At least 1 in every 5 ICOs is a scam! How to avoid the fraud?

[Julunguul]

>>>For one, you should double-check all claims made by the company before trusting the marketing content blindly. It also helps to run extensive background checks on their team members to make sure their credentials are indeed legitimate.
 

Right now, sometimes we also find ICO which theme has been released, call it Trading Platform, Banking System or Artificial Intelligence, how do we do that? whether all the ICO should also be avoided ?

[Usui-Kun]

Also, reading whitepapers or researching more alts will help you to determine which are the likely to be scams. Compare their objectives, goals, and what they promise to their investors.

[pitiflin]

1 in 5 ICOs? Don't be lame. 4 out of 5 ICOs are a scam.

Dude, you're wasting your time here. One, because if people are smart they would know what they are putting their money in. Two, this thread would get buried with shitposts and again, your time spent on this would become worthless. What makes you think that people would actually read this and use their stupid minds when they can't even read the stickies on top of each board?

[lordaquila91]

This is really informative and educative. Thanks so much for letting us know this.

[SeanWayne]

Well Cryptocurrency is full of speculation and we don't really know what's going on in the future- what's important we have blockchain and bitcoin in the long run that will give benefits on other ICO projects- Frauds is normal in our society let's make it simple.

[FabiAdr76]

Only 1 out of 5? I think a little more of that amount are scams.

In addition to this we must add that many ICOs without be a scam is very difficult for them to succeed. Some projects start from bad ideas, others are too ambitious, or have a lot of competition and find it difficult to find their market share.

Anyway, they are good tips that we must take into account to avoid falling into this type of projects.

[udayantha11]

Use ICODROPS recommendations, that's the only path to you to avoid. i usually use that option. i  personally put my money to wabi,powerledger ,libra credits from it.

use it wisely

[jetjet]

well, the ratio is quite impressive in favor to legitimate 4:1, bounty hunters/investors must really double check with the project by reading their documents such as whitepaper, roadmap etc... this help to lessen the chances of getting into scam project.

[PsylockReborn]

That is why ICOs are now being regulated by the government to prevent further damage to peoples' investments. Projects that are planning to screw people won't be successful in doing so due to this regulations made. We just have to spot the best project and see to it that it can really address and help develop the technology today and in the coming years.

[tweetbit]

1:5 is a good number and I’m shocked for I thought that scam ICO ratio to legit one is much closer than that. We all know that even a great project with a good run from the start can turn around for 360 degree and that’s the risk we always have to encounter in dealing with investments that are online. Do your own research and don’t let yourself fool from others flowery words just to get you onboard.

[brascopck]

I'm not surprised to be honest, because this ICO things is has a big money involved, million dollars in a single ico. To avoid this fraud ico, you must be selective before invest an ico, do you own research on the team, product and the project too.

[Nanda Dewi277]

well, the ratio is quite impressive in favor to legitimate 4:1, bounty hunters/investors must really double check with the project by reading their documents such as whitepaper, roadmap etc... this help to lessen the chances of getting into scam project.

we often hear the project failed. in joining the world of cryptocurrencies need a lot of knowledge, read, understand, analyze before joining is the best choice. it's better to invest in a good place like bitcoin so you do not follow failed projects.

[Cryptoguru274]

At least 1 in every 5 ICOs is a scam!  How to avoid the fraud?

>>>Recently The Wall Street Journal has made a research with anxious results. Experts have checked 1450 different ICO project to make a conclusion that 271 of them have all the signs of scam. So, ICOs remain very risky type of investments.

>>>The method that WSJ utilized for analyzing these ICOs was focused on finding duplicate whitepapers, weird promises like complete return guarantees, or listing fake executive staff who are not related to cryptocurrency or have no relation with ICO that has listed them as a team member. The study has also found that many ICO team pages featured pictures from stock photos. The most striking example is perhaps Premium Trade, whose five-member executive team purportedly appeared on 500 other unrelated websites, according to a Google reverse image search performed by WSJ.
 
>>>For one, you should double-check all claims made by the company before trusting the marketing content blindly. It also helps to run extensive background checks on their team members to make sure their credentials are indeed legitimate.
 
>>>It is also always a good idea to read the white paper, and see if it defines a clear product idea, including the technical details (remember to check for plagiarism).
 
>>>And if you spot any overtly bullish claims like “registration with the SEC,” lavish “celebrity endorsements,”  or “a billion dollar solution” – you should avoid such investment “opportunities”


                                                        <<<<<<  This is helpful for all and be careful your investment >>>>>
                                                                                 <<<<<<Thank You>>>>>>>

This write up is very fascinating indeed because it torches all aspects of ICO project screening, whitepaper flaws, team faking, bogus project concept and so and so forth. We should be very wary of such scam projects by conducting due diligent search always.

[boblets243]

At least 1 in every 5 ICOs is a scam!  How to avoid the fraud?

>>>Recently The Wall Street Journal has made a research with anxious results. Experts have checked 1450 different ICO project to make a conclusion that 271 of them have all the signs of scam. So, ICOs remain very risky type of investments.

>>>The method that WSJ utilized for analyzing these ICOs was focused on finding duplicate whitepapers, weird promises like complete return guarantees, or listing fake executive staff who are not related to cryptocurrency or have no relation with ICO that has listed them as a team member. The study has also found that many ICO team pages featured pictures from stock photos. The most striking example is perhaps Premium Trade, whose five-member executive team purportedly appeared on 500 other unrelated websites, according to a Google reverse image search performed by WSJ.
 
>>>For one, you should double-check all claims made by the company before trusting the marketing content blindly. It also helps to run extensive background checks on their team members to make sure their credentials are indeed legitimate.
 
>>>It is also always a good idea to read the white paper, and see if it defines a clear product idea, including the technical details (remember to check for plagiarism).
 
>>>And if you spot any overtly bullish claims like “registration with the SEC,” lavish “celebrity endorsements,”  or “a billion dollar solution” – you should avoid such investment “opportunities”


                                                        <<<<<<  This is helpful for all and be careful your investment >>>>>
                                                                                 <<<<<<Thank You>>>>>>>

The data is so alarming. This only means that investors should double check the details of the ICO, the team and the project before making an investment. The same thing with the bounty hunters, we should be very cautious in selecting the campaigns that we are about to join. But aside from this, I think there is something to be done to filter these ICO. If not, people will still be hesitant in investing on such wonderful projects

[BTCwin1]

It's true that most ICO currently looks bad.
How to identify a scam is also a hassle, so most of the time you should search as much of its open source as possible.

[coinmela]

Really very good post because some investors loss money when invest on ICO, this very helpful, its meritble post, unfortunately I don't have S merit to give to this post, thank you for sharing this valuable points     

[zhekinsp]

Now a days the scam rate maybe increased from one in five.Because we can see lot of projects are getting accused in the accusation section and many projects after the ICO will never pay this is because the crypto currency system getting perfect to get scam the people who has no idea about it.SO if we want to avoid those fraud we need to make ouself we educated in this field to do our own research about projects.

[3kpk3]

Very useful information op. Thanks for sharing it. There is nothing surprising about these results though since this has been a common trend in the cryptocurrency market always and I doubt it will change anytime soon. This is the primary reason why I always recommend analyzing the whitepaper related to any particular ICO before checking out other factors. It is also a good idea to work on multiple campaigns to increase the chances of profiting even if some of them turn out to be scams.

[ravijadon12jan]

Yes there are so many ICOs going around right now and yes most of them are fake. I generally start with looking into the idea, if is it really solving any problem, if there's a problem which they are trying to solve. Then I check the team members, there linkedin profile, twitter profile, previous tweets. If members seems genuine to me, I go and look there whitepaper and try to understand how they're planning on increasing the token value in future.
After all this only, I take a decision on whether or not to invest in ICO.

[chuckle.j.everwin124]

you are posted good points and its help for which thinking investment about ICOs, if i have S merit surely give to this post because it have good points for avoid the fraud