How to avoid ICO scam

[Egenen]

Avoid scammers when investing, investors can only if they themselves study the crypto project. Especially see who the advisors of the project, and which team of developers.

Researching then going back to research the same company should give you better results if you are looking to invest.

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[KodyAaron]

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 think it is a not simple to choose the ICOs and the bounty.But In my opinion, these steps will be helped to choose the right ICOs.

Read the Whitepaper
Check the community and the roadmap, team developers & site rating on the crypto market.

[MintCondition]

Actually there is no any universal way to identify scam ICO. But as mentioned above you can learn and look through product, technology, team and code of smart contract behind certain ICO.

Just find a good and a must need project with a legit team. Many project seems to be a copy or with same idae or use in other ICO, one may lead to scam if it didnt reach cap or their goal, see the idea and amounts indicated if seems realistic to achieve.

[Fantina]

Avoid scammers when investing, investors can only if they themselves study the crypto project. Especially see who the advisors of the project, and which team of developers.

Today there are a lot of factors determine the success of the project. It was always enough team. Now the ideas are running out, more and more often we see clones who want to restart the project and make it more successful...

[lynx_]

No one is immune from fraud in the sphere of IRS, unless of course you personally are not familiar with the team. All applications may not work, because they know about scammers.

[DemonHunter83]

No one is immune from fraud in the sphere of IRS, unless of course you personally are not familiar with the team. All applications may not work, because they know about scammers.

Well, this is the only thing that can insure you against fraud. You need to get acquainted with the team or even become part of it and keep your finger on the pulse.

[jackflag]

The main rule is to think with your head. Study all possible cases of fraud, preferably successful. And draw parralley between them all. You will see the similarities that distinguish scammers.

[kidbounty]

if only to avoid scam ICO,I think it's easy. you simply observe the project and don't buy their tokens during the ICO. buy when token they are listed on the market. and this way I think is the best if you want to play safe. because you don't directly participate in the project's ICO process, you also don't need to wait long until the ICO ends and is listed on the market. for bonus issues, you don't need to worry because every new token listed on the market is definitely lower than ICO time.

[Surge_Dev]

I think that it is not easy because today there are not many reliable projects. I think that some projects aren't scams but they are just not successful and at the end it turns out that they can't give you tokens

[Nasonn]

It's best to take a lot of time studying the project, the ICO, the community, the team members before investing in it. Many people make the mistake of bandwagonism, they follow the crowd and don't do their own research and most of the time, the most talked about ICO doesn't mean it will be a great project it may likely be scam to say the least.

[krystaltoken]

Find out everything you can about the development team
First off, make sure that the developers are not anonymous. If they are, that is as red of a flag as it can possibly be. If there are names listed Google them thoroughly, focusing especially on the development team and the advisory board. Many fake ICOs will claim involvement of some sort of a prominent figure, more often than not it’s Vitalik Buterin, make sure to always triple check that information.
Make sure to check where the team members went to school, what they studied there and what kinds of things they have worked on before. Focus on relevant cryptocurrency experience, previous ICOs they took part in and the impact they had on the project. What you’re looking for here is whether their previous experience will be sufficient for this particular project to succeed.
A very promising sign is when the team members have links to their LinkedIn, GitHub or Twitter account on the ICO’s website. Even then, make sure to check how legitimate the linked accounts are by looking up how long ago they were created and how actively the team members were using them. It really isn’t hard to fake social media accounts.

[Markperop]

It's best to take a lot of time studying the project, the ICO, the community, the team members before investing in it. Many people make the mistake of bandwagonism, they follow the crowd and don't do their own research and most of the time, the most talked about ICO doesn't mean it will be a great project it may likely be scam to say the least.

It seems to me that until the rules of the game and control on the company's Eco market are seen, the possibilities of crypto currency will always be abused. But for this it is necessary first to legalize the crypto currency and adopt the legislation.

[burdagol12345]

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

That's just too naive, avoiding it altogether. You can do solid research, not just jump head in without checking everything out: team, advisors, links, previous experience, if they delivered or not, roadmap. Ultimately they are all a bit scammy by giving themselves v high valuations for startups but that trend is a fad now, the public has realised this and all the moneygrabs will remain unsold. I believe we will see soon how most projects will only get a few millions most projects don't need more than 5-7 mils anyway fwiw considering the stage of their development.

[Alex_marik]

Now it has become much easier to identify crypto projects. Very good projects hardly collect the necessary amounts. About the scam projects are not even heard now. It is enough to communicate in a telegram to understand.

[stas.dron]

I think this is not for new coming investors of course. People who don't understand how it works can see the difference between normal and fake.

[iceblasto]

Now it has become much easier to identify crypto projects. Very good projects hardly collect the necessary amounts. About the scam projects are not even heard now. It is enough to communicate in a telegram to understand.

I think it's difficult to distinguish ICO scamp. because there is no definite benchmark for a good ICO.
All I can do is join the majority because if the ICO looks bad, followers will not be many so in my opinion it can minimize errors in choosing an ICO.

[DraGoN7b]

It is necessary to closely monitor the project, to see good community support. And if you invest a lot of money, then go to their office. It is also necessary to pay attention to whether the projects have their own finished product, since this is a kind of guarantee that this is not a scam, but a long-term activity of the ICO.

[Maknae09]

You will never be 100% sure if an ico is a scam or not. Of course there are indicators, some ico's are just so obvious that it's funny but others look extremely promising but then they suddenly fall of the grid. I don't really mess with ico's, I happily hold the majority of my assets in bitcoin.

Yes, you can scan it through reading its whitepaper and try to understand its content, once you notice that it has so much promising content that is not that easy to believe, consisting an offer which is above your expectation, there might be a possibility that it is a scam. You should be careful on choosing the right ICO.

[fbastage]

Now it has become much easier to identify crypto projects. Very good projects hardly collect the necessary amounts. About the scam projects are not even heard now. It is enough to communicate in a telegram to understand.

Fraudulent projects smaller than before, but to say that they are not heard of at all is not correct. Just today, fraudsters are withdrawing investors money slowly. They doing imitating activity for some time, and not quickly taking their feet away.

[Spaffin]

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

Whatever you do, but almost no one is immune from fraudsters in ICO projects. Outwardly, they look perfectly normal, legitimate and interesting in terms of their prospects. In many cases, we cannot check the members of the ICO team, because we have no law enforcement capabilities. Yes, and they will need more than one month of checks, because they will have to check information all over the world. There are only general recommendations, but they can not guarantee anything.