish and people lose a lot of money.

[fadlyzuld]

Now have many site rating a ICO but i have trust one site, this is https://icodrops.com/, the project want to ICO need so hard to listed on it, that why i believe site  Grin

[SummerBliss]

In order to save your self from ico scams you should first thoroughly go through the whitepaper and then rhe entire team. If any team member seems fishy, you should refrain from investing in it. So many icos turn out to be scams these days and that's mainly because they are unable to sell all of their tokens. If you go through my post history you would see that I responded to a user regarding this in detail. Feel free to check it out.

[rudox]

There is no  100% cut out rules that you will  follow to avoid scamming ico. However if you apply sometime and do due diligence before investing you may reduce your risk of being scammed.

[ololajulo]

Sometimes I like to recommend the ICO spreadsheet. They are just personal research advice and are still prone to error but the chances of error are low. Even before you do research on any other project try those on the spreadsheet. I don't have no relationship with any of the producers but they have the track record. Get a mentor also on the trade and telegram is a very active medium for ICO

[kanmo]

It is very difficult to identify a scam ICO because there are some ICOs that came out successful after they launch in market then the investors realized that the ICO is a pure scam without any compliance. A typical example is the Centra ICO.

[TheCryptoChaser]

You never know which ICO is a scam to be honest with you. Scammers are smart enough nowadays. You could go and check their bounty spreadsheets, and follow them on social media accounts. You can guess if they're scam or not.