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What are the key indicators of ICO scam that you should be careful about
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The multi-billion dollar blockchain based crowdfunding business is almost always vulnerable to online theft and scam. The ICO industry is still a kind of unregulated entity and this is the thing which poses a lot of threat to the overall integrity of the system. CyBit^TM with lots of research and by the untiring efforts of its technical staff has addressed the majority of these problems. The CyBit^TM team also believes in educating the potential investors and take this as one of the most important factor associated with their corporate social responsibility. Let's us find out about the ICO scams in a bit more detail.
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Just as discussed above, the entire ICO ecosystem is found to be short of proper regulation and this scenario leaves the door open for numerous scams, fraudulent ICO campaigns and especially the "ICO Exit" scam which leaves the regulatory bodies in an extreme jeopardy. They loses control over the normal execution and in developing a framework for governing the entire ecosystem.
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The exit scams are very common these days where the initiators of the business vanishes from the business scene after faking out an investment opportunity in the market. The ICO world has already seen multi million dollars lost to its economy through this scam. This reminds all of us not to judge the book by its recover. Rather, the potential investors should look for the credibility of the business before thinking about investing anything. Performing due diligence is the key before making any big or small investment move in the online crypto world. CyBit^TM in this regard feels pride in keeping the transparency regarding its operations and the investors can find a lot of material about its platform, which is readily available over the web.
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When evaluating any ICO platform such as CyBit^TM, one should look for their solid online presence. The online platform should be developed using the latest technologies and must be responsive as well for mobile users. From here, the venture makes its first impression and serves as a stepping stone for long term business relationship.
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After having a comprehensive and reliable online presence, then it is the white paper that serves as the face of the platform. The white paper at the first place should ideally exist which give users all the necessary finance and technical information about the platform. After that, a badly written or a plagiarized white paper could be a clear sign of a fraudulent ICO business that you need to beware of.
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Moving forward, find out about the guarantee of the system to generate profits. There are some business using automated bots as a key offering to clients for generating guaranteed profits. More so, it is now the option of "staking" your cryptocurrency that is gaining more popularity and credibility in the eyes of the investors. This has got a high potential and it is also one of the key selling point of the CyBit^TM crowdfunding platform.
There are nearly 500 ICOs as of now of varying scale and ensuring due diligence over all of them might not be a feasible task. Even the Subject Matter Experts (SME) would struggle considerably in order to keep everyone up-to-date about the overall integrity of the platform. However, there opinion matters and at the end of the day, it is all your hard-work to find out about the credibility of an ICO by following the points mentioned above in this comprehensive article.
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Naquib Hatami
Founder
Blockchain Fintech Product
CyBit Limited | Cybit.io
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