Lessons learn so far

[JoyMarsha]

Crypto scam has become the order of the day in cryptosphere. Cryptosphere has experienced more scam projects since her days of ICO's, IEO's to her present state now(IDO's). So many scams project I have seen so far looks legit but their goal is to dupe people of their hard-earned money without conscience.
Investors are losing their money on new projects on a regular. Although I have come up with simple lessons you can learn from this scam:
1. Never invest in projects that ambiguity in their process
2. Never invest in a coin that has more than 50% of tokens or coins owned by development or team
3. Never invest in projects that sell coins or tokens from team wallet daily
4. Never invest in a project which is not audited by a recognised auditor.

What lessons have you learnt from scam projects so far? Anybody can fall for scam projects not only newbies.

[Little Mouse]

True.

But who are the recognised auditor? I really have no idea. I only know certik and another one I have seen on coinmarketcap but if I'm correct, their audit means nothing. A lot of shitcoins have the same audit certified.

If I were to invest in any ICO, I would pick the exchange launchpad and simply go with them though it's not great return for small investors.

[passwordnow]

It's also the NFTs that have a lot of scam projects that were built. Investors are still seeking those projects that can make them a lot of money. And because of that goal, they're the easiest to become targeted by the scammers. As they invest to seemingly look legitimate projects, they're jumping to the conclusion quickly that these projects will make them money just as they want. But they don't know that it's just a tactic that these scammers have been kept doing. If these investors don't play vigilant with the said new projects that anyone will invest, they'll just go through a cycle that they'll become a victim again.

What lessons have you learnt from scam projects so far? Anybody can fall for scam projects not only newbies.

It is not to trust quickly. Even if the project is truly promising and legitimate, never be lazy to make your own research and verification.

[cryptoaddictchie]

1. Never invest in projects that ambiguity in their process
2. Never invest in a coin that has more than 50% of tokens or coins owned by development or team
3. Never invest in projects that sell coins or tokens from team wallet daily
4. Never invest in a project which is not audited by a recognised auditor.

Seems a strict one. For number 2 point. Its fine as long as the 50% owned is locked with a very long period and has vested one. There are some projects with this but had a good release for team and advisor tokens.

Auditing is a must, this is one should always take into account so any form of release by code failure could be identified.

[Mpamaegbu]

Crypto scam has become the order of the day in cryptosphere. Cryptosphere has experienced more scam projects since her days of ICO's, IEO's to her present state now(IDO's).

OP, you wouldn't know all that about ICOs and IEOs first hand except you were here around that era of 2017-18. It was an era of mixed feelings with gains and losses to scam projects. What we experience now isn't anywhere compared to what happened then by my judgment. Now, from the items listed in 1 – 4, I place more searchlight on number 4. I don't miss any project audited by Certik if I can afford it. That's the audit firm I trust more than others.

[mk4]

Coinmarketcap and coingeko should at least help to list projects that have a bankroll. They shouldn't be listing projects just like that(to collect money) for listing sake without knowing or seeing their funds.

That's a lot more complicated than you think it is. A project's team can literally have X amounts of funds today, and have X-Y amounts of funds tomorrow. You can't expect a marketcap listing site to monitor all that lmao.

Majority of investors have fallen into trap of scam projects due to it's listed on coinmarketcap and coingeko.

Or maybe these so called "iNvEsToRs" should be smarter instead.

[VRExpress]

True.

But who are the recognised auditor? I really have no idea. I only know certik and another one I have seen on coinmarketcap but if I'm correct, their audit means nothing. A lot of shitcoins have the same audit certified.

If I were to invest in any ICO, I would pick the exchange launchpad and simply go with them though it's not great return for small investors.

You are right crypto auditing means nothing, I will be very happy if the audition is passed to respected platforms like binance exchange's coinmarketcap, these team wants to keep their reputation intact as long as possible.

[isaac_clarke22]

~

Well I wouldn't obviously "invest" to a project if I do not have an idea what they're doing or where they are going to use my money.
This kind of reminded me when we were presenting Entrepreneurship Project back in the days where there are three so-called "investors" that needed to be given knowledge of what in the world are we trying to propose to them.
As for OP's question, even if I wasn't hunting for project, I would just say that I learned that nobody gives a crap about you when someone firstly or initially calls you from a reputated company without you even recalling that you contacted them, it's a scam.

[Peanutswar]

This is the reason why do we need to make research before committing investment to a project. Today there are a lot of influencers, streamers and groups promoting a project or a coin of course the newbies are now trying to earn into the world of crypto too and just makes a follower because some of them want to reason out they don't have time to make research all they do just become dependent to that source and once they got falls back and their assets got half they are now starting to blame. Most of these projects are in the binance smart chain again be careful to the rug pulls, and honeypot. Always take profit don't get greedy.

[hugeblack]

The advice you gave is related to scam, but even if the currency is not scam, it may not be a successful investment, in the end you are investing to make profits.

Investment to be successful must achieve many things, the most important of which is solving a fundamental problem, continuous development, and future plans, all of which may not lead the currency to success, so unless you have enough experience, it is better not to invest in cryptocurrencies, especially altcoins.

for now you can invest in BTC, ETH, and some good marketcap alt

[AakZaki]

and for another addition, don't invest in projects whose developers are not clear because it will have an impact on future projects. Who wants to invest in a project whose origins are not clear.
the most important thing is to do as deep and detailed research as possible. Even though the development team is complete, research should also be done because many new projects use fake developer teams.

[Oceat]

and for another addition, don't invest in projects whose developers are not clear because it will have an impact on future projects. Who wants to invest in a project whose origins are not clear.
the most important thing is to do as deep and detailed research as possible. Even though the development team is complete, research should also be done because many new projects use fake developer teams.

Some people won't find what are the importance of knowing who are the creator or the development team, especially newbies, so it would take some common sense to know whether it's a scam or not. That's why newbies now is required to practice doing their own research even if it's not about investing just always make some time to do your own research. Once you are knowledgeable enough especially in crypto plus a common sense then it would be perfect and they can't easily scam you.

Sometimes curiosity help us to learn, so don't stop, ask a question, to feed your curiosity.

[BIT-BENDER]

Crypto scam has become the order of the day in cryptosphere. Cryptosphere has experienced more scam projects since her days of ICO's, IEO's to her present state now(IDO's). So many scams project I have seen so far looks legit but their goal is to dupe people of their hard-earned money without conscience.
Investors are losing their money on new projects on a regular. Although I have come up with simple lessons you can learn from this scam:
1. Never invest in projects that ambiguity in their process
2. Never invest in a coin that has more than 50% of tokens or coins owned by development or team
3. Never invest in projects that sell coins or tokens from team wallet daily
4. Never invest in a project which is not audited by a recognised auditor.

What lessons have you learnt from scam projects so far? Anybody can fall for scam projects not only newbies.

Every scam project looks legit is better you remove the out look of a project from your criteria when looking for a project you are bound to fall for scammers. I have seen project that the team doesn't own any percentage and still scammed people, all this are paper work all they need is one perfect looking article even if it's a lie. Even certik has audited failed project, well nice points you have made but it still boils down to the fact that it's risky investing in new project.

[Coyster]

Coinmarketcap and coingeko should at least help to list projects that have a bankroll. They shouldn't be listing projects just like that(to collect money) for listing sake without knowing or seeing their funds.
Majority of investors have fallen into trap of scam projects due to it's listed on coinmarketcap and coingeko.

I am afraid neither CMC or Coingeko would carry out research for an investor, it is the duty of an investor to be selective on the projects they want to invest in, having it in mind that there are a lot of scam projects out there and only very few are legitimate. These sites characteristically are first of all concerned about making money for themselves and you can't blame them for that, and mind you that even if they are to implement what you are suggesting, scam projects will still one way or another circumvent this, it is just completely complicated and risky investing in new projects.

What lessons have you learnt from scam projects so far? Anybody can fall for scam projects not only newbies.

Of course anyone can be scammed. I've learnt that all of them look shady and too good to be true from the beginning, with impersonators as project team/owners; it is much better one invests in a long term project like Bitcoin.

[MidNite36]

Coinmarketcap and coingeko should at least help to list projects that have a bankroll. They shouldn't be listing projects just like that(to collect money) for listing sake without knowing or seeing their funds.
Majority of investors have fallen into trap of scam projects due to it's listed on coinmarketcap and coingeko.

That's not the reason why coingecko and CMC existed in the first place,it's never their job to monitor bad projects and separate the good ones aside, investors should take that responsibility on themselves, it's investors money to begin with, they are the boss of themselves.

[Pmalek]

Majority of investors have fallen into trap of scam projects due to it's listed on coinmarketcap and coingeko.

CoinMarketCap and CoinGecko list projects to make money. Exchanges take money to list projects as well. Whether or not the project is listed on something like CMC, shouldn't matter to the investor. You shouldn't trust me to tell you where to invest your money. You shouldn't trust CMC, Binance, Vitalik, or anyone else. Only the person who has set aside money for investing should decide what is worth the risk and what isn't. And the way to do that is to research everything there is about the project and everyone close to it.

[Kelvinid]

That means we need thorough research and wait for the projects to show how they perform before investing. But sometimes, some projects have a good start, people make-believe because of what they saw somehow, they'll turn into an exit scam. Like these meme coins, like ICO, IDO, and so many projects that are turned to a scam after gaining demand and trust from the community. We can't avoid scams no matter what we do, it some time we fail upon detecting them that was the truth.

[Issa56]

Coinmarketcap and coingeko should at least help to list projects that have a bankroll. They shouldn't be listing projects just like that(to collect money) for listing sake without knowing or seeing their funds.
Majority of investors have fallen into trap of scam projects due to it's listed on coinmarketcap and coingeko.

I don't really think coinmarketcap and Coingecko are doing any research about the project which they are listing, if you can just pay them then they will list your coin which is very bad, most people always have faith in the coin which have been listed on coinmarketcap and Coingecko, so I believe they should always do research about a coin before they list the coin, if the coin is having any use case.

[GowithMi_GMAT]

I plead with the owners of this platform, to please help throw more lights,ideas, informations for we the newbies to comprehend, personally because of the level of internet scam, I stopped anything internet way making money, until this platform, thank you very much for opening this forum, God bless you.

Your request may deviate a bit from the forum rules section which says "modetarors don't moderate scams" but the community here is very friendly so it reminds each other not to invest in suspicious-looking projects. And if you don't like high investment risk appetite, then you can invest in "bitcoin".

[Lordhermes]

That means we need thorough research and wait for the projects to show how they perform before investing. But sometimes, some projects have a good start, people make-believe because of what they saw somehow, they'll turn into an exit scam. Like these meme coins, like ICO, IDO, and so many projects that are turned to a scam after gaining demand and trust from the community. We can't avoid scams no matter what we do, it some time we fail upon detecting them that was the truth.

Exactly,proper research will enable one know the type of project to invest in, and there are many sites that actually give a hint on the different projects one can invest in that will bring good returns in the nearest future.
Whenever we see that,it is good to invest in those type of projects immediately.
Having a strategy to use in trading is another thing,because we need to use different approaches while trading,and as the day goes by,so do the strategies changes too,therefore good understanding will enable one know how to follow those projects up.