How to avoid a scam project?

[raidarksword]

DYOR will always be the first thing to do because anything you will decide will be the output in the end. Always look what the project is all about and on how they will have a useful use case for the crypto community. Team must be visible, has great partnerships and got some decent VC if applicable at the moment.

[ultrloa]

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.

Although its hard to spot a scam since even those project which have good presentation turn to be a scam project. Much better if you read their whitepaper to see is their content have relevance and they have good trajectory om everything they present.

If you find them up posting some shady then you can find them as scam and you can avoid it. Also gather more information by searching a feedback coming from legitimate user since its very helpful.

[gurunanakji777]

It can be difficult to predict exactly, but we can get an idea by checking a few details. I have generally noticed that some projects are launched but are not very active on social media. This indicates that the project may not have any updates regarding its progress, and social media is used to attract investors. If a project is not active on social media, we cannot expect much from it, and we should check to see if the team behind the project is anonymous or composed of real people. Additionally, it's important to check the whitepaper. Some new projects don't have a whitepaper yet and may only have a "coming soon" message, so it's up to us to decide whether to join the project or not. Even if there is nothing new in the whitepaper compared to other projects, it is still a concern in my opinion. In addition, if it seems that this project is a copy of previous projects, one should conduct thorough research before investing.

[yazher]

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.

This kind of knowledge is really hard to share unless you already read some topics on the scams and accusation board. you will see some traits of scam projects there and also some certain persons and you will gonna know how they execute their scams and lure their newbie investors into investing in their projects. You might not want to be in the same position as them because they lose huge amounts of money believing in some sweet words from influencers that were feeding them some false promises and fake news.

[Iadegbola34]

Scammers are always coming up with new cryptocurrency-based schemes to steal your money. Here are a few things to be aware of in order to prevent a crypto con.

• They reach out to you first. If you receive any strange message asking you to send some coins to claim some reward. They are 99.9% a scammer.
• If the reward is too good to be true. They always promise an enormous ROI on the money they intend to scam you of.
• If you don't have to do anything to receive a reward. There's a saying that, if you're not paying for it then you're the product. The 'paying' outside literal context can be any effort on your part deserving of such reward.
• If they ask for your private keys. "Not your keys not your coins" is a popular crypto phrase and if anyone should be in possession of your coins or keys it should be you and only you.
• They send you random links. It is pertinent to note that, you should not click any link from any stranger as they might be phishing links or a keylogger.

These and many others are obvious red flag to identify a potential scam. Even if they're not as obvious as these, trust your gut feelings as most times you would be right.

Others opinion are highly welcome on how to know and avoid scams.

This is a thread I made on how you can avoid scam projects.

[Raflesia]

It can be difficult to predict exactly, but we can get an idea by checking a few details. I have generally noticed that some projects are launched but are not very active on social media. This indicates that the project may not have any updates regarding its progress, and social media is used to attract investors. If a project is not active on social media, we cannot expect much from it, and we should check to see if the team behind the project is anonymous or composed of real people. Additionally, it's important to check the whitepaper. Some new projects don't have a whitepaper yet and may only have a "coming soon" message, so it's up to us to decide whether to join the project or not. Even if there is nothing new in the whitepaper compared to other projects, it is still a concern in my opinion. In addition, if it seems that this project is a copy of previous projects, one should conduct thorough research before investing.

On the other hand, we also can't just be hooked on that, especially now that social media activity can also be manipulated, even seeing that several accounts with verified and large followers can also be used as a means of actual fraud for now.
When talking about things like this, foresight is indeed very important because indeed things like this will be very difficult if we are really looking for projects.
Being in a project that is more certain and which is guaranteed is of course better if you really don't want to feel like you've been hit by a scam or other fraud, but if you really want to try something new then inevitably we have to be as detailed as possible so that what what we do, and what we invest is not in vain because looking for a good project at this time is like looking for a needle in a haystack considering the many scam projects that exist every day.

[FahriZah]

This Topic Is Very Important Topic And Really Every People’s Need To Know How To Avoid Scam Project And First Of All Need Ti Finding How To Selected Which Projects Are Scam And Which One Real Project Just Need To Use Own Brain And Need To Check And Cross Check Agin.

[isaac_clarke22]

On the other hand, we also can't just be hooked on that, especially now that social media activity can also be manipulated, even seeing that several accounts with verified and large followers can also be used as a means of actual fraud for now.

Promotions in social media are like random. You never know who's paid just to gain exposure for the project and who has the pure intention. It is just a matter of use case and doing somehow a Github repo peek in their project. Surely you would see how many contributions were made within a month or how commits were made in a particular day.

Considering Twitter already had blue tick icon, it might help investors know which are pretty legitimate and which are not but it's not the only indicator of knowing if it is a scam or not. It would be just a cheap subscription for people in a first world country anyway.

This kind of knowledge is really hard to share unless you already read some topics on the scams and accusation board. you will see some traits of scam projects there and also some certain persons and you will gonna know how they execute their scams and lure their newbie investors into investing in their projects. You might not want to be in the same position as them because they lose huge amounts of money believing in some sweet words from influencers that were feeding them some false promises and fake news.

Everyday there would be always newer ways for those scums to scam people, so I won't just rely too much on other people's Scam Accusations. If the project isn't mentioned in the Scam Accusation, I would remain skeptical to the project regardless.

[blockman]

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.

When it's obvious that the project has nowhere to go. Someone can go in depth of research and can see that the people behind it seem to be the same people that we see on LinkedIn where they could have grabbed their photos.
That's why looking at the website and contents of it is a way to determine if a project should be avoided and from that, it'll be like a life savior for you when you have found out those type of red flags.

[dunfida]

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.

Although its hard to spot a scam since even those project which have good presentation turn to be a scam project. Much better if you read their whitepaper to see is their content have relevance and they have good trajectory om everything they present.

If you find them up posting some shady then you can find them as scam and you can avoid it. Also gather more information by searching a feedback coming from legitimate user since its very helpful.

Try to find any red flags as much as possible, im aint saying that suspicious mindset is needed but you would really be needing to since we are talking or speaking about investment which it is really just that right
that you should really be having that assurance before you would really be making such step or investment decision. Yes, its really hard to determine scams on first launches considering that they are really
that good on hiding themselves and trying out their best to look them legit and really that a solid project on where those newbie investors would be easily
get hooked up just because they do been shown up with some multipliers on how big their investment would become.

DYOR will always be the first thing to do because anything you will decide will be the output in the end. Always look what the project is all about and on how they will have a useful use case for the crypto community. Team must be visible, has great partnerships and got some decent VC if applicable at the moment.

Always stick into project into having that their use case and have that dedication specially into its devs and something not anonymous. You would be able to point
out those criterias on where you could say that there's really a future for this project and not just some fly by night which we had seen lots of
them from the past up to now.

[panganib999]

Detecting scam projects aren't getting any easier, as some of these buffoons learned to acquire some traits and quirks that legit projects hold. But there are still a couple of tell-tale signs that a project is a sham and is there to rip you off.

Too good to be true: if a project promises something that you know is a little bit fantastical and is something that you don't have any confidence of ever becoming real in the future, you could be true. As such, projects that offer stupendous returns, features, or benefits should be avoided.
Profit-centric: This isn't as tell-tale as I made it out to be, but hear me out. Most projects out there offer more than just profit. Gameplay, community, etc., could be good additions to a project's arsenal. If they solely offer profit and nothing more, then the project could be a cash-grab that wouldn't really last long, or worse, it's a pump and dump/rugpull scheme waiting to ripen.
No transparency: If a project's team omits details you think as an investor is something that you should know, or worse, they don't listen to the public, then it could be a sign that the project you're in is not gonna be there for the long run, and is only there most likely for profit.

[The Cryptovator]

Many fraudulent projects tend to launch on Decentralized Launchpads or self-launch, rather than reputable Launchpads like Binance Launchpad or Kucoin Spotlight. It's important to note that selecting a reputable Launchpad is crucial. While it's possible for anyone to launch a project on a decentralized Launchpad, centralized Launchpads require more research. Although we value the decentralized nature of Bitcoin, it's essential to be cautious about the initial investment on a new project. I'm not promoting centralization, but rather expressing concern about potential risks associated with investing in new and unknown projects.

[ichsan ardi]

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.

according to my experience, before plunging into a newly launched project, we must do analysis and research first so we don't get scammed, don't listen to other people's words, don't be fomo, do your own research on the project you want to run because no one can predict that the project will successful or scam so stay careful

[Psynthax]

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.

according to my experience, before plunging into a newly launched project, we must do analysis and research first so we don't get scammed, don't listen to other people's words, don't be fomo, do your own research on the project you want to run because no one can predict that the project will successful or scam so stay careful

thats true but even that require some skills in determining which project could be turned out to be some scams, there are many that have done analysis and yet get rugpulled, there are many angles where these scammers could always use some trickery, whether it's from tokenomics and many more.

[fvb]

You will never be sure if this is a good project or scam. We join and only then we can say after the analysis having studied the project from and to

[Questat]

Many fraudulent projects tend to launch on Decentralized Launchpads or self-launch, rather than reputable Launchpads like Binance Launchpad or Kucoin Spotlight. It's important to note that selecting a reputable Launchpad is crucial. While it's possible for anyone to launch a project on a decentralized Launchpad, centralized Launchpads require more research. Although we value the decentralized nature of Bitcoin, it's essential to be cautious about the initial investment on a new project. I'm not promoting centralization, but rather expressing concern about potential risks associated with investing in new and unknown projects.

Whether it was in a decentralized or centralized platform, we are still cautious and do the deep research as possible. Because many scammers try to trick people by pretending that they are trusted projects and sometimes got involved with reputable exchanges but in the latter part, they'll turn into scams. Too sad that it was hard to trust new projects launch when the bull season is coming. I hope I was wrong but most of them are hyped and scam.

[poodle63]

You will never be sure if this is a good project or scam. We join and only then we can say after the analysis having studied the project from and to

It can be identified easily. As long as you were conducting it based on the various benchmark. It's very easy for the veteran to determine it. I meant you shall also aware with the fact that if these days many people are still able identifying the scam project before the project will be launched. The only thing that is needed to be a dicipline person caused by it required you to be a very selective person.

[Supianto]

You will never be sure if this is a good project or scam. We join and only then we can say after the analysis having studied the project from and to

Bruh. You can identify scams if you do research. Yeah, sometimes things like LUNA or FTX may happen, but most scams are more obvious. Most of the time if someone is trying to make you buy something it means that it's either a scam or that person is getting paid for promoting it. Bitcoin and, I guess, Ethereum are the only exceptions.

[Dr.Osh]

there is no other way to check whether a project is good or not, has potential or not, scam or not unless we do in-depth research on the project. Checking is also not only done once, but is done periodically. because some new projects sometimes look very potential at the start of sales, or launch, but after a while, the project will slowly be abandoned by its developers. besides that, some projects also have good concepts, but the team is not clear, or even, they are projects with dummy concepts. Another important thing is, after you do research, and find obstacles, I think the risk level of the project will increase. Whether it's a potential scam or not depends on the results of the research you've done.

[Teraboy]

If it's IEO like from binance, you shouldn't worry about avoiding a scam, you should worry more about the prospect of the project whether the investment gonna gets vested and whether at the time the vesting was finished your investment will still retains its value.
honestly anyone that's worry about getting scammed should just stick with binance and some similar platform IEO, since the scams in many fundraising is so rampant.