80% of ICOs are Scams

[mainthread]

People should understand that free cheese is only in a mousetrap. We are guilty of so many frauds. In pursuit of easy money, we do not notice the scam. I am sure that with the introduction of laws the situation will change for the better.

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[hatha way]

Many ICO projects take place daily and many of them are scam projects. In order to choose a good ICO project you need to find out thoroughly before deciding to invest.

[kayvie]

its true, due to the demand that gains when launching an ICO, many people are getting interested and also wanted to launched an ICO because of the bit profit that they might gain. but it becomes the starting point of scamming their investors, so better be careful when investing to avoid those scam ICO's

[amaha cris]

Of the 10 ICO projects, 7 to 8 are phishing projects, 80% are very accurate. Selecting a good project is very difficult.

[dumplingsandsushi]

Lol, that is such a horrible measuring stick for what is a scam.
So they are measuring a project a scam by A) if the devs didn't intend to use funds to develop the product?
Just how do they find that out?
Ask them and they say, "Actually yeah, we never intended to develop the product, we were just fooling everyone"

And the other measuring stick is if people call it a scam?
Well of course the percentage will be ridiculously high.
Nowadays, anytime an "investor" is unsatisfied the scream, "SCAM! SCAM! SCAAAAAM!"
Just take a look at what telegram has become.
Those ico channels are ridiculous, its is either people asking the same stupid questions over and over instead of reading threads or people screaming, "You are scaming meeeee!" then getting blocked lol.

Me, personally, I see most icos as just failed businesses.
Traditional startups have horrible failure rates too, why would these companies be any different?

[Ninciabr]

May be such that 80% of the ICO is Scam, but so far 100% ISO will not Scam, we will not leave from this forum).

[Jemchugov]

this is a very sad statistics, I hope that over time this will change and scammers will be punished

[CryptoBuds]

Among these projects there is indeed a lot of scam. But our goal is to find good projects for investment, which will bring an excellent profit. With 10 projects, usually 3 die, 3 do not bring you any profit or loss, 3 bring you a small profit and only 1 project gives you a large profit that hopefully covers all losses.

[vanphummo]

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[o.ogurlu]

Yes many ICO scam. But i cant believe 80% of ICOs scam. I think %30-40 of ICOs been scam.

[kloinko1n]

Well, this is no surprise. Already all this is noticed, except that beginners may not understand this

[fairy_fries]

Better to be cautious on investing your money. Know the project very well and the people behind it. And learn everything about it before jumping in to it. Icos is being used to lure money by some people, so let's not fall victims to that. There are still ways to earn cryptocoins/Tokens, join airdrops and do bounties, this is more safe and it is really worth your time.

[Brat ipoh]

if you say 80% ico is a fraud it is too exaggerated In my opinion, because 80% is a very large amount and I feel is only 10% fraud and the rest goes with

[Wittycoin]

Many ICO right now are scam, some of them do not pay the right reward, and some of them really don`t pay and just run away. ICO this days can not be trusted even if they are hype or what, when in the end, they will show their true purpose which is to scam.

[makolz26]

Sad to say but that is the reality, hope that managers will scan the ICO that they are handling at and making sure that it has value in the future so that all of us will not waste our time in doing it right, but it would be hard for them to tell too since there are instances wherein they will say that they are legit but in the end they are not.

[ghonkz]

Maybe what OP mean is 90 to 99% ? Cause im sure when the ico finsih the token have no real use and the dev not devloping anything for it.

[nguyenhoven]

Saw this study on twitter... https://twitter.com/Zeex_me/status/978981735101878272

I've seen a lot of people asking about how many legit ICOs there are, so I thought I'd share

Quote from the article: "The study begins by breaking down ICOs into 6 groups: Scam, Failed, Gone Dead, Dwindling, Promising, Successful. “On the basis of the above classification,” they wrote, “we found that approximately 81% of ICO’s were Scams, ~6% Failed, ~5% had Gone Dead, and ~8% went on to trade on a exchange.”

"Scams were defined by researchers as “Any project that expressed availability of [an] ICO investment (through a website publishing, ANN thread, or social media posting with a contribution address), did not have/had no intention of fulfilling project development duties with the funds, and/or was deemed by the community (message boards, website or other online information) to be a scam.”


DYOR people ...

yes, this is the actual situation. For this reason, we need the regulation of ICOs. Then everything will be simple, if the ICO doesn't have the necessary license, people simply won't invest...

[Camon]

Unfortunately, it is really seems to be so. The lack of a control has it's flaws, so scammers have a great range of ways to fraud on cryptocurrency market. However, now even good and promising projects sometimes can't reach hardcaps, so maybe the situation will become better in the near future.

[mirawantirinjana]

Saw this study on twitter... https://twitter.com/Zeex_me/status/978981735101878272

I've seen a lot of people asking about how many legit ICOs there are, so I thought I'd share

Quote from the article: "The study begins by breaking down ICOs into 6 groups: Scam, Failed, Gone Dead, Dwindling, Promising, Successful. “On the basis of the above classification,” they wrote, “we found that approximately 81% of ICO’s were Scams, ~6% Failed, ~5% had Gone Dead, and ~8% went on to trade on a exchange.”

"Scams were defined by researchers as “Any project that expressed availability of [an] ICO investment (through a website publishing, ANN thread, or social media posting with a contribution address), did not have/had no intention of fulfilling project development duties with the funds, and/or was deemed by the community (message boards, website or other online information) to be a scam.”


DYOR people ...

do not ever make the issue casually on what basis do you say it's level you are still a beginner what do you know about the scam ICO? whether you have a lot of ICO program if you do not please keep your conversation from the news lie

[suhano]

Saw this study on twitter... https://twitter.com/Zeex_me/status/978981735101878272

I've seen a lot of people asking about how many legit ICOs there are, so I thought I'd share

Quote from the article: "The study begins by breaking down ICOs into 6 groups: Scam, Failed, Gone Dead, Dwindling, Promising, Successful. “On the basis of the above classification,” they wrote, “we found that approximately 81% of ICO’s were Scams, ~6% Failed, ~5% had Gone Dead, and ~8% went on to trade on a exchange.”

"Scams were defined by researchers as “Any project that expressed availability of [an] ICO investment (through a website publishing, ANN thread, or social media posting with a contribution address), did not have/had no intention of fulfilling project development duties with the funds, and/or was deemed by the community (message boards, website or other online information) to be a scam.”


DYOR people ...

It is not 80%, it is more than 99%. Some coins are even being removed from exchanges as no one is buying them, this will keep happening in future as well.