Beware Fishing (Phishing) Season Is Here
Beware it is fishing (phishing) season. The phishers are out in full force. The wild wild west of investing is here and so are the thieves! As part of a review, I have provided a list of 10 points to consider when investing in new ICO's. Take a quick look at the list, it never hurts to have these reminders. After the list, is the warning about the phishers who are out to steal your coins.
Is the coin pre mined or not. Pre mind coins are of concern.
How is the governance of the coin set up? Is it truly decentralized or is there a committee that governs the coin. A committee that governs a coin is not always necessarily bad.
What function does the coin offer? The coin better have unique features that adds value to the end user.
What platform is the coin using. An example would be Ethereum, Bitcoin, Waves, Omni, Eris, Hydra chain, Multi chain or?
Who are the coin developers? What is their track record? What are their motives in creating the coin?
Is there a wallet to store the coin? If so, what kind of a wallet?
Is the coin being offered for trade on a popular exchange? You want the coin to be recognized by main stream crypto currency exchanges.
Does the coin have an physical office? Actual location of the business or at least hub offices? Is there a way to contact the developer?
Do the coin developers make public appearances at crypto conventions or are they visible on internet (YouTube, Steemit) live chat videos/ forums?
How much testing has the developing team done on the coin testing it's endurance and validity? An example, testing for programming flaws or hack ability.
Hackers and crypto thieves will use fake websites, white papers and ICO sites to deceive us into sending our crypto currency to the wrong depositing address. Always verify that you are on the correct official site of the ICO company. Triple check that the address given is the correct address to send your investment crypto coins. Check the internet for any heads up warning being given by crypto community members. Many times you can send emails prior to the ICO offering and get correct conformation from the company about what you should do.
Crypto currencies are very unforgiving. Once you send coins/tokens to the wrong address you have lost them forever. Oh, by the way, I have lost thousands of $ by doing just that. It can happen to the best of us. Be Careful!
Thank you for the tips. It doesn't matter what people do in society, there will always be thieves looking for a way to game the system and rip unsuspecting people off. Newbies especially are a target. Thank you for providing this info
You are welcome. I agree, there are always unscrupulous people out there. I have never been able to understand the mind of a thief. It is beyond me how they are able to sleep at night and live with themselves. I for my part, do not steal and work honestly everyday to provide for myself and my family as I am sure you do as well. Have a great week!