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Author Topic: How do you identify crypto projects that are scams?  (Read 68 times)
ChangeNOW
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April 05, 2018, 06:20:40 PM
 #1

Hey guys,

The other day I was asked this question on Quora and responded saying that a way to identify potential ICO scams is looking at several things. Here are some of them (would like to know your thoughts if that's alright): The first one was looking for companies that are making a sudden pivot into the blockchain space. This, to me, are companies that failed and now are trying to make a quick buck—specially companies in the USA with previous VC funding. The second is looking at the previous experience that the team has. I'm noticing a lot of projects where no one on the team has real experience ni the blockchain space. The third one, and this one is very important, is those projects that don't put 100% of the team's tokens into escrow for at least two years. This is obviously a sign that they are trying to get rich quick. Any thoughts on this?

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April 05, 2018, 11:36:30 PM
 #2

Personally i feel adopting a patient and systematic approach is key meaning you take time to research about ICOs on your own and not relying on third parties who have vested interests, Digging what prominent sites for example are saying about projects, verifying some of the partnerships claimed is also a good place to look into, ICOs that try to raise too much money,and consulting some seasoned investors in forums is also advisable
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April 05, 2018, 11:47:30 PM
 #3

For me I hate, when they stop to post in a social media, this in my opinion si the first sign of scamming. Becouse, when the project is succesful, the post regularly!
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April 06, 2018, 12:26:11 AM
 #4

Well that may be both easy and difficult because even it is a scam they can still pay people to give good reviews about it so ask their admin to give the erc20 address so that you can know whether it is a scam or not.
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April 06, 2018, 01:03:51 AM
 #5

Hey guys,

The other day I was asked this question on Quora and responded saying that a way to identify potential ICO scams is looking at several things. Here are some of them (would like to know your thoughts if that's alright): The first one was looking for companies that are making a sudden pivot into the blockchain space. This, to me, are companies that failed and now are trying to make a quick buck—specially companies in the USA with previous VC funding. The second is looking at the previous experience that the team has. I'm noticing a lot of projects where no one on the team has real experience ni the blockchain space. The third one, and this one is very important, is those projects that don't put 100% of the team's tokens into escrow for at least two years. This is obviously a sign that they are trying to get rich quick. Any thoughts on this?


First, they don't up date any news/ information in many platform, such as social media, web and telegram chat. Second, too many complain about their send - received token/ coin product. Last one, their announcement look's not professional. Not working link, not enough road map information, etc. I only do that and I'm glad it safe me form scam ICO project.

.
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April 06, 2018, 01:08:17 AM
 #6

i like your points , i would like to add to that that i look for projects that already have a product before they are raising money. if they don't have that really try to see what they are going to do and if it is possible to do so. a hardcap to the amount raised is also something i think is important , it shows that it isn't a quick money grab.
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April 06, 2018, 07:33:16 PM
 #7

In addition to that, if project team invests project money in other projects ie they do not lock their tokens, it is usually important to be cautious about such a project as well
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April 06, 2018, 08:02:07 PM
 #8

You can find many signs of a bad project. I'll add a little from myself.
1. A poor road map or its complete absence;
2. Lack of information about the team, advisers;
3. The overcharge of the token at the start and the absence of a maximum amount of fees;
4. Overestimated bonuses to early investors;
5. Closeness of the project for the society, lack of financial and technical audit;
6. Weak news background, bad site, etc.
7. Lack of working prototype of the project.
This list can be continued, but this information so much on the forum.

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April 06, 2018, 08:09:51 PM
 #9

I always look at the previous experience that the team has, project itself is not important if we want to know if it is scam or not. If teams member are not trusthworthy and have no experience, I simply pass such projects.

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April 08, 2018, 05:31:06 PM
 #10

i like your points , i would like to add to that that i look for projects that already have a product before they are raising money. if they don't have that really try to see what they are going to do and if it is possible to do so. a hardcap to the amount raised is also something i think is important , it shows that it isn't a quick money grab.

I think this is a great point. Way too many ICOs are raising a ridiculous and unnecessary amount of money with just a white paper. Too many times,perhaps more often than not, these white papers are vague and too simple. A blockchain project comes with a lot of problems to solve from the technical standpoint. So, white papers need to be very thorough. Perhaps even two white papers are needed. One for the technical side of things and one for the business side of things. This said, a white paper is just a paper. Not having an already working products is a huge red flag. You might as well buy penny stocks. Just curious, could you please give us your thoughts on our anonymous exchange offering? https://changenow.io/?utm_source=BitcoinTalk

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April 08, 2018, 07:28:17 PM
 #11

Its difficult to know unlike the prior period when ICO started out, back then most project have purpose and intends to solve a problem but right now, its as if  all project are all scams. Most developers are into ICO because of the money they will make out of and nothing more. Well, you can still find a good ICO just try making research of the developers to know that they are truly who they claim to be.

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April 08, 2018, 07:36:05 PM
 #12

Effortless project that has low quality website and incomplete data is an obvious scam.. In this forum,, it’s harder to make that conclusion without technically read and follow all updates regarding that project..

Maybe the best and easiest way is through auditing and background checking of the team who are actually from CEO to advisors and all.. It must be real with video recording or live interview..

Before I used to follow a trusted managers instinct in this forum,, but it all change when most of them got a red tagged for conspiring a scam projects..

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April 09, 2018, 11:03:42 AM
 #13

i like your points , i would like to add to that that i look for projects that already have a product before they are raising money. if they don't have that really try to see what they are going to do and if it is possible to do so. a hardcap to the amount raised is also something i think is important , it shows that it isn't a quick money grab.
Yeah, there are many ways of identifying scammers in the market. Though these hints only work for old players of the market because newcomers often fall prey to these people. It is better to understand the actual market of that project i.e. how many people are supporting the project. If the team asks for any sort of advance or payments that are not required by other successful projects, stay away from them.
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April 09, 2018, 12:05:41 PM
 #14

Hey guys,

The other day I was asked this question on Quora and responded saying that a way to identify potential ICO scams is looking at several things. Here are some of them (would like to know your thoughts if that's alright): The first one was looking for companies that are making a sudden pivot into the blockchain space. This, to me, are companies that failed and now are trying to make a quick buck—specially companies in the USA with previous VC funding. The second is looking at the previous experience that the team has. I'm noticing a lot of projects where no one on the team has real experience ni the blockchain space. The third one, and this one is very important, is those projects that don't put 100% of the team's tokens into escrow for at least two years. This is obviously a sign that they are trying to get rich quick. Any thoughts on this?

for now it's a bit hard to see what ICO projects are scam because I think the current project is getting tricked with any way to look ICO is genuine and very promising, if you are confused you can see it at https://icobench.com/ icos from there you can get the best ICO by looking at rating conditions suggested by some advisor who is very expert in assessing ICO.
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April 09, 2018, 12:13:03 PM
 #15

Hey guys,

The other day I was asked this question on Quora and responded saying that a way to identify potential ICO scams is looking at several things. Here are some of them (would like to know your thoughts if that's alright): The first one was looking for companies that are making a sudden pivot into the blockchain space. This, to me, are companies that failed and now are trying to make a quick buck—specially companies in the USA with previous VC funding. The second is looking at the previous experience that the team has. I'm noticing a lot of projects where no one on the team has real experience ni the blockchain space. The third one, and this one is very important, is those projects that don't put 100% of the team's tokens into escrow for at least two years. This is obviously a sign that they are trying to get rich quick. Any thoughts on this?

for now it's a bit hard to see what ICO projects are scam because I think the current project is getting tricked with any way to look ICO is genuine and very promising, if you are confused you can see it at https://icobench.com/ icos from there you can get the best ICO by looking at rating conditions suggested by some advisor who is very expert in assessing ICO.
The rating here can be bought, and many experts are not real
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