How to avoid ICO scam

[PashVit]

Ico scams are becoming one the hot bed in crypto industry this is because some focused on profit maximization. So it's vital to first analyze the white paper and the road map for any project before investing in any.

Agreed. Have people in the eyes of only green papers. They finally stopped thinking about the usefulness of their investments in any project. It is important for them to get the maximum profit, which usually turn out to be scammers.

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[gasanali]

Unfortunately there is no list of rules, according to which you can calculate the scammers. After all, scammers are constantly improving ways of cheating.

[@baoli]

There is always no fool proof system but can only be managed . ICO review sites, some have been doing a good job getting good details of ICO hosts so they can reimburse people back their money in case the project fails.

[zero4five]

We should try to assess the integrity of the company, the technical team and the products that the company created in the past.
In the beginning, we need to make such an assessment of the team for any start-up or any company that we invest in.
It really helps us to determine whether it is worth financing a company that creates something meaningful, or whether the company simply collects money for the collection and is about to flee.

[Stavri]

well. you should be very suspicious. this is the key. you shouldnt forget that 90 percent of icos are scam. you should check each team member and advisors very carefully and be sure that they are known and real people.

[prihojantsev]

I think that it is enough to take into account others opinion. If you assume that an ICO is promising but no one discuss it, there must be a reason.

[Cloud_miner]

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

1.Read the Whitepaper
2.Check the roadmap
3.Check the background of the team and manager

I think these steps will be a help for you long term.

Now scammers have learned to professionally forge photos and a road map that you have no chance to understand whether this project is a fake.

[kowalski77]

To reduce the risk of investing in a scam project it is necessary to conduct your own research:
- check the team and the founders of the project for ready-made successful projects
- pay attention to project partners
- read about the project at specialized forums and media
- read white paper
- answer yourself to the question, does this project solve specific problems of society?

That's funny, because some friend of mine told me exactly the same criteria and that's how I investigated OSA DC.

[Giolmol]

n request to get a beneficial task, simply focus on what makes any venture being a genuine undertaking: justifiable and reachable thought and idea (something, what is going to be valuable/utilized by you/utilized by heaps of individuals); strong whitepaper and reasonable guide; site; nearness of MVP; linkedin profiles of colleagues (they in their turn must be exceptionally experienced and skilled in the zone they're working in); media scope; dynamic network bolster, and so on. These are the criteria of a promising and effective task...

[BattleZeo]

Always look closely at Linkenid and Facebook from the team. If there are few friends and social activity, then the project is almost 100% scam.

[Bill205]

The best way to avoid ICO scam is to research before investing in ICO's. Follow their roadmap closely, see what experts are saying about it. If you see it's worth investing in, then and then only you should invest in ICO, otherwise not.

[modhithawm]

for me , It's really difficult to identify scam ICO project as many pretended to be real and genuine !! Most of crypto investors rely reviews on ICO rating sites, which are not accurate always. Good background check would be the ideal and rely on valid information source !!

[Triss Merigold]

The working prototype of the project should be in fact a working one, not just a pacifier. Secondly, you do not need to invest in a project that was similar to another project and it had success. Success may not come because of high competition.

[CAPT.DEADPOOL]

it's easy to figure out if a ico is a scam or legit can only look at their leaders and admins if they are true and see how many suppoters they are and how many of them are involved in the project so check that the ico is legit sure but if their admin and unknown and without their real address of their company I think their ico is a scam.

[Anasantos1]

For me, this is the most difficult question. Over the past year, I've had two cases of twelve of my investments when I selected ICO projects, which eventually were scam projects.

[s1lverH]

There are projects that can not be understood that they are scammers, in the last time they have learned to disguise themselves very well under a quality project.

[williamtkhoury]

1.Study about the team members, whether they have been successful in ICO before.
2. Go through the road map and see whether it is a practice one.

[yescrypto]

To avoid being scammed through those crazy ico out there you need a Clare picture of the project you are planning to go for and do a very good research on the project, see what others have to say about it, read and understand their withepaper and road map of the whole thing is all about their destination and the stage they are presently and so many more before spending your money on it.

[tonlong]

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

In my experience i found out that the ICOS campaigns are scams and that we can not protect and be 100% sure but with the following elements we can exclude as ICOS campaigns are not mentioned. to the partner as well as the whitepaper though much mentioned. We should read and re-read all information about that ICO and its community work and development orientation.

[cotton ball]

for me , It's really difficult to identify scam ICO project as many pretended to be real and genuine !! Most of crypto investors rely reviews on ICO rating sites, which are not accurate always. Good background check would be the ideal and rely on valid information source !!

Currently the ICO ranking status cannot be used as a benchmark that the project is really good because it has been proven in several projects that I follow and has a good rating even close to 10 but at the end of ICO dev does not take care of the tokens they provide and projects it's not really functioning, that's why from now on I no longer see the ICO by looking at the ratings given to the ICO.