How to avoid a scam project?

[Yamifoud]

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.

But it was very unfortunate to see that still many investors had fallen into this trick which in fact, we have many sources that would help us to determine if that project has the potential or is just a scam thing. I'd never see the market go wrong but it was us (investor) are blind not to see and that is probably because of promising words from the developers and of course, our greediness. Nothing could withstand with this if we are already been control by our emotions and greed.

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[JayTrain]

I completely agree with you. Due to the decentralized nature of the blockchain, there is a huge potential for new and innovative projects to emerge. However, this also means that it can be difficult to distinguish between legitimate projects and scams. It's important for us to do our due diligence before investing in any project, by researching the team, reading the whitepaper, checking the community's opinions, and looking at the project's roadmap. Having open discussions about our experiences with different projects can also help us learn from each other and make more informed decisions.

[cute nmp]

The only way to get avoid a scam project is to make good research about it,like reading the whitepaper, Team,Audit and much more. This can help one to avoid some of the scam projects he/she will come across.

[podluznyj]

The only way to get avoid a scam project is to make good research about it,like reading the whitepaper, Team,Audit and much more. This can help one to avoid some of the scam projects he/she will come across.

Yes, now it may not help, because today scam projects are very well camouflaged and practically deceive, in order not to get caught on a scam project, it is worth checking the project very well on all available sites, be sure to check the team, this also affects the project, here are the main stages checks on the scam project, only after this you can participate or contribute to the project

[hamba laeh]

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 have been around for a long time and it's very difficult to know beforehand because they do everything carefully from the initial step to the final step so that no one can detect it and after they get profits from investors, they leave the project and create a new project.. So in my opinion, to avoid project scams, we have to do research by gathering various information about projects that will be launched, such as teams, whitepapers, websites and also programs that they will run in the future. if their project is a scam we will definitely find mistakes in it.

[Little_Sister]

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 have been around for a long time and it's very difficult to know beforehand because they do everything carefully from the initial step to the final step so that no one can detect it and after they get profits from investors, they leave the project and create a new project.. So in my opinion, to avoid project scams, we have to do research by gathering various information about projects that will be launched, such as teams, whitepapers, websites and also programs that they will run in the future. if their project is a scam we will definitely find mistakes in it.

If you have frequently reviewed the activities on each project it will be easy to identify scams from new projects, their project scheme will always be the same and only replace the new project name and slogan to attract novice investors, so always check the project so it will be easy to recognize good projects and scam projects, both will surely differ even though scammers have the skills to make web appearance, whitetaper and etc look real but no scam is perfect.

[domoy77]

If you have frequently reviewed the activities on each project it will be easy to identify scams from new projects, their project scheme will always be the same and only replace the new project name and slogan to attract novice investors, so always check the project so it will be easy to recognize good projects and scam projects, both will surely differ even though scammers have the skills to make web appearance, whitetaper and etc look real but no scam is perfect.

Exactly, we can easily find out the characteristics of scam projects and for simple research then you can review bounty projects, if we can conclude potential projects and scam projects with simple research, the simplest feature is that they don't provide telegram or discord conversation services to avoid questions from members and investors, avoid scam projects by conducting detailed reviews for project/bounty analysis.

[abel1337]

If you have frequently reviewed the activities on each project it will be easy to identify scams from new projects, their project scheme will always be the same and only replace the new project name and slogan to attract novice investors, so always check the project so it will be easy to recognize good projects and scam projects, both will surely differ even though scammers have the skills to make web appearance, whitetaper and etc look real but no scam is perfect.

Exactly, we can easily find out the characteristics of scam projects and for simple research then you can review bounty projects, if we can conclude potential projects and scam projects with simple research, the simplest feature is that they don't provide telegram or discord conversation services to avoid questions from members and investors, avoid scam projects by conducting detailed reviews for project/bounty analysis.

How is bounty campaigns helps to conclude that a project is a scam? Having a bounty project doesn't mean the project is indeed a scam or a legit project. I believe that there little to zero project that don't have a communication platform that they are using at the least. It's an untold mandatory thing to connect with your community by having a channel that you can talk to, Even scammers create one themselves because it is how they persuade their community on investing into them. There are various kind of research to do in a project and I believe that relying to the existence of their telegram or discord won't do a thing.

[Dessy88]

Its a very hard and lengthy process to find out the purity of a project..you need to read the whole whitepaper to understand them and check if its plagiarism or not. Then check out team members, are they real? Imagine search them on Google as well as analysis their profile, check out their purpose and their social media  if they are using fake followers or not. And so many things you should have to notice to find them out

For fakeing social followers then we can find out easily but it is very different knowledge for token sales statement. There has many good project where to scam after end successful token sales. So one think if a project make confirm listing exchange then we can buy. But never late to sold out because any situation they can make scam.

[mbakruroh]

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.

Perhaps the recent successful projects are only 1% of the total launched. If we look at the Bounty Campaign list, one manager has dozens of projects he manages. I don't understand whether the manager does research on the project he manages, or the extent of his responsibility for the project he manages. We need to check it ourselves before promoting from those projects, so we don't waste time promoting something that isn't obvious. But this is not easy to do, because the project scam will be visible at the end of the campaign period.

[BaeSuzy]

The main criteria for me to avoid scam project is we need to increase our knowledge about "Crypto" and not ashamed to ask people who are smarter than me (expert or the people who has more experience than me). And if the project offers something that doesn't make sense it's definitely a scam.

[barhavsky]

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.

in my opinion the way we can avoid scam projects is not to invest in new projects and only invest in old projects that have products and progress, so it's safer for us to be able to avoid scam projects, but if you really want to invest in new coin and want to avoid scam, then it's better for you to wait until the new project has a product or is already listed on a major exchange, even though the risk for the project to become a scam still exists, but the risk is still smaller than projects that don't yet have a product and list on a major exchange.

[Doan9269]

The main criteria for me to avoid scam project is we need to increase our knowledge about "Crypto" and not ashamed to ask people who are smarter than me (expert or the people who has more experience than me). And if the project offers something that doesn't make sense it's definitely a scam.

There's much expected of us to take as necessary steps against falling their prey for any projects we are moving in for, even though everything is al about taking risk but we shouldn't as well see the risk and purposely go for it, we have to narrow our research on them, know the kind of developers they are, their mission, what they are offering, their duration of contract project, their financial situation, liquidity, market cap and other past records on successful delivery before we go for them.

[riskarcher]

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.

in my opinion the way we can avoid scam projects is not to invest in new projects and only invest in old projects that have products and progress, so it's safer for us to be able to avoid scam projects, but if you really want to invest in new coin and want to avoid scam, then it's better for you to wait until the new project has a product or is already listed on a major exchange, even though the risk for the project to become a scam still exists, but the risk is still smaller than projects that don't yet have a product and list on a major exchange.

Luna coin has a long existence but still many investors lose their money in old projects, Altcoin is a coin that has high profits but also high risk. I'm not at all surprised that many projects fail and in the end to be scam project, What i know safest option for invest is only Bitcoin, Even though profit of bitcoin is slowing than other coin, atleast we didn't think about our money on crypto market

[cute nmp]

Not all scams can be avoided sometimes but one can reduce the frequency of been a victim by making a very good research about a project before making any investment.You can read about the project and the team ,know what the project is all about whether it is worth investing or not.

[Lamkuthang]

Not all scams can be avoided sometimes but one can reduce the frequency of been a victim by making a very good research about a project before making any investment.You can read about the project and the team ,know what the project is all about whether it is worth investing or not.

It makes sense when you think about it. it usually requires self-evaluation and many of the beautiful managers have posted a small notice on the campaign announcement page suggesting that each bounty hunter entrant double check himself before you join him. Yes. sometimes not all fraud can be avoided and in fact sometimes the project manager (Mananger Bounthy) has completed all stages of the campaign, it is their turn to be billed for project campaign participants. Their team closed their eyes and disappeared  .

[Nazmul012]

Its Very critical judge a brand new project. greatest roadmap, Promotion by influencers, announcing airdrop with reward can't be trusted.
Now bear is on the trand. So if you want to get yourself out of being scam, just avoid new project. Secondly avoid those old altcoins, which haven’t any potential. But if you are interested with new project then confirm that, they have decent community support. Running Idos, following roadmap and they let you Know their update in time

[Quidat]

Its Very critical judge a brand new project. greatest roadmap, Promotion by influencers, announcing airdrop with reward can't be trusted.
Now bear is on the trand. So if you want to get yourself out of being scam, just avoid new project. Secondly avoid those old altcoins, which haven’t any potential. But if you are interested with new project then confirm that, they have decent community support. Running Idos, following roadmap and they let you Know their update in time

Just use your common sense.Period!

Avoiding scam projects should really be handled out by your own common sense but here's some basic things to be done.

1. Always DYOR
2. Take some DYOR
3. DYOR all the way

From whitepaper until to the team itself or the relevance or utility of the said project.You should really know its background but somewhat even knowing such stuffs
or situations or things cant really still assure 100% success rate. We do have lots of scam and shit projects in the market which they do eventually die instantly but coming back
on having a brand new name and the cycle continues. These fraudsters does really know that there are dumb investors or to those who do put up money would really be that
too fool on believing that a certain project is really good. This is why they would really be continuing on what  they've been doing.

[StreakW]

Identifying a good crypto project or a scam can be a difficult task, as the crypto industry is constantly evolving and new projects are emerging every day. Here are some steps that can help you avoid fraudulent projects:
-snip-
4. Review the credibility of the development team: Ensure that the development team has sufficient credibility and experience in the field of crypto or blockchain technology. Review the backgrounds and experiences of team members to ensure that they can develop and execute projects well.-snip-

i agree with you, analyzing background's team aspect is one of most important things to do to avoid a scam project. but what do you think if you find credible tim inside the project, it seems good at initial phase of sales, but time by time the project goes to be a scam project. Do you remember Terra Luna?  this is what i am talking about.. I means not every credible team inside a project will guarantee the legitimate of the project.

Indeed, there are not a few projects that have a credible team behind them, but in the end the project is a fraud. But at least with a credible team that builds a project, it will gain trust in the eyes of investors. But we must realize that no matter how good a project is and have a credible team, there are definitely risks in investing in crypto currency.

[erixter]

Indeed, there are not a few projects that have a credible team behind them, but in the end the project is a fraud. But at least with a credible team that builds a project, it will gain trust in the eyes of investors. But we must realize that no matter how good a project is and have a credible team, there are definitely risks in investing in crypto currency.

Well, any business involves profit and loss, but the crypto currency market is a very risky market and the risk of loss is high here.If seen, sometimes a very good and big project is also scammed, As the example of Luna and FTT , but in the top and good coins of the market, such rates are very low. There are many projects that are realized at the very beginning that they have no future.

After our little hard work and research and information we can find good and best projects and protect ourselves from scam projects, because the fraud project team is always very capable, they take people to their side and deprive people of their capital.