Recently saw some posts about detecting "scam" ICOs-- but what about detecting just "bad ideas" for ICOs?
What's your smell test?
(1). Check the management team, check for people who have a history of previous successful ICOs.
(2). Read the white paper and consider-- why can't this just be done with a database? What's the true use value of the token? Why does it benefit from being decentralized? Is it truly decentralized?
(3). What is your smell test for ICOs?
Point 1 is not a must. For me most important is the team ICO to be build of successful people. Not just in crypto projects.
Point 2 is a good one. On blockchain must be stored only critical data.
Just need to use common sense.