How To Avoid Scams In ICOs?

in cryptocurrency •  3 months ago

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Before you participate in the Initial Coin Offerings, you have to be careful with each one of those things that prompt scams. The scammers tend to appear as they have an ICO, but actually they don't even have one to offer, so the coins you purchase from them end up worthless. Nonetheless, you do not have to worry now since we will explain how you truly identify and avoid scams.

So, let us begin and find out how to study the ICOs before you actually invest in them.

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First off, look at their online presence and engagement while alongside inquiring about their team and their experience. See to what extent they have been into this Blockchain industry and whether they have any relevant experts, or are they simply the typical developers who play around the codes. This is the fundamental part of distinguishing and staying away from the fraudulent ICOs.

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After you're finished with researching about the project, know that in order to be fully accessible to potential buyers, each authentic ICO puts out their detailed data by either having an appropriate web interface or a white paper (sometimes both). The White Paper includes the roadmap that will help you discover for how long they have been into the project. Search for various media sources on their site. See who has been discussing them and what people are commenting. Discover the proportion of positive and negative remarks and connect with everyone who opposed.

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In addition, the sincere ICOs spread their word on as many platforms as they can. Which essentially includes GitHub; it will enable you to know whether you are investing into a genuine token or a duplicate one. Reddit and Facebook people communities are natural. You should join their network and discover how they have been with different buyers, search for reviews, and everything else that leads to scams. Ask on Quora, Reddit, Twitter, and other social networking platforms. It makes you build up a superior comprehension of the particular ICO you are hoping to purchase tokens of.

Currently, since we know that Blockchain is prospering and is viewed as the future of innovation, many companies have been modifying their plan of action to fit into Blockchain. Given this, if you are interested in a specific ICO, you should search for its core business model that whether they normally align with the Blockchain, or they are simply attempting to go off track. This is critical for the long-term achievement of your investment.

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The other basic findings include whether the token you are acquiring promotes inflation or deflation. Which quickly implies what number of coins there will be altogether, or will there be any hard or a soft cap that will limit the growth... We recommend you to examine the characterestics of token and discover in what cases it may prove profitable.

Additionally, figure out the objective behind the ICO that what actually is the driving force. Since in case it is into illegal affairs, you probably won't succeed at that point. These are the essential signs that the vast majority of the buyers don't consider and inevitably wind up being the victim of ICO failure.

At the last, investigate your chosen ICO and find the amount they are hoping to raise via token sales since many projects stay uncapped, hoping to draw unlimited funds. You should abstain from putting money into ICOs that are either uncapped or capped but with unachievable numbers.

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Tell us in the comment section if you have ever been the scammed. Share with us a few tips you might want everyone to know. You can also tell us what topic you want us to feature next.
Cheers!

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I gained really a lot of knowledge about ICOs during studying your profile @flash07 :)

I have never been scammed in ICO, but I want to say, thay you have to be very careful if it comes to airdrops. I have been recently scammed in a fake MonaCoin airdrop as they wanted to swindle passwords. Remember, always double check source of the information and verify it with official social media.

Greetings, Jan

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@neavvy

gained really a lot of knowledge about ICOs during studying your profile @flash07 :)

Thank you for your kind words. It's really matters to me as it encourages me to write more.

I want to say, thay you have to be very careful if it comes to airdrops. I have been recently scammed in a fake MonaCoin airdrop as they wanted to swindle passwords. Remember, always double check source of the information and verify it with official social media.

Yes there are so many scammers who use social media to scam the people. They have started with the name of Airdrops and Using telegram mostly to target the users. Make sure you never share your private wallet key with them. If someone asking for it, then it's scam for sure.

I also had 2 experience recently, one of my friend sent me "Pundi X (NPXS) " airdrop on telegram - steps was simple but I checked on it's official twitter account where they not mentioned it anything. But to check what they are asking to use I entered it in it and at the end they were asking information about your private key and jason file.

Another one happned here on steem, someone came on steem.chat, they asked for some steem and they said they will promot my post for 1 month & will vote daily on my post with the payout of $15. I knew they were scamming people so report to original bot owner that some one is scamming with his name.

Once again thank you for your kind support and amazing comment.

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Thank you for your amazing reply @flash07

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Passwords always should be unique for each website. Some scammers they check if the same username have the same password on another website.

The way that I avoid scams is simply by not participating

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It's best way

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@bdk1970 hehe great way for sure :)

Thank You for stopping by reading my article.

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@avadhut Thank for your kind comment

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Welcome

I follow you, I hope for your reciprocity

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@kable78 Thank You for your kind support my friend.

Hope you liked the article.

This is an advertised post

The author of this post or one of his supporters has used one or more paid services to promote this post. This post's valuation and number of upvotes does not represent human curation. This means this post's valuation does not represent community appreciation and should be viewed as advertised content.

If you are new to these services please be warned that bid voting is a huge gamble with little return on investment if not utilized right and might also lead to a net loss.

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@honesteem Thank You for stopping by and review the post.

I am aware about the Steemit rules and I am following it very strictly. The post which have no original content or no values of it then it's not allowed to use bots for resteem or upvote.

This post is original & unique. Content written is very useful as I tried to write on "How to Avoid Scams In ICO" , which is valuable I think and it's great if it reach to many audience so this may help some users to avoid the scams.

Still if I done something wrong or if you think this post has no value then please let me know.

This post has received a 5.35 % upvote from @boomerang.

thanks i followed u

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@amzar123 Thank You for your kind support

Web Browser Mining JSE COIN Launch ICO 11 July Second round
Check I think it is legit I followed from last year

https://goo.gl/yQMtsx

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@avadhut Dear friend I suggest not to post in others post otherwise everyone will flag you and you might get loose your reputation. Just friendly advice as I see this many times in Past.

Thanks..

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I am not posting other post which post you see
Pls tell me send me link
And current post your you ask any experience so i tell my experience not copy past others pist

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Dear Friend @avadhut

I didn't mean that you are posting someone else post or coping something. I just suggested that don't share link like this otherwise some bot will down vote you as I see in some post that they are down voting the comment like this which looks like promoting the links. I just gave you friendly advice, I didn't say anything bad about you. Still if it looks like that I said something, then I apologize for it.

i tell my experience not copy past others pist

You mean I copy pasted something ?

You got a 9.29% upvote from @joeparys! Thank you for your support of our services. To continue your support, please follow and delegate Steem power to @joeparys for daily steem and steem dollar payouts!

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Sneaky Ninja Attack! You have just been defended with a 11.73% upvote!
I was summoned by @flash07. I have done their bidding and now I will vanish...

woosh
A portion of the proceeds from your bid was used in support of youarehope and tarc.

Abuse Policy
Rules
How to use Sneaky Ninja
How it works
Victim of grumpycat?

Don't invest in ICOs, there's no reason for ICO nowadays when there are too many coins out there

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@ching-chong Yes there are many coins are already there.

there's no reason for ICO nowadays

Still people are investing because it looks easy money to everyone. Another reason is there are some unique projects coming too which resolves the real life problems and genuine.

Thank you for your kind comment and support.

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There are genuine projects out there, just too few, way too few. That's the pathetic current state of cryptocurrency market

i guess thee is no way to stop scam? what you think?

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@marshallgreen We can't stop the Scam projects but we can prepare ourselves and get enough knowledge so we don't scammed.

very informed blog but i have lost so much in ico so now i am not participating in any ico

@cleverbot

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@jigsindian You can share your experience so it will help others.

Thanks for the post.

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@kabbotintin Thank you for your kind support.

Great work bro this is very useful info to avoid scams

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@saubhikbiswas338 Thank You for your kind comment

Thanks for sharing this knowledge and putting out this good news for sure many will benefit this including me.

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@starapple Thank you for your kind support my friend.

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Of course, you're welcome. Have a great day now, ok?

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@starapple Wish you the same my friend :)

Congratulations @flash07! You have completed the following achievement on Steemit and have been rewarded with new badge(s) :

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@flash07 very nice and instrictive post indeed. I don't scammed ever, After reading your post, I become your fan, Now i follow you.
Thanks again for your nice article, keep it up.

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@mawahab

very nice and instrictive post indeed. I don't scammed ever, After reading your post, I become your fan, Now i follow you.

Thank you very much for such a nice comment my friend.

Excellent. Very good information.

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@insaallah99 Thank You my friend

Once again a great informative article

Posted using Partiko Android

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Thank You @adarsh0709 for your kind support.

thanks for this information

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@amritmahal Thank you for your kind comment and support.

Wonderful article... The team and review thing you added are the most important factor in analyzing any ICO.

The scams in ICOs are truly spreading rapidly. Thank you for sharing few tips regarding how we can be on a safer side.

In addition, @flash could you please enlighten everyone about ICOs that are safe to invest? I think everyone will appreciate that since you are a consistent Crypto blogger and have a thorough understanding of Blockchain.

Thank you once again

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Wonderful article... The team and review thing you added are the most important factor in analyzing any ICO.

Thank you for reading my article and sharing your views.

In addition, @flash could you please enlighten everyone about ICOs that are safe to invest? I think everyone will appreciate that since you are a consistent Crypto blogger and have a thorough understanding of Blockchain.

Sure my friend I will try my best to come up with such ICO. There are many projects running to avoid this scams. I will write on those for sure.

Once again thank you for your kind support and such a nice comment..

This so nice informative for the beginnings .. nd it cleared my little doubts ..

Posted using Partiko Android

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@navrosekalsi

it cleared my little doubts ..

Happy to hear that my friend.

Thank you for your kind support.

I've never been scammed in an ICO and I now totally have it off my mind to participate in any, no matter how convincing they may look.

Great points and I hope this article helps many people.

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@ajongcrypto

I've never been scammed in an ICO and I now totally have it off my mind to participate in any, no matter how convincing they may look.

There are good projects coming in market and looks genuine to0 but because of recent scams it looks to not to invest to be safe..

I hope this article helps many people.

I hope too as it was the primary intention behind writing this post.

Thank You for your kind support and comment my friend.

This issue is a critical one... We need to be conscious of where we invest our digital assets. I think CASPIAN network is a good platform to separate the wheat from the shaft! View my review on CASPIAN https://steemit.com/crypto/@focygray/caspian-your-digital-assets-manager

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This issue is a critical one... We need to be conscious of where we invest our digital assets.

Yes it's very critical one as because of this scams millions of people loosing their hard money.

I think CASPIAN network is a good platform to separate the wheat from the shaft! View my review on CASPIAN https://steemit.com/crypto/@focygray/caspian-your-digital-assets-manager

Thank you for sharing this. I think I missed that article of yours, will read it for sure. I took part in same contest too. As at the last moment I took part in it & wrote a small article. Wishing you good luck for the contest.

Also thank you for your kind support and such a nice comment.

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You are welcome..

Valid thoughts for sure. My means for investigating a new investment is always to look at the management and gather info from the community, what they are concerned with often gives a good insight in what the ico is about.

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@conceptskip

My means for investigating a new investment is always to look at the management and gather info from the community, what they are concerned with often gives a good insight in what the ico is about.

Great thoughts my friend.

Thank You for your kind support and comment.

Good information....
Learn some new things

Thank you so much brother to let us know about ICO scams.

@cleverbot

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@mike949 Thank You for your nice comment :)

Congratulations @flash07!
Your post was mentioned in the Steemit Hit Parade in the following category:

  • Upvotes - Ranked 4 with 1664 upvotes
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@arcange Thank You for your kind support.

hi @flash07

You should abstain from putting money into ICOs that are either uncapped or capped but with unachievable numbers.

Does it really matter that much? Let's say that I would be launching ICO and I would build great team, have financial backup, have solid whitepaper and interesting idea for project and pretty much everything would be checked as positive.

But i would set hardcap very high making bad judgement about current state of market. Let's say that I would be very optimistic and I would set hardcap at 10mln, hoping that actually I will reach 3-5mln.

Would that really matter to you?

Anywa great post. Piotr

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@crypto.piotr

If everything's accordingly set, then I don't also think that higher hardcap would matter much.

It's just worst idea with worst details plush worst whitepaper with a just money grabbing roadmap that makes any ICO unworthy prevailing in Blockchain. What you've said is absolutely worth taking a challenge.

Thank You for your kind support :)

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hi @flash07

thx for your comment. And Im sorry for such a late reply. Just had few rough days lately.

Yours, Piotr

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@crypto.piotr Hope everything is good now.

No need to sorry but let me thank you. According to me this kind of comments helps author to think twice on what they wrote. It's always good to have supporter like you who believes in honest comments.

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H @flash07

believes in honest comments

Yeah. It's always great to know people who believe in honest and mature discussion :)

Yours
Piotr

This is a lovely article
It's an eye opener to help prevent scam
Thanks @flash07

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@uraniumdavid Thank You for your kind support

Hi @flash07

The White Paper includes the roadmap that will help you discover for how long they have been into the project.
Yes I greatly think the white paper should be a massive tool for assessment of any new blockchain project if you ask
Discover the proportion of positive and negative remarks and connect with everyone who opposed.
This is another valuable asset when running an assessment. The feedback from the public is something I beleve should be properly looked at.

Furthermore, how this companies handle negative feedback should be a pointer to a great piece of knowledge,
........................if you are making an assessment

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@maxiemoses-eu Thank you very much for sharing your views with us.

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I hope my view expresses the correct thing in this line of direction

I really love your piece as alway...............
........................it is an eye opener
in my best opinion.
Cheers @flash07

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@maxiemoses-eu Thank You very much for your kind support.

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You are welcome as always

These are neat points to check @flash07! I am quite convinced by what you are saying.

Just to let you know since you were talking about scammers, I remember joining the telegram community of one of the recent ICOs and was pinged by the mod individually. The person started asking me about if I was interested in buying the token and that she would get me for 50% cost, etc. I was kind of convinced by the talk and incidentally, happened to go to the main telegram channel by chance and guess what, the pinned message said that moderators will not ping individually. If they do then they are not part of the ICO team. Just saved!

And then I realized that it is easy to do it. After all, the person only had to change the handle name to match that of the moderator. So be careful!

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@oivas

Just to let you know since you were talking about scammers, I remember joining the telegram community of one of the recent ICOs and was pinged by the mod individually. The person started asking me about if I was interested in buying the token and that she would get me for 50% cost, etc. I was kind of convinced by the talk and incidentally, happened to go to the main telegram channel by chance and guess what, the pinned message said that moderators will not ping individually. If they do then they are not part of the ICO team. Just saved!

Yes my friend now a days scammer found a new way, they started to use telegram channels & airdrop to scam the people. I shared my 2 experience in above comment if you like to read.

And then I realized that it is easy to do it. After all, the person only had to change the handle name to match that of the moderator. So be careful!

Yes and they use the images and all write ups same as original one. So it will be more hard to doubt them. But it's always good to cross check with Official Website and other channels where we can confirm.

Another thing is official channels or person will never ask you any sensitive wallet details or tell you to send ETH for giveaway or airdrop.

Thank you for sharing your experience with us. This will help more users as they can take as a example.

Thank You for your kind support.

Thanks for sharing this @flash07 this post looks much like what I am currently working one but from the perspective of psychology. This would indeed safe many from making one of the biggest mistakes of their economic lives.

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@jodekss

this post looks much like what I am currently working one but from the perspective of psychology.

Great. Don't forget to share it with me. I love to read it.

Thank You for your kind support & Comment.

Wow 😮, I will say, this is a very enlighten writeup and, you may just have saved so many people of falling into the wrong ICO.

Thanks @flash07 cheer @ogt
Obviously resteemted and upVOted

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@ogt

Wow 😮, I will say, this is a very enlighten writeup and, you may just have saved so many people of falling into the wrong ICO.

Motive behind writing this post was only that it may save some people from the SCAM. I hope this will reach to many people but I hope at least it will success to save 1 person (at least) then I will think that I wrote good post & it will value more than thousand votes.

Obviously resteemted and upVOted

Thank You for your kind support & nice comment..

@flash07..... I think you should be called Mr ICO😀😀. You've actually made this very brief and explicit.

The White Paper includes the roadmap that will help you discover for how long they have been into the project. Search for various media sources on their site. See who has been discussing them and what people are commenting. Discover the proportion of positive and negative remarks and connect with everyone who opposed.

This is something I love to check out most of the times. I always check on their telegram links and see the kind of activities going on the channel.
I do notice they do have many users close to 1k + on their telegram chanel. Does having many people on the telegram channel guarantees the authenticity of the ICOs?

Thanks for sharing this great post with love from@hardaeborla in courtesy of @crypto.piotr

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@hardaeborla

I think you should be called Mr ICO😀😀. You've actually made this very brief and explicit.

One of the great comment I have ever received :)
I am in learning phase and I share what I read & learn.

I do notice they do have many users close to 1k + on their telegram chanel. Does having many people on the telegram channel guarantees the authenticity of the ICOs?

No my friend, I don't think so. Because they can get even 10k+ telegram users by paying big telegram channels. Big channels d promotions to give users to another channels.So it possible that with the follower of 10k channel is going to do scam and the channel with <1k follower is legit. So I don't think just based on followers we can judge.

Thanks again for your kind support and comment.

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I corroborate with you about the number of users via telegram. You are absolutely right.

Thanks for your lovely reply

i was once scammed by an ICO early this year.. everything they presented looked legit, but my heart didn't accept it, i just had to invest in it cause the project looked great.. and the money went, just like that... i believe if i had read this before then, i wouldn't have fallen for that though...

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@iamchijamz

i was once scammed by an ICO early this year.. everything they presented looked legit, but my heart didn't accept it, i just had to invest in it cause the project looked great.. and the money went, just like that..

Sorry to here that my friend. People say “Whatever happens, happens for the good”. I can understand that you loose your moeney and there is nothing good about it. But whatever happned we can't reverse it. But there is surity that with that experiance now you will be careful more and consider that in case you got profit in that then you might have invested more in another scam project and you might have loose more. So you are saved from the greater lose. Another thing is with your experince now you can guide others and save them from the scam.

if i had read this before then, i wouldnt have fallen foe that though...

This kind of comments are very valuable to me. Hope it will save someone from the scam. As it was the motive behind creating this post.

Hope for the best.
Thanks again for your amazing comment and continuous support.

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you are welcome...

It seems you're an ICO specialist...I remember vividly your post on Unnatural and Natural ICOs and now this. This is Pretty interesting.

One important thing I noted was the roadmap...How you saw the importance in avoiding scams. Until now, I usually looked forward into their plans for the future, I never really investigated how much they'd completed. Its a nice Idea to trackback their history with the presented whitepaper, In order to know how much they've really completed...

Awesome work!

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@ced000

It seems you're an ICO specialist...I remember vividly your post on Unnatural and Natural ICOs and now this. This is Pretty interesting.

I am not specialist my friend. I am just sharing what I know, what I read and what I learnt. Ther are too many things that I need to learn.

One important thing I noted was the roadmap...How you saw the importance in avoiding scams. Until now, I usually looked forward into their plans for the future, I never really investigated how much they'd completed. Its a nice Idea to trackback their history with the presented whitepaper, In order to know how much they've really completed...

I am glad that this post helped you little.

Thank You for such a nice comment and your continuous support.

@flash07 Thank you for such a great article. This kind of post required now a days as we are hearing about scams everyday. This post is eye opener for the beginners and who invest in crypto without second thought.

I read each sentence very carefully and will make sure that I follow your article when I check any ICO.

Thanks again for such a great article.

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