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Author Topic: Identifying potential scam coins  (Read 325 times)
omitusaf
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October 12, 2017, 09:41:07 PM
 #1

Hello,
It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.

Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?

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October 12, 2017, 10:04:23 PM
 #2

Just use your brain man. Follow the project for some time and you'll see if they have a good team and a good plan, and most importantly, if they really follow their plan / roadmap.

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October 12, 2017, 10:14:34 PM
 #3

Sometimes its easy to spot fake project by checking the team, product, comms channel, reviews etc. However be aware of another most common type of scam which is getting a lot of money for adding very little value.

Just think do they really need that amount of the money to build and promote the product. If not, why they ask for so much money then? Don't let the extremely marketing campaign to fool you, the product and dev team is more important. I would also check the roadmap too, some ICO have a long product roadmap, first stage 2019. In other words, they are far from what they want to do (like monetha), or just not be able to do it with the current technology (like any advertising exchange related coin).

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October 12, 2017, 10:40:44 PM
 #4

Hello,
It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.

Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?

You can identify them by the way of there kind of posting that you know it is impossible and its easy to identify if there post or their intension was not good and if they are not pay you for how many week you should know and take an action for those not victim the others just observe and read properly there post thats the way you should identify if scam or not.

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October 12, 2017, 11:29:42 PM
 #5


Read the whitepaper and if it makes no sense than it's likely a scam coin. They like to overgeneralize about changing the world, and use crypto terminology to the point where it makes no sense. You can buy a whitepaper on People Per Hour or Fiverr for $100, so it goes to show that most of them mean nothing. See if you recognize any of the team from other projects as the team is the most important.

Check to see if they are a working product. Stay away from anything promising the moon.


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SamboNZ
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October 12, 2017, 11:31:32 PM
 #6

Check the teams identities and their website cause most cheap scams copy websites and dont offer proof of team identities.

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October 12, 2017, 11:33:04 PM
 #7

Read:

3 Kinds of ICOs - Protect Yourself
https://bitcointalk.org/index.php?topic=2243157
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October 12, 2017, 11:39:57 PM
 #8


Read the whitepaper and if it makes no sense than it's likely a scam coin. They like to overgeneralize about changing the world, and use crypto terminology to the point where it makes no sense. You can buy a whitepaper on People Per Hour or Fiverr for $100, so it goes to show that most of them mean nothing. See if you recognize any of the team from other projects as the team is the most important.

Check to see if they are a working product. Stay away from anything promising the moon.

I completely agree with this. It also seems important to look at security tokens as opposed to utility tokens. Security tokens probably have a much better shot of surviving all the regulations that are being talked about.
omitusaf
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October 13, 2017, 01:05:39 AM
 #9


Read the whitepaper and if it makes no sense than it's likely a scam coin. They like to overgeneralize about changing the world, and use crypto terminology to the point where it makes no sense. You can buy a whitepaper on People Per Hour or Fiverr for $100, so it goes to show that most of them mean nothing. See if you recognize any of the team from other projects as the team is the most important.

Check to see if they are a working product. Stay away from anything promising the moon.

I completely agree with this. It also seems important to look at security tokens as opposed to utility tokens. Security tokens probably have a much better shot of surviving all the regulations that are being talked about.

Pls could you explain a little bit more on how security tokens are better than utility tokens?

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October 13, 2017, 01:11:38 AM
 #10

Most of them are rushly done but the best coin for me is a coin with a team with good track records especially past successful projects and their integrity.

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October 13, 2017, 01:34:30 AM
 #11

easy to spot scams are ones that aren't clear
you won't get your tokens for a very long time cause they're still developing
there's too many scammers promoting them
short, grammar-filled whitepapers
lack of social media
shitty website
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October 13, 2017, 02:02:48 AM
 #12

First thing I will do to know scam coins is check it in the market. If that coin are in the market I believe it not scam. Before ICO sell I check it in Coinschedule, if that coin listed in the schedule I believe that coin not scam.

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October 13, 2017, 02:10:05 AM
 #13

Hello,
It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.

Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?

Let others do the work for you. There are a number of ICO evaluation and rating organizations out there--just google it.

There's no reason to partake in random or obscure ICOs. Find high quality ones that are being heavily talked about. If you're investing in more than one or two a month, you're probably not being selective enough.

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October 13, 2017, 02:12:52 AM
 #14

Follow the fundamentals - use your discretion and logic to discern when something is not right - trust your gut feeling (unless it has proven to be incorrect often - then use it as an opposite marker)

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October 14, 2017, 03:16:42 AM
 #15

you read up the whitepaper,  Identify the main idea of the project and analyse if the idea will work out or make any sense.
If interested in altcoin project seen the first in note is escrow, if already using escrow see escrow reputation.Making sure they are trusted people and usually handle escrow in the forums.

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October 14, 2017, 03:21:56 AM
 #16

Well it isn't that hard ... read up on the whitepaper , understand their tech , is the identity of the devs known.
If one of these things doesn't seem right i would walk away.
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October 14, 2017, 03:25:09 AM
 #17

Hello,
It's a well known fact that cryptocurrencies are everywhere. Every now and then new projects come up purporting to solve a problem. But we all know that some are destined for success while others will eventually fail no matter the hype. Some are outright scams.

Is there any way one can recognise potential scam coins? Any way one can predict whether or not a project will succeed?
it is hard to guess which projects are scam and not, maybe we see more details about the project, check the road map,
whitepaper and team, and always be careful in investing

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October 14, 2017, 03:42:57 AM
 #18

it is very difficult to determine which ico is a scam and which one does not, let alone want to determine which ico is going to work and which one does not, which can be done to avoid the ico scam is, analyze the roadmap, whitepaper, team profile and allocation of funds to be issued, but did not rule out that the ico project that has a nice background does not have the potential to scam

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October 14, 2017, 04:46:52 AM
 #19

Always consider the use of the coin, if that coin has a unique use then there is a high chance that it is a good coin. and if the devs are promising something check if it is possible.


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October 14, 2017, 08:09:31 AM
 #20

There are many thing that you have to check before deciding its good or not, scam or not. You can start to read the whitepaper, check roadmap, check developer team and check the website as well. You will know which project work very hard or which one is looking scam.

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