How to detect scam token on Binance Smart Chain

[o48o]

1. Bogus total supply

What does this even mean? What does total supply have to do with anything? Well maybe if it's not dividable enough there would be a problem but if there's a max supply at all it's all good ans scarce.

[wxa7115]

"How to detect scam token on Binance Smart Chain"

If it's on Binance Smart Chain, it's a scam.

It doesn't mean all of scam coins are developed by using Binance Smart Chain, but it’s true that right now i see most of SCAM coins in BSC if will compare with Ethereum blockchain although BSC is decentralized. And i think also it can be, scammers target BSC because here it's easy to create a new token. Scam coins existence in every blockchain comparatively low instead of BSC.

Scammers move were the money is, back then when ethereum had almost a monopoly compared to other smart contract coins most of the scams concentrated on the ethereum network, and this gave ethereum a bad reputation among some investors as a facilitator for those scammers.

But now that there is a huge level of competition in that market and the binance chain is extremely popular then it is understandable that now a great deal of the scammers have moved on and now they are trying to scam people in all kind of platforms.

[stepwilli]

Knowing whether a project is legit or not requires you asking a lot of questions about the project. These can be some common–sense questions, but they can really helpful in helping you know what you’re dealing with here. It’s good to understand that the purpose that the team or developer has created the project; is it something unique, is it being helpful to the community?

All these questions are questions that should cross your kind when you’re looking for a project and they can really help you in knowing whether a project you’re seeing the smart chain is really worth it or not, or whether it is scam or not.

[Erumo]

When you are able to detect that project is scam, then you have faced newbies and they wont be able to get anything. You can only give yourself a badge of detecting a lazy, stupid and newbie cheater. I see only one way to detect - to lose money in it. All other methods are needless. All other methods will lead you only to detecting unsuccessful projects (which people often confuse with scam).

[TimeTeller]

Knowing whether a project is legit or not requires you asking a lot of questions about the project. These can be some common–sense questions, but they can really helpful in helping you know what you’re dealing with here. It’s good to understand that the purpose that the team or developer has created the project; is it something unique, is it being helpful to the community?

All these questions are questions that should cross your kind when you’re looking for a project and they can really help you in knowing whether a project you’re seeing the smart chain is really worth it or not, or whether it is scam or not.

If you are sincere in investing on a particular project, you need to do your homework because no one else does.
You can easily spot substandard projects on how they answer valid questions given to them.
If they are giving you generic answers with no defined path to take, they are only here for short-term.
Most serious projects have a comprehensive plan to execute their objectives.
But if you will see a generic roadmap with seemingly vague whitepaper content, better not pursue your plans.

[BuNga_cute]

Knowing whether a project is legit or not requires you asking a lot of questions about the project. These can be some common–sense questions, but they can really helpful in helping you know what you’re dealing with here. It’s good to understand that the purpose that the team or developer has created the project; is it something unique, is it being helpful to the community?

All these questions are questions that should cross your kind when you’re looking for a project and they can really help you in knowing whether a project you’re seeing the smart chain is really worth it or not, or whether it is scam or not.

If you are sincere in investing on a particular project, you need to do your homework because no one else does.
You can easily spot substandard projects on how they answer valid questions given to them.
If they are giving you generic answers with no defined path to take, they are only here for short-term.
Most serious projects have a comprehensive plan to execute their objectives.
But if you will see a generic roadmap with seemingly vague whitepaper content, better not pursue your plans.

When we are going to invest, we must be careful in analyzing the projects we will choose, make sure we choose projects based on the results of
our own research and analysis. Don't rely on other people's opinions who aren't guaranteed to be accurate. That is the importance of studying
the crypto world well, so that we can avoid investing in scam projects. We can see how the development team describes their project, if indeed they
explain unsatisfactorily it should be a warning to us as investors. Due to good projects, have a team that can explain the project well and convince
investors that the project does have a bright future. Sometimes we really shouldn't be in a hurry to choose a project, there are many things that
we must confirm first before entrusting our money to certain projects.

[Psynthax]

also in the present because the ERC-20 token in 2018 is a trash token which will eventually become a scam and the BSC token whose owner is not clear will also become a scam in the end so it is actually already almost similar to the past although you are late to realize it now.

yeah if its just the same as the past like ERC20 trends that are being heavily infested by some scams project then I guess BSC is just repeating the cycle and basically most of the projects that are in the platform of BSC are just some zero sum game altcoins that could be considered just a shitcoin.
everyone could literally make a profit out of these kind of altcoins but always remember that these kind of altcoins aren’t real investment because it depends in other side losing either due to momentum and maybe late in following the band wagon, regardless, still BSC is a platform thats heavily infested by some scams project better avoid it at all.

[adzino]

1. You need to sincerely and without bias, study the project whitepaper. A scam project will always use ambiguous words and big grammars to confuse their readers. They would use words like "Blockchain, DeFi, Technology, Node, Proof of Work (PoW), Proof of Stake (PoS) etc. With this they make their readers especially those new to the space to assume that they are well informed about the ecosystem thereby buying their trust with ease.
A good project would outline the core use cases of their token clearly stated on their whitepaper.

2. You should check whether the identity of the team members are known. Most scam projects do not reveal their identities so that they won't be easily traced. Most of them use false or fake names and social links to further buy the trust of their investors.

1. These are most commonly used word when describing blockchain or crypto currencies. These aren't some "ambiguous words or big grammars" like you stated. I don't thing anyone should be judging a project based of "words" or "grammars".

2. As far as I know there were some projects that had their identity verified, but they still managed to scam their investors. Not directly, but in such a way that nobody could blame them for losing money. And like you said, some teams uses fake name and images. and there are also projects that has anonymous developers, yet they never scammed anyone.

To be honest, most of the shitcoins or tokens are found in Binance smart chain. If it is some random token on BSC, it is very likely a scam.

[Adbitco]

"How to detect scam token on Binance Smart Chain"

If it's on Binance Smart Chain, it's a scam.

Agree! Binance Smart Chain is a red flag for me, once I saw altcoins that are built on Binance Smart Chain (BSC), the red flag was already for me.
But I believe there is a lot of good projects there also, like some projects started to that chain and later on, they will migrate on other chains.
I believe that most of projects right now on Binance Smart Chain (BSC) are just want people's money, most of them are not legit.

I understand.. recently I began to see most token sent to my wallet after I swap or execute any transaction with my wallet I kept wondering who could release such volume of token share to address on BSC the most funniest thing is that when you track the value of those tokens on poocoin you will see an equivalent in dollars which might be tempting to swap and immediately one does that his/her account will be sweep off. so i m really careful with BSC token irrespective that many project owners endorse it for easy transactions to their clients.

[kojektea]

7. They carry out long pre-sale period spanning between 3 to 4 months which allow investors to buy any amount. This is to enable them to raise as much fund as they can because almost anyone can afford their pre-sale.

in this pase I'm sure they offer it at a fantastic price, such as discounts of up to more than 50%.
This is the trait of a scammer that is the easiest for me to meet, even their social media content only contains
tweets about public sales without their ecosystem or application.
In addition, they usually only make public sales on their own website without IDO or third parties and it is done from start to finish.
Unlike the truly successful projects, they usually promote directly to the big guys as their main investors, then leave a little allocation
for public sale as profit for the community who buys first to get a cheap price.

[TopT3ns]

I understand.. recently I began to see most token sent to my wallet after I swap or execute any transaction with my wallet I kept wondering who could release such volume of token share to address on BSC the most funniest thing is that when you track the value of those tokens on poocoin you will see an equivalent in dollars which might be tempting to swap and immediately one does that his/her account will be sweep off. so i m really careful with BSC token irrespective that many project owners endorse it for easy transactions to their clients.

With higher values usually as scam coins and I have received many kinds of smart chain scam coin in my wallet although looks on swap have value above $500 until $2,000 but you was right need checking on poocoin. Almost smart chain binance coin always listed on dapp exchange like Pancake swap until Poocoin but most trusted to know about good or not some coin use Poocoin because you can see with how much USD value for coin locking or developer make liquidity, we know if potential and trusted coin will add liquidity above billion USD.

[omone1]

Your points are not totally valid. Maybe you don't know the supply of shiba Inu  and other top performing Meme coins. I was expecting to see how to runsome contracts and track some hidden agenda.

[wxa7115]

7. They carry out long pre-sale period spanning between 3 to 4 months which allow investors to buy any amount. This is to enable them to raise as much fund as they can because almost anyone can afford their pre-sale.

in this pase I'm sure they offer it at a fantastic price, such as discounts of up to more than 50%.
This is the trait of a scammer that is the easiest for me to meet, even their social media content only contains
tweets about public sales without their ecosystem or application.
In addition, they usually only make public sales on their own website without IDO or third parties and it is done from start to finish.
Unlike the truly successful projects, they usually promote directly to the big guys as their main investors, then leave a little allocation
for public sale as profit for the community who buys first to get a cheap price.

Exactly, scammers only care about one thing and that is the money they can make, this is why they offer those huge discounts, people on their haste to make money do not stop to think what those discounts really mean.

After all if I was a developer and I knew that my project was legitimate and it had a chance to become incredibly popular I will never offer a discount on my coins, I will let the community to buy as many or as little of the coins as they want and begin to work right away to show them they did not made a mistake by trusting me, however when it comes to scammers we see the opposite, they are only interested in the marketing side of the project and do not really care about the potential development of their coin at all.

[mdzahed134]

(1) Usually I look for a scam binance smart chain project or not, judging by the Website, whitepaper, Roadmap, the team and the community, usually the scam projects are all bot communities, whether it's on telegram or twitter.

I think it’s really very difficult to judging or identifying a project based on their social media and whitepaper or something like that. Sometimes you will see a project so much promising and they have been raised millions of dollars even token price spike 10x from pre sale price but scammed within a month, I'm talking about CatenaX especially where i was a small investors.

[abdullahazeem2034]

Scan any BSC Token before buy from this HoneyPot Detector https://honeypotdetector.net/

[D ltr]

coin scam dibsc can be seen from the unexpected distribution and non-existent price, where there is no progress in the project and bugs often occur

[davincicode666]

coin scam dibsc can be seen from the unexpected distribution and non-existent price, where there is no progress in the project and bugs often occur

I also very often see tokens going into the wallet by themselves without following anything and not knowing it at all, and that is a sign that the token is a scam, because entering for free unexpectedly is something to be suspicious of even if it should be ignored in the end.

[GigaBit]

Based on the information provided, it is not possible to understand which is a scam and which is not. Usually some projects are started to scam. They make every effort to attract investors. Scammers do not usually keep a close eye on any type of error. However, some scammers have always wanted to keep their identities secret so that any such incident should be put on the list of suspects.

[tvplus006]

I also very often see tokens going into the wallet by themselves without following anything and not knowing it at all, and that is a sign that the token is a scam, because entering for free unexpectedly is something to be suspicious of even if it should be ignored in the end.

Very often, the name of such coins consists of the domain name. Scammers specifically act in such a way that after you failed to exchange such a coin for DEX, you will go to the domain of the same name and connect your wallet there. After that, coins will be withdrawn from your wallet.

[Dessy88]

You can check data from those coin contract address and last transactions for exchange then you will understand this token legit or not. I got one scam token two days ago from Binance smart chain address then i gonna sold it but still lock there token contract. If you want know how many transactions they have then you can see lot of.