💰💰💰 Review # 2 ▶ 11 signs of SCAM ICO ( for BEGINNERS )
Hey guys! It's time to share something very important with you!
Nowadays all of us more or less are connected one way or another with the blockchain. Big percentage of us do investments in one of the many published or popping up ICOs that should be well-researched to make sure that the investment will be safe, secure, and with minimum risks.
In order to evaluete the ICO when we are doing our due diligence we need to be very careful and double check info, data, etc. So what we do?
There are many sites, you can find out tons of info related to ICO, or you can read discussions on many forums, get some clues and ideas to proceed or stop on time. Many trusted websites disclose regularily info regarding ICOs, that are of huge help for all of us. But always the final decision is yours.
I have put together 11 signs of ICO SCAMs to watch out!
FAKE TEAM!
For me a fake team means everything is fake. I have seen some ICOs using even stock images. Some others behaving so suspiciously, because they are having the objective of remaining anonymous. Some founders and creators want to evade the public exposure, having different sorts of arguments, some of which sound understandable, but still....As the major indicator is the transparency it will be strange why this info needs to be hidden behind the curtains.
NON EXPERIENCED TEAM!
Check out the Development Team. When it comes to ICO any solid platform must have an experienced, professional Team that are familiar with everything related to cryptocurrency and blockchain. If the opposite is a raise red flag for me.
SHADY SOCIAL NETWORK ACTIVITIES AND SUSPICIOUS ACCOUNTS!
I always put a stress on Linkedin accounts both for the Team and for the Company. Check carefully when the accounts were created, if they are too fresh that is not a good signal
EMPTY GITHUB REPOSITORY (only for the tech savvy)!
What is easy to check as most projects are open sourced. The code has to be related to Git wallet, if not, then walk away asap!
ABSENCE / INCOMPLETE WHITEPAPER!
Weak white paper, that should not be the case with a legitimate, solid ICO. It is hard to dig out in the white paper the value of the product, and why do we have to become part of this platform. No clear explanation!?!?
CHEAP WEBSITE + GRAMMAR MISTAKES!
It raises the red flag right away. The Grammar Mistakes I would put to be TOP RED FLAG. Why should the people behind the fake site invest time and resources into landing a strong website. If you have the feeling it does not just sound legit, most likely your sixth sense tells you the truth :)
BUMPY/ STRANGE ROADMAP!
It says a lot about the ICO, I would always like to see what has happened before, and what is due to happen. It is like the Business Plan for each project. Need to be familiar with the financial documentations, just to make sure I am fully aware where the potential contributions should go to.
PLAGIARISM!
Each ICO has its own Whitepaper, if you notice the copy - paste case, forget about this ICO. Something is wrong with it. Do not trust it, though it is not a 100% guaranteed sign for scam.
FAKE DOCUMENTS!
I have seen a platform offering a real estate purchases of a land, though it is not related with it at all.
NO REAL PRODUCT, NO TOKEN BASED BLOCKCHAIN TECHNOLOGY!
If it proves to be like that, walk away the hoax ASAP.
NON BLOCKCHAIN PLATFORMS!
Yeap it is not a joke. A Non - Blockchain Platform! This was one of the last signs I got to realize to exist. Turned out that some platforms do not pursue the goal of being fully decentralized. Keep an eye on that!
Keep in mind one of mine favorite quotes, though investment in the blockchain is very tempting, because you know that you invest in the Future Already In!
“It happens sometimes that your best investments are the ones you don’t make.”
Disclaimer:
This review is my subjective opinion and analysis, not investment advice.
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@yanipetkov, useful information. Good kob! Thank you.
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Thanks for writing about such useful and burning topic. Good job...
Thanks @bindas tried to do my best, I could have added some more details but skipped it for now.I dont like a post to be extra long.
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That's amazing that you came up with certain useful points to detect fake currencies. keep up with good content!
Thanks for stopping by @praditya!
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What can you say about an email reply that does not look or feel like an official one say they are using free email service or automated reply from someone other than their name on the white paper? Could that be a red flag?
@hubyr, you raised my favorite question to answer. I was going to prepare a post especially on.that.
Pls. just wait for few more days and you will see it.
If you need an answer right now, yeap you get the point. Be extremely careful with any undolicited emails, or any type of aggresive marketing should raise a red flag.
Keep in mind: Force to act in urgency is a sign most likely of spam!
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Fantastic contribution to the steemit platform thank you for this quality content ☺
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Thanks @adamaslam!
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