Nitroas (OP)
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Hello everyone, I'm interested in the issue of checking projects and tokens.
There are many projects and each shows users big plans and ambitions. But as practice shows, not all projects keep their word and people often lose money by investing in the wrong project.
Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
What do you think about this problem and what solutions do you see?
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shinratensei_
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November 11, 2021, 12:28:33 PM |
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Here's some tips to avoid the scam token in the blockchain
- You must always try to check the contract address - there are lots of scam tokens appeared used the same ticker with the real one and you must always make sure that you're trading token with the right contract address. - You must always try to track the development progress of project - this will be related to identify the fundamental of project. A project with good fundamental will not give you zero result for your investment - You must always try to make sure if the code already audited and oit's verified by the trusted parties. - there are so many scam tokens have been putting backdoor to did rugpull and run away with all of liquiidty in the pool. - The community should become an important thing to be considered as well. A good project will always have solid and big community behind it.
As long as the developed or project wants to reveal their identity to the public and that will decrease the chance for such project to be a scam project. A trusted project will always have managed by trusted developers and they will always be transparent to the investors. It's different with scam project that will always refuse identity verification.
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so98nn
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November 11, 2021, 12:47:06 PM |
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So we have a crypto project that tests whether the other crypto projects are trusted or not?
Thats funny. How I am supposed to check if the CheckDot is trusted or not? Well I would just start studying the project, have some reviews from the hunters here, get involved with their social networks, most probably would be active in the Telegram and after that I may just get some idea whether they are honest peeps with good success ahead or not.
Thats how you do it for all of the crypto projects old or new one. There is no way to secure your predictions way before timeline. For example, it would be idiotic to believe on the project which just got launched with some white paper, poor social network, too shiny roadmap etc. Even the most serious looking projects have failed for some reason or another in the past.
So be sure to keep yourself updated with what you invest and act fast according to the time. Depends you wanna buy more or sell etc.
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bilal_jan321
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November 11, 2021, 02:05:20 PM |
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So we have a crypto project that tests whether the other crypto projects are trusted or not?
Thats funny. How I am supposed to check if the CheckDot is trusted or not? Well I would just start studying the project, have some reviews from the hunters here, get involved with their social networks, most probably would be active in the Telegram and after that I may just get some idea whether they are honest peeps with good success ahead or not.
Thats how you do it for all of the crypto projects old or new one. There is no way to secure your predictions way before timeline. For example, it would be idiotic to believe on the project which just got launched with some white paper, poor social network, too shiny roadmap etc. Even the most serious looking projects have failed for some reason or another in the past.
Main thing is that there is no way one can certain that ICO is legitimate or not. Some have lost money by investing in scams while many missed the real projects on fear of getting scammed. To me it all boils down to your research and luck. There is no proven software (like the one OP referring CheckDot) that can tell the legitimization of the project. So be sure to keep yourself updated with what you invest and act fast according to the time. Depends you wanna buy more or sell etc.
Real time to invest in project is before it get listed on any exchange, you can get the real juice out of the coin if you invest before that. Once on exchange the margin of profit goes down alot.
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Bttzed03
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November 11, 2021, 02:07:34 PM |
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Another factor you should probably consider is the company or companies backing a new project. The more partnerships they have, the higher chance that the project is legit. Token sales have already evolved and you seldom see anonymous people trying to collect money from gullible people. ~ Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
Useful for complete noobs but I wouldn't recommend it to anyone. I'd rather teach them the basics (some of it already mentioned in comments above) for free. No tokens required. It's almost similar with the paid services offered by people to victims of hacks/thefts. Anyone familiar with using blockchain explorers and other tracking platforms can do the same thing.
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masterrex
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November 11, 2021, 02:14:18 PM |
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Hello everyone, I'm interested in the issue of checking projects and tokens.
There are many projects and each shows users big plans and ambitions. But as practice shows, not all projects keep their word and people often lose money by investing in the wrong project.
Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
What do you think about this problem and what solutions do you see?
IMO, I think it is too hard to determine at first until the project team hasn't been doing any KYC procedures, that's why if we just join and invest in any project without proper research or study our risk of being scammed was very high, so avoid investing when it's not properly planned, second is avoid investing on a "too good to be true, and very unrealistic project roadmap," Anyway I will try to check 'CheckDot' as you say. thanks
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dimonstration
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November 11, 2021, 02:27:19 PM |
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Hello everyone, I'm interested in the issue of checking projects and tokens.
There are many projects and each shows users big plans and ambitions. But as practice shows, not all projects keep their word and people often lose money by investing in the wrong project.
Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
What do you think about this problem and what solutions do you see?
IMO, I think it is too hard to determine at first until the project team hasn't been doing any KYC procedures, that's why if we just join and invest in any project without proper research or study our risk of being scammed was very high, so avoid investing when it's not properly planned, second is avoid investing on a "too good to be true, and very unrealistic project roadmap," Anyway I will try to check 'CheckDot' as you say. thanks Actually all points that you mention is exactly what checkdot use for. I thought this project is another bull crap but I think they have a good idea if they make there whitepaper successful. This is the solution on DeFi ecosystem. Most of the project on DeFi anonymous that's why there's a lot of smart contract audit out there that making a temporary solution on it. If there is a trusted company that will handle the audit of the team of a DeFi project. Investors will have an assurance that the project is safe. I hope that this will work and many DeFi project will consider to undergo there service to limit those scam project and shitty meme coin with anonymous devs.
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super bako
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November 11, 2021, 02:45:42 PM |
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Another factor you should probably consider is the company or companies backing a new project. The more partnerships they have, the higher chance that the project is legit. Token sales have already evolved and you seldom see anonymous people trying to collect money from gullible people. ~ Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
Useful for complete noobs but I wouldn't recommend it to anyone. I'd rather teach them the basics (some of it already mentioned in comments above) for free. No tokens required. It's almost similar with the paid services offered by people to victims of hacks/thefts. Anyone familiar with using blockchain explorers and other tracking platforms can do the same thing. It's true that the more partners the more trusted. still have to be careful too because many people create projects with fake partners who are almost the same as trusted partners. I've seen that have to be more careful. Most of those who create large partner accounts are on their own to appear trustworthy to attract investors.?
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riskarcher
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November 11, 2021, 03:00:17 PM |
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Do your own research, these are the best words in action. you just need to check the future plan in the whitepaper because there we can find out whether the project planing is clear or not and whether there is escrow in the project or not to achieve a hard cap with a certain value we also have to find out for sure so that we have parameters to determine whether the project is worth it or not that way we might avoid scam
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taufik0911
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November 11, 2021, 03:06:04 PM |
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what I usually do is look at the white paper and analyze whether this project has the potential to be a long-term project, then the background of the developer team and the last thing I analyze is the ecosystem of the token or coin because it is the ecosystem that makes the token needed and creates demand
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mbakruroh
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November 11, 2021, 03:38:41 PM |
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Looks like they are finishing a big project. They developed a swap platform. If we look at previous story projects about swaps, most of them have had success with stable coin prices. You said the previous projects did not keep their promises and in the end investors suffered losses. I think you should compare the project you want to promote with the previous project which is equivalent.
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nimogsm
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November 11, 2021, 03:43:57 PM |
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I primarily look at the project partners if there are audits, this is also a good plus.But still, this is not a guarantee of a successful project.In this industry, everything changes in a matter of minutes.For example, yesterday I lost 50% of the value of one asset due to a team error, although at first glance there was no doubt about the reliability.
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asyakashi
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November 11, 2021, 03:52:16 PM |
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Now there are companies that serve audit services for the project so that the project becomes verified. But this kind of thing also does not guarantee that the project can be avoided from fraud. Because there has been a project that was audited from certik but can still cheat. The thing that can be anticipated from the most reasonable fraud project is the path of the project. Long-term projects usually always have good progress for the future.
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mu_enrico
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November 11, 2021, 03:56:01 PM |
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Are you sure you want to avoid scams? Sometimes scam coins can get pumped so hard, meanwhile legit altcoins are just stuck without significant price movement. If you ask me, SHIB and other meme tokens are a scam, coins with pre-mine are a scam, POS coins and tokens are illegal securities, etc.
However, there are different scam "tiers." For obvious scam, such as fake tokens/NFT, you can just check the contract address, and be more diligent when dealing with NFT and dex exchange.
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eXtremal
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November 11, 2021, 04:30:34 PM |
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We need a project that can detect a new project whether it is potentially a scam or not. I've found a website like that. I forgot because it hadn't been used for a long time. Looks like Checkdot will be very useful for this problem. We really need a tool that can detect a project is right on its way or it's just a scam.
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Huppercase
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November 11, 2021, 05:20:32 PM |
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Avoiding scam is easy and at the same time, it's difficult sometimes as they happen due to error or may be lack of knowledge about something and ignorance too. Again, another thing that makes crypto scam spread is greed, it's a good thing to be greedy on your investment but not by making stupid decisions. Ignore huge returns on investment also, that way you don't have to get into anyone trap.
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OrangeII
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November 11, 2021, 05:24:30 PM |
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Hello everyone, I'm interested in the issue of checking projects and tokens.
There are many projects and each shows users big plans and ambitions. But as practice shows, not all projects keep their word and people often lose money by investing in the wrong project.
Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
What do you think about this problem and what solutions do you see?
many people ask the same thing about this. however, it all comes back to yourself, which is how deep you researched it. Avoiding scammers is possible if you know complete information about the project. team. the concepts they use, their activities, the developments they make, the products, and so on. these things are very necessary to know. Once you see a project that is good enough for you to support, you need to realize that investing also carries risks. how well you do your research, it goes back to the CEO. because they could just run with the investment money or do a rug pull. the risk will still be there, however, by doing research, the risk can be small. there is no 100% way to know whether the investment is really a good investment or not.
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DarkDays
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November 11, 2021, 05:41:47 PM |
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Hello everyone, I'm interested in the issue of checking projects and tokens.
There are many projects and each shows users big plans and ambitions. But as practice shows, not all projects keep their word and people often lose money by investing in the wrong project.
Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
What do you think about this problem and what solutions do you see?
The problem is widespread and it is because of this that many projects pull out an exist scam. Other than DYOR there is not much one can do to avoid this. Obviously, looking at the team and their experience helps but I understand some of these teams are anonymous which makes this check impossible to conduct. Though, a list of reputable investors always help. At this point in time, it is all bout conducting the right research and decide on the back of that. Also be aware of certain scam techniques
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btcltcdigger
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November 11, 2021, 07:45:44 PM |
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Hello everyone, I'm interested in the issue of checking projects and tokens.
There are many projects and each shows users big plans and ambitions. But as practice shows, not all projects keep their word and people often lose money by investing in the wrong project.
Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
What do you think about this problem and what solutions do you see?
Unfortunately, the only thing that can completely solve it is regulation. And we don't want that, not to the full extent. But best thing is DYOR and follow your gut.
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vv181
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November 11, 2021, 08:10:57 PM |
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Recently I came across a project that was created to solve this problem - CheckDot. They have a nice strategy for checking and verifying projects, which seems to be useful.
What do you think about this problem and what solutions do you see?
Why should someone diverge away from the ability to verify and check by ourselves into a third-party(CheckDot)? Does cryptocurrencies nature lose its meaning huh? Even if it's targeting regular Joe users or the general mainstream, diverging the trust into an entity is absurd. I think the solution is simple, people should take a lot of consideration when they want invest to in a project. They should not blindly be following what is happening, what is on hype, etc. They should do thoughtful research and do their diligence when investing in projects. I believe it will significantly reduce people being scammed.
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