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Author Topic: How to identify SCAMS?  (Read 161 times)
psoo7
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June 27, 2018, 06:14:08 AM
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A lot of scams happening in the ICO market due to lack of knowledge and desperation to dive into crypto market. Although there are many ways by which you can identify these scams like: Team profiles, whitepaper technicalities and etc. But is there any way to identify when all these things are taken care of?
as I just lost some money in a scam named DenCity. Everything seemed genuine at first. what to do in such cases or for assurance?
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June 27, 2018, 08:31:46 AM
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I would recommend to pay attention to these factors: they must have a good Whitepaper, read it scrupulously, cause some ICO just steal somebody's else Whitepaper and just change the name of the project. They must have MVP on their website, cause lots of projects like to write how cool they are, but don't have anything except these pompous words. Their employees should have profiles on Linkedin, for example, cause scammers are afraid of revealing their personality and often they whether don't have any profiles of steal somebody's photos. Check their groups on the different social networks, they should be active and not filled with bots and fakes. Check their profile on GitHub. I would recommend you to pay your attention to Cryptics - forecasting platform which does use 100% AI. Their project does satisfy with all these requirements.
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June 27, 2018, 08:35:59 AM
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First Search this forum. There are some topics that are updated daily with scam ICOs. (will try to post links later)
Second. never join campaigns that require you to pay first. These are well known pay to receive scams.

I feel sorry that good people fall for scams but it also serves as lesson to be cautious in future.
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June 27, 2018, 09:03:37 AM
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I would recommend to pay attention to these factors: they must have a good Whitepaper, read it scrupulously, cause some ICO just steal somebody's else Whitepaper and just change the name of the project. They must have MVP on their website, cause lots of projects like to write how cool they are, but don't have anything except these pompous words. Their employees should have profiles on Linkedin, for example, cause scammers are afraid of revealing their personality and often they whether don't have any profiles of steal somebody's photos. Check their groups on the different social networks, they should be active and not filled with bots and fakes. Check their profile on GitHub. I would recommend you to pay your attention to Cryptics - forecasting platform which does use 100% AI. Their project does satisfy with all these requirements.
Thanks a lot for the information but please elaborate more on cryptics?
psoo7
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June 27, 2018, 09:06:21 AM
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First Search this forum. There are some topics that are updated daily with scam ICOs. (will try to post links later)
Second. never join campaigns that require you to pay first. These are well known pay to receive scams.

I feel sorry that good people fall for scams but it also serves as lesson to be cautious in future.
yes they are an experience but I have never seen any project that provide you something without paying? like you want to buy their tokens then obviously you have to pay.
please tell me some projects which does not require any payment?
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June 27, 2018, 09:52:27 AM
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There's no assurance for these ICO's, why not just put away your interest with buying and joining these ICOs?

That's the safest thing that you can do and it's an assurance that you'll never dropped off with another scam. They are all good in sweet talks and that makes them hard to figure out on what are the legit ones.

psoo7
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June 27, 2018, 10:03:45 AM
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There's no assurance for these ICO's, why not just put away your interest with buying and joining these ICOs?

That's the safest thing that you can do and it's an assurance that you'll never dropped off with another scam. They are all good in sweet talks and that makes them hard to figure out on what are the legit ones.
Yeah that's always the safest option. I was just trying to figure it out that by any chance we can get assured that the project, which we are putting our money in, is legitimate or not? Btw Thanks for the advice.Hope to learn many things on this platform Smiley
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June 27, 2018, 10:37:35 AM
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It isn't easy to identify ICO SCAM, so the best way to avoid scam is not dealing with it. Don't invest in ICO, just wait for it listed on small exchanges 1st then you can buy for real tokens/real project. No one can guanrantee for you that ICO isn't scam. Just stay away from it so you can not get SCAM by it.

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June 27, 2018, 10:44:39 AM
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I don't dare to invest in ico now. If I want to invest, I will only buy bitcoin, Ethereum, ripple, and a few other famous cryptocurrencies. In my opinion, the most recent ico is not credible.
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June 27, 2018, 11:07:18 AM
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It is usually not too easy to identify a scam. But with careful profiling of the team, you may be able to get a direction. One thing I am really not too sure of is, if every ICO advertised on Bitcointalk is genuine or not.
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June 27, 2018, 11:20:24 AM
 #11

A lot of scams happening in the ICO market due to lack of knowledge and desperation to dive into crypto market. Although there are many ways by which you can identify these scams like: Team profiles, whitepaper technicalities and etc. But is there any way to identify when all these things are taken care of?
as I just lost some money in a scam named DenCity. Everything seemed genuine at first. what to do in such cases or for assurance?

I have written an article about ICO investing which you could refer and hopefully help you in identifying scammy projects. Its a bit detailed approach but hey its your money so its worth the effort.

https://bitcointalk.org/index.php?topic=4502659.msg40531228#msg40531228

In addition I need to add one thing, when looking for potential ICO's refer to www.icodrops.com,by far all good ICO's listed there. There is a telegram group named top7 icos' its a weekly review by top youtubers about their top picks and the link to it's link is t.me/top7ico. Hope it helps u and I am sorry about you losing your money.
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June 27, 2018, 11:34:57 AM
 #12

When in doubt, it's better to do nothing  Cheesy. And you can always buy those tokens once it hits the market, it's more safer that way. If you're thinking it'll be higher than the ICO price then, please note that it's not always the case as the price is out of the dev's control after it's listed on the market.

Still, majority of scam ICO's are not as polished as you think. The sad truth is these flaws are only revealed once it's confirmed they're a "scam", proves that people did only bother BG checking once they felt they might have been scammed.

Look back and see if you really did check the project throughly. There are a lot of great articles on google if you search "How to spot a scam ICO" like this one, you could use them as a reference. Doubt everything, verify if all the information is true, make sure that everything make sense not just "professional" and "smart" looking

I feel sorry that good people fall for scams but it also serves as lesson to be cautious in future.
yes they are an experience but I have never seen any project that provide you something without paying? like you want to buy their tokens then obviously you have to pay.
please tell me some projects which does not require any payment?

There's no ICO where you don't have to pay but most of them do offer bounties where you will do certain works (mostly advertising) for them in exchange for their coins.

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June 27, 2018, 11:45:42 AM
 #13

Scam ICOs are hard to spot as it start at first time and it will only be revealed in the end or midway. The only way to lessen getting scam is search the ICO about their information and their project's aim/goal that you think it's useful or helpful to everyone. Investing in an altcoin that is not on pre-sale, if I am to invest it would be the popular coins like bitcoin, ethereum and more popular coins.

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June 27, 2018, 11:58:20 AM
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It is very difficult to identify scams ico so i advice you do not invest in ico and don't give your private key of your ethereum wallet because if you do that you lose your eth balance
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June 27, 2018, 12:04:30 PM
 #15

There's no assurance for these ICO's, why not just put away your interest with buying and joining these ICOs?

That's the safest thing that you can do and it's an assurance that you'll never dropped off with another scam. They are all good in sweet talks and that makes them hard to figure out on what are the legit ones.
Yeah that's always the safest option. I was just trying to figure it out that by any chance we can get assured that the project, which we are putting our money in, is legitimate or not? Btw Thanks for the advice.Hope to learn many things on this platform Smiley
By finding out on which are the legitimate ICOs, you have to be careful reading their contents.

There are ICOs who are modifying almost everything from other projects, starting from their whitepaper, road maps and their team is composed of snatched pictures on the web.

psoo7
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June 27, 2018, 12:33:50 PM
 #16

A lot of scams happening in the ICO market due to lack of knowledge and desperation to dive into crypto market. Although there are many ways by which you can identify these scams like: Team profiles, whitepaper technicalities and etc. But is there any way to identify when all these things are taken care of?
as I just lost some money in a scam named DenCity. Everything seemed genuine at first. what to do in such cases or for assurance?

I have written an article about ICO investing which you could refer and hopefully help you in identifying scammy projects. Its a bit detailed approach but hey its your money so its worth the effort.

https://bitcointalk.org/index.php?topic=4502659.msg40531228#msg40531228

In addition I need to add one thing, when looking for potential ICO's refer to www.icodrops.com,by far all good ICO's listed there. There is a telegram group named top7 icos' its a weekly review by top youtubers about their top picks and the link to it's link is t.me/top7ico. Hope it helps u and I am sorry about you losing your money.
Thanks a lot for your words. Article is really helpful. But I dont dare to invest in an ICO now.
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June 27, 2018, 01:10:34 PM
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Here are some simple ways to spot an ICO scam:

•   The first and most blatant sign of an ICO scam is that the token’s developers are anonymous or otherwise-unknown
•   Always check if a company is incorporated or not. A legitimate ICO will always have a registered company behind it
•   Never join campaigns that require you to pay first
•   Another sign of an ICO scam is that the developers are unable to clearly articulate a valid use case for the token
•   Token buyers should be wary of startups that advertise overly-optimistic roadmaps

To avoid falling prey to ICO scams, token buyers should educate themselves and conduct due diligence before deciding to contribute to a project.
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June 27, 2018, 02:07:28 PM
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My suggestion is that not join any ICO if you are not real know it . Some projects are good disguisers ,but they will dump all coins when it's listed on a exchange platform . If you want to join some projects , I advise you join in some airdrops .

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June 27, 2018, 03:22:30 PM
 #19

I have 10 items that help me evaluate the project.
One of them is White Paper, if I see that the project is promising, then I invest.

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June 27, 2018, 05:14:58 PM
 #20

Currently what I do now is to follow the reputable companies who mange ICOs as well as their bounties. The success rate with such groups are a bit better than others. Anyways this is crypto, scam can haooen everywhere and so we should be careful and invest wisely amd with caution

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