An intending cryptocurrency investors recently approached me for my input in an ICO he intend invest on. And one of my advised to him his to read through the whitepaper of the ICO to determined how credibly and successful the ICO will be.
He then, ask me how sure I am that a well written whitepaper will determined how credibly, trusted and successful an ICO will be.
I couldn't give a clear answer to the question, because I personal know that so many scam ICO have a good and well detail whitepaper.
What's your take on the ICO whitepaper, can the information therein be enough to determine how successful an ICO will be.
I do not think Whitepaper will guarantee that you will not fall for the scammers. I have several times met projects in which a part of Whitepaper was copied from other projects. The big mistake lies in blind trust in the "white books". Investors rarely check the information described in WP and do not have the proper level of competence to check the open source of a project. This is enjoyed by a huge number of ICO organizers, who do not even bother to develop smart contracts that are stated in the technical documentation. You can not trust people, you need to trust the code