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Author Topic: characteristics of fraudulent projects  (Read 2200 times)
rahmatullah9305
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September 26, 2019, 03:08:39 AM
 #61

There are several unique features of cryptocurrency such as decentralization, full transparency through general ledgers, and open source code that anyone can see. Fraud and Ponzi schemes do not have general characteristics and are usually centralized and opaque. The best way to avoid falling into various scams and ponzi schemes is to identify common characteristics such as seeing teams, whitepapers, roadmaps. Even more important is having knowledge and understanding of how cryptocurrency works and the technology that underlies their business. Remember to always do your own research and don't just hear information by word of mouth.

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September 26, 2019, 03:24:37 AM
 #62

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group  Grin

it's so annoying, how you feel?  Roll Eyes
And when I asked questions about bounty, they blocked me, even though they had previously run a bounty and promised to pay it. There are obviously lots of scam projects around us

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September 26, 2019, 05:12:42 AM
 #63

Mostly in my experience the sign of fraudulent project seems pretty obvious if the team hesitant to give in some info such as permits, local account or even disagree for some request such as video call for confirming their identity is real and not just a user of the social account of the team displayed on the website. Also if asked if they can give some sales of their product and they will banned you when keep asking. Totally sign of a hoax project.

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September 26, 2019, 05:42:32 AM
 #64

That's what a shady and scam projects do, if you will ask questions about their development and get to their nerves they will instantly ban you. I hope there's a regulation about ICOS to avoid those projects to take investors money.

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September 26, 2019, 06:05:14 AM
 #65

Most fraudulent ways of the scammers will always work on the greedy ones, the offers is always good and attractive and they always predict what will happen years to come of cos will stand on promises, good projects will always work sincerely with no promises

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September 26, 2019, 06:36:00 AM
 #66

In the first place that's very obvious if they perform such the way like what you have mentioned above. because i already experienced that as well actually. wherein more excuses and etc. .  So must observe before making a decision when it comes joining project.  Because fresh projects are good only when they seeking for improvement but afterwards they will change intentions . So be smart. 

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September 26, 2019, 08:55:07 AM
 #67

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group  Grin

it's so annoying, how you feel?  Roll Eyes

It really is very annoying, and the worse part is they do that after they've got funded when they are still in the ICO stage, they always update all their social media channels they slow down the update when they reached the needed funds and totally do not communicate anymore when the ICO is finished, this is something that hurts the community of investors.

 
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September 26, 2019, 08:34:47 PM
 #68

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group  Grin

it's so annoying, how you feel?  Roll Eyes
Carefully taking the above hints into consideration, it will be very easy to detect fraudulent projects. They are quick to block anyone that question them or challenge their technical knowledge about the project.
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September 28, 2019, 11:53:59 AM
 #69

in connection with what you said above and this is very annoying especially for prize hunters. maybe they think of bounty hunters as beggars. Developers, teams, prize managers, and other crew members must have good feedback from each participant's questions. but if it's not like that, of course they are included in the criteria of a fraud project.

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September 28, 2019, 12:10:02 PM
 #70

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group  Grin

it's so annoying, how you feel?  Roll Eyes
Mostly I have been experienced this, and it is hard to see such details in successful projects. Sometimes even when you go deep, there is no answer and the research about you starts behind. If you are a bounty participant, sometimes the question is not even answered. While the price was $3000, we learned a lot about the bad side of the market, which is useful. It is obvious we have earned a lot more than profit.

 
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September 28, 2019, 12:26:54 PM
 #71

As per my experience with many new projects nowadays i haven't seen projects that rise up using crypto as start up that ends up doing something, its like they are just here to feed on the money out of people, the one projects that are doing good are those that have been in existence for long or years back, meaning they already have a reputation to keep alive

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September 28, 2019, 12:38:38 PM
 #72

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group  Grin

it's so annoying, how you feel?  Roll Eyes
This is what happens every day at any project and if you're an investor, you've probably encountered these cases. I usually do a thorough research before investing, and if they don't answer my questions it is a poor project and you should not waste time with them. In the past a lot of ICO projects have done this but most of them were shitcoin and not worth the investment.

If they don't trust investors then we don't need to trust them and we have the right not to invest

Blockchain is a technology that stores and transmits information by blocks that are linked together and expand over time.
Blockchain is designed to resist data change.
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September 28, 2019, 12:43:59 PM
 #73

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group  Grin

it's so annoying, how you feel?  Roll Eyes

It is really annoying but some project even talk with their community through a dummy community managers that often tell the community to wait till she receive the answers from the team head or technical.
In addition to your listed points, they dont have an end of the ico sales or bounty program.
They like to spend more than 18 weeks to promote their bounty.

 
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September 28, 2019, 01:33:37 PM
 #74

one of the most shaddy of fraud ico project is ico profiles of linkedIn profiles wont match and nt real that itself proves it is something suspicious

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September 28, 2019, 02:57:59 PM
 #75

when investors and the crypto community already believed, but the team said differently!
- The team did not respond well to the crypto community.
- The team is very shady and does not provide updates about their projects on the telegram & social media channels.
- The team plans to take a vacation
- The team blocked accounts one by one from each community who questioned about the development of the project.
- and finally you are banned in this group  Grin

it's so annoying, how you feel?  Roll Eyes

It is really annoying but some project even talk with their community through a dummy community managers that often tell the community to wait till she receive the answers from the team head or technical.
In addition to your listed points, they dont have an end of the ico sales or bounty program.
They like to spend more than 18 weeks to promote their bounty.
Very suspicious behavior by the member of the support team. The telegram groups are full of scammers, the coin beggers, the stubborn people like asking the same answered question several times, etc. Every time the support team chooses an admin from the marketing team and this guy never has an idea when the project will end the token sale or when the X error will be fixed in the Android application of the project.

 
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wedosgibas
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September 28, 2019, 03:12:25 PM
 #76

I began to avoid vague projects like this, due to previous experience. They only fall for a lot of money, even though they were sincere in the beginning.

ovcijisir
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September 28, 2019, 04:18:50 PM
Last edit: September 29, 2019, 08:18:10 AM by ovcijisir
Merited by Daniel91 (1), Halab (1), Rikafip (1)
 #77

This is one example of scam project(Grain.io):
https://bitcointalk.org/index.php?topic=2779618.0

It seemed so great on paper, CEO was skilled and have been working in Microsoft for years, idea was great, softcap was reached etc etc.

Then when token distribution time came, they gave excuse and delayed distribution for few months. Everibody were ok with that because project seemed good and it had "great future".
Then they delayed it few months more, then few more. Everybody on telegram group were asking where are the tokens, and telegram group admin assured everyone that everything will be distributed but with a delay, because CEO told him that.

But after some time CEO stopped to communicate with Telegram group manager too. That aroused some suspicion in him, and when he told that he was banned form group Cheesy

Then CEO gave some shitty excuses why tokens were not distributed (to investors and bounty hunters), and told that project will MAYBE succeed lol.
After that he locked telegram group and webpage expired. Investors wasted their money and bounty hunters their time. Money disappeared "somewhere". End of story.
tanjiran
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September 28, 2019, 10:49:55 PM
 #78

one of the most shaddy of fraud ico project is ico profiles of linkedIn profiles wont match and nt real that itself proves it is something suspicious
analyzing social media and team profiles is the most effective way to find out whether the development team is fake or not. Usually fraudsters use new accounts with minimal activity, or other people's accounts that have nothing to do with the project they are making.
I also strongly agree with OP's presentation. Although not a necessity, transparency is needed by investors and supporting participants to know the project more deeply. If those questions bother them, even get banned, something must be wrong.

Menawi12
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September 29, 2019, 01:32:27 AM
 #79

one of the most shaddy of fraud ico project is ico profiles of linkedIn profiles wont match and nt real that itself proves it is something suspicious
analyzing social media and team profiles is the most effective way to find out whether the development team is fake or not. Usually fraudsters use new accounts with minimal activity, or other people's accounts that have nothing to do with the project they are making.
I also strongly agree with OP's presentation. Although not a necessity, transparency is needed by investors and supporting participants to know the project more deeply. If those questions bother them, even get banned, something must be wrong.


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pungopete468
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September 29, 2019, 02:46:39 AM
 #80

If asking about the development of a project is not wrong because investors also have the right to know the extent and control them so that they can be in accordance with the promise of the roadmap they previously promised when funding ico. but if this freedom is actually banned there seems to be something odd about the project
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