How to avoid ICO scam

[ryan2018]

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

I agree with you mate, your suggestion is very useful for many people. ICO's abuse has caused many investors to be disappointed, thus making the world of crypto in the current bearish phase. The ICO actually has a big profit opportunity, but we must be smart to choose an ICO that is not a SCAM.

[Alliipp]

I don't know much about the project whether it is a scam or not, what I do is monitor spreadsheef and always monitor their web in doing ico like airdrop and bounty ,, if it looks wrong or suspicious I will leave it. and the second is that I will take part in a bounty if the manager looks honest and works hard.

[valgfx]

In order to avoid ICO scams, you need to carefully select projects. Try to consider many factors, such as documentation and the team. There are a lot of other, but you need to be significally attentive while checking it.

[nniecan001]

For me, I always look at their whitepaper and join on their official telegram first. Just to prove that the project is well plan and all the contacts and information of the team is legit as well. Also, I only join or invest if they got a good bounty manager in bitcointalk.org ( like having  a high green trust and rank too ).

[kyra0018]

In order to avoid being scam, read the whitepaper of the ICO and research about the campaign. Read before investing into an ICO.

[jhonvir666]

You should not put all your know-how if an ico is a scam or not. Of course there are indicators, and most ico is really obvious that it's just a fake but others just look very promising and then of all they will also fall into the trap. I'm not really messing with an ico, because sometimes there are ico that really makes scams and so far I'm happy holding most of my bitcoin coins.

[Marioboro]

You might be mistaken about ICOs and failed projects being in same classification, a scam ico is one who from the very beginning has the intention of defrauding its investors and other stakeholders. A failed project is an ICO which unfortunately was unable to deliver on its promises due to various reasons. The same thing happens not only in ICO but in every investment as well. You might invest in a product but failed to capture the market, this is part of the inherent risks of spending. What you can do is to only minimize such incidents to a bare minimum for you to be able to profit from your investment.

[biuifyus]

It's hard to know if an ICO is a scam, and sometimes you just know if the project is finished. Because we don't know which fraudsters are ICO scams, or you can't avoid ICO scams because they look legitimate.

[ethalliance]

The simplest advice, as for me. It's not in a hurry to get involved in the first attractive company. After all, no one will tell you the truth right away. If you choose and want to invest. Try to pierce all channels carefully. And learn more about the conditions and prospects of your choice

[Nesbee2]

I don't it's  very easy to   detect a scam ICO from  the beginning.  But you can  try to carry out some research, atleast try to know the team and their profile,  if you notice any falsehood in the team member, like imposture ,  that should be an indication that it's a scam ICO.  Otherwise  it's only known after the ICO when they finally run away.

[jerimarsella]

Avoid scams ICO is very difficult, I've been stuck several times in the ICO scam. And this makes me very disappointed against the ICO. But I don't want to give it up with things like that. I will continue to learn and add to knowledge about crypto.

[dilandanmilea]

determining which ico should be avoided I think is quite difficult because now ico which looks good doesn't mean that ico won't be a scam, and ico that seems bad doesn't mean that ico will be a scam, so it must be more careful in choosing ico if you want to participate in ico which is not a scam.

[OzhogCoin]

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 fact, I do not know the special secrets of exposing scammers. I know only the general rules that you named. For me it would also be very interesting

[Dynamist]

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

Sometimes its an obvious scam and sometimes you'll only learn that it was definitely a scam after the campaign or after 3-6 months. The only thing you can do about it is maybe lessen the chances of being one of the victim by joining in an ICO from a reliable bounty manager with great background and check the dev team behind the project if they are active and if they have great reputations and expertise to finish the project.

[GizmoCoinTEAM]

There are many scams ICO out there. I think to avoid scams ICO is very difficult. No one can avoid ICO's scams so to minimize that you should do your own research about the ICO's project. There are some ways that you have to look at their website, whitepaper, roadmap and the telegram to communicate to the community.

[spike420211]

In order not to get caught on a scam project, you should be like a detective, imagine that every time you select a project you are hired to investigate the weaknesses of the project.

[stue]

In order to avoid scam ICOs, you need to practice a lot, both theoretically and practically. Maybe sometimes you will get a scam project, but that's fine. You can take lessons from there, and identify projects that indicate a scam. As much as possible looking for those who have softcap, the team has a lot of successful experience in bringing the project, investigating the authenticity of the web, the wallet and the list of investors.

[Bagaji]

Well, to identify scam crypto related project it is some thing difficult because many of them have a good whitepaper though they have a very bad intention against investors who must have trust the project base on the quality of their whitepaper.

[Dmcuibap]

Dont belive in ICO rating, some site take fees money for Promote ICO on the top site. Read their project,white paper, team, future and invest as your own risk. With some trustworthy website you can trust with 50-50

[Sam$oN]

Avoid scams ICO is very difficult, I've been stuck several times in the ICO scam. And this makes me very disappointed against the ICO. But I don't want to give it up with things like that. I will continue to learn and add to knowledge about crypto.

This is new technology, it is not surprising that there are a lot of scams. Because so far everything is being upgraded and you do not know what to trust.