How to Identify Cryptocurrency Scams

[bitc01ner]

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

[Digitalbitcoin]

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

I checked post on Medium. A bit sticky to the topic of scam, but can include more issue that can also help to rid out of the scam.

Never invest in investment sites that offer a smart incentive for referring. Because Referring can bring promoter little money against an investment he brought from investors.

The second thing never gets involved in network marketing (Pyramid schemes.) Because Cryptocurrencies itself don't have definite value as it all depends upon the price of BTC against fiat.

While investing in cryptocurrencies kindly check out in detail report of specification, projection, roadmap, and crew member. It can help to make a decision while investing in cryptocurrencies.

[omrafif]

I do not have enough experience, but I have read in a few sites to avoid :
phishing  emails(receive an unsolicited email  )
Avoid sites that are not trusted (do not contain https study the team of project
check the the White paper

[kryptqnick]

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

Thanks, I think it's a nice article. I mean, fake twitter accounts and give us a small amount of money and receive a huge one are well-known scam schemes, but I did not know about Libra's fake Pre-Sale, for instance. At first, I even thought the article is bold enough to mention Facebook's Libra as a new form of scam . I remember that when Telegram announced an ICO that there were scammers pretending to collect money for the project, though.
Scams are all around us, and it's not so easy not to fall for them. Not being greedy and being generally cautious about everything that involves money can help a lot, though.

[avikz]

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

The article is well researched and talks about the technical aspects of identifying scams. However, I believe common sense is the most effective way to avoid the scams! We just need to keep in mind that nothing is free in this world, so if anyone talks about free money, avoid like plague!

However, I didn't like the way it has mentioned our forum in the article! Bitcointalk houses people with top class experiences in crypto world! Such kind of scams mentioned in the example are deleted within minutes!

[d_fitrie]

Good article, provides experience for beginners to avoid scammers because it tends to be a lot of beginners who are stuck on scam investments because of the lure of big profits, many points may be added to the article but some points on the article are also important to know to identify scammers

[Kewat]

This article is a must-have for every crypto or non-crypto newbie.

[Dixbless]

This article is a must-have for every crypto or non-crypto newbie.

Agreed. But actually all these things are so simple that even a child can guess them before investing.

[Gi01]

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

Thanks for sharing this article. But in this crypto space if you are a lazy person who can't make spend some time to research, you will definitely get scammed. If you are lazy to read and research about any crypto project, you will get scammed..

[bL4nkcode]

This article is a must-have for every crypto or non-crypto newbie.

Agreed. But actually all these things are so simple that even a child can guess them before investing.

And because its so simple to understand wether its scam or not, so more people proceed even they know that it is scam, since they knew already how it works and how they can profit especially in ponzis.

[Bardman]

If you apply some common sense, almost all scams can be detected easily, nothing is usually free. Yes I know giveaways exist out there but even those are not free, they usually require you to do some small task like retweeting something. Classic scams like: Hey I'll send you 1 BTC but you have to send me 0.01 BTC first, are clearly scams and if you fall for those, I don't know what to tell you.

ICO's on the other hand can be quite tricky. Obvious scammy ICO's exist and are easily detected but they are getting more and more sophisticated. It is really risky to invest in ICO's right now even if you do your research. Some ICO's have scammed in the past even though their team was real so that's not always an accurate way to determine whether the ICO is a scam or not.

[Vaskiy]

Very first think need to be considered is the https, even this will be left insecure by some projects. Beyond this need to consider the product and its real time usage. Further on development, team performance and various other factors make way to identify whether it is a scam or legitimate project.

[tanjiran]

Good article, provides experience for beginners to avoid scammers because it tends to be a lot of beginners who are stuck on scam investments because of the lure of big profits, many points may be added to the article but some points on the article are also important to know to identify scammers

That's right, it's very helpful to analyze the project. I got a lot of new techniques and it really helped to strengthen the analysis. Moreover, there are many fraudsters at the moment.
One of the easiest tricks is to check the social media accounts belonging to team members, if they are fake they will be easily detected.

[maxreish]

I have read the article. Good thing they provided those fake twitter accounts for us to be vigilant whenever we see them. But giving away huge bonus is somewhat suspicious hence many still fall for the huge money they are giving away. And scammers are using big exchange's name to get the trust of the crypto people.

Fraud people can do everything now and I did not even think they may fake transactions like that. I have entered such websites before as that and it made me think now that i have entered a phishing sites as well.

[Johnzky]

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

Nice link I have saved this one since I am gathering this kind of thing to keep safe from my investments,and from the time someone put this kind all I do is read analyze and if I found legit I instantly apply to my self and added as safe keeping material

[Kakmakr]

Also, when a site gives you any kind of guaranteed or fixed long-term return on your investment, then you should be worried. The long-term performance of Bitcoin as an investment is not guaranteed. I also look for the so-called "downline" referral network to spot the Ponzi scheme behind these scams.   

About a month ago, I experimented with a site, where they buy and sell Crypto currencies on your behalf.... you only tell them what percentage of each coin you want and they trade on your behalf to make sure you always have that percentage of those coins in your portfolio.. <What they do not tell you are that these micro transactions are generating a lot of trading fees for them and those fees quickly start to chip away at your total investment portfolio.> 

It still looks legitimate, but the transactions are done on their internal ledger and actual coins are not traded, so they just pocket the fake trading fees that you are being billed for. 

[hunter24]

Yeah, this is really important article to read.
Today we have only on coinmarketcap over 2000 cryptocurrencies...
and to be honest, we have to say, that most of them will be a shitcoin in future..
Shitcoins are good only to fast trading and run away - no longterm vision, no holding.

[vlad230]

Interesting article.

Although I would imagine someone who wants to invests money into crypto will do their homework first irrespective of whom is marketing it be it male or female.

[Lucius]

Only new thing in this article is Libra Scam, and whoever falls on this deserves to be left without money. This FB coin is just idea on paper for now, and it can easily happen to stay that way.

Twitter, FB, Telegram and any other social media scams are old as cryptocurrency, and any crypto user with little brain should stay away from such things. Pretty woman offers you an opportunity to earn 0.10 BTC, but first you need to send to her address 0.05 BTC to confirm your identity - how this can be true? Someone is offer you 5% daily or 25% monthly on your investment, do you think this can be true? It can be, but only in some wicked fairy tale.

If it is unrealistic and too good to be true, in 99% of the cases it is a scam.

[Micerker]

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

To determine the safety of any project, you need to check the entire social of that project. Check if the development team information is published, whether the group participates in any major competitions or meetings. In particular, check the membership information of the project because the fake projects fake information of the team members.