4 main reasons why ICO projects are not trusted

[TokenSell]

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Just read about one such example "Confido"

https://www.cryptocoinsnews.com/exit-scam-confido-startup-vanishes-after-raising-375k-in-ico/

These scammers are a shame to the community creating bad blood and distrust with the entire ICO concept.

We should definetly come with a solution that will help everybody to avoid scammers like that.

[CaptainKid]

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Your advice and recommendations are good, but it seems to me that this list can be further increased, since there are other items to consider when choosing ICO.

[Synaesthesia]

Yes, I agree with you about your point of views, Therefore, the most important thing before investing in ICOs is that connect with the team. We have to understand clearly with people who will use our money

[R_Block]

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

I agree with point 1 but regarding the rest I understand as someone who is holding an ICO. If you are a small team it is impossible to get back to hundreds of requests. For me the bigger concern is the incentive problem.

If there was a industry standard and secure DAO that gives governance rights to token holders that would be great. It would be as secure as investing in traditional tech startups!

[JasonCroper]

Thanks for your post. It is usful for me.

[megget]

I would add the following feature to the list:
1) the company offers the following products: MLM, pyramid or ponzi scheme, cloud mining.
2) No white paper
3) ICO is not available on ICO rated sites

[sultanali]

I always do full research before joining any ICO because as of now daily many new ICO are coming and most of them are only here to scam people so it's not worth to waste time and money on them so I select ICO very wisely by reading their Whipatper and concept of the project and the team also.

[Wipper]

I would add the following feature to the list:
1) the company offers the following products: MLM, pyramid or ponzi scheme, cloud mining.
2) No white paper
3) ICO is not available on ICO rated sites

I agree with your points too, its very important that the team can explain their project further on the whitepaper. Sometime you just catch a copy/past of the ANN thread, that's not serious... we have to find more details on the document.

[georgeforeham]

I think this can help when it comes to trusting a project, but also there is a lot more.

1) The team - Do they know what they are doing?

2) No product - I personally like ICOs that have a product as they are not just in it to make a quick bit of cash and disappear.

[shams]

Many of the ICO projects allocate a large share of the aquıred ınvestment from ICO to the advısors and founders of the fırm, many develop good technolgıes but the roadmap ındıcates that that techologıes wıll take a lot of tıme to ımplement, Many are only a replıcatıon of prevıously exısıtıng crytpocurrenıes successful ın the same category.

[Dluretic]

I found most of the ICO, it is difficult for us to contact the ICO team directly, and most of the ICO project is not open source, it makes me very worry, because it appears that most of the ICO project is just for the sake of money, they don't have any innovation.

[Greenw87dpecker]

That's why it's always better to give ICO rating sites a check if you're planning to invest in one. It's just a few clicks and some reading.

Wonder! Where do such amazing people who do not bother to ask about the project in which they invest their money? It is simple, takes little time, there are many checkers and simple instructions. If people are more responsible there will be less Scam?

[slaman29]

I found most of the ICO, it is difficult for us to contact the ICO team directly, and most of the ICO project is not open source, it makes me very worry, because it appears that most of the ICO project is just for the sake of money, they don't have any innovation.

Most? All of the ICOs are for the sake of money. Don't ever forget that. And ALL of the people who invest in ICOs are also in it for the money. Don't ever forget that. Everyone can pretend other things, but money is the prime and only motivator for ICOs.

People who say otherwise are lying. IF people really didn't care about money, all they'd do is work on non-ICO projects, and contribute and build on them. ICOs by definition means money and everyone connected to it is interested only in this. That's the plain, simple truth.

[Riddikulo]

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.
The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Unfortunately, now there are high-level scammers who make fake profiles of famous people to raise more money. Now it becomes more difficult to check the ICO in which you can invest.     

[Kryten12]

Making an investment in an ICO can indeed be a minefield but if you get it right it is certainly worth the time and effort.
1. Check out the project thoroughly, don't just invest because some guy on Youtube told you to.
2. Read the whitepaper does it actually make any sense or is it just padded with useless information (Naviaddress spent about 10 pages just describing what addresses were!)
3. Previous experience of the developers and business management skills of the CEO and CTO

[Zanetti83]

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Well, while most ICO projects like what you explained, there are also some ICO projects which managed by well known members.
For me, I will only invest after I have a thorough learning the information about the projects and looking at the whitepaper, and also the team behind it

[jhache]

very true, and some of them do not have a clear outline of their projects, their target groups and what problems they seek to solve. makes an ICO look very suspicious especially in this scam and cash-grab era.

[faceoff97]

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Basically, the project is all dependent to the development team. They were the ones who actually make things possible, thia only mean that the primary factor why a ptoject fails is the team. If there were no legit people behind the project, that would possibly be a scam. A good project has a well known personalities related to it. Before getting in to it,  do check the background information about the team, look at the previous project they have work out. Therr actually good reviews about each project available in the internet, this would help you determine the future of your prospect ICO.

[Lumada]

Reviewing ICO projects is becoming a challenge because we have tens of them per week with their crowdsales starting. Some projects are making investors life harder because their websites ar not explaining how real they are and what they are really doing: using hype around cryptocurrency or trying to do the project.

The reasons why ICO teams are not trusted:
1. They have not links to social profiles of their members on facebook or linkedin.
2. There is no dedicated person that answers emails or in social media.
3. Communication is not personalized. You chat or email with a person with no name or a name you can not check is true.
4. You have to wait several days to get the answer from the team.

Basically, the project is all dependent to the development team. They were the ones who actually make things possible, thia only mean that the primary factor why a ptoject fails is the team. If there were no legit people behind the project, that would possibly be a scam. A good project has a well known personalities related to it. Before getting in to it,  do check the background information about the team, look at the previous project they have work out. Therr actually good reviews about each project available in the internet, this would help you determine the future of your prospect ICO.

That's why somehow the team matters too, but we should focus more on the project perspective, will it be useful and still applicable in the future? will it have a proper roadmap and keep on being updated no matter what, That's why I prefer investing only when the project already succeed or when it have already a developing product. It's more good if the project really seems pleasing with their team itself.

[Duzenn]

I think there's only one reason why i don't trust ICO at all: the code isn't open source.
Because many ICO projects are only in the early stages, they are not open source for the ICO project.