[List] Some ways to identify scam projects

[libert19]

I have been scammed several times during my stay in crypto. Once you are parted with your money, you see all the red flags that you were unbeknownst to before. Here are some,


1) Anonymous team: No it's not next Bitcoin.

2) Most scammers don't have patience: Avoid websites with broken English and reused template that you see on hundred other sites.

3) Does product exist?: If there is no trace of it today, it won't be here tomorrow. Avoid promises.

4) Huge bonus: Buy our shit tokens for $1k usd and get 100% bonus.

5) 'Add any famous coin' killer - 'ethereum killer', 'bitcoin killer' - you get it. If you don't have your own identity you won't go anywhere.

6) Vague communication/Getting defensive when community calls them out: If you ever been in shitty project you can imagine what I'm talking about.

7) Projects who aren't transparent with their funds: Who owns the fund? What's timelock, if at all? How were they minted and in what amounts? If you don't get satisfactory answers, leave.

8 ) Don't have proper social media profiles: Find the names and search on LinkedIn, Twitter, etc. Also, these profiles should be old, not created recently. Check if they have mention of project in their bio, does the team have prior experience?

9) 1% daily return scams - One in my circle recently got scammed with this, he was excited to see those numbers jump up daily but when it comes to withdraw they won't let you.

10) Projects who claim to disrupt this and that industry with the promises like buy our token and get 500% return. 2017 was filled with this and none of them exist today.

11) Farm here and get 1000% apy: You provide liquidity to farm that nice apy, meanwhile you just paved a way for scammer to dump on a millions of worthless tokens.


There are more, you will know when you get scammed.

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[Stanlo]

There are many successful projects with anonymous teams mate, this have been around since 2018 and the project's are still doing well till date, it's true that some are scam or probably majority but not all of them, there are even few more NFT projects with anonymous teams that gives me cool profits

[SquirrelJulietGarden]

Collection of comprehensive guides on identify and avoid scam projects

Newbies are easily to be scammed by scammers, impersonators in Telegram groups, Discord channels. They are scammed by individual scammers, not by scam projects.

Cost of scam is the same, it's painful and expensive.

[libert19]

There are many successful projects with anonymous teams mate, this have been around since 2018 and the project's are still doing well till date, it's true that some are scam or probably majority but not all of them, there are even few more NFT projects with anonymous teams that gives me cool profits

Can you name those projects?

Collection of comprehensive guides on identify and avoid scam projects

Newbies are easily to be scammed by scammers, impersonators in Telegram groups, Discord channels. They are scammed by individual scammers, not by scam projects.

Cost of scam is the same, it's painful and expensive.

This was more of investment pov and projects you come across while doing that.

[cheezcarls]

Back then when I was still a newbie in the world of cryptocurrency and blockchain technology, one of the things that I didn't do was in-depth research and all I have was full of excitement and get in to the hype. Remember 2017 where the ICO hype was booming that made BTC, ETH and other cryptocurrencies skyrocketing like crazy? And even airdrops and bounties are paying that high? Yeah, I was there it's like I don't care at all as long as I've joined whether investing on it or participating in these airdrop/bounty programs.

Yes I did made a lot and I'm blessed, but I'm also losing some too that I didn't do my homework that made me prone to scams. I've learned my lesson until now, and these projects are unpredictable where we could only invest on what we can afford to lose. These are exactly the points that I am considering before investing in such projects.

[lovesmayfamilis]

I agree with you. First, the question is important: what does the advertised project need a blockchain for? A real team with previous experience also adds credibility to the project.
Also, OP, you forgot one more point that I like to check for plagiarism. This is an independently well-written White paper, without plagiarism, and even links to copied resources. There must be a competent presentation of all plans. A good project must understand how to communicate and convince investors about its roadmap.
Also, many are in a hurry, having barely created a website, they offer to invest. It is worth checking the date the site was created. Recently created sites should not be trusted. Most often these are one-day, which, having collected a certain amount, quickly disappear in an unknown direction.

[Igebotz]

Also, OP, you forgot one more point that I like to check for plagiarism. This is an independently well-written White paper, without plagiarism, and even links to copied resources. There must be a competent presentation of all plans.

There are a lot of scam projects/teams out there with great whitepapers and a very realistic roadmap. These scumbags can even hire a good whitepaper writer, but the only thing they never get right is the team and advisors, which is why most of them use anonymous teams to hide their asses. Without a sure, whitepapers are important because many scammers do not want to invest much in their scam business and instead duplicate whitepapers. When I visit a site, the first thing I look for is information about the company. I look for information about when they started the project and compare it to the date the site was registered. For example, if the site says they started in 2020, but the site registration date is in 2013, then that's a No from me

[bL4nkcode]

There are many successful projects with anonymous teams mate, this have been around since 2018 and the project's are still doing well till date,

People doesn't care if the team is anonymous team on early days of cryptocurrency, since they just introduce the project then let the open source community handles unlike now that they need investments which is too risky for investors to take these projects from anon team. In which I don't know what project/crypto you're talking.

[Twinkledoe]

Also, OP, you forgot one more point that I like to check for plagiarism. This is an independently well-written White paper, without plagiarism, and even links to copied resources. There must be a competent presentation of all plans.

There are a lot of scam projects/teams out there with great whitepapers and a very realistic roadmap. These scumbags can even hire a good whitepaper writer, but the only thing they never get right is the team and advisors, which is why most of them use anonymous teams to hide their asses. Without a sure, whitepapers are important because many scammers do not want to invest much in their scam business and instead duplicate whitepapers. When I visit a site, the first thing I look for is information about the company. I look for information about when they started the project and compare it to the date the site was registered. For example, if the site says they started in 2013, but the site registration date is in 2013, then that's a No from me

We have seen a lot of projects with well-written whitepapers and yet, they ended up failure. Most of them haven't realized their objectives. They will just give you promises while they are crowdsourcing. They will do this, and do that. But once they get a hold of their money, they will start to slow down their communication with their community up until you can't get any more updates from them. If you've been here long enough, you will see a lot of scamming techniques that you can already spot at first glance.

[Cadaver20]

You have mentioned very good points. However, there are many other ways to identify scam projects. I would like to mention two more points here.
 1. Plagiarized Whitepaper: This is a very good way to identify a scam project.
 2. Inconsistent roadmap of the project: There is no consistency in the roadmap of the scam project.

[lovesmayfamilis]

You have mentioned very good points. However, there are many other ways to identify scam projects. I would like to mention two more points here.
 1. Plagiarized Whitepaper: This is a very good way to identify a scam project.
 2. Inconsistent roadmap of the project: There is no consistency in the roadmap of the scam project.

Probably the good white paper you and I mentioned doesn't count as an argument for the OP. If you pay attention, he agrees with Twinkledoe's comment.
Nevertheless, we see a lot of scammers on the forum, and at first glance, scam projects are striking, for those who understand this.
But the absence of important signs, a real team, a document, and a good organization, I think, signals even more about a scam than the presence of all this.
In this case, yes, I have long stated that 98% of all projects that appear from time to time are scams and are doomed to failure.

[Looper_U]

I've seen few projects became successful with anonymous teams and they are mostly privacy coins but yes OP is right that it can be a signal for scam projects, the most effective trick for scammers is luring people with attractive offers, when an offer is too good to be true don't think twice about it

[Pmalek]

It's getting harder to spot a scam project these days, because most of them claim to have x100 or even x1000 potential.

There you go, you just did it. All projects claiming or guaranteeing you that you will see gains of x100 or x1000 are a scam in one way or the other. No serious project would say that. Have you ever seen Satoshi or the Bitcoin developers say something like that about Bitcoin? Their focus was on revolutionizing the payments industry, not giving promises that are out of their hands.