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iloveyobit

Identify Cryptocurrency and ICO Scams With Easy Ways

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Many new digital currencies dispatch every month, and close by these new tokens and coins comes a progression of beginning coin contributions and even after the coin out to the market . The hunger among a wide pool of financial specialists for these open doors has developed.

For the digital currency financial specialist hoping to capitalize on the host of new speculation openings while staying safe from false ICOs and crude coins and tokens, the possibility can be overwhelming.  While there's no assurance that any cryptographic money or blockchain-related startup will be authentic or effective, and today i will teach how to not fall into a scam . 

 

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1-Make a deep research about the Team:

The first and first step that anyone who wants to invest in new currencies or an ICO must take is to search for the currency team and their social media accounts in terms of whether they are real accounts and if are they active, this can give you a great idea about the currency and if its real or scam .

 

2-Read the Whitepaper wisely :

the second and also an important step is the initial move toward investigating a whitepaper is to peruse it altogether. Verify whether the whitepaper has complimentary assets too, including budgetary models, legitimate concerns, SWOT examination, and a guide for usage,compare the things wrote on the whitepaper and the things that they already done on the real world, focus on that please.

also avoid coins and companies that doesnt offer a whitepaper .

 

 

3-The idea and the goal of the Project?:

There is no doubt that the purpose of the currency and its project is something that should never be forgotten. When you invest in a currency, you must know the advantages of its project, what solutions it will provide, and how this currency will ensure the victory of its competitors in the market

 

 4-Token Sales statistics :

If you do not trust the information you have collected, be sure that there are many other people who have done the same process. As a last step, you should monitor the currency or the ICO sales , as it gives you the extent of people's confidence in the currency and its project.

 

 

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3 hours ago, Kapil Koirala said:

Yeah these are the good ways to check the projects legitimacy. Now a days most people don't prefer to invest icos but because of new defi coins people have started investing in them and many scam tokens are also coming with it so people should be more cautious about it.

For reference only, this information is suitable for all types of currencies and in all stages, even currencies currently in the market, you must go through all these stages before investing in any currency and this is called Fundamental analysis..

Edited by iloveyobit
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It has been easier for me to identify cryptocurrency legitimacy, because I can check whether the project has a good visions or not with their roadmaps, follow the project in social sites including Facebook, Twitter, Telegram, LinkedIn or Medium. Getting information from cryptocurrency blogs, ICO trackers and visiting their official websites and knowing about development team involved in the project. This way I am able to check for their legitimacy and find out ICO-scams before I invest on them. Anyway, thanks for this informative post, the post has been a pioneer for me to deal with ICO-scams in more detailed way. I really appreciate your effort.

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Excellent post you have written here, too oftenly you will fall in to a scam when you do not research thoroughly about a project, reading the white paper is very important to get a sense on where the project is going to go. I really appreciate all the information you have provided in this post, very nice information.

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On 9/28/2020 at 8:05 AM, iloveyobit said:

Many new digital currencies dispatch every month, and close by these new tokens and coins comes a progression of beginning coin contributions and even after the coin out to the market . The hunger among a wide pool of financial specialists for these open doors has developed.

For the digital currency financial specialist hoping to capitalize on the host of new speculation openings while staying safe from false ICOs and crude coins and tokens, the possibility can be overwhelming.  While there's no assurance that any cryptographic money or blockchain-related startup will be authentic or effective, and today i will teach how to not fall into a scam . 

 

spacer.png

 

1-Make a deep research about the Team:

The first and first step that anyone who wants to invest in new currencies or an ICO must take is to search for the currency team and their social media accounts in terms of whether they are real accounts and if are they active, this can give you a great idea about the currency and if its real or scam .

 

2-Read the Whitepaper wisely :

the second and also an important step is the initial move toward investigating a whitepaper is to peruse it altogether. Verify whether the whitepaper has complimentary assets too, including budgetary models, legitimate concerns, SWOT examination, and a guide for usage,compare the things wrote on the whitepaper and the things that they already done on the real world, focus on that please.

also avoid coins and companies that doesnt offer a whitepaper .

 

 

3-The idea and the goal of the Project?:

There is no doubt that the purpose of the currency and its project is something that should never be forgotten. When you invest in a currency, you must know the advantages of its project, what solutions it will provide, and how this currency will ensure the victory of its competitors in the market

 

 4-Token Sales statistics :

If you do not trust the information you have collected, be sure that there are many other people who have done the same process. As a last step, you should monitor the currency or the ICO sales , as it gives you the extent of people's confidence in the currency and its project.

 

 

excellent information you provide a lot of value in these 4 points I will consider it for any investment I make in ico the other also helps a lot when launching binance for me that is more reliable

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The recommendation that I give above all to users who are starting is not to trust any ICO since it is proven that more than 80% of the ICOs that have been created are scams and it is very likely that you will lose money.

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3 hours ago, Carlopantaleon said:

The recommendation that I give above all to users who are starting is not to trust any ICO since it is proven that more than 80% of the ICOs that have been created are scams and it is very likely that you will lose money.

Yes, you are right, unfortunately, most of the new currencies are without projects designed only for the sake of embezzling money or stealing it from traders, so I put this topic..

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Thank you for the useful information, I am glad that there are useful sources of information that do not require a fee.

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20 minutes ago, elmany2025 said:

Yes, I benefit from your words and you should be banned from participating in any project, but the projects are many and with the number, I cannot find the right project, but I must see their affiliate site and look at Facebook, Twitter, Telegram, and know the true vision of the project
I am happy with your information

I have mentioned important steps for you in order to choose the appropriate currency to invest your money in. You should search and expand more on choosing a list of suitable currencies for investment ..

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There are a lot of scam coins out there but if they are tradable then you can make money trading them. If your trying to make money by holding them hoping the price goes up then you definitely want to make sure the coin has some substance.

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Excellent post you have written here, too oftenly you will fall in to a scam when you do not research thoroughly about a project, reading the white paper is very important to get a sense on where the project is going to go. I really appreciate all the information you have provided in this post, very nice information. Thanks!

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3 hours ago, elizabeth210291 said:

This information is for all types of currencies, one has to see that they go through all these stages before investing in any currency, and discover the ICO scams before investing in them. I really appreciate all the information you have provided me in this post, very good information.

You can say that, I mentioned the new currencies and ico's because they are the most dangerous for beginner traders, and the currencies that passed this stage are already trading on the platforms.

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I also fell for an ICO 2 times. The hyip was very big and there was a lot of advertising. The projects had good plans as far as I could tell. After you could trade these coins, the prices soared. I figured I'd better hold the coins for the future. Well, that was nothing both times because the prices went down and are still there today.

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On 10/5/2020 at 6:29 AM, Waltee said:

There are a lot of scam coins out there but if they are tradable then you can make money trading them. If your trying to make money by holding them hoping the price goes up then you definitely want to make sure the coin has some substance.

This is very correct and I will also add that to save yourself from being scammed, I rather you Check the reviews online. You can check YouTube or better still ask for around from a more knowledgeable source 

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There are many projects that only sell smoke, a possibility that in the future they will solve x problem and give a solution to a real use case, but this is not easy to demonstrate

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On 9/28/2020 at 7:05 AM, iloveyobit said:

Many new digital currencies dispatch every month, and close by these new tokens and coins comes a progression of beginning coin contributions and even after the coin out to the market . The hunger among a wide pool of financial specialists for these open doors has developed.

For the digital currency financial specialist hoping to capitalize on the host of new speculation openings while staying safe from false ICOs and crude coins and tokens, the possibility can be overwhelming.  While there's no assurance that any cryptographic money or blockchain-related startup will be authentic or effective, and today i will teach how to not fall into a scam . 

 

spacer.png

 

1-Make a deep research about the Team:

The first and first step that anyone who wants to invest in new currencies or an ICO must take is to search for the currency team and their social media accounts in terms of whether they are real accounts and if are they active, this can give you a great idea about the currency and if its real or scam .

 

2-Read the Whitepaper wisely :

the second and also an important step is the initial move toward investigating a whitepaper is to peruse it altogether. Verify whether the whitepaper has complimentary assets too, including budgetary models, legitimate concerns, SWOT examination, and a guide for usage,compare the things wrote on the whitepaper and the things that they already done on the real world, focus on that please.

also avoid coins and companies that doesnt offer a whitepaper .

 

 

3-The idea and the goal of the Project?:

There is no doubt that the purpose of the currency and its project is something that should never be forgotten. When you invest in a currency, you must know the advantages of its project, what solutions it will provide, and how this currency will ensure the victory of its competitors in the market

 

 4-Token Sales statistics :

If you do not trust the information you have collected, be sure that there are many other people who have done the same process. As a last step, you should monitor the currency or the ICO sales , as it gives you the extent of people's confidence in the currency and its project.

 

 

You have to follow these recommended steps, investigate the projects very thoroughly and be clear what use will be given to them, are they very attractive? dude, is the way forward for the project not clear? do not enter it. Anyway, don't jump into the first thing they offer you.

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2 hours ago, satoshifactory said:

There are many projects that only sell smoke, a possibility that in the future they will solve x problem and give a solution to a real use case, but this is not easy to demonstrate

Indeed, you are right, but at the same time there are many projects that do not have any goal, any real project, but were created only to steal money and they are many and very widespread

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Thank you for a great article. I always say if it is too good to be true it definitely is. If somebody is recruiting you and the only way to make more is to recruit more people its going to collapse.  

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You just have to verify your website and your social networks and you can identify if it is possible scam also if they ask you for money to start with the airdrop it is totally scam since for an airdrop you are not asked for money

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Yeah, all plans on the project should be written down on WhitePaper of the ICO and if its not - run away and never come back to this ICO) 

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