How to detect scam ICO

[Consignee 2395]

We have seen a golden time of ICO back in early 2017, and later, scammers started to create ICO and scam people's money. After that time, very few legit ICO we have seen. More than 90% ICO was scam.

Now, how can you detect the scam ICOs? This is a very hard question to answer. Scammers are very smart to come in such a way so that we can't detect them and invest our money. People are being scammed all the time by them.

Here, I will try to share a simple guide with you which can detect 90% of the scam ICO, rest 10% scam ICO is smart enough to not being detected. They will cover all these.

1. Check Team

Scam ICO will certainly come up with fake team. You can simple search with the image and find out if the team is fake or not. Search with each of the team member photos in google or in shutterstock. Most scammers never use their image and use image from internet, as a result you can easily find it out.

2. Check Whitepaper

Check their whitepaper if the whitepaper is plagiarized or not. Scammers simply copy from various whitepaper and use this in their whitepaper. You can do it with various free resource of plagiarism check available on the internet.

3. Check their bounty

Listen, although it sounds funny, I bet it can detect 90% scam ICO. First of all, scam ICO always go with shit bounty manager who have no reputation at all. Because this manager can be hired with ICO coin/token. Reputed bounty managers will never work for ICO coin. Now, why I think bounty manager with token/coin payment projects can be fake? Because, if a project don't have money to promote them, how can they be legit? Can a project start with zero balance at hand? No certainly. If the project don't have money to promote their project, 90% sure that the project will be scam.

 

I'm looking for more from other members, I will add more once I get some more things to add or someone recommend anything else.

[TucoRamirez 132]

I have a much easier method to detect scammy ICOs and projects - Is the project called Bitcoin, and was it launched in 2009 by an anonymous person?  

If not, please fuck off. Thank you.

[mostawda3 425]

I don't trust any ico because it's a coin project not a real coin
So you would invest $ 1000 in ico, wouldn't it be better to invest this $ 1,000 in a currency on the market?

[Consignee 2395]

1 hour ago, TucoRamirez said:

I have a much easier method to detect scammy ICOs and projects - Is the project called Bitcoin, and was it launched in 2009 by an anonymous person?  

If not, please fuck off. Thank you.

Much easier way but not effective much 😋

ETH is one of the greatest ICO which bring a lot of edition to Bitcoin, you can't deny that.

With ICO, there's not much project bring something good to the community. But you can't deny that there are a lot of spaces, developing the model of bitcoin would be good for toward the Satoshi's goal, a trustless currency and more convenient.

I was talking about MimbleWimble in other thread and there's a process through which you can minimize the total blockchain size. The bitcoin blockchain will be approx 6 TB within 2140, well, by that time may be 6 TB will not be much to download but what's wrong if we have a way to minimize it? Nothing na? So, I always welcome ICO.

By the way, the topic is about detecting SCAM ICO, not scam coin. Hopefully you did read this line 😁

It's not good to quote a topic @Devh

Edited October 11, 2019 by Consignee

[Devh 564]

I'm 1000% agree on your opinion. But in addition you should investigate a little more. Because we have to keep eye on the team work. And if they are just doing better than as they said then it means they will not scam. It means that if they said they will launch a messanger, but they add more features like channels etc then it means the community loves its product and want to make a real name in market but if team not responding and continously doin work on roadmap then such projects comes to scam in the end. 

Edited October 11, 2019 by Devh

[TucoRamirez 132]

13 hours ago, Consignee said:

Much easier way but not effective much 😋

ETH is one of the greatest ICO which bring a lot of edition to Bitcoin, you can't deny that.

With ICO, there's not much project bring something good to the community. But you can't deny that there are a lot of spaces, developing the model of bitcoin would be good for toward the Satoshi's goal, a trustless currency and more convenient.

I was talking about MimbleWimble in other thread and there's a process through which you can minimize the total blockchain size. The bitcoin blockchain will be approx 6 TB within 2140, well, by that time may be 6 TB will not be much to download but what's wrong if we have a way to minimize it? Nothing na? So, I always welcome ICO.

By the way, the topic is about detecting SCAM ICO, not scam coin. Hopefully you did read this line 😁

It's not good to quote a topic @Devh

I didn't understand this part about ETH bringing some 'edition' to Bitcoin - did you mean attention or addition?

Attention, possibly yes; addition, definitely not.

[cryptokram 102]

On 10/11/2019 at 10:35 PM, Consignee said:

1. Check Team

Scam ICO will certainly come up with fake team. You can simple search with the image and find out if the team is fake or not. Search with each of the team member photos in google or in shutterstock. Most scammers never use their image and use image from internet, as a result you can easily find it out.

How can we really identify the team is legit or not a scam which is not yet implemented in the community.

I think this is not the time they must do the proper way of posting the picture of their members.

The fan sign act or the labeled picture.

We have seen so many scam ICO and we must be aware now. how can the world know if your team is legit! that is the biggest question should be answer right into their faces.

Dont use a formal picture instead do the hand gestures with a piece of paper with some information:

Date taken the picture with your calendar at the back with the encircled day!

Put the name of your project under the date or over it.

[Saoha 189]

Currently, ICOs are no longer trusted and very few people invest in them. We all understand ICOs are dying. If you still want to invest in an ICO, you should find lots of information about the project.

[KaistonUchi 12]

A good point to detect a scam ICO is to evaluate how transparent they are by showing the team. If we don't see clear information about who makes up the team, we can really expect very little from that project.

 

[martmobi 127]

On 10/11/2019 at 3:35 PM, Consignee said:

We have seen a golden time of ICO back in early 2017, and later, scammers started to create ICO and scam people's money. After that time, very few legit ICO we have seen. More than 90% ICO was scam.

Now, how can you detect the scam ICOs? This is a very hard question to answer. Scammers are very smart to come in such a way so that we can't detect them and invest our money. People are being scammed all the time by them.

Here, I will try to share a simple guide with you which can detect 90% of the scam ICO, rest 10% scam ICO is smart enough to not being detected. They will cover all these.

1. Check Team

Scam ICO will certainly come up with fake team. You can simple search with the image and find out if the team is fake or not. Search with each of the team member photos in google or in shutterstock. Most scammers never use their image and use image from internet, as a result you can easily find it out.

2. Check Whitepaper

Check their whitepaper if the whitepaper is plagiarized or not. Scammers simply copy from various whitepaper and use this in their whitepaper. You can do it with various free resource of plagiarism check available on the internet.

3. Check their bounty

Listen, although it sounds funny, I bet it can detect 90% scam ICO. First of all, scam ICO always go with shit bounty manager who have no reputation at all. Because this manager can be hired with ICO coin/token. Reputed bounty managers will never work for ICO coin. Now, why I think bounty manager with token/coin payment projects can be fake? Because, if a project don't have money to promote them, how can they be legit? Can a project start with zero balance at hand? No certainly. If the project don't have money to promote their project, 90% sure that the project will be scam.

 

I'm looking for more from other members, I will add more once I get some more things to add or someone recommend anything else.

Wow, thanks for the eye opener my friend, I'll need to be more careful about ICO now and do thorough research on them, thanks for sharing, it's a great and valuable contribution. 

[cheewy 271]

yeah. almost all ICO today is scam. especially if they held promotion only in telegram, and the website status is " coming soon". beware about this. now we have new system, IEO. not all token/ coins developers can join this method, it's like filter, to detect scammers

[julzcoinbit 34]

I've been very blessed that I've joined bounty campaign year 2017. That year, you can really say that only few ICO projects are scam. During the first month of year 2018, the number of scammers increased. During that year, I have joined bounty campaigns.

I never earned in all the campaigns I have joined. Even if I have read their whitepaper, research about the team, still it didn't work. You can't really detect scammers. You have to take a risk if you still want to invest in ICO or joined a bounty campaign.

[CryptoBillion 8]

After being scammed 6-7 times I've learned my mistakes. I know what it is like to lose your money because of some scammy people trying to make money off someone else's hard earned money. 

I hope people read this and atleast understand the basic idea of how to catch the scam and the most genuine projects. I prefer IEO from Binance to invest in. They are the best ROI so far. 

 

Thank you for letting people know.

[CryptoBillion 8]

3 minutes ago, Flyingrich said:

The best way is by asking around in crypto currencies online forums, asking about teams members if the ico, on the ico offices if they have any, this really helps. Ico news travel fast people are always looking into them, so asking around is good.

Half of the time they are paid media. I don't trust them anymore. After being in blockchain industry for 4 years, I've learned my fair share of experience.

And with all this knowledge, I don't go for ICO's anymore. Only the IEO is what I prefer.

[Deborah Christine 410]

On 10/11/2019 at 10:35 PM, Consignee said:

We have seen a golden time of ICO back in early 2017, and later, scammers started to create ICO and scam people's money. After that time, very few legit ICO we have seen. More than 90% ICO was scam.

Now, how can you detect the scam ICOs? This is a very hard question to answer. Scammers are very smart to come in such a way so that we can't detect them and invest our money. People are being scammed all the time by them.

Here, I will try to share a simple guide with you which can detect 90% of the scam ICO, rest 10% scam ICO is smart enough to not being detected. They will cover all these.

1. Check Team

Scam ICO will certainly come up with fake team. You can simple search with the image and find out if the team is fake or not. Search with each of the team member photos in google or in shutterstock. Most scammers never use their image and use image from internet, as a result you can easily find it out.

2. Check Whitepaper

Check their whitepaper if the whitepaper is plagiarized or not. Scammers simply copy from various whitepaper and use this in their whitepaper. You can do it with various free resource of plagiarism check available on the internet.

3. Check their bounty

Listen, although it sounds funny, I bet it can detect 90% scam ICO. First of all, scam ICO always go with shit bounty manager who have no reputation at all. Because this manager can be hired with ICO coin/token. Reputed bounty managers will never work for ICO coin. Now, why I think bounty manager with token/coin payment projects can be fake? Because, if a project don't have money to promote them, how can they be legit? Can a project start with zero balance at hand? No certainly. If the project don't have money to promote their project, 90% sure that the project will be scam.

 

I'm looking for more from other members, I will add more once I get some more things to add or someone recommend anything else.

Check their roadmap and their product. Whether the product they launched is good for the future, whether it will attract many people or not. And also check how many coins they created.

[spyaquino 907]

I always try to visualize the project white paper and especially know about the team and the project visibility and dissemination on the internet, and yet I still stand back when it comes to ICO.

[abdella067 11]

You can using this website alexa.com to learn more about site if ico , you get information of rank and geographic and more 

[saski 80]

The truth is,  a good scam is hard to detect . and to avoid ico scams, i think the team behind the project must be a well known team, with a good reputation and experience .

[1u44s7 11]

Each ICO project should be familiar from the technical and legal side. Where does the entity come from, where does it pay taxes, is it registered. According to the FBI, the key strategies among cheaters are to maintain a false image of team members' extensive professional experience and promises of unrealistic token profits. If contact with the ICO team is difficult, it does not bode well for the future.

[Syedbesharat 5423]

Very good post.but can you make more detailed because you see the scammers are very smart and there are few people like you come forward and guide people.i appreciate your post and again request please make more warning signs for all of Us.

[Consignee 2395]

8 hours ago, Syedbesharat said:

Very good post.but can you make more detailed because you see the scammers are very smart and there are few people like you come forward and guide people.i appreciate your post and again request please make more warning signs for all of Us.

I request everyone here to share more info. I haven't checked if anyone has suggested anything or not. Will check and update later.

This thread is acting as just a simple warning so that people can avoid scam ICO. More analysis is required.

[wicak 14]

if my first opinion on how to find and see a scam ICO is to see a team that lacks a good reputation, and a development team that is not so uodate in the new news world in a digital currency, giving questions in the forum is not so quickly responded by the advisers and social media have never been notified of new ones for a long time.

[starwalkerz 164]

I usually do do diligence by:

-Reading the whitepaper. If the whitepaper has no technical errors, and contains a sound business plan with some kind of guarantees that the ICO runs properly, I'll move to the next step;

-Going through the guarantees, which includes checking who did their audit after which;

-I'll look at the market fundamentals, and whether the proposal is genuinely interesting.

If all these check well, I'll look at the whole thing as a company. That's it. They're supposed to turn profit with my money.

[M Aqeel 59]

At the rate the new crypto coins are offered, it’s very hard to know which one is authentic and which one is Scam. You can guess it by some indicators such as: first of all find out that who is on the team of ICO list. It matters a lot a good trusted team always perform well and delivers good.

[chou_tamago 21]

11 minutes ago, papahmuda said:

Knowing that the project is fake / fraudulent, there are a number of steps you should look at. Like a team, whitepaper, and if making a sale. You have to ask for their smart contract, so they know the funds collected.

i didnt know that checking/asking for smart contract is also a way to detect a scam ico  . thanks for that info buddy .  team , whitepapers and roadmaps  . all of them can still be faked out therfor scammers can still get on thier way   .

i witness alot of bounty hunters that still got scam no matter what research  they do  .  some already gave up . like me i stop joining iico based proects for a while  . i think ill be back once the issue have been sorted out or if the hyped of ico have returned into normal 

Edited October 19, 2019 by chou_tamago