ICO Scams 2018 - Programmer explains

in #blockchain2 years ago

Today we're going to talk about how you can screen ICOs and decide wether they are potential scams or not. I want to share some metrics I usually use myself and things that turn me off in ICOs. ICO scams are very common and will only become more common as the crypto industry grows. I hope this video will help and enlighten people - share it with your friends and family who are new to crypto but are eager to learn. Enjoy guys!


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Ivan on Tech by Ivan Liljeqvist

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Timely info. Great post. The crypto revolution looks a lot like the dot-com craze of the late 90's with everyone coming out with the latest and greatest website.....and, of course, taking them public with bloated IPOs. 99% of those companies are gone with the wind. The crypto space will follow the same path,

I am convinced that the "crypto bubble" will be exploded within 2018 (I dont know exactly when) such as dot-com case. MarketCap will be under $150 billion at that time. Let see!

Thanks Ivan.
BTW. I shared also some info related to benebit scam some time ago. Bad that the people loose their money... And double bad is that the diverse paid reviewers, experts and so on don't even apologize for the advicing of scam.. I afraid because of ico crazyness there there will be more and more scam cases in the future.

https://steemit.com/ico/@yefym/ico-scam-alert-benebit-scam
https://steemit.com/crypto/@yefym/scam-alert-fusion-org-the-detective-story-of-one-ico

Your post is very interesting ,and you're really careful thanks so much for your post

#Followback For all steemains

This is very helpful @ivanli, thank you so much
@ucathy

Thanks Ivan, I think it is very important to point out ICO scams. A lot of people are not aware of the risks...

the same human flaws (greed, ego etc) will cause the ICO bubble and bust

crypto is new and can be trusted, no all human beings can - be careful where you put your money

yaah ofcoure !ICO scams are very common and will only become more common as the crypto industry grows!
i am new to cypto and learnt whetever they are potential scams or not!
thanks for sharing with us! you are brilliant!

Thank you Ivan. I think the most important aspect for people to understand is what do you get? What will the token be used for. Technology is nice, but it does not help if you get nothing for it. I think the Etherdelta example was an excellent one - I love the business model - but the ICO was not attractive. Then the changed the whitepaper later on, it looked better than, but still....

Its always good to alert people!

Great post

This video makes us more aware of ICO and its details. I hope a lot of people would read this to avoid being scammed. Thanks @ivanli

I just now realized you are on steemit. I feel like an @$$ because I have been linking your YouTube videos since forever. I always give comments and, of course, Kudos. There are a lot of cool people in the space but you are definitely in my "top 10" list, probably my "top 5" list of people who actually have a clue....Thanx!

Thanks @ivanli I find this sort of post incredibly helpful. You are helping others not to get burned, this is very honorable.

Ivan, the gif is very distracting:

I don't think we need that on steemit do we?

With the rise of "boarding the crypto train" even when people don't know what the heck it is, it's good to educate everyone about it. Thanks for the useful information!

MY personal ICO scam alert is on when:

  • designers of project are anonymous
  • there is no open source code of wallets,cryptocurrencies etc.
  • there is no any contact info
  • there is no roadmap and whitepaper
  • ICO works as lending platform

I will never invest any money in project with atleast one of that points.

Not all Lending platforms are a scam.
Salt and ETHLend are great projects with a working business model.
But projects that promise 1% a day are scams for sure - Bitconnect being one example.

These are the sort of questions people ask in the current (old) economy when investing. As they say, we shouldn't throw the baby out with the bathwater. We should not forget the hard earned lessons of the past. Crypto currency does not mean greed will dissapear

Finally I can show my friends your video to explain them how ICOs are, and how to identify the legit ones. Thanks bro @ivanli .

Good video... But even at a lower level.

There are some more insidious down right rip offs going on, I just uncovered a prime example of 1 today:

https://steemit.com/scam/@richatvns/warning-pre-ico-scammer-on-google-results

Please pass the info forward...

Rich :)

Can you explain more about the link? I don't have time to click and read it - but would love to give you an up vote if this is genuine.

Thanks @ivanli, great video. Thank you for taking the time to inform us about potential ICO scams in the cryptosphere. I lot of teams present their coin as the next best thing, but when you look deeper, you don’t find any innovation and there is sometime a lack of credential from team members. Even if a project is legit, it doesn’t mean it will survive long term.

that is really very helpful, specially the github activity thing is new for me and surely it will help me and lot of other new crypto investors to stay away away from the scams.

Very useful video from someone I've been following since my crypto journey started (two weeks ago). Yes, I bought into the peak. Have been reading about cryptocurrency on and off for a few years.

But no regrets, I genuinely believe in the tech. Just need to make sure I invest in the next Google, not the next pets.com

This is essential reading, if you're too young to remember the dot-com bubble. Companies worth $Bs folded overnight
http://money.cnn.com/gallery/technology/2015/03/02/dot-com-flops/index.html

So yes, be excited by the technology, but if you're going to invest your money, same rules from the old world will apply to the new.

My checklist

  • an idea that is useful
  • a team that has a proven record of delivery
  • enough funding to last the whole journey

Hope that's useful

thank you - if you enjoyed reading it, please remember to up vote, so it helps grow the steemit community and eco system.

I love that here people get rewarded for writing and producing good quality content

I will show your video my friend!)

Some VERY simple things to look for... So an ICO has a HUGE Market Cap... yet it's website is FILLED with typos (even if an ICO is from another country proofreading for sites, whitepapers etc. is ABSOLUTELY IMPERATIVE AND PROFESSIONAL!!!) and looks like it was put together in MAYBE 5 minutes... Would YOU trust that ICO? Simply put DYOR (do you own research on everyone and everything behind ICO's, and if YOU yourself don't truly understand Blockchain Tech etc. study up!!) Thanks @ivanli

Amazing friend, if you help me many and with this information in my head I will be more attentive. Thank you! follow me

Thanks for this info i was not awear of this

thank you so much as a newbie every little bit helps.

Your the computer programmer/crypto guy love your vids.

This was awesome, I love this

Will use it

Always be cautious with your investments. Use what you can lose. Our strategies are similar. Keep up the good work ill follow and resteem.

One more noteworthy comment, follow them and keep yourself informed and a part of the community. It could be a scam thats fooling everyone, and once they change and start kicking people that express negative opinions, sell what they gave you (if anything) and get out. Best of luck!

a very good post .. and this is really very amazing, with this we can know how it works .. thanks a lot my best friend

Thanks for this video man! I've been catching up on all of your stuff lately and it's great to not get a dumbed down version of things. Keep on keepin on!

Thanks for sharing this video with us bro

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I was reading this:
http://www.ibtimes.com/ico-scams-more-10-percent-raised-has-been-stolen-report-2643833

The title says it all....but I think its a new world. Over the time we will learn an grow...

Thanks Ivan, I'm new to the space, but I've been learning fast - in part thanks to your great content.

It's quite surprising, given the amounts we're dealing with, how many people are easily swayed by hype (if I see "TO THE MOON" one more time!)

And never mind not checking GitHub, I think a lot of ICO investors don't even read the white paper. And if they look at it, they read the brief overview. It's too easy to follow the hype, and people like McAfee.

A fool and his money are easily parted.

Great Post! I have been watching your videos ever since I found you on Youtube a couple weeks ago. I find that you consistently put out some great content. Thank you.

I think is this kind of information people that are starting need, unfortunatly the most of the people just want quick return without any research and work behind, but we all need to spend sometime and try to learn everyday a bit more.
I really appreciate your video, thank you for giving useful and important information.

very good information about ICO SCAMS.

Can you write about ICO scams?

Alert!! Quick Cryptocurrency FUD update! Not Clickbait! Live Bitcoin Dollar Manipulation! https://steemit.com/bitcoin/@josearteaga/x5tymq5f

Love ya Ivan the 10x Destroyer!

I've had no idea about ICO scam. I just thought like 'Oh new Crypto came out!' This is a really helpful video for me. Thank you for sharing!

Thanks for the info. Very helpfull

Given so many projects currently in the market will fail, giving us tools to ID the ones likely to do so is a great community service, Thanks Ivan!

Have you heard of WingsDao? I forcasting platform that raised 14% of all ICO's funds on their platform. Made up of a large crowd that evaluates and weeds out scams of incoming ICO's. They are in pre-beta right now and us participating are really lab rats right now as they finalize beta (coming out next week!). Forcasters get rewarded for correctly evaluating the amount raised. It just really isn't know about yet cause they don't really advertise yet (not ready for heavy traffice). Just something worth checking out :)

analyse more and more !

Thanks for this detailed information about ICO. I needed this since I’m planning to invest on ICOs this year.

Bitconnect hit hard, i think lending platform will now be really under trustable.

Great post it's frustrating watching people fall for obvious Ponzi Schemes and then blaming it on crypto as a whole!

Great Info bro!

Absolutely great information, I’m glad you made this. Simple, but many people have been scammed because of not doing their research.

Thanks for this Ivan. Your youtube channel is awesome for educational content!

Now @ days ICO buying is like playing in casino .if it came as per your expectation than its good .but if anything goes wrong than we start screaming scam scam etc.

Youtube? D.tube it :)

I have a friend who made tens of thousands out of icos. Inevitable, he lost money on some of them, but all in all he did his research and got rewarded. I consider icos too risky and do not want to wait 6 months or more for the implementation.

thanks good stuff Ivan

I hope things like that won’t ruin legit cryptocurrencys in the future. This is something that will potentially change the world in a positive way.

Very informative and awesome post

U can’t avoid scam. Everyone here is for the money including the scammers

This is a timely and informative video. In a recent Steemit post I created on this topic, I mentioned that there are a lot more ICO promoters in Steemit - especially in the 'promoted' section. I'm not implying that there is something wrong with this. Just that, like you have pointed out, caveat emptor - be careful before you part with your hard earned money. Get the due diligence done.

I am not sure how Steem works, or how Crypto-Currencys work. Newbie AF Alert...lol

The video really promote the the knowledge of the fact.

Nice post great awareness regarding icon scams.... 👍👍

yeh nowadays Scams on his high pick..
In Every field people scammed... So thank you for sharing this valuable information

Yes I check your points too and if the Project has a Homepage that looks creapy I also dont invest. They raise a few million and dont have a proper homepage, like a free page or so.

SSL Certificate you must explain didnt get that where can I check it?

Great info Ivan!!!

I've discovered so many scam phishing websites on twitter recently. Also check to see if you have common followers in the crypto community if you go to a twitter handle. Scammers duplicate the more popular ICOs and coins!

Great insights. I watch your videos by the way and I always learn something new every time. Keep it up, man!

Speaking of scam.
How about the website https://xcoins.io/?r=cplnm9 can @Ivanli confirm or anyone else in the community vouch for them basically they are bitcoin lending platform that lets you pay using paypal.
2018-01-25_1145.png

thank you.
I learned your know-how

Ivan?

Why don't you like do some technical analysis of top 10 hyped ICOs, etc. every month? I know you are busy man but the greatest help you would probably do to this space is if we can collectively expose a few scams and probably this way a few of these scamers will be discouraged..

It doesn't have to be financial advice, it can pretty well be an opinion based on your exceptional industry knowledge due to which people look upto you..

Totally agree with you Ivan, too many people chasing easy money can only lead to tears. I do believe concurrency and blockchain is the future, but anyone who wants to understand how this might play out should read this:
https://en.wikipedia.org/wiki/Railway_Mania#The_end_of_the_Mania

There will be a bubble, there will be a crash, there will be a major change, just make sure you're not holding dud currencies at the end of it. Always look for a quality team, quality technology and a clear use case.

good post, and you deserve the dream you want, and I will follow you,
sorry, I'm new in steemit, will you help to improve my ranking? thank you