How do I know if an altcoin is a scam?

[vabchgent]

I think To know that it is an Altcoin scammer is the first to not have a strong team, and not to have great investors. then the next step To find out that it is a scam altcoin not listed in Coinmarketcap. I think like that

Not being listed in coinmarketcap is the last point for new projects, because the main thing that the project developer must prepare is a completely transparent team structure and a roadmap that really makes sense, so that with that they can also publish their cooperation partners so that investors can come by themselves.

true as what you said, but we can also find out on coinmarketcap whether it is listed there or not. I don't believe in a big campaign being carried out by a bounty project team if the token they are developing is not listed there on coinmarketcap.

right, sometimes even registered tokens suddenly disappear from the coinmarketcap list, and when that's the case we can predict that the price has turned to ash, and the capitalization is certainly low. but there are also incidents after being lost for a while and then reappearing on coinmarketcap, and we must be careful to deal with situations like that

Yes, and that's why it's very important to work with your knowledge, there are project that seems being legit but suddenly things
went wrong and the project died eventually.

you need to add more time and patiently work with each coins that you are targetting the participate.

Listed coin might give you some breathing just continue to follow and monitor the project.

But in those cases you are often left with no options. If a project seems legit and even the developers show their faces publicly, there isn't much you can do if out of a sudden they turn into a scam project. You could sue them but as we have seen in the past the chances for success in such a situation are often very minimal because you can't prove their malicious intentions to scam all the investors in the first place.

[iTradeChips]

It's not very easy to identify a scam project because scammers always very smart and tricky. But some sign May make projects scams .... Fake whitepaper, fake Team management, poor community, no definite roadmap and exchanges arrangements.

The level of complexity these scammers can achieve these days are surprising and also I think can be called impressive if you are going to consider the ways that they were able to execute it. The newbie investor should be wary and be always aware of the ways they try to attract people in joining their fake projects. Also if you happen to hear testimonials from other people that gives negative information about the project then we should consider checking further and making sure that we can somehow be able to prevent the newbies from investing to such projects.

[Vaculin]

There are plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.

If they have an ANN thread here, you will know if they are not potential because they will not gain posters and the thread will not be popular, sometimes they hire shill to bump the ANN thread with a nonsense posts, but we have a lot of legit who care for the investors, so we will know about their reputation if we follow the thread.

[distr@yopmail.com]

There are plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.

If they have an ANN thread here, you will know if they are not potential because they will not gain posters and the thread will not be popular, sometimes they hire shill to bump the ANN thread with a nonsense posts, but we have a lot of legit who care for the investors, so we will know about their reputation if we follow the thread.

this forum really helps investors to be more careful in choosing projects. there are still many members who care about all this. Many scam projects have been reviewed and have been proven to be scams.
sometimes we won't know a scam altcoin before they are listed on the exchange. if they are not on the exchange just as a display in your wallet, then you have been deceived by the scam project that you are participating in.

[Wildwest]

If we still have doubts about a project let alone pre-sale is still locked then do not invest in the coin because it could be a scam, and it would be nice to choose a potential coin because the coin is already guaranteed far from scamer, scam a coin is sometimes very difficult for us to detect so many who take a toll, therefore we must be careful in making decisions in investing from a coin.

[survivor672]

It is very hard to identify legit project these days. There are lots of scam project in cryptocurrency market nowadays. As for me , i rather stick to old project from number 1-40 in  coinmarketcap. In most cases, some of the project that has no team are fake while  some who claimed to have team whose  Linkedin profile are a month or 2 months old are fake.

[barabeku]

There are plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.

Ideal is when you know coding at least a little, so as to look through the smart-contract that is said to be the only source of truth. Personally I check different functions like mint, transfer, setmigrator to find out how this smart-contact works. If you can't understand anything in their code, it will be a good thing to read the response of auditors if they were audited, which is also an indicator of reliability and security.

[DOH!]

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?

First, my approach is to go to the telegram group and try to do some tests there, regularly checking how the group is performing, its seriousness, commitment, and communications.  Are they professional or not?  I think this exchange will define the project, and also be the most effective way for me to invest.  My suggestion is don't believe their 100x, 50x promises.  Lol, the value of the project is long-term sustainability, no one knows even dev team

[bitcon]

There are plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.

You are right that we should check whitepapers and roadmaps to find out how this project is going to develop, how it works. But it is not very easy to find tricks on their documents, especially for newbies who haven't seen many other examples before.

So one more very important indicator is community and social media. You can judge from the number of people in the community, if devs answer the questions on social media and if they show all their work.

[cheezcarls]

I would not easily believe those projects (especially shitcoins) who claimed that this will be the next 100x, 500x, 1,000x coin or something like that. It's a red flag to be honest and very risky as well. If that altcoin doesn't have an impressive real use case and ended up almost copying other's concepts without uniqueness, then I would doubt that it will grow. If their liquidity is not locked and no renouncement at all, I would doubt that project would operate in the long run.

It doesn't matter if the team is doxxed, because all of these altcoins are subject to price volatility and was played by the buyers and sellers.

[fortune1002]

Don't believe until you have a suspicious feeling. If they have uploaded their project information then you can check their project goals, aims, team experience, and tokenomics. I hope then you will find what question you should ask or may you will get the truth of their project.

[Qikiye]

Don't believe until you have a suspicious feeling. If they have uploaded their project information then you can check their project goals, aims, team experience, and tokenomics. I hope then you will find what question you should ask or may you will get the truth of their project.

scams projects have all features ok but scams projects have poor communication and experience. They don't control over communication and sometimes they inactive in social media. They arrange fake team and whitepaper and roadmap.

[no-ice-please]

There are plenty of red flags indicators that you can look at every time you are looking and wanting to invest in an unfamiliar altcoin. One of my indicators is whitepaper if the information about the project is not clear and doesn't have any use-case then its for me a very doubtful altcoin. Another is their roadmap if its not clear as well then its a red flag for me.

You are right that we should check whitepapers and roadmaps to find out how this project is going to develop, how it works. But it is not very easy to find tricks on their documents, especially for newbies who haven't seen many other examples before.

So one more very important indicator is community and social media. You can judge from the number of people in the community, if devs answer the questions on social media and if they show all their work.

The first thing you should check when you look at the white papers and the roadmaps is whether or not those things are plagiarized. WE have had many cases in the last couple of years where anonymous teams just stole white papers and roadmaps, rephrased it here and there a little bit (and sometimes not even that...) and put it up on a well looking website, claiming that it is their project and they are super ambitious but can't dodge themselves because their government is against crypto... Same story all the time and I would only very rarely touch a coin where the team is 100% anonymous. It is just too risky.

[m.rifki]

It's hard to know a project will be a scam or not, especially for beginners, because sometimes the project looks very convincing but in the end the developers run away or the project is suddenly terminated, maybe we can only anticipate it by doing careful research on the project, by understanding the whitepaper, researching the track records of the development members, and looking at the schematic of the roadmap created for the project.

[Saisher]

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?

These farming sites have time-locked features check if their time locked is enough for investors to check if they implementing a new code, check Rugdoc if they are being monitored I don't invest in projects that are not monitored by RugDoc when investing in farming sites, there are so many risks involved in new farming sites I recommend investing in established farming sites like Uniswap.

[wajik-tempe]

It is very difficult to detect which is a real coin or a scam coin. I think one of the ways to find out a real coin or a scam coin is information about the founder or the team. There are also several ways for ICOs or coins to deceive investors, these coins use fake teams. Therefore you have to check each team member, you have to do deeper research on certain people whether there is a possibility that the identity of the team really exists and does not just appear for ICOs or seeking funds.

Many projects team are using fake identity, sometimes they are just using random google avatar and random name and then created a linked in account with ton of great experiences at work. So i think the best way to detect scam is joining their group, telegram group or any social media and look how they answer the question by the people, or ask questions to them and look how they answer and ask for evidence of their project running well.

[goinmerry]

There are obvious scams and good scam attempts.

On obvious scam, no need for further research as you just need to use your brain. Examples are, you need to buy a coin then some too good be true rebate will be given. Another one, high yield promises once you become an investor and so on.

On good scam attempts, you will never know until you found a hole. Or if too late to recognize, you are doomed.

The best thing to learn is how to find good altcoins rather than how to find if an altcoin is a scam. Don't risk on new coins if you don't know how to.

[lizarder]

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?

There are several things you should know before asking a question to the coin owner, it could be that your question is misinterpreted, so you will be the one to blame in this case.

Check the coinmarketcap site whether it's registered, make sure the coin is registered and can be traded on the exchange, if after checking it's there maybe you can just ask, but to ask them first you have to praise, without being considered excessive.

I think people/owners of Crypto coins really appreciate everyone's questions, they will still respond well to all complaints, if we ask nicely, people will answer well too. Appreciating people is actually easier for us to get information.

[MarjorieZimmermanGinger]

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've also experienced the same thing as you, after looking for as much information as possible, I finally tried to contact the owner on telegram and email, they also said the pre-sale was locked.

They directed me to be patient, because the coin will be opened next month, it is impossible for the coin to be fake if it has been registered on the coinmarket and Excange, there is a high possibility that they are playing the market, to find the best value for the coin.

Try to be patient in the next few months, maybe a pre-sale will be opened at the right time, if it doesn't go up the price will go down, there are only two possibilities that will happen.

[no-ice-please]

It is very difficult to detect which is a real coin or a scam coin. I think one of the ways to find out a real coin or a scam coin is information about the founder or the team. There are also several ways for ICOs or coins to deceive investors, these coins use fake teams. Therefore you have to check each team member, you have to do deeper research on certain people whether there is a possibility that the identity of the team really exists and does not just appear for ICOs or seeking funds.

Many projects team are using fake identity, sometimes they are just using random google avatar and random name and then created a linked in account with ton of great experiences at work. So i think the best way to detect scam is joining their group, telegram group or any social media and look how they answer the question by the people, or ask questions to them and look how they answer and ask for evidence of their project running well.

What I would suggest is ask for a live AMA via Youtube or anything like that. If they deny and tell you some adventurous story why they need to stay anonymous, just stay away from the project. These days there is no need to hide from the public if you launch a great blockchain project. There is a very small number of countries cracking down on it so if you have a great idea and want to pitch it to the public, why would you want to hide?