How to Identify Cryptocurrency Scams

[CarnagexD]

Really nice, don't really got scammed in trading and exchanges but have been in projects and bounty programs, and the only thing that has kept my odds of being scammed so low so far is the fact that I follow my gut feeling. When I think something is too good to be true. It most probably is, so I prompt to avoid it, ensuring that I do not get scammed in the process.

[1714715120]

1714715120

[1714715120]

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[posi]

Basically, the best way to avoid being scammed is to use common sense. The most common type of scam is where you are promised a large sum of BTC but the only way you can receive it is by sending the other person a smaller amount of BTC. They try to justify this by saying it is for some kind of fees but in reality they will just take your money and never give you any prize.

The use of common sense is not enough to avoid being a scam and scams are carried out through various ways, not by ROI promising investment only. The best way to avoid a been scam is to be informed about the strategy scammer, not the use of the common sense.

Well, all in all, --it is start with the ^{[common sense]}. Through this instinct, you will notice that you are prone to scam and in fact, scams activities are there are too many factors to consider. As investors, our responsibility and extend our diligence to have further research if there is a potential project to invest in, not just by the hype of people. However, these are those things to consider and you perhaps begin to suspect if you heard this, asking money and asking your personal identity.

Yes, all in all it have to do with common sense but it doesn't start with it because if an investors is not fully aware of how crypto currency scammer operate his common sense will fail him and the last time I checked only naive scammer will start by asking money and personal ID without making his prey to trust him first. An example is ICO scam, it all start by investors trusting ICO before trust was abused and later ID was added.

[TimeTeller]

Basically, the best way to avoid being scammed is to use common sense. The most common type of scam is where you are promised a large sum of BTC but the only way you can receive it is by sending the other person a smaller amount of BTC. They try to justify this by saying it is for some kind of fees but in reality they will just take your money and never give you any prize.

The use of common sense is not enough to avoid being a scam and scams are carried out through various ways, not by ROI promising investment only. The best way to avoid a been scam is to be informed about the strategy scammer, not the use of the common sense.

Well, all in all, --it is start with the ^{[common sense]}. Through this instinct, you will notice that you are prone to scam and in fact, scams activities are there are too many factors to consider. As investors, our responsibility and extend our diligence to have further research if there is a potential project to invest in, not just by the hype of people. However, these are those things to consider and you perhaps begin to suspect if you heard this, asking money and asking your personal identity.

Yes, all in all it have to do with common sense but it doesn't start with it because if an investors is not fully aware of how crypto currency scammer operate his common sense will fail him and the last time I checked only naive scammer will start by asking money and personal ID without making his prey to trust him first. An example is ICO scam, it all start by investors trusting ICO before trust was abused and later ID was added.

Even if we exercise vigilance on each and every project, sometimes, we don't know the true motive of the dev team.
So to avoid being screwed, better invest on projects with active use case already or their app is already existing in the market.
Because most projects that are in alpha or beta stages, will never get out of this stage up until they abandon the project.
Projects that disclosed their team members don't mean that they will not screw people, because even if they are out of public, they can still run away because chasing them would be so much work to do. So they have the guts to show in public, because running after them in case, will only be futile. And they know it.

[Ryker1]

Basically, the best way to avoid being scammed is to use common sense. The most common type of scam is where you are promised a large sum of BTC but the only way you can receive it is by sending the other person a smaller amount of BTC. They try to justify this by saying it is for some kind of fees but in reality they will just take your money and never give you any prize.

The use of common sense is not enough to avoid being a scam and scams are carried out through various ways, not by ROI promising investment only. The best way to avoid a been scam is to be informed about the strategy scammer, not the use of the common sense.

Well, all in all, --it is start with the ^{[common sense]}. Through this instinct, you will notice that you are prone to scam and in fact, scams activities are there are too many factors to consider. As investors, our responsibility and extend our diligence to have further research if there is a potential project to invest in, not just by the hype of people. However, these are those things to consider and you perhaps begin to suspect if you heard this, asking money and asking your personal identity.

Yes, all in all it have to do with common sense but it doesn't start with it because if an investors is not fully aware of how crypto currency scammer operate his common sense will fail him and the last time I checked only naive scammer will start by asking money and personal ID without making his prey to trust him first. An example is ICO scam, it all start by investors trusting ICO before trust was abused and later ID was added.

Well, you have a point there, but ICO scams it took how many months before they will successfully scam their victims and that is right, it is hard to distinguish a scam like this but if you totally have dig research, perhaps you will know that the ICO was operating scam, it should through their white paper, roadmap and even upon checking the team behind, if they look suspicious, that is a red flag for them not to invest. But actually, this needs technical research before you can bust a scam project. However, common sense was still useful here.

[lalabotax]

Hey, this recently published article on how to avoid risky investments and spot frauds

I agree that there are many ways to avoid fraud, but how to avoid risky investments? All crypto investments are risky, bro. If you don't want risky investments, kindly don't invest in crypto. Bro, only brave people will invest in Bitcoin. If you feel afraid of the risks of crypto investment, I suggest you not invest your funds here.

[bitterguy28]

Hey, this recently published article on how to avoid risky investments and spot frauds

I agree that there are many ways to avoid fraud, but how to avoid risky investments? All crypto investments are risky, bro. If you don't want risky investments, kindly don't invest in crypto. Bro, only brave people will invest in Bitcoin. If you feel afraid of the risks of crypto investment, I suggest you not invest your funds here.

braveness is Nothing if you have no knowledge at all , this market is only for those willing to learn and willing to risk .

The combination of those 2 will save your investment here , because the more you invest in Bullshit project that promising you Millions of profit is the more you are giving scammers a chance to fool you.

[posi]

Basically, the best way to avoid being scammed is to use common sense. The most common type of scam is where you are promised a large sum of BTC but the only way you can receive it is by sending the other person a smaller amount of BTC. They try to justify this by saying it is for some kind of fees but in reality they will just take your money and never give you any prize.

The use of common sense is not enough to avoid being a scam and scams are carried out through various ways, not by ROI promising investment only. The best way to avoid a been scam is to be informed about the strategy scammer, not the use of the common sense.

Well, all in all, --it is start with the ^{[common sense]}. Through this instinct, you will notice that you are prone to scam and in fact, scams activities are there are too many factors to consider. As investors, our responsibility and extend our diligence to have further research if there is a potential project to invest in, not just by the hype of people. However, these are those things to consider and you perhaps begin to suspect if you heard this, asking money and asking your personal identity.

Yes, all in all it have to do with common sense but it doesn't start with it because if an investors is not fully aware of how crypto currency scammer operate his common sense will fail him and the last time I checked only naive scammer will start by asking money and personal ID without making his prey to trust him first. An example is ICO scam, it all start by investors trusting ICO before trust was abused and later ID was added.

Well, you have a point there, but ICO scams it took how many months before they will successfully scam their victims and that is right, it is hard to distinguish a scam like this but if you totally have dig research, perhaps you will know that the ICO was operating scam, it should through their white paper, roadmap and even upon checking the team behind, if they look suspicious, that is a red flag for them not to invest. But actually, this needs technical research before you can bust a scam project. However, common sense was still useful here.

Thats what it is and i agree common sense is still useful when try to identify crypto currency investment scam but a common sense individual who is not aware of how to make technical research through the whitepaper, roadmap and the project team background won't figure out the red flag.

[goldade]

Hey, this recently published article on how to avoid risky investments and spot frauds mentions our forum 

Link: https://medium.com/@Peter_UXer/how-to-identify-cryptocurrency-scams-813c32816ddf?source=friends_link&sk=da150ce8128c348da4b0dfdbf57e8e12

This is a great piece of news and it's especially useful for newbies who are usually prone to falling for scams like this
Most scams employ the tactic of promising huge amounts of money to unsuspecting victims only to require a certain of money that has to sent to a particular address before the withdrawal request can be processed
This is mostly done using Airdrops on Telegram. I was a victim of a scam like this back in 2017 when I just got started with bitcoin. I sent the required coin only to discover it's just a scam

[In the silence]

If the offer is too profitable, then the chances of it being a scam are very high.

That's the main bait for those who wants to gain more by risking their assets ended up being scammed. That's why everyone were told to DYOR and TAYOR because of these kind of high profittable projects. Unless it has a good fundamentals that will improve the project from time to time, in that way, you can be sure that you're investing on the right project.

[Shasha80]

Indeed, it sucks if we become victims of fraud, therefore we should be able to identify scam projects. That way we can avoid becoming a victim of
fraud, but now scammers are getting smarter, by making fake projects look like real projects. So it's no wonder the victims of scammers are so many,
and until now crypto scams are still popping up.

Because there are still many greedy investors who want instant profits, and also newbie who is less knowledgeable is the target of most scammers.
So always be careful in choosing projects for investment, avoid if there are projects that offer a profit to be good to be true.

[franch]

We have to thank you for that. Good article to help you determine if a project is fraudulent. Investors do everything to capture and win every user's attention. Their social media and the developers behind it is an important factor to help us know if we are on the right track. This is why we have to do a series of research before joining a particular project.

[Asuspawer09]

I mean scammers are just everywhere and it's really kinda hard to identify all of the legit and scam projects scammers these days have a lot of new different methods.

But for sure you can identify some obvious scams if you have experienced, but sometimes there are projects that are kinda legitimate and then the developers just end up running in the funds or something so you cant always be 100% sure that every project is legitimate so you should know that risk of investing in some projects, as we could see there are a lot of sketchy looking websites.

Scams probably are not regulated here in the forum and yes there are tons of scam projects that are promoted here in the forum

[best123]

There are several ways to identify cryptocurrency scam projects. First, the bounty manager, the team, the use case plus effort of the project team. If there is IEO, IPO, IDO etc the exchange or dex is also part of it.

[skpanchal]

In 2016, attackers have successfully upped the ante, hitting target servers with traffic in excess of 1 Tbps. And what’s so unfortunate about it all is that, for potential attackers, it is becoming cheaper and cheaper to conduct such attacks, with so-called “DDoS for hire” wherein attackers can simply pay to target and bring down a website.

[skpanchal]

In 2016, attackers have successfully upped the ante, hitting target servers with traffic in excess of 1 Tbps. And what’s so unfortunate about it all is that, for potential attackers, it is becoming cheaper and cheaper to conduct such attacks, with so-called “DDoS for hire” wherein attackers can simply pay to target and bring down a website.

[gabbie2010]

Hey, this recently published article on how to avoid risky investments and spot frauds mentions our forum 

Link: https://medium.com/@Peter_UXer/how-to-identify-cryptocurrency-scams-813c32816ddf?source=friends_link&sk=da150ce8128c348da4b0dfdbf57e8e12

This is a great piece of news and it's especially useful for newbies who are usually prone to falling for scams like this
Most scams employ the tactic of promising huge amounts of money to unsuspecting victims only to require a certain of money that has to sent to a particular address before the withdrawal request can be processed
This is mostly done using Airdrops on Telegram. I was a victim of a scam like this back in 2017 when I just got started with bitcoin. I sent the required coin only to discover it's just a scam

Most of this scammers promised triple returns as a bait to  tricks newbies it unfortunate that a lot of them fall for the trick because they have been convinced by what they saw beyond any doubt that its real whereas they are fake until they get scammed before they gave up.
It is very common now that these scammers also deployed the use of YouTube videos to perpetuate their  fraudulent activities attimes the damage must have been done before those videos are taken down.

[Agbe]

Hey, this recently published article on how to avoid risky investments and spot frauds mentions our forum 

Link: https://medium.com/@Peter_UXer/how-to-identify-cryptocurrency-scams-813c32816ddf?source=friends_link&sk=da150ce8128c348da4b0dfdbf57e8e12

There are different methods or ways to identify or detects Scammers on crypto currencies. But all the ways that have mentioned by the OP from the link

https://medium.com/@Peter_UXer/how-to-identify-cryptocurrency-scams-813c32816ddf?source=friends_link&sk=da150ce8128c348da4b0dfdbf57e8e12 

have been tried by people to avoid Scamming yet, people still fall every day and night. So best way to detect it is wisdom and knowledge.

Scammers are bringing new methods to defraud the unexperience users, Traders and investors in the social media and Internet (sites). Therefore, wisdom and knowledge is needed to identify the tricks the fraudsters will use to scam. Another way to identify crypto currency Scammers is the IP address. Before you sign up to the site, check the website ip and ask people that know ip address very well  before you sign up.
I also want to recommend that since the Scammers have developed their skills to defraud people, the anti-scammers programmers should also advance in their programming knowledge to create a program to detect fake sites.