Avoid Scam Projects

[Gcrypto786]

Greetings BitcoinTalk Community,

Just in case for the Newbie, I want to share some precious information regarding Scam Crypto Projects and Legit. As you all know that there are many Scam projects introduced in the market and many new users become victims of those projects, So to avoid it you need to do the following:

1)   Do Your Own Research (DYOR), instead of believing in the Project Team, Ads, Marketing, Hype, etc.
2)   Avoid all the non-related users, who ask for payment or pretend to be a member of well-known projects, as actually, they are trying to Scam you by using different means, like:
If a project has Telegram Community and there is an admin with the name “Dan Joe” and you get a PM from the same name person, then don’t just believe him/her as they can use the same name but you have to verify the user from the community or by cross-check his username by clicking on the user name.
3)   If a project guarantee 100x or 200x profit return, then avoid such projects in terms of investment, as this is also a trick to trap you.
4)   Avoid Low grade, Less Secure, & have no proof of record on CMC, Coingecko, etc projects.
5)   In terms of real investment select those projects whose aim is to be listed on the Top exchanges like Binance, etc.
Please keep all the above basic points before involving any project. The most common and irritating Scam is the Telegram Scam, as each day you will have to avoid such users who claim to be a top manager or want to double your investment, etc.

Happy Crypto Trading.

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[Freeman66]

Thank you very much for this information. This is very important and useful to me as I'm new to this environment. It will help me a lot in surfing the internet for a better and trustworthy investment platform. I also think for now the best investment platform is bitcoin

[sunsilk]

Those irritating scams in Telegram, you've said it right that many of them are there and just finding someone who's innocent enough with such.

4)   Avoid Low grade, Less Secure, & have no proof of record on CMC, Coingecko, etc projects.

I agree with most that you've said but even with such volume and they've got records and listed on these listing websites, this isn't limiting a project to be a scam.

Rug pulls can happen anytime with projects that can be seen there having decent volume. That's why just go back to the #1 tip you've mentioned and do it as much as you can.

[Upgrade00]

Doing your research could work to an extent and save one from some scam and shit projects as well as those that start off relatively well, but eventually lose direction.

Sticking to Bitcoin however would save one from 100% of them. You do not need to diversify within the crypto space.
Buy and hodl Bitcoin and avoid keeping altcoins in your stash and more so, do not risk your money on new projects.

[Cantsay]

2)   Avoid all the non-related users, who ask for payment or pretend to be a member of well-known projects, as actually, they are trying to Scam you by using different means, like:
If a project has Telegram Community and there is an admin with the name “Dan Joe” and you get a PM from the same name person, then don’t just believe him/her as they can use the same name but you have to verify the user from the community or by cross-check his username by clicking on the user name.

My advice is that you/they should try to minimize the usage of telegram for business related issue because telegram is just like a den of scammers, I have received several messages from those claiming to be part of the team of a project and after I make enquiry in their official telegram group chat they all deny not to know such person and that they don't work for them. Most times this happens when you try to ask of solution to a certain problem you're facing and then boom you'll see your PM flooding your telegram trying to provide your with solutions and at the end they'll want you to give them some of your personal information.

[RockBell]

First of all, I don't invest in altcoins because of the risk involved. Even though bitcoin has its own risks, I still prefer to invest in bitcoin over any other cryptocurrency. Before you invest in a project to x100 and it eventually becomes a dead project, take a look at what happened to Luna, despite everything, they still crashed. Not all cryptocurrencies can withstand a bear market. and too many scam projects

[Nheer]

3)   If a project guarantee 100x or 200x profit return, then avoid such projects in terms of investment, as this is also a trick to trap you.

this is true, a project cannot guarantee its success and any project that makes such promises like 100x profit is surely a way to lure investors so newcomers into crypto should take note and avoid such projects. Even a well established project can fail just as the case with luna and so many other projects. Alot of people have fallen for this trick and so did i in my early days.

1)   Do Your Own Research (DYOR), instead of believing in the Project Team, Ads, Marketing, Hype, etc.

This is important as well, for some projects when a new token is about to be created the project team makes lots of promises just so they get people to invest in the project so its very important to do your research before investing into a project and also do not just invest in a project when you’re told to do so by anybody without doing proper research on the project.

Lots of scam project everywhere lets all be careful and carry out proper research before investing.

[Sandra_hakeem]

It's good that you've written something to us...but it's even more worse that you've not realized that alot of peeps in here aren't as dumb as you are to think this is a newly invented content, or is it? Hmmm..
Well, let me pretend to have read this for the first time in here; it's a nice appraisal and I'll advice every newbie, including the OP -- to stick to these common rules.
Newly created projects aren't really advisable to dumb/sink in so much cash Capital; at some point, they could actually strive through and create a decent legacy, but it's not even advisable to invest in centralized exchange at first..

Sandra 🧑‍🦰

[Dunamisx]

3)   If a project guarantee 100x or 200x profit return, then avoid such projects in terms of investment, as this is also a trick to trap you.

I will like to emphasize on this aspect well, when newbies got advice not to go for crypto projects that promises to this amount they feels bad as if we don't want them to make profits or break even with their interest on making investment, but they need to consider the risk, the assurance that they will eventually get the said amount as promised, which is why a thorough research is expected to be conducted before taking the risk but not every beginners knows how to go about doing all this to ensure not being a victim to their trap, you can also get more than this if patiently wait for a bullrun with bitcoin.

[Saisher]

Your advice or points are all good but even if the project has all the potential to be great, investors are still losing, because the admin left the development of the project or the team cannot keep up and the platform is not serving the majority of the community.
It's not good that you pick a project that you think has potential, you also need to follow it up, monitor its development, and check if the motivation of the team is still high to promote their platform and make it usable by the majority of the community.

[aioc]

4)   Avoid Low grade, Less Secure, & have no proof of record on CMC, Coingecko, etc projects.

Coingecko and Coinmarketcap listing do not guarantee that the coins or tokens are worth investing, it used to be but there are reports that for a fee you can get listed on these two market aggregators there seems to be under-the-table negotiation, its just hearsay but there are people who claim that they can list their token for as fast as ten days for a fee when it's free based on their terms.
Developers are paying people to list their tokens, create a press release and pay people to promote their project, so it's not really creating hype that will add value to the project.

[rachael9385]

Thank you for the advice bro , I have been scammed many times on social media while trying to invest on Bitcoin, so now I have lent my lessons, I will never rush into any online stuffs, like someone coming to my DM to persuade me to invest such amount of money  on any investment i will not participate. After been scammed I letter realized that am the cause of it, why because I don't do research about the project.

[Rikafip]

Do Your Own Research (DYOR), instead of believing in the Project Team, Ads, Marketing, Hype, etc.

Its kinda funny to hear that coming from a bounty hunter like you that promotes all kind of crappy shitcoin projects. I wonder how much research you do before deciding whether to join bounty campaign or not.

If a project guarantee 100x or 200x profit return, then avoid such projects in terms of investment, as this is also a trick to trap you.

You mean like this shitcoin project you promoted, which offered 480,419% APY. Do you think that something like that can be sustainable in the long run? Better listen to your own advice buddy instead bullshitting in Beginners&Help section, hoping for some merit.

[Crypt0Gore]

2)   Avoid all the non-related users, who ask for payment or pretend to be a member of well-known projects, as actually, they are trying to Scam you by using different means, like:
If a project has Telegram Community and there is an admin with the name “Dan Joe” and you get a PM from the same name person, then don’t just believe him/her as they can use the same name but you have to verify the user from the community or by cross-check his username by clicking on the user name.

My advice is that you/they should try to minimize the usage of telegram for business related issue because telegram is just like a den of scammers, I have received several messages from those claiming to be part of the team of a project and after I make enquiry in their official telegram group chat they all deny not to know such person and that they don't work for them. Most times this happens when you try to ask of solution to a certain problem you're facing and then boom you'll see your PM flooding your telegram trying to provide your with solutions and at the end they'll want you to give them some of your personal information.

Minimize the usage of telegram? There is nothing wrong with telegram, it's one of the best chatting apps for business that I know, the problem is scammers will constantly use anything functional to scam innocent people, I have blocked over 100 scammers on telegram, they PM me first and that I don't like if all telegram users can adjust their telegram security settings to 'not allow PMs' they will be free. After so many blocking of strangers on telegram, the security settings saved me from a lot of headaches.

[tranthidung]

Before mentioning about scam projects, let's emphasize that if you are not afford to lose, do neither join cryptocurrency market nor invest in any cryptocurrency.

1)   Do Your Own Research (DYOR), instead of believing in the Project Team, Ads, Marketing, Hype, etc.

Check their Domain history with https://www.whois.com/

White paper, Team members and Tokenomics. If it is a PoW project, pay attention on their pre-mined coins.
[Guide] Identify scam projects by hidden premined coin indicator via explorer
Projects that are only listed on decentralized exchanges will have higher risk of rug pull. Not all of them will do rug pull but be careful.

It does not mean projects that listed on centralized exchanges won't scam you, won't scam exit at the end. Take care.

Pay your attention with settings for your account on Telegram: avoid to be added to scam groups by strangers, automatic download files that can contain malwares and steal your fund.

[Guide] Prevent scam!!! Some useful tools for find scam / fake ICO team
Telegram scams (Fake admins/ moderators)
Do this if you don't want to be dragged to different telegram ICOs
Some Telegram tips for newcomers in the crypto community
How To Stop Telegram Auto-Download. Do this to avoid hacks.

[uchegod-21]

Your advice or points are all good but even if the project has all the potential to be great, investors are still losing, because the admin left the development of the project or the team cannot keep up and the platform is not serving the majority of the community.
It's not good that you pick a project that you think has potential, you also need to follow it up, monitor its development, and check if the motivation of the team is still high to promote their platform and make it usable by the majority of the community.

You speak fact, the potentiality of any given project is the function of the developers behind the project. A project might look good, with an excellent road map but if it has poor or non serious team members or developers or promoters, it will gradually fade away.
Also a project might not have a good road map, infact could be scam project but if it has smart team behind it, the project will recieve more publicity and adoption than the former.

[wajik-tempe]

There are some general and easy-to-look indicators of scam projects based on my experience
1. Unrealistic promises, project promises high returns or claims to have a revolutionary technology that will change the world
2. No real-world adoption, project does not have any real-world adoption or usage
3. Project has no active or engaged community on social media or forums

It's always important to conduct our due diligence and research any cryptocurrency project thoroughly before investing.

[omgitsmehehe]

Your advice or points are all good but even if the project has all the potential to be great, investors are still losing, because the admin left the development of the project or the team cannot keep up and the platform is not serving the majority of the community.
It's not good that you pick a project that you think has potential, you also need to follow it up, monitor its development, and check if the motivation of the team is still high to promote their platform and make it usable by the majority of the community.

It is challenging to avoid scams, but it is only realistic to lower the minimal rate of initiatives in the field that commit fraud. Scamming cannot be completely eliminated from the market because it is growing every day, but investors and traders must be made aware of how scam ventures operate. There are many projects on the market that are frequently reported as scams, but there are also legitimate ones among them; however, it requires extensive investigation to understand the project's whole roadmap. Before investing in any project, that is the primary goal, as are the project's road map and crew.

[drwhobox]

First of all, I don't invest in altcoins because of the risk involved. Even though bitcoin has its own risks, I still prefer to invest in bitcoin over any other cryptocurrency. Before you invest in a project to x100 and it eventually becomes a dead project, take a look at what happened to Luna, despite everything, they still crashed. Not all cryptocurrencies can withstand a bear market. and too many scam projects

Altcoin investment now is very risky. I don't even hear about a new project for so long time. So yes you are right on this note that with all the flashy expectations from a project you will get a dead project in the end.
I used to invest in altcoins, and although I made so much profit from altcoins now there are no good projects to invest in. At least from my point of view.

[Smartvirus]

Scam projects are never known to scream scams, scams about them. They present themselves to be as true as possible. They don't even mind giving in to pioneer investors just to make them spread the word as to how true they've been to them and the rest of there customers and what promises they have for long lasting and future investors. Its often like that about them and that's some major driving force to make prospective investors who are ignorant of the schemes out there or choose to be blind to the signs right before there eyes due to greed falls victim for.

If your a newbie investor with no idea on how to decipher scam projects from those of true or at least some good potential, its always best you stick with bitcoin. It's better to have your money fluctuate between some x-values of which, you stand a real chance of getting profit in a few years than having it zero out in a matter of weeks or months.