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Author Topic: How would we know which cryptocurrency would be Scam?  (Read 2939 times)
taeewo
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January 23, 2018, 08:46:39 AM
 #21

To me i only put my money on any i c o with real devoloper that displayed their profile team..
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January 23, 2018, 12:26:10 PM
 #22

As of now there are 1500+ cryptocurrency exists in the world.
Many dead many rising and many has to come.
So how can i know the currency  ,where i am putting my money is not a part of scam?
Or is there any other way so we can check about respected crypto might be it'll work?
if you want to play it safe in digital currency,
is a bitcoin that has a great chance to make a profit and not a SCAM.
but if you want to gain multiple benefits,
look for a promising project because there can be very visible if the project is potentially a scam

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vintages
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January 23, 2018, 01:15:10 PM
 #23

I think its the ICO that you should be looking out for when considering which ones would be a scam or not. As for that, I check about them through their whitepaper, their developer and what they have to offer. But for the right cryptocurrency, to prevent myself from scam, I usually invest in the top 10-50 coins listed in coinmarketcap website. Its the only way I don't loss, though there is still a tendency to loss.
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January 23, 2018, 01:19:15 PM
 #24

We cannot determine whether a specific ICO Bounty and an altcoin is a scam. But we need to learn the basic and that is to check the white paper.

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January 23, 2018, 01:39:06 PM
 #25

All cryptocurrency are good, but as the time goes by its value decrease or gone. Because of some reasons.
So to avoid that, we should check first the cryto currency we will going to invest with. Check all the information you need to know if that crypto is good or not.
And try to invest or join in a ico that has a good or trusted developers. In that way we can avoid some scam ico.

bering
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January 23, 2018, 03:51:57 PM
 #26

cryptocurrencies which is offering lending service with daily or weekly profit more than 10% i think this is could be identified as scam cryptocurrencies because basically they're running MLM or Ponzi scheme impersonate cryptocurrencies and currently i saw several altcoin has properties just like this and people have to avoid them because basically cryptocurrencies does not offering the profit for the particular time
pinkflower
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January 24, 2018, 02:37:03 AM
 #27

I think its the ICO that you should be looking out for when considering which ones would be a scam or not. As for that, I check about them through their whitepaper, their developer and what they have to offer. But for the right cryptocurrency, to prevent myself from scam, I usually invest in the top 10-50 coins listed in coinmarketcap website. Its the only way I don't loss, though there is still a tendency to loss.

Its not the simple. There were many projects in the past that had a well written whitepaper and looked legit that turned out to be the biggest scams, no only is the cryptocurrency world, but the whole world in general. Bitconnect is one good illustration of how scammers can get millions from ignorant people.

This begs the question, are we qualified to determine if an ICO is a scam or not?
batang_bitcoin
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January 24, 2018, 02:50:55 AM
 #28

No crypto currencies are scam,everything is real.
No, there are coins/projects that are scam like this one CEO of cryptocurrency firm that disappeared with $375,000 of investor money lied about his employment.
Cryptocurrency Company That Scammed Investors Was Run by Fake People.
So how can you tell that all cryptocurrencies are real?

Or is there any other way so we can check about respected crypto might be it'll work?
This is why DYOR is applicable all the time. It's hard to to determine if they are legit in the first place not until someone, a good scam buster will find it out that the devs are fake, the whole road map and white paper is fake. If you want to be safe for your money, buy those long lived crypto's - bitcoin, ETH, LTC, etc.

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January 24, 2018, 03:06:39 AM
 #29

To identify the scam of cryptocurrency you have to analysis very clearly about its whitepaper and developer team. I think it's not an easy task for identifying a scam project because every project is seemed to be a lucrative project so be careful about choosing an ICO among the over 1500 ICO in this blockchain system.
But if you go through their whitepaper very carefully then you can realize their motivation, so you have to justify according to your wits and experience otherwise you will face a losing project.
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January 24, 2018, 09:08:33 AM
 #30

If you want to putting your money.. on the basic of the general investment on cryptos, just pick the coins that are really more popular when compared to another coins and has been attracted by many investors/traders, or pick some coins are on the top 10 cryptos on the market, this is definitely can more be avoid a scam coins and it's obviously can providing to get chance a profit investments.

Well if you've intend to invest in an ICO, looks there are already solutions here, in essence just choose that's looks more trusted.
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January 24, 2018, 10:11:43 AM
 #31

A cryptocurrency can be a scam if it was being proposed yet and asks for investment with unimaginable returns. Many altcoin programs are scam that didn't even reach the market to just ask for investment from other people with a promised return.  If the cryptocurrency was already in the market and you wanted to know if it will just die soon and won't be worth of your investment then check the rate of trades that were running at that coin, you can see those in your preferred exchange site. Some coin just succeed its initial operation in the market but it fades out slowly and drains to zero.

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January 24, 2018, 11:00:59 AM
 #32

I think it's important to pay attention to the team - who are they, what they did in the past etc
Good thing if it's an existing company already
Also some sources might help you - like cointelegraph youtube channel they post for their 'altcoin of the week' only pretty legit coins Smiley
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January 24, 2018, 12:31:41 PM
 #33

If you want to putting your money.. on the basic of the general investment on cryptos, just pick the coins that are really more popular when compared to another coins and has been attracted by many investors/traders, or pick some coins are on the top 10 cryptos on the market, this is definitely can more be avoid a scam coins and it's obviously can providing to get chance a profit investments.

Well if you've intend to invest in an ICO, looks there are already solutions here, in essence just choose that's looks more trusted.
The practical problem with most of highly established coins is, they are not providing good returns compared to what we are gaining with new coins. That is the reason people are always looking for new projects to risk their money. But all the new projects are not yielding good returns which makes your idea as good one to follow.

Investing only with top 10 coins must be a good idea but that should be long term based because only after holding for years we can get some reasonable profits with them whereas new coins are known for high profits at the same time many of them might be scam coins too.
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January 24, 2018, 04:01:08 PM
 #34

Scams do exists with cryptocurrency, it is an unfortunate circumstances. But I think at the
ICO stage alone you have that vague opportunity to determine if there's a slight chance or
potential for the coin to be bad. You can always do research before participating and prevent
yourself from being scammed. A good team with a promising project could do wonders for
that coin once it gets listed on trading platforms.
Oilacris
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January 24, 2018, 04:08:15 PM
 #35

As of now there are 1500+ cryptocurrency exists in the world.
Many dead many rising and many has to come.
So how can i know the currency  ,where i am putting my money is not a part of scam?
Or is there any other way so we can check about respected crypto might be it'll work?
How would you know? Then by doing of "Researching" which this is only the way that you will able to identify if a coin or project do have potential or not and we do all know that this is the hardest part to be done on this cryptocurrency world due to lots of coins to be invest on. Most of them are trash or just copying others features which doesn't even have the uniqueness compared to others. Only potential ones do survive for long term and as an investor its our obligation to choose up which we do see that we can able to make money.

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January 25, 2018, 10:27:58 AM
Merited by xIIImaL (2)
 #36

To me i only put my money on any i c o with real devoloper that displayed their profile team..

Checking development team would be one of the good move while we are looking to invest on new ICO but along with that you have to read the complete white paper information. they used to publish on their ICO ann thread. You may find the complete focus of their in that file.
So it would be helpful to judge the potential project which can be used long lasting by the various crypto currency users.
If there is escrows such as lauda or coinpayments in the token distribution. You can check with them about the project too.

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January 25, 2018, 11:01:36 AM
 #37

I hait scam thats why i always check first the coin i am gonna invest with.
Every cryptos has a value but it is still depend upon to its growth. So its better to read first all the information about that coin, try to check if the developers are trusted or if they have a bad story as a developer.

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January 25, 2018, 11:47:17 AM
 #38

We cannot determine whether a specific ICO Bounty and an altcoin is a scam. But we need to learn the basic and that is to check the white paper.

I hope we cannot conclude by seeing the white paper because there are many other things that need to check before investing and team, community etc. Each company has owned their identical phase to verify whether they can prove themselves after raising enough money whether they can develop or not.
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January 27, 2018, 12:54:52 AM
Merited by katinko (1)
 #39

Its very difficult to distinguish which is the scam coin,thats why I recommend to choose the much stable coin to invest.Mostly they are on the top ten list in the crypto market and by doing that you would able to lessen the risk of your investment.
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January 27, 2018, 03:48:18 AM
 #40

As of now there are 1500+ cryptocurrency exists in the world.
Many dead many rising and many has to come.
So how can i know the currency  ,where i am putting my money is not a part of scam?
Or is there any other way so we can check about respected crypto might be it'll work?

Even a scam coin have some value so if you are playing on them thru trades, then you must know that chances that you might be wrecked on the way is possible. There are people who plays even on a shit and scam join because their purposes is only to take advantage of the volume and not on the technology of that cryptocurrency itself. Risky after all.

If we about to point on crypto project that undergoes crowdfunding, you can't really say at first if they are scam because at most of the cases, their roadmap and future developments are really promising at all and the technology behind on that coin is so unique. So for me, to minimize somehow the risks, they must be transparent all the way. My main consideration is they must establishing a regular seminars and meetups, media appearances and everything related to that.

So for your own safety, learned also to make a self research before throwing money on a specific coin. Reading community's feedback about that specific coin might help you as reference.
Yeah sometimes the best thing to do is to not invest in the ico phase and wait until there is something more solid, the problem with that strategy is that is going to be impossible to obtain the profits many are dreaming when they think of investing in icos but if the project is any good getting huge profits will still be possible by investing in the early stages of the development.
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