Newbie's guide to avoid ICO Scam

[tbterryboy]

Good reason sharing information to newbies about Scam ICO's I think the community would appreciate if you would create Newbie's guide to avoid DeFi scam since ICO's hypes was few years ago also if your target readers are really newbies then you can post it to beginners and help section.

That is so true as the hype train investors are riding is the DeFi coins and people are just blindly investing into any new project that comes and without even knowing how it will operate what the team is behind them and if even there is a real use for the coins.

I feel so funny and sad at the same time when I see innocent investors being tricked away by fake coins by various means, funny because being an investor one should have at least basic knowledge about the coin they are piling up with them. I was there on a telegram group where an investor was asking that he has sent funds and when he will receive his coins while actually if you know how DEX works he should have had his coins already so he got scammed in simple words.

[bjmpoker001]

Code repository is very important too. If you are a developer, you should be able to detect the red flags from it.
Although ICO is usually based on existing blockchain like ETH, we should be careful of new coin ICO too.
In announcement board, there are many scam new coins has been created, they put the link of wallet download there, and it was a virus!

[gabbie2010]

Well its to be honest its true. Unrealistic goals or high hard cap is a red flag to me. Everybody that new on cryptocurrency need to aware with this. There is no such thing you can get big reward with unrealistic goal, fake team and etc.

I believed this unrealistic rewards and goals made a lot of gullible investors fell for them, they promise bogus bonuses in such a way that greedy investors can easily be tricked, this is now the trend in the presently hyped DeFi projects, in few months time we shall reading news on scams projects related to DeFis that is why any new investor should thoroughly research and follow the guide by the OP such that the investor will have the opportunity of scrutinizing these projects to know the genuine ones.

[mirgo1791]

different stages as developer works on encountering message with the work on mediation and promotion of project, as newbies might gains of proper information on commitment with the use of work with tasks on anchoring to secure of least of risks with waste on dispute of funds to put on customs issues with work on crypto investment.

[baiwei]

We cant avoid scam ico in crypto but we can prevent investing in those projects,like promoters will be looking a good project to promote so if investors will go to invest they asure to have the good bounty to promote.

[Debonaire217]

Basically what I do to avoid being scammed by ICO's is to apply my experiences and instinct while scanning the project. I start with the whitepaper first and see the tokennomics, how the team handles the allocation of the token if it is fair or not for the investors. Usually, you can already spot the scam projects when they have fully unlocked most of the token for the dev team and the marketing team. This quite means that they might sell their own tokens or (rug) the project. Another way I can suggest is to check their community, anon team are quite more likely to scam people even if they say that bitcoin's creator was anon. Lastly, try to check their site. If it was a clone of another working site or original.

[bitcoin31]

Newbies is mostly getting scam by the ICO because their knowldge about it is not enough or they are blind because the scammer offer high profit so they still losing their funds and not earning money they need only is guide so they prevent on how to avoid scam project but ICO is obviously is not to trust anymore because a lot of scammer there . This is very informative that will be helpful for us ofcourse to the beginners.

[Marble777]

besides that, you also need to do research both from the team and the dev in managing previous projects. A good project at least has a real team, is not anonymous, public sales are running smoothly, products are performing well, have large partners and communities, marketing strategies and much more that you need to research before taking part in them.

[seleme]

Newbies is mostly getting scam by the ICO because their knowldge about it is not enough or they are blind because the scammer offer high profit so they still losing their funds and not earning money they need only is guide so they prevent on how to avoid scam project but ICO is obviously is not to trust anymore because a lot of scammer there . This is very informative that will be helpful for us ofcourse to the beginners.

Unrealistic goals have psychological background and the emotional illness drains the energy of investors to make quick bucks. Information is important for educating the new investors in social media and the challenge is to reach the millions of investors in a short time. ICO book is closed by scammers and investors are no more inexperienced to put their money where team members convince them.

[Police Indo]

I recently felt the ICO was getting less and less. As an investor / bounty hunter we are only able to do our best because it is not uncommon for an ICO to be not a scam, but BM (bounty Manager) is cheating. some are honest BM, but the ICO project is a scam, some are ICO scam and BM is cheating. all have risk.

[totoy4741]

Sometimes the initial look of website or whitepaper is enough to judge a project because professional and serious projects will not compromise even on the quality and design of the website. So we have to check the ico project from all aspects before looking to invest.

I don't these ones matters anymore, cause scammers know their flaw and they have already did something to cover those up. Whitepaper might be a something to look at but it is not a big deal anymore. I have been any many token sales, with great looking whitepaper, but still the project ended up scams. If the projects evolves then the scammers too, they will create and double their effort if necessary just to scam millions of money from investors.

[muratsink]

Right now have famous with ICO farming coin where they list on uniswap with good price, they have little coin supply to make investor like and interested with their coin but not guarantee will give much profit later when you investing, first time know to public many people interested with this coin like YFI, YFII and many Y coin named, but now day by day have look not interested anymore because many investor are tired with lower price and never back up or recovery to higher price again.

[lienfaye]

These are a good tips. Newbies should be aware of what to look for in ICO projects. Because even a scam looks legit nowadays.

Although for some we may think that ICOs are already outdated but they are not. Projects in ICO are still existing but you can see a few of them go into success.

Thats right as long as there are people who can be easily convince and greedy that the only want is to earn, they might really become a victim of such projects.

[Genemind]

Reading through the white paper and even just by looking at the website can give you a hint about of project. There are projects who promise unrealistic returns or even sets unrealistic goals. Take note that all the projects that you are seeing successful today had spent years of development and took a lot of time before they reached where they are today. Just check the team and the community how legitimate they are, if a team has sketchy ways or cannot address the question asked by community members, it can be considered as a flag that they are not really aware pf what they are doing.

[cryptoknightt]

Right now have famous with ICO farming coin where they list on uniswap with good price, they have little coin supply to make investor like and interested with their coin but not guarantee will give much profit later when you investing, first time know to public many people interested with this coin like YFI, YFII and many Y coin named, but now day by day have look not interested anymore because many investor are tired with lower price and never back up or recovery to higher price again.

of course for now we only need to follow market trends, if indeed self farming is in demand then it will be booming and you have to know and estimate when to enter and exit.
and get ready for the next trend.

[slashz9]

Your suggestion does look good to see the details of an ICO project before investing, the method above is absolutely mandatory if you don't want to be hit by an ICO scam, but for now ICO is no longer used with projects, because now all projects have used Defi to convince everyone and invest in their projects, so always be careful and always see first if their team has social media, such as LinkedIn, Twitter or Facebook and the projects they are on are visible on their profile or not.

defi is that bubble delivered by vitalik and cz also approves of it.
still it is a good opportunity to take advantage of it quickly, as most projects take advantage of fomo defi to take advantage just be careful and be prepared if you want to try it.

[sangjoewara]

Right now have famous with ICO farming coin where they list on uniswap with good price, they have little coin supply to make investor like and interested with their coin but not guarantee will give much profit later when you investing, first time know to public many people interested with this coin like YFI, YFII and many Y coin named, but now day by day have look not interested anymore because many investor are tired with lower price and never back up or recovery to higher price again.

Yes, and the investors who are first interested in what you say are beginner investors who still don't have experience and are very likely not to do research at first, because indirectly the one who built the farming coin ICO is to get profit by taking advantage of the situation and current market conditions.

[iTradeChips]

Source: https://www.cryptocompare.com/coins/guides/how-to-avoid-scam-icos/

Why you avoid this two point?
1. Compromised Escrow
2. Fake pictures?!
I think you try to do something by yourself without copying/pasting directly from the website. And as long as you can't do that, spend more time in the forum and gain knowledge.

We have very good quality topics related to your topic in our forum.  Please have a look ..
1. 🌍 Guidelines, how to spot a scam ICO & report effectively. ✔
2. 🌍[Guide] Prevent scam!!! Some useful tools for find scam / fake ICO team 🌍.

Yes, one even pointed out that this is just a copy and paste forum thread. Well good information but came from a different source. So it is not coming from the original thoughts of the poster. Anyway, many times this has been discussed over and over by many forum members that this is no longer important information but rather more of a redundance in the forum. Still, I would applaud the effort since this is also for those who are lazy researchers and just want to view the first 5 pages of the thread.

[Distinctin]

I forgot ICO by now and I have no interest to participate with them either. It was getting tired also searching legit project among hundreds of scam projects. yeah, we can easily avoid scam by simply looking into those things that OP has mentioned above but I don't see these things could help to changes the mindset of greedy individuals.

It some instances that most noobs got into this scenarios due to lack of knowledge but I don't it will be just easy nor they come into an investment without knowing anything they do, of course, the know that already but they just want to be blind and think more on the easy money than the possible scam.

[proTECH77]

As a newbie in the areas of exchange there are some guide you need to follow to avoid ICO scam in the market. Scammer are everywhere in all cryptocurrencies, looking for who to scam and many newbie always fall victim in the hands of the scammers by failing to follow the guide to avoid ICO scam.
Here are some guide the newbies have to follow to avoid ICO scam such are:
1) Information: If you can follow the information your got from the platform it can help you to avoid ICO scam in the place of Investment. Many people invest their coins in a wrong place because they lack information from the platform.
2) personal research: as a newbie you need to do your personal Research to know how to avoid ICO scam in the market not to be scam your coins.