How to avoid a scam project?

[podluznyj]

It's not easy to avoid scam projects, especially for those who are beginners. However, at least one of the steps to avoid fraudulent projects is by DYOR. You must have an understanding of a project. Therefore, always seek information before deciding to invest in a new project. In particular, you should know the team behind it, read the whitepapers, and see the project's activity. Thus we can evaluate whether a crypto project is safe or not.

Yes, I agree with you, it’s almost impossible to completely avoid a scam project, since the scammers who create such projects do everything to make the project look promising and profitable, and to see everything and understand what kind of project it is, especially for a beginner, it’s impossible, you need to at least look at the team and see on special sites about the project and draw your own conclusions

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[Mr.sprin]

It's not easy to avoid scam projects, especially for those who are beginners. However, at least one of the steps to avoid fraudulent projects is by DYOR. You must have an understanding of a project. Therefore, always seek information before deciding to invest in a new project. In particular, you should know the team behind it, read the whitepapers, and see the project's activity. Thus we can evaluate whether a crypto project is safe or not.

Yes, I agree with you, it’s almost impossible to completely avoid a scam project, since the scammers who create such projects do everything to make the project look promising and profitable, and to see everything and understand what kind of project it is, especially for a beginner, it’s impossible, you need to at least look at the team and see on special sites about the project and draw your own conclusions

it's true, as you said, for beginners it's difficult to get to know scam projects, even those who have been in the crypto world for a long time, it's also difficult to distinguish scam projects because the concept they make is very promising and they are active on social media announcing project developments as if they are serious about developing projects, so it's very difficult to distinguish projects current scam.

[Road21Bitcoin]

There are so many ways and tools to avoid a scam project. For example, if you would like to invest in a memecoin or shitcoin, you can use this tool, https://tokensniffer.com/ to scan and monitor the contract address. Always check if the project has the following, Roadmap, Whitepapter, Team Members if they're doxxed, and Social Media accounts. Just do your own research and use your common sense when dealing with this kind of situation.

[petulino]

avoiding from scam project is very sample if you are not greedy because most of the people are entering into scam project with thinking of big profit which cause loss. we should not believe on telegram shill post or twitter, YouTuber advertising any project. If we trade only in bug Cex like Binance and Coinbase then we should not worry about scam coin because they list only high marketcap project. You can also avoid from scam project if you have ability to research on project team, roadmap, White paper amd idea but it's not easy to check for new users

[Anonymous100]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

Indeed, to know the level of success of a new project is very difficult to know. Because at the first launch, they will offer a private sale, and finally a public sale. The team keeps saying that their product is superior to the others. It aims to attract investors. But after the campaign period is over, they will say that it is difficult to find investors. In the end, the project will stop, and will not pay participant fees.

[nesty]

To avoid scam projects we need to understand and research first about the project. Check on the legitimacy of their website and social media channel for more information about the team who are responsible for the project. Check as well their experiences and credibility. Read and evaluate their white paper for their business plan and outline. Be conscious on the projects that promises unrealistic rate of returns that uses aggresive marketing strategies. Always trust your instincts.

[gabbie2010]

Nowadays it's getting harder to avoid scam projects because scam project makers are getting smarter and they even promise in their tricks to predict token prices when they are marketed at high prices and they make fake sales. They deliberately trick the market to seek profit from investors.

Truly some new projects usually devised many ways or means of deceiving new investors, they do so much perfect their fraudulent project such that unsuspecting investors will fall to their tricks thus it has become a difficult tasks to determine a real or fake project in the crypto market, I had once invested in a project in 2018 that look so real with high degree of prompt response to enquires of their new investors via plenty social medium like telegram, discord, Facebook etc after reaching their Soft Capitalization their developers went off without any trace till this moment.

[Japinat]

To avoid scam projects we need to understand and research first about the project. Check on the legitimacy of their website and social media channel for more information about the team who are responsible for the project. Check as well their experiences and credibility. Read and evaluate their white paper for their business plan and outline. Be conscious on the projects that promises unrealistic rate of returns that uses aggresive marketing strategies. Always trust your instincts.

Well said mate. These steps may sound easy but it's not that easy if you're the one working on it and these are so vital if you're looking forward to invest in the world of cryptocurrency or even in the other field, rigorous research and studies should be done first hand before putting your funds on it. Risks will be always there, what are we looking for is to minimize those risks because we're trying to find the profits and not the losses. But in these times where internet is available almost everywhere in the globe, it makes our job more easier because almost everything can be looked up on the web and it can also suggests top working coins that are profitable to invest in the past few years and in the upcoming future.

[Newlifebtc]

it is very difficult to answer this question because scam projects and failed projects are different.
but just try to play in the telegram group and try to ask about something you suspect or something you don't understand about the project. if you get an answer and you think it makes sense it means the chances of scam are getting smaller, but if you get an answer that doesn't make sense or even you don't get an answer and you have doubts you should leave the project.

I just want to clarify you that some of the things that is in telegram majority of them is owned by a scammer and if I happen to get any good response from telegram group don't depend on it thinking that it is a rightful information it is not it is a strategy scammers use in order to drive you close to be able to scam you so let us by I know the functions of scammer

[LastKiss]

it is very difficult to answer this question because scam projects and failed projects are different.
but just try to play in the telegram group and try to ask about something you suspect or something you don't understand about the project. if you get an answer and you think it makes sense it means the chances of scam are getting smaller, but if you get an answer that doesn't make sense or even you don't get an answer and you have doubts you should leave the project.

I just want to clarify you that some of the things that is in telegram majority of them is owned by a scammer and if I happen to get any good response from telegram group don't depend on it thinking that it is a rightful information it is not it is a strategy scammers use in order to drive you close to be able to scam you so let us by I know the functions of scammer

Many scammers run around in telegram honestly and this is why we should keep our awareness from scammers, judging by an admin answer won't determine its a scam project or not since I met many projects that have a great admin and moderator but end up scams in few months. Right now it's really hard to find a good project many scam projects are developing an exit way to deceive investors and then they will scam their investors.

[Awraawra]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

Sometimes we cannot avoid new projects there's a lot of people making projects everyday as we can see some are scam some are real. Maybe choose and search more before you can join in that project. People using their projects to scam people and I think it's hard to avoid it especially if they are not the only one who do that.

[RussianEnglishTranslation]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

You know a project isn't a scam if it has been around for several years now. Also, a project can't be a scam if it is mineable and there are no team tokens to dump on the market. 0xMR is a project like this, so is RVN. Also, you won't get scammed if you do bounty tasks for free tokens. Q Blockchain and Mantle L2 are paying out on zealy io.

[Mr.sprin]

I once joined the Volare project, after the token distribution they sent mini Volare tokens and had to be exchanged for Volare coins to be traded, what I want to ask is whether a project like this is a scam project?

[dlightag]

I have stopped following airdrop, accept the once that is directly from exchange platform and has a rest of mind for the rewards been distributed after doing the necessary tasks giving, because most of them has been already deposited to the exchange, as well to distribute to individual account, base on the calculated rewards giving by participate.

[Pierre 2]

I don't think its that hard to avoid scam projects anymore. There are companies like Certik nowadays that can assure you. Also community is very active now. You can find hundred people to check on Twitter or Bitcointalk forums if altcoin you invested in is scam or not. Also, you can look for developers always. Current internet allows you to find their background lot more easily compared to past. You may also wait for a coin to hit better/bigger exchange like Binance.

[WalkerIVIV]

never just follow from some random project, there are many projects that are being released through reputed platform one of them is through binance IEO i see no reason investing into some random project, moreover the IEO that was held in reputed platform are also having higher rate of success, but there are sometime indeed some good project without IEO that could gain massive success.

[bitkanu]

I don't think its that hard to avoid scam projects anymore. There are companies like Certik nowadays that can assure you. Also community is very active now. You can find hundred people to check on Twitter or Bitcointalk forums if altcoin you invested in is scam or not. Also, you can look for developers always. Current internet allows you to find their background lot more easily compared to past. You may also wait for a coin to hit better/bigger exchange like Binance.

isn't certik is quite literally just smart contract audit, if the smart contract is fine doesn't mean its not gonna do some trick, there are many ways a smart contract could get rugpulled, and usually most of new coin aren't really being reviewed by certik but that just my 2 cents though.

[merekamo]

If I have to answer this actually requires a complex analysis or a long explanation. But in short, first visit the website and explore (DYOR). Don't forget to follow Telegram, Twitter or other media accounts like Linkedin, or medium. Make sure you always follow the development of the project. It's that simple. Don't believe too much in the lure of big profits in Presale.

For example of a scam project case: sometimes a new project is launched a week, suddenly it goes straight to presale with the promise of listing this month with multiple profits. Now, this doesn't make any sense. There are lots of scammer tricks out there to commit crimes. So, make sure you research yourself regarding this.

[Luffygroove]

God I really don't know about this; based on my experiences, even after analyzing their whitepaper and checking everything that must be checked, they can still scam or rugpull. Even big projects that are able to gather large funds can be scams. They're so good at tricking people. But I think one thing that could really make me believe in investing is continuous development. They make sure the community is informed, they stick to the road map schedule, and they are not negligent. If they have a real product to offer instead of just a concept before gathering funds, then it will be better.

[MiF]

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

Scam projects are lack of transparency team will used different identity to scam other people, there are also projects that is really good at start and turn into rug pull projects it can also make investors loss thier money, for me the best way to know legit project is to search the team behind it and if the team has a good experience with a past successful project then it is good. The risk of investing in crypto is always there we can also avoid scam if we invest in btc and ethereum this coin is proven so it will never turn into scam.