Post
Topic
Board Altcoin Discussion
Re: how to identify scam coin
by
RealKhan
on 29/11/2017, 04:24:46 UTC
If it looks too good to be true, then it’s probably a scam. There’s no free lunches

The best way to avoid falling into these various scams and shady schemes is to identify common characteristics such as: no white paper, ghost team members,guarantees of high profit, ambiguous details on how it actually works or minimal to no information on founding team or company and etc.

More importantly, it pays to acquire knowledge and understanding of how cryptocurrencies work and the underlying technology that powers them. Arming yourself with the right knowledge would safeguard you against these scams.
Scams and Ponzi schemes do not possess these common characteristics and are usually centralized and opaque.