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Author Topic: Newbie checklist: how to DYOR (and recognize scams from miles away)?  (Read 140 times)
friends1980
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May 31, 2018, 06:48:07 PM
Merited by xtraelv (1), 1miau (1)
 #1

Especially for all new members who would like to know more about the (in)famous "DYOR" expression. Where to start, what to look at, what to follow etc.

The one and only (short and easy!)
DO YOUR OWN RESEARCH / DYOR
checklist

Just follow this short list to get a serious indication of a project / coin / ICO being real and not a scam:

* TEAM

- if team members are known, check their profiles and experience
- if team members are anonymous, check if there's a specific reason why they remain anonymous (for ex. because it's an anonimity coin). If there is no reason: consider it as scam unless proven otherwise Smiley

* NEWS & DEVELOPMENT

Do a follow-up of the development on social channels. WATCH OUT for fake Twitter accounts (make sure you are on the correct account - double-check the name Shocked)!!!

Has there been no significant news of development for 4 months? Stop kidding yourself then.

* SUPPLY

- from an investor's point of view: most of the time, the higher the supply, the lower the chance of extremely high prices. But exceptions exist of course, especially for really good projects, which might take giant leaps, even with a rather high supply. Exceptions are however... errrm... exceptional. Cool
- from an anti-scam point of view: a high supply could mean a malicious dev is planning to drop a high amount of the coins he created himself on the market. By the time you realize that he is dropping his coins, he'll have run off with the BTC you paid for his scam coins, leaving you without BTC and with a big bag of his useless scam coins.

* AIRDROPS

Man... Honestly, I think it's over. Airdrops are soooo 2017 and even back then, most of them were just dropping useless or scam coins. Or the airdropped amount is so low, they are not worth the effort. Or they want you to put something on your Facebook or Twitter or ... and then it's actually not an airdrop but a bounty. They just call it "airdrop" to lure people in.

Personally, I've not participated in any airdrop for months. It's a free country of course, but I would not waste my time on them. Should you decide to participate anyway: NEVER EVER send coins yourself to receive an airdrop and NEVER EVER give your private key to anyone.

* SUPPORT / COMMUNITY

- check how many followers: on Twitter, FB, BTCtalk threads and so on. In most cases: the higher the support, the more lifespan is guaranteed.
- check how many (decent) exchanges are selling this coin: good liquidity means you should be able to buy this coin as easily as you could sell it. You have to respect market prices, of course, but you just don't want to risk being stuck with a coin.

* THE PROJECT - OF COURSE

The most important thing. Just another payment coin? Just another gambling project? Real estate?

I mean, is it really an interesting project which has something new to offer? Be realistic and ask yourself:

1. Is this what we (or some - enough people to keep it alive) are waiting for? Gap in the market? Interesting project?
2. Does the fact that the project is created on the Blockchain create an added value?


Don't forget: NEVER INVEST MORE THAN YOU CAN AFFORD TO LOSE. If it looks to good to be true, it's not true.

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May 31, 2018, 07:05:54 PM
 #2

* SUPPLY

In most of the cases: the higher the supply, the lower the chance of extremely high prices.

But exceptions exist of course, especially for really good projects, which might take giant leap, even with a rather high supply. Exceptions are however... errrm... exceptional. Cool

I don't think that the quantity of their supply indicates that their ICO is a scam or not. Yes it is a good indicator for its price movement but you are straying away from your "DYOR" Topic. You might want to change that into something about Developers offloading their own supply. Or their Token Share from the start, which is a good indicator, the more tokens allocated to their own means the more control they have on the market. Sometimes Altcoin developers/owners with a lot of shares in the token allocation tends to dump their own token for good, but it all still depends on the token we are talking about, because there are coins where the majority of the supply really needs to be with the developers.

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friends1980
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May 31, 2018, 07:15:25 PM
 #3

I don't think that the quantity of their supply indicates that their ICO is a scam or not. Yes it is a good indicator for its price movement but you are straying away from your "DYOR" Topic. You might want to change that into something about Developers offloading their own supply. Or their Token Share from the start, which is a good indicator, the more tokens allocated to their own means the more control they have on the market. Sometimes Altcoin developers/owners with a lot of shares in the token allocation tends to dump their own token for good, but it all still depends on the token we are talking about, because there are coins where the majority of the supply really needs to be with the developers.

Great input. I'll think about a way of formulating it understandably (I mean Newbie-wise). Any (other) suggestions? Would be great if we could make some kind of "ultimate" anti-scam guide for newbies.

EDIT: added a section about airdrops.

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May 31, 2018, 08:20:28 PM
 #4

I'll add an important one that everyone needs to be a

* LIQUIDITY

- does the ICO have support from any exchange?
- how quickly can you divest if you see price weakness on the horizon?

Owning an investment is valuable because (A) it can appreciate in value, and (B) you can sell it easily when you no longer believe it will appreciate.

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May 31, 2018, 10:30:37 PM
 #5

I'll add an important one that everyone needs to be a

* LIQUIDITY

- does the ICO have support from any exchange?
- how quickly can you divest if you see price weakness on the horizon?

Owning an investment is valuable because (A) it can appreciate in value, and (B) you can sell it easily when you no longer believe it will appreciate.

I agree completely. Sometimes it's so evident, one tends to forget. Tongue However, I added it under "SUPPORT". I am trying to keep it short, understandable, easy, blah blah. Just taking in account the 95% newbies with a very short attention span. Grin Feel free to disagree and plz let me know.

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June 01, 2018, 12:06:28 AM
 #6

As a Newbie do not rush to get a coin. Learn first so know the rules play. Thank's this information is very useful for Newbie.
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June 01, 2018, 07:14:01 AM
 #7

thanks for this, its a great deal for me, had an experience after buying the coin, it was locked for going to 1 year and after a while the site wasn't forth opening again. It was an eye opening for me because I really put in enough for it. I had to learn in a hard way but all the same it thought a valuable lesson to always do enough investigation before you venture into an ICO
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June 13, 2018, 04:30:40 PM
 #8

thanks for this, its a great deal for me, had an experience after buying the coin, it was locked for going to 1 year and after a while the site wasn't forth opening again. It was an eye opening for me because I really put in enough for it. I had to learn in a hard way but all the same it thought a valuable lesson to always do enough investigation before you venture into an ICO

You wouldn't be the first one who got scammed in the beginning or got tricked in believing in some useless coin's potential by shillers who only want to sell their own coins for the highest possible price. These lessons sometimes can be very expensive... It's better to play around a bit with a very low amount, trying out several different exchanges before really investing in several different coins. Don't fall into the FOMO trap. As you can see: waiting has been a lot more interesting lately than buying...

│  F Λ N C H Λ I N   by SportsCastr   │    A sports token that knows your favorite team
(    Private Sale OPEN on QRYPΓOS    )          ►   WHITEPAPER   ◄
[        TWITTER        FACEBOOK        REDDIT        ANN THREAD        TELEGRAM        INSTAGRAM        ]
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July 15, 2018, 03:27:23 PM
 #9

Thank you for sharing your experience. I totally agree with your opinion. And my experience to evaluate quality ICO projects is to see the idea of having projects that apply to life, having actual products, quality teams of projects. In addition, project news is updated daily so investors believe they are actually developing the project
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July 15, 2018, 11:38:58 PM
 #10

I tend to agree with the OP. Noting also the Airdrop thing, I don't believe in it anymore. I'd rather do the hard way (bounty) to get tokens.
friends1980
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August 11, 2018, 10:30:00 AM
 #11

I tend to agree with the OP. Noting also the Airdrop thing, I don't believe in it anymore. I'd rather do the hard way (bounty) to get tokens.

I think that's a good attitude. Even if the project is trustworthy, the number of airdropped coins is generally very low.

With websites like icorating and icobench, you can quite easily check the quality of ICO bounty projects, to make sure you get the most out of your bounties.

│  F Λ N C H Λ I N   by SportsCastr   │    A sports token that knows your favorite team
(    Private Sale OPEN on QRYPΓOS    )          ►   WHITEPAPER   ◄
[        TWITTER        FACEBOOK        REDDIT        ANN THREAD        TELEGRAM        INSTAGRAM        ]
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