How do I know if an altcoin is a scam?

[Xinarae*]

You can join their community to see what they are discussing, look at their project team, basic technology and white papers, don't be fooled by the huge profits the project team said, stay calm. If the project just relies on hype, don't invest in this project.

In addition to these you must always be active in the market analyzing the market will make it easier to know the information about each team and when a currency is going up and down it is also better to stay away from new currencies.

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[BOAEDAN]

to find out which platforms are scams developed or not is very difficult because usually they will look good in front and will scam at a time when no one knows, all platforms in cryptocurrency can potentially be scams, it's just that we all have to be vigilant because the risk is always there is.

[sammy21]

There are several ways you can do that, namely by joining a community you can trust, via telegram or other social media, there will be a discussion of a project that you might be interested in taking, and you also have to learn the ins and outs of the project.

[xSkylarx]

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?

Check their whitepaper and roadmap so many scam projects are guilty of plagiarism because they really don't have usage and platform to speak of and they are just copying other people's project, go check the scam section and you will see that those guilty of plagiarism turns out to be scam projects, many of these scam projects developers are fake profile, they extract them online photoshopped these people and upload them in their website.

Agree to this and join those, as well as try to do your own research so that you will know. But the basic one is to read their whitepaper to see if it is worth it or not. Most of the time, the scam coin is their whitepaper is written so poorly that you can tell something is wrong with it. Well, we should be aware nowadays because there are a lot of new tokens coming out every day, whereas previously here in the forum, there were only a few and those few were all successful coins.

[bakasabo]

What about dex and swap platforms? They barely have a whitepaper, and even if there is one available, it gives very overall information about cryptocurrency and trading, and just few words about the platform. In fact, there is nothing much to be written about dex and swap platforms, as most of them are alike. The team is also something on one hand pay a lot of attention, and on the other hidden team is not necessary a flag of a scam. For example does anyone knows the full team of Binance, OKEx, Coinbase? There is even no info about them, yet they are not scam.

[sergiorus]

many people buy even knowing that the coin is scam, just to flip it asap.
that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase

[Investo20]

Can't say anything about 100x that's all a matter of experience and understanding project's potential and use case in future.
But yes there is many ways by which you can know if the project is scam on not ( I doesn't claim 100% accuracy but in most of the cases it works)
1. Read the Whitepaper of the project then the roadmap and relate them. See if the promises is possible in the claimed time or not (Requires experience and knowledge)
2. Research for the team members. Go to every team members social profile and research if the account is genuine and everything match with the project or not.
3. See for good partnerships like with established crypto projects or established companies related to the project concept. And verify the partnership or investment from both end.
4. Make sure you contact with the admins and try to understand their intentions about the project by questioning them in different means. How confident they are. How long they want to go. Their mindset.
5. Always research on the tokenomics of the project. If it is well planned then only enter into the project.

[carlisle1]

You can join their community to see what they are discussing, look at their project team, basic technology and white papers, don't be fooled by the huge profits the project team said, stay calm. If the project just relies on hype, don't invest in this project.

In addition to these you must always be active in the market analyzing the market will make it easier to know the information about each team and when a currency is going up and down it is also better to stay away from new currencies.

Being active with the team social media channel will allow you to learn more deeper about the project.
To the extend that you'll see what are the development if there are things that being worked out around the community.

If there's none and everything are just talking about hypes and being added to large exchange and the price will grow with
unexpected value without any

concrete back up in terms of development, then it safe to say to avoid such project, as promises are just to allure investors
and will possibly runaway with your money.

[Golftech]

many people buy even knowing that the coin is scam, just to flip it asap.
that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase

Yeah, it's too risky. I prefer to choose coins that have promising prospects in the future. however, when the coin becomes a scam, it is very difficult to track it down until we know that it is a scam. because when the swindlers really intend, then almost anything made is good enough. however, doing research is the right thing to know if it could be a scam or not.

Swindlers desing things for their profits, we can't easily track their intentions until they do it and runaway with the money,

more and more projects are design to invite investors and let them see what are the project for, but behind that there's

secret intentions, they'll do their best to make it more real and wait for the right time to escape and collect huge amount of

money from the pocket of those who trusted them.

[sergiorus]

many people buy even knowing that the coin is scam, just to flip it asap.
that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase

Yeah, it's too risky. I prefer to choose coins that have promising prospects in the future. however, when the coin becomes a scam, it is very difficult to track it down until we know that it is a scam. because when the swindlers really intend, then almost anything made is good enough. however, doing research is the right thing to know if it could be a scam or not.

scam just happens overnight, either a rugpull or ''hack'' or whatever. you can't know because even anonymous teams sometimes deliver good projects.
you have to accept that you either gamble on possible scams or you invest in projects that are already backed by big investors that would never invest in scams

[horrifiedx1]

many people buy even knowing that the coin is scam, just to flip it asap.
that's what that BSC tokens mania was about.
if you're not willing to gamble like that, then just stick to big cap coins or new coins that have well known backers like polychain capital or coinbase

Yeah, it's too risky. I prefer to choose coins that have promising prospects in the future. however, when the coin becomes a scam, it is very difficult to track it down until we know that it is a scam. because when the swindlers really intend, then almost anything made is good enough. however, doing research is the right thing to know if it could be a scam or not.

it is difficult to identify a coin will be a scam or not. sometimes the project seems to be convinced that it will be good in the future, but all of that was planned by the dev and eventually ran away with investors' money. indeed, if we don't want to be like that, it's better to invest in coins with large caps, because all of that is a risk

[Karartma1]

A very common practice in scam coins is that of Premining. That is, the practice of privately mining a new coin before the public sale and/or release. In the most blatant example, a coin developer sets an extremely low mining difficulty level, mines a certain amount of the coin, and, after a certain amount of time, publicly announces the release. There are less obvious methods of achieving a prominent effect, such as a last-minute announcement of the launch through an obscure publication.
With the dawn of tokens anyone without programming skills has been able to issue scam tokens.
There are far too many scam tokens around to talk about them, always DYOR but, if I was to advise you, only trust bitcoin!

[Republikcoin.com]

Right now I think it's very difficult to detect that this altcoin is a scam or not because a lot of people are talking about it in this thread and I'm sure many scammers have read it, making it difficult for them to scam again.

Usually scammers offer large ROI for investors, so new investors feel they have to invest at a moment's notice.  When investors use emotions to carry out investment activities, they will be easily deceived.

other than that, knowing facts about the team and developer is a must.  You have to be a skeptic in order not to be easily influenced by scams.

[Bravehash]

Few altcoins are well planned and you will never suspect that they are planning to scam their investors, the best advice I can give you is invest only what you can afford to lose and don't depend on any crypto project

[arifteguhr]

Few altcoins are well planned and you will never suspect that they are planning to scam their investors, the best advice I can give you is invest only what you can afford to lose and don't depend on any crypto project

If that is indeed too hectic to run or too confusing to work on, then it is better not to invest in every new project and only choose coins that have proven potential in the crypto space, as simple as that.

[junmisakiro]

it's a very extraordinary question, the right answer from forum friends can help us in solving the scamer problem that always haunts us, and of course we will all go to the right path, by eliminating the fraudsters together!

I think you should be able to determine for yourself so that it will not depend on your friends, because actually when you are trading then you should be able to research the coins you buy must have the potential so that it will not make you lose because there are scams that often occur lately.

[Gayong88]

There are many things we should look at before making an investment decision. we must really collect all the data and coordinate with the owner in detail. then we start, this concerns the funds that we have spent so as not to be in vain. and waiting is the most boring thing where the certainty we always seek.

[roosbit]

These guys that create fake crypto projects are actually very creative, and it takes an experienced eye to pick out these flaws.
Some of the obvious things you can look out for are :

• Whitepaper has to be original,  not copied from another project.
• Team members have to be real people, some regular video footage is a must as scammers link real profiles to these projects to look genuine
• when it comes to new projects these need to have a clear road map of how they will grow their project, which exchanges they plan to list their coins etc
• huge premined coins are a red flag

[no-ice-please]

A very common practice in scam coins is that of Premining. That is, the practice of privately mining a new coin before the public sale and/or release. In the most blatant example, a coin developer sets an extremely low mining difficulty level, mines a certain amount of the coin, and, after a certain amount of time, publicly announces the release. There are less obvious methods of achieving a prominent effect, such as a last-minute announcement of the launch through an obscure publication.
With the dawn of tokens anyone without programming skills has been able to issue scam tokens.
There are far too many scam tokens around to talk about them, always DYOR but, if I was to advise you, only trust bitcoin!

The premine scam was a common fashion in the early years, but for now at least as far as I can see it, it doesn't exist anymore as PoW is also quite out of fashion. One of the biggest yet successful premined coins was DASH, former Darkcoin. The developer mined a ton of coins for himself before getting others involved seriously in the process. If you recall how DASH exploded later on, the guy made tons of money.

But there are enough other ways to scam, actually endless ways you could say.

[RealMalatesta]

The best way to know if a project is a scam project or not is through your own research before you buy into such project.  It safe to assume that any project will not fully disclose all the information you need to make a right decision.  You must read in between the lines and make a sound judgement about their claims.  Another way to invest is to buy time test altcoin in Cryptocurrency market.

In simple words, a fundamental analysis from scratch is what you need when you are investing in a relatively unknown and new coin. If you are trading or investing in a coin that has a substantial market cap, you may skip the fundamental and proceed to carry a minor technical analysis.

As a beginner of this crypto industry you should not trust the new project to invest because there are many scam coins out there. It's difficult to find a coin that can increase 100x.. It's better to invest in the top coins and hold but don't expect that can go 100x just be satisfy of your earning.

Strange why people actually expect a 100x growth. I understand the crypto market is volatile and has huge potential but 100x is just too much to expect from a coin. Have we ever seen a stock in the share market go as high as 100x? Apart from a few exceptions, I don't think there are any of them. Then why we cannot keep a realistic and honest approach when trading cryptos.