Quote from: 24Kt on December 05, 2021, 09:01:33 PM

Quote from: jaberwock on December 05, 2021, 07:49:19 PM

Quote from: dlite560 on December 04, 2021, 12:03:53 PM

Is It Really Possible To Identify A Scam Project Right At The Beginning?

Many projects launched on daily basis. Some are extremely successful while others are less. But many SCAM projects are being launched as well just to pull out money from the pocket of innocent people.

This has been discussed several times in this cryptocurrency forum, like really, a lot of times. Like some. People have said, you should know the team. Knowing the team is in important. These scammers have to hide their identities and they do that by impersonate other people who are well known in the crypto space. They use fake identities on their websites and social media pages.

So, it is up to you to do your research and dig further to know whether they are genuine or not. If there are some icons they claim to work with, you should visit those icons page and know whether they are really involved in the project, always try to verify things.

One red flag for me is if the team is using fake photos, so you have to do quick browsing of their team members over the internet. Once you found out they are using fake photos, then, that project has high chance of pulling a disappearing act once they got a hold of money. Also, if the roadmap or whitepaper is very generic in nature, like copy paste from someone else's project, then, it means the team didn't put much effort so they can easily abandon this without warning.

Any sign of low effort coming from the developers should be taken as a red flag and should not be ignored, fake pictures and resumes are very common among scammers as they want to make it seem as if the supposed team behind the project has a lot of experience when this is not the case, so in the case you find any indication that the developers somehow are illegitimate then this should be more than enough to disqualify that project from your list of coins in which you could invest, this may seem to be way too harsh by some, but it is the only way to avoid most scams in the market.