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Author Topic: WARNING! this is very misleading  (Read 1028 times)
Stanlo (OP)
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July 13, 2019, 08:20:47 AM
Last edit: July 14, 2019, 07:07:37 PM by Stanlo
Merited by tk808 (2), Callanta787 (2), Fluxtorrence9 (2), joseyphil82 (1)
 #1

Please fellas take a minute to look at the image below

Every projects with ICO fundraising has this bars showing on their website if they've met softcap or hardcap,what came to surprise me is some investors  depends on this bar to decide whether they will invest or not,they want to be sure that more investors are buying well you might be wrong.

1)Some projects are so shady that they will feed investors fake bars indicating that the sales is going on very well just to make you invest.

2)How can you just depend on a bar to decide if they project is good or not?even if people are rushing a ICO project doesnt mean the project is good,ask what happened to many investors who blindly invest in IEO projects when they rely on exchanges.

3)some projects presale fund raising might start very well and ended up not meeting hardcap in the end.

Rely more on your researches,no knowledge is lost and knowledge is indeed powerful.
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July 13, 2019, 08:29:27 AM
 #2

The bar is obviously not properly scaled. Either is the work of some crappy web designer or outright scammy. In anycase, one should not invest in a project because the team says they have raised XYZ amount. Do not take their words for it. Ask for their contract address (most reliable proof) or other proof of funds received.
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July 13, 2019, 08:47:05 AM
Merited by tk808 (1)
 #3

Please fellas ,take a minute to look at the image below

Every projects with ICO fundraising has this bars showing on their website if they've met softcap or hardcap ,what came to surprise me is some investors  depends on this bar to decide whether they will invest or not ,they want to be sure that more investors are buying well you might be wrong.

1)Some projects are so shady that they will feed investors fake bars indicating that the sales is going on very well just to make you invest.

2)How can you just depend on a bar to decide if they project is good or not?even if people are rushing a ICO project doesnt mean the project is good,ask what happened to many investors who blindly invest in IEO projects when they rely on exchanges.

3)some projects presale fund raising might start very well and ended up not meeting hardcap in the end.

Rely more on your researches ,no knowledge is lost and knowledge is indeed powerful.


that's why we expect all projects to use the IEO. with the IEO we can see their income directly, the exchange will definitely provide information about sales, teams and more. this is great for preventing fraud. and the exchange can also be an Escrow, so the funds are not directly held by the team. this is a safe way in my opinion.

ICO is an old way that is very detrimental to the investor, so the ICO should have been abandoned.
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July 13, 2019, 08:58:55 AM
 #4

only fools will immediately believe that, without knowing the truth. there are already many projects that provide such data in tokensales. but many of them lie. so don't believe it, unless they publish the smartcontrac address. this can be a guarantee that the project has real data.

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July 13, 2019, 09:22:51 AM
Merited by tk808 (1)
 #5

This post is very insightful. Many investors fall prey of this, some projects fake their ICO progress bar for sales, just to get more investors. I've seen a few cases which immediately they kicked off token sales, the bar was already around the middle, giving false claims of hitting softcap already. Well, progress bar shouldn't be that yardstick to ascertain whether it's worth investing in an ICO or not.

 
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July 13, 2019, 10:17:57 AM
 #6

You are right this can indeed be misleading and this is always caused by hype; that is a project that is hyped might showcase this to attract investors at the end the result will be clear that nothing was raised. Also, the surprising thing is that most of these projects after showcasing this will still find it hard listing on good exchange.

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July 13, 2019, 10:39:21 AM
 #7

Please fellas ,take a minute to look at the image below

Every projects with ICO fundraising has this bars showing on their website if they've met softcap or hardcap ,what came to surprise me is some investors  depends on this bar to decide whether they will invest or not ,they want to be sure that more investors are buying well you might be wrong.

1)Some projects are so shady that they will feed investors fake bars indicating that the sales is going on very well just to make you invest.

2)How can you just depend on a bar to decide if they project is good or not?even if people are rushing a ICO project doesnt mean the project is good,ask what happened to many investors who blindly invest in IEO projects when they rely on exchanges.

3)some projects presale fund raising might start very well and ended up not meeting hardcap in the end.

Rely more on your researches ,no knowledge is lost and knowledge is indeed powerful.


I never rely on that bar I already knew that they can be misled into thinking that they already reach the soft cap or the hard cap, sometimes they spend with their own funds to buy their own token so people will think that it's gaining ground and people are really investing.

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July 13, 2019, 11:11:45 AM
 #8

That's a quite useful information for all investors who trying to invest in some IEO or ICO. Sometimes they are too lazy to check the ICO address and they are just relying with that bar (if the bar show them softcap has been reached, it would be attract more investor to come)
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July 13, 2019, 11:47:30 AM
 #9

It's indeed misleading. Without a proper audit, the exact (or even rough estimation) of the gathered funds cannot be justified. In fact, even if you were able to check all the ICO addresses, you couldn't determine the legitimacy of the source of fund. They could use loans to fill up those addresses.

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July 13, 2019, 12:10:36 PM
 #10

Tracing the funds that they have accumulated will be very hard specially if the raised fund is not only in cryptocurrency but also with fiat. As not all projects will be using the main tokens to gain funds specially in a bear market as cap will be harder to achieve if only altcoins and BTC are used.
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July 13, 2019, 12:15:21 PM
 #11

This is not just misleading.That's pure cheating.Fake bars and fake info about amount of money raised has been in the arsenal of shady ICOs since the very beginning of the ICO era.Anyway,who is still buying ICO tokens?Even if some ICO has fake info about raising millions of dollars,investors have to do their due diligence and check the info using different methods.

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July 13, 2019, 12:21:27 PM
 #12

Lol thats really stupid if people just rely on these bars to know how much have been invested in the particular project. I do know that people have need to look how much a project has raised so far since I myself look for this information but I don't just rely on these bars. I look for the amount of money deposited in their wallets and then match it with the bars and once I know that they are not at par I know that they are faking the bars and hence I don't invest in those projects.

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July 13, 2019, 01:12:43 PM
 #13

That's a good thing to take note of before jumping into investing, we can identify fake projects if they exaggerated their status, I remember one projects that I want to look at seems to raise more money than the normal ICO projects do, It's actually an eye candy for some but can be used as a warning as well.

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July 13, 2019, 01:17:01 PM
 #14

The bar is obviously not properly scaled. Either is the work of some crappy web designer or outright scammy. In anycase, one should not invest in a project because the team says they have raised XYZ amount. Do not take their words for it. Ask for their contract address (most reliable proof) or other proof of funds received.
This makes sense buddy, and the buyer's address must be checked again, whether the address is really an investor or just an empty address that has been deliberately made to dispose of tokens to make their fake sales look smooth. a little extra to be even more sure maybe in my opinion if they use trusted escrow services to transact.
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July 13, 2019, 02:03:09 PM
 #15

That style has been going on since the inception of ICO's since most of the project's who have done an ICO in the past tend to display progress bars in their websites on the funds being generated during the ICO but unfortunately, most often, they don't reflect real time data or even worse, its figures are fake meant only to attract and deceived investors. I hope people would not fall prey on this dirty tricks and be able to see the any irregularities promptly and share and warn the community accordingly.
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July 13, 2019, 02:24:45 PM
 #16

Please fellas ,take a minute to look at the image below

Every projects with ICO fundraising has this bars showing on their website if they've met softcap or hardcap ,what came to surprise me is some investors  depends on this bar to decide whether they will invest or not ,they want to be sure that more investors are buying well you might be wrong.

1)Some projects are so shady that they will feed investors fake bars indicating that the sales is going on very well just to make you invest.

2)How can you just depend on a bar to decide if they project is good or not?even if people are rushing a ICO project doesnt mean the project is good,ask what happened to many investors who blindly invest in IEO projects when they rely on exchanges.

3)some projects presale fund raising might start very well and ended up not meeting hardcap in the end.

Rely more on your researches ,no knowledge is lost and knowledge is indeed powerful.

Only newbies who knew nothing about ICO scam will fall for this, marely looking at a bar on websites is not a part of how to detect if a project is good or not ,I hope newbies will learn every aspect of investing in projects before making a blindly moves
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July 13, 2019, 02:57:58 PM
Merited by tk808 (1)
 #17

Rely more on your researches ,no knowledge is lost and knowledge is indeed powerful.
"Knowledge is power", this is true. The ICO sites now are doing everything just to take more investors, from the bars, different attractive marketing and other sort of program like buy back. But all of that, you still have to DYOR. I've failed many times with alts as well and this taught me a lot.

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July 13, 2019, 03:00:33 PM
 #18

Almost every of the ICOs are doing the same. They just place that indicator as a picture. They are not updating the amount raised even after weeks of completion of ICO.
Such shady behaviors not only confuse the investors but also decreases the overall credibility of the project.



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Rainbot
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July 13, 2019, 03:09:54 PM
 #19

IEO can prove to be more reliable when a good exchange that doesn't fake volume is been used to conduct the sales. There was a project from Australia that displayed this kind of data and all of a sudden, claim to have hit hard cap. Well the project would later scam and ran away with investors fund. Good IEO on a good exchange is less risky.

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July 13, 2019, 03:24:14 PM
 #20

Almost every of the ICOs are doing the same. They just place that indicator as a picture. They are not updating the amount raised even after weeks of completion of ICO.
Such shady behaviors not only confuse the investors but also decreases the overall credibility of the project.

and maybe this is one from many causes, why investors now afraid to put their money on ICO project
then, investors choose an IEO on reliable exchange such as binance launcpad and bittrex
but, few ICO still good enough, and collected a good amount,, for example miracle tele and other

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