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Author Topic: How to identify SCAMS?  (Read 161 times)
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June 27, 2018, 08:45:45 PM
 #21

Scammers are very good with what they are doing. Scam a lot people out from their money. Always we should do our diligence before get into anything.
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June 27, 2018, 11:29:42 PM
 #22

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?

this topic is one of the topics that we should  look at it very serious because those dishonest people so call scammers are living with us, day in and day out they give as the same problems. To add some few words, let me take this advantage to ask some few questions
#1  What should we do to root out this cancer?
#2  How do we do to trace those people?
#3  Whom should we alert if we are been scam?
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June 28, 2018, 02:27:38 AM
 #23

For example when reviewing the whitepaper, you should understand that ICO are mainly talking about blockchain technology project which to solve or improve the current existing problem in reality, no matter in which field. Therefore, the whitepaper should be indicating the problems first, and introduce how they will develop a blockchain technology, in a professional manner and data or model support.
Then you should have a look on their road map, whether they are having a sufficient and reasonable roadmap as an ICO project takes time to develop in both their sales part and development part. As long as you think it is reasonable, you can then proceed to (i) social media handling (ii) team / advisor for the project
(i) social media / community manager can show the relationship and the interaction from the team with the potential investors. The team may not be able to develop a super perfect idea and project, but from expectation and comments from potential investor, they can gain a lot information and knowing where to improve from different angles
(ii) for sure some famous or well-known tech developer would give this project a very good expectation, or else you can briefly read the profession from the team member or advisor. It is definitely a bonus if the team has developed similar projects before, experience speaks.

Although the review is kinda subjective, but as long as it can convince you, i think it worth your support and investment first. Failure of ICOs may not be due to the initial development process, may not mean it is a scam.
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June 28, 2018, 04:43:40 AM
 #24

You can search that project on this forum and see what people talk about it.
You can ask your friends.
You can consult the opinions of ico websites.
You can do your own research and see if the concept, team, and execution make sense.
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June 28, 2018, 05:34:15 AM
 #25

Read and research first before investing on ICO...  if you have group or people around that can help you in doing such thing go and ask... more heads are better than 1...
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June 28, 2018, 05:47:26 AM
 #26

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.

Indeed, just make sure whenever you want to pay, you have understood the project well from every aspect
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June 28, 2018, 10:13:40 AM
 #27

For me, I have observed a similar pattern in most of the scams and it includes pitching about the returns in terms of money instead of explaining the core philosophy and road map of the project. This is definitely not a full proof method of identification of scam but in most of the cases, I don't have to do any further research if the other party is just concerned about my money as the investor.

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June 28, 2018, 10:38:19 AM
 #28

Doing one's due diligence before investing in ICO's cannot be over emphasized.
Check :
1)The profiles of the Team members.
2) Whitepaper and it's authenticity
3) Check Bitcointalk Ann for possible information from others about the project.
4) Check Twitter and telegram community.
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June 28, 2018, 11:56:21 AM
 #29

Any successful ICO matches the address of their token sales, and a scam hides their address.
This means that no one will determine the exact amount raised and the remaining time for the ICO sales token.
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June 28, 2018, 01:03:40 PM
 #30

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.


Recent time I often hear about this Cryptics. I think this planform worth attention if people so often write about it. Gonna check up their website.
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June 28, 2018, 01:06:16 PM
 #31

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.

Good suggestion

thank.
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June 28, 2018, 01:17:48 PM
 #32

Great info here for newbies like myself. I would like to ask how to identify a scam when we are looking for privacy coin for example? Most of the time team running the whole team won't reveal its identity. I have found just legit projects so far, but I would appreciate more info regarding this.
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June 28, 2018, 01:19:43 PM
 #33

 Search this forum. There are some topics that are updated daily with scam ICOs.
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June 28, 2018, 01:43:10 PM
 #34

Things that I consider before joining ICOs are:

1. Transparent team
2. Well written Whitepaper
3. Active social media (At least 3 posts per week)
4. KYC passed on ICO Bench
5. Unique platform
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June 28, 2018, 01:43:51 PM
 #35

Another sign of an ICO scam is that the developers are unable to clearly articulate a valid use case for the token. The token should serve a key purpose in the startup's platform. If it does not, the token will not sustain its value over the long term. Related to this problem is tokens that advertise themselves merely as digital currencies without offering any real innovations or improvements upon existing cryptocurrency technology. Scammers go to length to appear trustworthy but there are things you can do recognise and take action against scams.
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June 30, 2018, 10:48:36 AM
 #36

By reading whitepaper and checking linked in profile of team helps you to find if the project is scam or real.
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July 01, 2018, 06:45:00 AM
 #37

Problems with technical support, Too much advertising, Abnormal superprofits...
Study the reviews, watch the news, pay attention to sponsors and partners, and most importantly - carefully research the project.
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July 01, 2018, 10:28:46 AM
 #38

There are 4 factors that you have to carefully research:
1. Team: Investigate the core team behind the project. Find out if the team members actually exist or really participate in the project.
2. The Technology: For the more technically inclined, check whether the project’s code is open for scrutiny on github
3. The Concept: Discovering if competitors already exist in the market and how the new project can gain traction in this area is a good question to begin with. It’s important to try to attempt to determine if the project will be able to acquire a share of the market space with their product innovation or services.
4. The Token: If a token is listed on an exchange ahead of their ICO, double check by comparing the listings of other exchanges.

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