How do I know if an altcoin is a scam?

[LemonMaker]

Hello, I'm new here and I wanted to ask something I've been confused about for a few days.

I recently got into an altcoin (called startup boost token) and the devs are doxxed and presale LP locked, they claim to have live use case and all.

I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?

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[MusaMohamed]

If you don't know, don't invest in new projects.

Choose old projects that have years in the market and don't have scam accusations. Scam projects will be reported on the forum or else where. You can check with Google.

https://scam-alert.io/

[LemonMaker]

Is one month considered a "new project"? These guys seem legit man and I've put in quite abit to pull out now.

[bakasabo]

First answer yourself what makes you feel why they are scam. Maybe the answer is obvious.
Check their team and previous experience. If they are new or no-names, I would start to be suspicious. How can a developer has nothing do display on public and promise success?
Check what they offer or are developing? Is this something new? Or another swap/exchange/dog (or other animal) related project? There are thousands of them already. They cant make 100x.
Think about benefits they offer for investors. Isnt it sounds to sweet? Remember, there are no easy and quick money in cryptocurrency, at least anymore.

[LemonMaker]

First answer yourself what makes you feel why they are scam. Maybe the answer is obvious.
Check their team and previous experience. If they are new or no-names, I would start to be suspicious. How can a developer has nothing do display on public and promise success?
Check what they offer or are developing? Is this something new? Or another swap/exchange/dog (or other animal) related project? There are thousands of them already. They cant make 100x.
Think about benefits they offer for investors. Isnt it sounds to sweet? Remember, there are no easy and quick money in cryptocurrency, at least anymore.

Well its the chart that's been dropping i think there was a whale that left last night. The entire team is doxxed and they did AMAs and apparently they're a registered company? I'm not sure if that prevents them from doing rug-pull. Doesn't seem like another dog coin to me... there's a 3% reflection for all holders that's it i think.

[Maus0728]

Although this was posted almost a year now, I think you can still learn some of the fundamentals and parameters to assess if the token will turn out to be a scam or not. It's a compilation of guides that you can read and it may take you a while to learn the patterns of what a scam project does.

Collection of comprehensive guides on identify and avoid scam projects

Just a heads up, even if the project has something nice to offer to the public, it doesn't mean that they will be always truthful to their investors all the time especially now where the market has turned upside down. I would rather use them to "degen trade" instead of falling in love with these altcoins that pop out of thin air during the bullish season.

[LemonMaker]

Although this was posted almost a year now, I think you can still learn some of the fundamentals and parameters to assess if the token will turn out to be a scam or not. It's a compilation of guides that you can read and it may take you a while to learn the patterns of what a scam project does.

Collection of comprehensive guides on identify and avoid scam projects

Just a heads up, even if the project has something nice to offer to the public, it doesn't mean that they will be always truthful to their investors all the time especially now where the market has turned upside down. I would rather use them to "degen trade" instead of falling in love with these altcoins that pop out of thin air during the bullish season.

Super helpful... thanks! One more question – what is "degen trade" and how long should I wait in a dip before pulling out?

[virasisog]

Although this was posted almost a year now, I think you can still learn some of the fundamentals and parameters to assess if the token will turn out to be a scam or not. It's a compilation of guides that you can read and it may take you a while to learn the patterns of what a scam project does.

Collection of comprehensive guides on identify and avoid scam projects

Just a heads up, even if the project has something nice to offer to the public, it doesn't mean that they will be always truthful to their investors all the time especially now where the market has turned upside down. I would rather use them to "degen trade" instead of falling in love with these altcoins that pop out of thin air during the bullish season.

Super helpful... thanks! One more question – what is "degen trade" and how long should I wait in a dip before pulling out?

It is trading without looking to a coin's real value but hopping in because of FOMO to just join the hype for quick trade profit. You don't want to hold a new altcoin since most of them are just hyped and remember that we were recently in a bull market and now it is almost over, most new coins might not survive once the bear market is over so holding it is not ideal.

[FairUser]

As long as you add more information about the project you mentioned, people here will help you, but I have these thoughts about

I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?

do you understand it?
do you have faith in it?
....
There are a lot of factors that I'm sure you don't really understand, so for a newbie, I think they need time and money to experience new things, advice is considered superfluous because most new entrants don't like to listen to the opinions of their predecessors.

[Bttzed03]

~ if its a real 100x token?

Did the team tell you that the token will give you 100x return? If so, that is already a red flag on its own. I would completely avoid it or just spend 1% of my portfolio if I feel like gambling on new or micro cap projects.

[LemonMaker]

As long as you add more information about the project you mentioned, people here will help you, but I have these thoughts about

I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?

do you understand it?
do you have faith in it?
....
There are a lot of factors that I'm sure you don't really understand, so for a newbie, I think they need time and money to experience new things, advice is considered superfluous because most new entrants don't like to listen to the opinions of their predecessors.

That will be super helpful... The ticker is "SUBX". Its supposed to help startups grow by providing some apps and products.

Website:
https://startupboost.app/

Contract:
https://bscscan.com/token/0x5232152c8207653aeda5baa0ff7fb1046c23c753#balances

New "app" they releasd:
https://community.startupboost.app/

I honestly think this is not a scam but I've been burnt by some other presale rug-pull before and I already have about 2k here. What do you think?

[Jackl87]

Hello, I'm new here and I wanted to ask something I've been confused about for a few days.

I recently got into an altcoin (called startup boost token) and the devs are doxxed and presale LP locked, they claim to have live use case and all.

I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?

I don't think if you there are methods to make 100% sure that a new and umpcoming project is 100% legit and not a scam. You can check the team and looked at their linkedIn profiles if they have one. But even those profiles can be faked and a lot of times the team behind a crypto project wants to stay anonymous which doesn't mean automatically that those projects are bad or a scam so it's really hard to know.
You could also look at the portfolio of the VC's (Venture Capital) that backed this project if there are some known names that have confirmed their investment into this altcoin than it should not be a scam because those VC's make than they should have checked the project conscientiously.

[Maus0728]

what is "degen trade" and how long should I wait in a dip before pulling out?

It's a type of trading technique that focuses on making quick profits. These can currently be used for initiatives such as BSC farming tokens (these are the new ones similar to ICO.). The basic idea is that you will acquire a particular amount of tokens and then swiftly exit once your initial cash has been multiplied and then move on to another project.

Degen trading is quite useful when the market is bullish where every shitty project can sometimes drastically spike in price due to some hype/FOMO and shilling of other people to various crypto communities. Be advised that it's very risky for someone who is not that experienced in this kind of trading or quick investing. Most people call degen traders a suicidal trader of the crypto market. Beware. You can search the web for more info regarding this.

[LemonMaker]

~ if its a real 100x token?

Did the team tell you that the token will give you 100x return? If so, that is already a red flag on its own. I would completely avoid it or just spend 1% of my portfolio if I feel like gambling on new or micro cap projects.

They didn't say 100x but the dev did say 1b in 6 months was the plan. Is that considered high?

Also they are backed by some important person from Quest Ventures, idk if that is faked or not. I found it here: https://startupboost.app/about-us/

But damn.. this community is super helpful. Thanks guys...

[Bttzed03]

~ if its a real 100x token?

Did the team tell you that the token will give you 100x return? If so, that is already a red flag on its own. I would completely avoid it or just spend 1% of my portfolio if I feel like gambling on new or micro cap projects.

They didn't say 100x but the dev did say 1b in 6 months was the plan. Is that considered high?

What's this $1 Billion? The token market cap? If so, that's not really different from saying 50X or 100X. Remember that to increase crypto market cap per CMC, it would involve the circulating supply and the price. I doubt they would increase supply which suggests that the plan was pumping the price. Again, that's a red flag. I would avoid a team that discusses price or market cap.

[YOSHIE]

I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?

Roughly speaking for now there is no way to know the altcoin or token you got/buy from the project is a scam, except: You check all the origins of the project in detail before you make a decision to join or buy tokens to become an investor, it's a long process.

Suggestion:
If you want to get altcoins/tokens from projects/bounties, at least you can see the manager who manages the bounty who has a good reputation or not in this forum, at least it can have a good chance of tokens/Altcoins in the market and also the team involved in the project.

With advice like that at least, you are a bit spared from Altcoins / tokens that lead to scams, because managers who have a good reputation will assess the Altcoins/tokens/teams involved in the project carefully, before they make a decision to promote the project in this forum.

Note:
What I tell you does not guarantee 100% that you will avoid scams, sometimes managers can also be tricked by the company after they successfully promote their project, but good reputation managers at least they do Escrow, for guarantee.

[LemonMaker]

I want to know how I can determine / what kind of questions I should be asking to know if its a real 100x token? Any advice?

Roughly speaking for now there is no way to know the altcoin or token you got/buy from the project is a scam, except: You check all the origins of the project in detail before you make a decision to join or buy tokens to become an investor, it's a long process.

Suggestion:
If you want to get altcoins/tokens from projects/bounties, at least you can see the manager who manages the bounty who has a good reputation or not in this forum, at least it can have a good chance of tokens/Altcoins in the market and also the team involved in the project.

With advice like that at least, you are a bit spared from Altcoins / tokens that lead to scams, because managers who have a good reputation will assess the Altcoins/tokens/teams involved in the project carefully, before they make a decision to promote the project in this forum.

Note:
What I tell you does not guarantee 100% that you will avoid scams, sometimes managers can also be tricked by the company after they successfully promote their project, but good reputation managers at least they do Escrow, for guarantee.

Hey man thanks for the suggestion. Can they be a scam even though they are doxxed and LP is locked? They also had AMAs and i think backed by some advisor in VC.

[indo1]

It can't be fully precised, but you can do research, scam projects also have characteristics, such as no seriousness in project development, teams with no profile picture, minimal information, too closed.

[isaac_clarke22]

Hello, OP.
You should probably just be off researching by your own.
Even a higher ranking member managing an altcoin ANN thread or managing a bounty could still ruin your day as you know that there are still some purchasing accounts happening off-forum.

[eckmar]

Do they need their own token? Can the same thing be achieved with already existing currency (BTC, ETH etc)? If they first make the token, then find the uses for it its most likely scam. Not in a way that they blatantly take your money, but they just issue token as a get rich quick scheme for themselves.