We all know that Crypto industry is full of scammers l. But everytime they able to cheat newbies and sometimes more experienced ones as well.
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.
Recently a Scam project
"DXSWAP.NET" did exactly the same.
They also run a bounty campaign on Bitcointalk forum tu prove their legitimacy and gain more attraction. But ran away right after the pre-sale ICO.
Bounty Thread:
https://bitcointalk.org/index.php?topic=5373220.0They took heavy amount of money including my $200 in a false manner.
Proof:
I am not much worried about my loss but I want to prevent others from being scammed.
So please share your experience on how to identify a scam project at or before ICO.
There are many strategies that allow you to identify the majority of the projects that are scams in the market, but it is impossible to detect every single one of them, but why is that? Because projects that could be legitimate and that pass all your tests can still eventually become scams if one of the developers goes rogue, however a few of the things you can do to avoid most scams is to look for anything that has been copied from other websites, things like the white paper, the website itself, pictures and resumes of their developers.
You need to also look at their claims and see if their goals are reachable, for example there are many projects that promise profits and this makes them a scam by default as any serious trader or investor can will tell you it is impossible to guarantee profits in any market.