Don't get scammed with shitcoin investing _ step guide!

[luckyflop]

1. Pay attention to the mint() function, its implementation may allow printing tokens at any time.

2. Liquidity Locked does not always guarantee security and safety, not all tokens that create liquidity can be locked, pay attention to using UniCrypt.

3. Lack of a temporary blockade for private sales, pre-sales usually results in quick sales of tokens as soon as they appear on the exchange, read and ask if there is such a blockade.

4. Read the source code, a properly prepared smart contract can prevent you from selling, you can only be allowed to buy - usually for ETH.

5. Pay attention to the number and occurrence of tokens - premined, smart contract programmers can have a significant impact on the price of a token.

6. Pay attention and often verify which contracts you have given access to your addresses, apply the one-time shitcoin address rule, think how much you would earn on UNI with this approach.

7. Check out services such as http://revoke.cash and http://approved.zone to cancel access to your funds for selected smart contracts.

8. Watch out for scams in the form of clones, forks, similar names - make sure you have a good address for your smart contract.

9. Track the project whose tokens you have bought often get errors in the smart contract itself, which are used by people who only care about this.

10. Pay attention to who you are talking to on Telegram - impersonating, not using presale bots - scamming.

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[jrrsparkles]

Good points though but it is impossible to stay away from scam projects for cent percent because scammers are always ahead of the investors and they are better at making the scam projects looks perfect. Investors should learn about analysis of a crypto project and they should update their knowledge from time to time.

[VolkoB]

A very useful guide.

1. Pay attention to the mint() function, its implementation may allow printing tokens at any time.

This point is especially interesting to me.  Is necessary to study Solidity for understand correctly? Or are there any stop commands?

[benthach]

11. there is no reason to invest in a new shit scam coins/tokens at this point. risk is much higher than reward.

[btcdie]

Before paying attention to the 10 guidelines that the OP calls, I first look at the Innovation of the project, use cases, products, and how important the project is in the future. Scam projects can be identified with fake teams, plagiarism whitepapers, or content that copied previous projects. Scammers usually promote their projects by promising multiple returns on investment or does not make sense. and only gullible people become victims.

[tracyhayley]

Before paying attention to the 10 guidelines that the OP calls, I first look at the Innovation of the project, use cases, products, and how important the project is in the future. Scam projects can be identified with fake teams, plagiarism whitepapers, or content that copied previous projects. Scammers usually promote their projects by promising multiple returns on investment or does not make sense. and only gullible people become victims.

i'm sure most of the projects these days is hard to be identifiy just by the team members, contents or whitepapers. a non-plagiarism or good whitepaper doesn't mean it will guarantee you with the legit projects. the projects that have a real team members also can become an abandoned or scam projects in the end. that's why OP shared some other ways to identify the scam projects.

[flyeers309]

Thank you for giving this important points, this really helped me. Many people are deceived and don't do depth research when they are carried away by the hype. Remember, the number one point is research. If we only followed fomk or hype it will make us fooled.

[mace15]

This is a very helpful lists especially to the new ones in this crypto industry. A lot of scam project lurking these days and some created for hype and to attract investors once it hit their goals the amount of money they suddenly exit. It is necessary to always do your research before investing to avoid getting scam. Invest on those project with real use case and products.

[CaVO32]

Before paying attention to the 10 guidelines that the OP calls, I first look at the Innovation of the project, use cases, products, and how important the project is in the future. Scam projects can be identified with fake teams, plagiarism whitepapers, or content that copied previous projects. Scammers usually promote their projects by promising multiple returns on investment or does not make sense. and only gullible people become victims.

I agree with the above statement. Technical details we can look simultaneously but for me, the important is - do they really have use case to implement or just using some sort of front to attract buyers? Because you will know if their concept is viable and ready to implement, when you check their whitepaper and their plans how to execute it. Actually, it is better to invest if they already have the working platform with users on board not just only in beta stage of their product. Many can create well-written whitepaper but in terms of implementation, they are very poor. Once they raised funds, expect that the team will avoid development questions and will just give promising talks about their real product. Not very many can actually make their platform a reality and working.

[FairUser]

Well your share seems quite interesting, but I think the way we are exposed to the most popular shitcoins, and they are projects that have relatively old working mechanisms and are not novelties, Most of such projects I think will only attract newcomers to this market, and then what those newcomers get will be the market's experienced people .

And my advice, I think maybe this is probably very realistic that you have to spend money on shitcoin projects like that, you will draw yourself ways to stop it.

[imstillthebest]

numbers 8 to 10 are easy and common but the rest of the guides you made are new . this makes us a need for people that are specialized on those field if we are going to take investing a serious thing but we can also learn it on our own  .  for now im going to reply on those numbers that im more familiar with

8. Watch out for scams in the form of clones, forks, similar names - make sure you have a good address for your smart contract.

forks are a part or a mechanism of a coin , btc and other top coins have thier forks . i dont think forks are a scam . same as the address because its only an address anyway ?  but clones in a form of simillar names can be shady .

9. Track the project whose tokens you have bought often get errors in the smart contract itself, which are used by people who only care about this.

error or no you must track the project that you invested because they give announcement that can be important

10. Pay attention to who you are talking to on Telegram - impersonating, not using presale bots - scamming.

i have seen many groups , channels and bots . they can be scam if they want to .  using presale bot does not mean legit . its obvious if there were impersonators

[Kunnu]

That's the major problem with mostly people in crypto they don't follow these important points and their investments end up in loss. Undoubtedly investing in altcoins without proper understanding about the basics may not be worthy at all anyway the points which op mentioned is absolutely informative hopefully mostly people will learn with these important points.

[cryptoaddictchie]

Ive used some pointers youve discussed here especially 1 to 5. Im a degen player for quite sometime and using these parameters beforr throwing some eth. People should see that unicrypt locked have timeline and based from it you can know if they will have a long term goal or simply create a pump and dump. Some locked for 15days or less expecting some liquidity added before removed it. Means your timeline should be strict with this like getting out before the owner get the funds.

Usually, mint function is thr worst. Better to check this to avoid super shitcoin who only plans to rug at all.

[rodskee]

11. there is no reason to invest in a new shit scam coins/tokens at this point. risk is much higher than reward.

But the point here is how to find them all right?so we won't learn about being shit until we make research or we become a victim.
I rather invest in active currencies than those newly created specially those who are in ICO that commonly becomes BS projects.

I don't get rugpulled, exit scammed, or dumped on because I only invest in mineable tokens like $RVN and $0xMR with no premine or dev wallet.

Well you have different looks in each project you investing,or what you mean is investing your time to be a Hunter and advertiser to get a rewards?

[jessyj48]

People are always in hurry to make money this days, people still invest huge amount of money on projects that have all it's scam trick written all over it, if people can just take their time to understand what a project is actually all about they will find their answers, whether to exit or to invest they will know

[santouao]

The guide given was really made sense but in reality avoiding of getting fooled by a scammed projects is really hard and avoidable, because the people behind this projects are really knowledgeble for tricking people so that theres a lot of getting victimized. So for us to avoid this shitcoin, we really need to be careful and wise.

[terizla]

Nice guide, this is very helpful for all crypto user who don't know this. With this pandemic and the hype of Defi and Airdrop fcfs. This posible many scammers always take advantage of the situation.

8. Watch out for scams in the form of clones, forks, similar names - make sure you have a good address for your smart contract.

This is always happen, the scammer using fake great project to make fake airdrop.

[Bitstar_coin]

very helpful guide, i can easily relate to this to watch out for any shady project that may turn out to be a bad investment, in fact i think this will be helpful to many people who really don't know what to look out for when trying to invest in any new project, many project are deceiving investors too much, better to apply this guide to help chose the right project.

[leea-1334]

OP this is a VERY good guide, but in danger of losing to all the trolls and useless comments. Perhaps include a short guide under each point on exactly how someone may do this perhaps with an example of a real life contract (how to read it, how to find it etc). Maybe this will really help people more. Build this guide and people will really use it!

[plvbob0070]

The guide given was really made sense but in reality avoiding of getting fooled by a scammed projects is really hard and avoidable, because the people behind this projects are really knowledgeble for tricking people so that theres a lot of getting victimized. So for us to avoid this shitcoin, we really need to be careful and wise.

Since we ae already aware that some scammers nowadays can be smart to fool others, and as an investor, we need to become smarter than them to avoid falling for scammers and shitcoins. These scammers and shitcoins are continuously growing, and we need to teach ourselves how to avoid them. And this is indeed a nice guide or a reminder for us to always be careful when choosing a project to invest in. Always do enough prior research before trusting any project and investing funds.

[Debonaire217]

The first point I think is not really an indication that a project is a scam, there's always some projects that are good to have a mint function in case there will be a need to add a supply to the total supply of the token, what we need to do is to make sure that the mint function has a strong logic that will be only activated in certain instances (Insufficient supply or other reasons that will be of benefit the project).

for the last suggestion, don't entertain and admins that will PM us as most of the protocol of the projects are admins will never dm first. If we talk to someone with the same picture as the admins, there's a huge chance that it was a scammer only impersonating to lure you and for you to invest.

On Unicrypt, you can always verify whether the project locked the liquidity or not. Because if the liquidity is not locked, if the project rugged, they will be able to dump an enormous amount of token.

[bigcash2011]

Unfortunately, many scammers have took advantage of the defi hype and the result is the guide that you have posted and i will really appreciate you for this because most of the scammers have used these methods to raise funds for their fake or scam projects using defi hype and uniswap platform promising of high APRs which most people fell for vut unfortunately these greedy people rug pulled after raising funds it is similar to old style exit scam.

[Bitcoin Seller]

11. there is no reason to invest in a new shit scam coins/tokens at this point. risk is much higher than reward.

How would a newbie understand that this or that coin is a shit if it is advertised on the best-trusted platforms? We know all that it happens all the time. I suppose, the beginners should have a friend (friends), who know a lot about cryptocurrencies.

[FanEagle]

There is too much technical stuff written in the first message, and I understand that if you know these and you can read these you should totally do that and see if the project is as valuable as the team usually says, most of the time it is not and they do not even know what they are talking about.

I have faced a person who wanted to have a gold backed stablecoin who didn't know how to explain how they are going to back it with gold, the simplest question that could have been asked and they made a whole scene in a telegram group about this question and how it was "unsupportive without cause" for me to ask that question. Sometimes if you can do that do these technical stuff, but sometimes when you do not know what to look at, just look at the team and you will find the problems.

[luckyflop]

There is too much technical stuff written in the first message, and I understand that if you know these and you can read these you should totally do that and see if the project is as valuable as the team usually says, most of the time it is not and they do not even know what they are talking about.

I have faced a person who wanted to have a gold backed stablecoin who didn't know how to explain how they are going to back it with gold, the simplest question that could have been asked and they made a whole scene in a telegram group about this question and how it was "unsupportive without cause" for me to ask that question. Sometimes if you can do that do these technical stuff, but sometimes when you do not know what to look at, just look at the team and you will find the problems.

There are so many ways hackers could use to find the vulnerable spots of a token and attack it, Recently I found a very interesting website about 16 interesting hacks" https://medium.com/hackernoon/hackpedia-16-solidity-hacks-vulnerabilities-their-fixes-and-real-world-examples-f3210eba5148" This post aims to be a relatively in-depth and up-to-date introductory post detailing the past mistakes that have been made by Solidity developers in an effort to prevent future devs from repeating history.

*Disclaimer: this post and this website are just to give you more information about 16 Solidity Hacks/Vulnerabilities, their Fixes, and Real World Examples, not any other usage.

[Princejebs]

Good hints you have points out. Smart contract are programming language which will be difficult to understand by average people like me who aren't really techy and developers but there is this shaddy activity by some team. Selling of token behind investors back has been one of illicit activities you find in New projects.
They will claim that tokens are locked for years vesting but you will be supprised how they move token to exchange batch by batch.
Always look at explorer and study how tokens are moved if you hold a bag else you will be left in darkness.

[jcarlo]

I don't know what a reason you make it bold because this is annoying for me, I think it's okay if using the normal word.
I'm not sure people will follow everything and check 1 by 1, some people are lazy to do that.. maybe I will give other tips..

11. Never ever invest in any new coins, this solution will prevent any scammed

New coins or tokens may be a lot of high risk but if the coin or token does IEO on a large exchanger, I think it should be considered as an investment. Initial listings on IEOs almost all provide huge profits and I think what is meant by new coins or tokens are those that have not been listed or recently mined

[Zazzu]

Throughout the last year, almost 133 theft attacks happened, and it is still impossible that 2020 reaches that number. “Nevertheless, based on the historical data, it seems that 2020 will not reach the record heights of last year, and blockchain hacks...

https://www.theforexcollege.com/blockchain-hacks-have-decreased-significantly-in-the-first-half-of-2020/

[xSkylarx]

I don't know what a reason you make it bold because this is annoying for me, I think it's okay if using the normal word.
I'm not sure people will follow everything and check 1 by 1, some people are lazy to do that.. maybe I will give other tips..

11. Never ever invest in any new coins, this solution will prevent any scammed

New coins or tokens may be a lot of high risk but if the coin or token does IEO on a large exchanger, I think it should be considered as an investment. Initial listings on IEOs almost all provide huge profits and I think what is meant by new coins or tokens are those that have not been listed or recently mined

Those are still shitcoins even if they do an IEO on a large exchange. If you bought late, you will end up a bagholder of that coin. If you plan to invest on those coins, be wise. Buy quick when IEO started then sell it when you are already on profit.

[Fredomago]

I don't know what a reason you make it bold because this is annoying for me, I think it's okay if using the normal word.
I'm not sure people will follow everything and check 1 by 1, some people are lazy to do that.. maybe I will give other tips..

11. Never ever invest in any new coins, this solution will prevent any scammed

New coins or tokens may be a lot of high risk but if the coin or token does IEO on a large exchanger, I think it should be considered as an investment. Initial listings on IEOs almost all provide huge profits and I think what is meant by new coins or tokens are those that have not been listed or recently mined

Many investors benefits from this new IEO's, those who are being introduce to a very known exchange, the chance of getting compensated is high.

Unlike with those new coins that being introduce to unknown exchange that should be the one that you need to avoid if you wanted not to be trapped and be scam.

As always, assessment and research before dealing with anything is a must  for you
to prevent yourself getting caught and become victimized.

[Zazzu]

Those are still shitcoins even if they do an IEO on a large exchange. If you bought late, you will end up a bagholder of that coin. If you plan to invest on those coins, be wise. Buy quick when IEO started then sell it when you are already on profit.

I think ICO and also IEO time has been over, even binance now introduce coins mostly in farming way, like Flamingo, Hard , etc, now most of the projects if they are Polkadot blockchain-based, would hold IPO , and the others would do yield farming like OASIS ROSE , some do IDO, to decrease the risk of getting scammed but still some turn out scam!

[Johnyz]

I don’t listen to anyone unfamiliar to me so historically, I don’t get scammed as far as I remember and i didn’t use any third party to secure my wallet since I’m not dealing to any suspicious project, I’m confident that my wallet is secured. The good thing this year is that, the scammers didn’t succeed that much and very few hacking incidents happened in the market compare last bull trend, this only means that people already learn their lesson from the previous hype of the scammer.