How to avoid a scam project?

[mirakal]

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.

The difficult thing about recent new projects are that even though they look legit at first, but at the end they could turn away from you 180° and then scammed you off. It's been a trend in recent new projects, starts from they fail to maintain the price so they abandon the project they already fulfilled the "goal", bad project teams, scammers, etc.

You can start to check from the whitepaper, the legitimacy of those people that working as a team(they could impersonate as famous person out there just to scam you), the usage of that project, etc. It's started from reading it carefully and you will know the pattern that differentiate between good and bad projects.

It might take some time before you can actually verify if they are really legit or not because aside from looking at the whitepaper, there other factors as well that you need to verify like having your own research and getting some fresh opinions from other investors before confirming their legitimacy. But if you're really into new projects then you should gather all the facts first even if that will take some of your precious times just to make sure that your investments will be safe.

[Reatim]

Focus in old project, and try avoiding new project that has questionable team because mostly those are the one that run
By the same team rhat had been dominating project after project
And taking investors money. And what i can tell? Forget being greedy and that is the main point here. Not to ve greed is not to be scammed.

[Xal0lex]

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 has already been told a million times, but I'm not sure people will be less likely to fall for such projects after that. Always look at the team, the investors, whether there are investment rounds, look at token distribution methodologies, the roadmap, where the token is listed, on which exchanges it is traded.

99% of scam projects have none of this. Do not make a decision about investing based only on the project concept, always look at the real figures, they will tell you much more about the project than sweet speeches from white paper, which can be stolen from some other project.

[SirLancelot]

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.

And talking about identifying well, that is hard to do knowing that scammers are smart too. They keep improving their strategies which makes it hard to detect if it was a scam until someone claims that they got scam. It is too unfortunate that yeah, someone had to lose their money before the community become aware of the situation. And I believe that everyone is aware of this thing but guess what, because of greed and the instinct of many people to -instant rich, many still fall into scam projects.

You said identifying scam is hard? That is true, so don't blame that someone can get scammed because not all of them are investing on a shit project but they also make sure that what they investing is a quality one. It's just that shit can happen sometimes. Luna, FTT, and so many projects who started great are an example to this.

Not all who invest have one thing in mind, and that is to become instantly rich because they know that it was hard even for a legit project but they only invest to earn something in the future. Getting scammed is part of the risk in investing so one should not over think about it but they can just move on and try their luck again on the other project.

[Anguwa]

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.

There are different ways of knowing scam projects which include monitoring the project team from the start till the end because so many projects are coming with lies and plagiarised white papers just to attract investors.
Before investing in any crypto project, you should make sure you make good research about the project so that you will not fall victim of scam projects.

[JahriMeayer]

I think the best & weakest strategy to avoid a scam project is, by not investing with new project but investing with old valid potential projects. It sounds wired but scam projects are making smart strategy what are sounds more than real one but they develop those strategy to make People victim. Reading whitepaper, having good roadmap or team members can't guarantee validity of a project. Although anyone can analysis and take risk by his own responsibility

[marcous]

I think the best & weakest strategy to avoid a scam project is, by not investing with new project but investing with old valid potential projects. It sounds wired but scam projects are making smart strategy what are sounds more than real one but they develop those strategy to make People victim. Reading whitepaper, having good roadmap or team members can't guarantee validity of a project. Although anyone can analysis and take risk by his own responsibility

The top strategy is that never get involved in investing in new altcoins because it is very risky and you will even lose your investment if the altcoin will be scammed, there are many scam cases from new altcoins so don't ever be tempted to get high ROI from new altcoins, because only a few new altcoins are lucky and average is just a scam coin, so only choose top altcoins for investment so that you avoid any scams from bad projects.

[lienfaye]

I think the best & weakest strategy to avoid a scam project is, by not investing with new project but investing with old valid potential projects. It sounds wired but scam projects are making smart strategy what are sounds more than real one but they develop those strategy to make People victim. Reading whitepaper, having good roadmap or team members can't guarantee validity of a project. Although anyone can analysis and take risk by his own responsibility

The top strategy is that never get involved in investing in new altcoins because it is very risky and you will even lose your investment if the altcoin will be scammed, there are many scam cases from new altcoins so don't ever be tempted to get high ROI from new altcoins, because only a few new altcoins are lucky and average is just a scam coin, so only choose top altcoins for investment so that you avoid any scams from bad projects.

Well, It is true that investing in new altcoins are more risky compared to established coins already because it can turn as scam project. But how to identify if the project is not legit and just existing to scam the investors? You know there's also a hidden gem in these new projects, we all just need to dig deeper to identify the legit one.

It's important that you're not investing blindly because of hype or because of the suggestions of other investors. Do your own research to know if the project is legit, check their website, whitepaper, roadmap and the team behind it. There should be transparency about the team and their backgrounds to know their past handled projects. Check if they have strong community and lastly the project must have a use case that can solve real problem. If the project is offering a too good to be true profit, stay away because it is likely a scam. So always DYOR before investing.

[Popkon6]

With so many new projects emerging today, one way to test which ones are good is to see what goals they come up with. And their websites should be checked thoroughly and justified about the team and check whether there is any connection with any other company. And check whether investors have any appetite for the fund through various means of checking the team and checking the website. It is not true that all teams will be like this, I think that all these things should be given importance to test the project.

[humanvelocity]

Well any new cryptocurrency that launches out of the blue that promises something that’s too good to be true that it’s very highly likely to be a scam. One of the things I always do to avoid such scams is by going to their website and checking out their whitepaper etc., Reading about the coin and seeing what the roadmap of the coin looks like and also most importantly I always check what people think about the coin in forums to get even better understanding. Good luck 

[JANUS23]

The truth about scam project is that you are not 100% sure. It can tick all the boxes you expect as a legit project and still exit scam you or do a rug pull

[newdevices]

To be honest, in 2023 it is very difficult to distinguish between scam projects and good projects,
because we know that the Terra Luna and FTT cases both have good fundamentals,
but look at the fact that the top projects are really scams. Of course, from that case I learned that no project is really safe except Bitcoin.

[timoshani]

To be honest, in 2023 it is very difficult to distinguish between scam projects and good projects,
because we know that the Terra Luna and FTT cases both have good fundamentals,
but look at the fact that the top projects are really scams. Of course, from that case I learned that no project is really safe except Bitcoin.

In principle, any new project in the crypto can be considered as a scam. Although my personal observation is, a number of recent projects that I considered to be a bench gave good profit. Even experience in crypto does not give any guarantee will distinguish a good project from a bad one. There only luck should be certain.

[ije07]

Although it is difficult to determine whether a project is a scam or not, our senior here offers a number of tips on how to avoid it. In addition, a number of websites rate the new cryptocurrency project, allowing us to evaluate the level of faith the project has in itself. You must conduct learn if you wish to select a new project. Additionally, if the new project uses this forum for marketing, a lot of thought will go into deciding whether to stick with it or move on.

[albon]

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.

Avoiding scam projects depends on the person’s ability to analyze, conduct research, and reveal all aspects of the project. It takes time and experience because many scam projects have been launched recently. It can be done through the project whitepaper, the project team, the roadmap, and what they achieved in terms of goals and domain details and their currency contract and its details; through this, they can give the person an indication that this project is legitimate or fraudulent. A loophole or proof must be revealed to show whether this project is good for the person to invest in or avoid. There are those who invest in a project without bothering to conduct good research and collect the necessary information about the project and its currency, which results in them falling victim to scams and losing their capital.

[Hispo]

In my personal opinion one of the biggest red flags a shady project or possible scam can give is to over-estimate itself.
If anyone of you go searching for gem coins among the dirt, you should completely avoid those developers who claim to be working on the next crypto revolution or the Bitcoin/Ether/anything killer. It is a red flag because scammers would take advantage of gullible people who may actually believe nonsense.

Look for projects which are realistic and honest on their objectives and road maps, that are clear not only about their advantages but also their weaknesses. Avoid coins which are shilled to the infinity and beyond without merits.  

[justdimin]

The truth about scam project is that you are not 100% sure. It can tick all the boxes you expect as a legit project and still exit scam you or do a rug pull

In fact, if it ticks all the boxes, there is a possibility that it could be a scam as well. You first check the size, if something is too professional and big, then it will probably not be a scam because they would spend millions on it and look as legit as it gets, they could fail as well even while being a legit company but that doesn't mean that they will scam you.

I knew a project that literally had office full of workers, there were 20+ people there, maybe as high as 30, and we saw videos of them working on it, basically 100% legit, but they failed because they just didn't get any interest from the community, when people don't invest, that means there is nothing to do about it. However, find those, they have a lower chance to scam and higher chance of success.

[nesty]

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.

Here are a few tips to avoid scam project. First you have to do a research. Before investing in any crypto currency project, make sure to check on first the team behind that project, their experince and their track record. Look for reviews and feed back of other investors. Verify the project legitimacy if it has licenses to operate. Avoid unrealistic promises on the project. The project should use reputable exchanges. Be cautious of unsolicited offers, especially those who promise quick profits or require urgent actions. Always research and study first before investing.

[Magic-Money]

The scam project are really big problem in cryptocurrency industries market, because many projects has come up with difference promise and end up being a scam project, just a few are legit, and to avoid a scam project, is to follow up the successful once that are succeeding in the industry before investing or joining.

[Victorik]

I hear a lot of people talking about doing research and checking up the team background. But the honest truth is that not everyone knows how to go about this. For a newbie for instance who wants to invest in a certain coin/token that have been shill to them, how do you expect such an individual to know what and what to look out for.

It is easier to say than do, actually, despite all the due diligence, we might still end up calling for this scam if care is not taken, because these scammers are also inventing new ways and scheme to scam people. They are evolving in their approach as well.