Hello, I will like to reveal basic tips to Crypto newbies and enthusiasts on how to easily spot and expose scam ICOs. They may not be 100 percent accurate but from experience, they have worked 99 percent times for me and I think someone may find it useful if I share.
So how do i usually pick out the REDFLAGS ?
1: Check Major review sites like Icobench or icodrops, though they are paid review sites but most times the review panels request for some form of physical evaluation on team before grading. But note, a good project may still not choose to be reviewed by these.
2. Research the team: Which institution of learning did the CEO, COO attend if any?
What is their job experience? Is it correlated with their blockchain project? Proceed to LinkedIn to find out more. Observe page activity, his career span, look out for their first linkedin Posts and also trace them to facebook and twitter to find their personal accounts (they should have one) if need be. Many claim to be academic highfliers from Stanford yet their first post on linkedin was about their Project ICO. They don't have interests, skills & endorsements and recommendations or have never given any.
And if a project has no team, never invest. REDFLAG.
Note: Some smart scammers know all these and seek to cut through by stealing faces from
www.uifaces.com and branding them with dicey names and blockchain resume.
3. Check the date of creation for project social media channels.
If the twitter account was created today and its already talking about ICO or airdrop, REDFLAG.
If the first post on telegram group is about airdrop or channel, REDFLAG.
4. Study the whitepaper, look out for plagiarism, bogus technical claims, inappropriate token allocation and incoherent roadmap. The project much have an applicable minimum viable product with sustainability features to ensure investors are not dumped after ICO.
5. Finally, people neglect the importance of checking GitHub Repositories. Icos are decentralized and open source, codes should be made available on GitHub and regularly updated if need be.
If you don't see one, REDFLAG.
These five tips on how to easily identify scam ICOs have been very useful to me. If they can work for me, I believe they can work for you too.
We are all part of this unique cryptocurrency ecosystem and its our collective duty to keep it scam free and safe.
Please feel free to make suggestions and corrections. Thank you
