Post
Topic
Board Altcoin Discussion
Re: How to detect scam token on Binance Smart Chain
by
adzino
on 09/03/2022, 02:51:43 UTC

1. You need to sincerely and without bias, study the project whitepaper. A scam project will always use ambiguous words and big grammars to confuse their readers. They would use words like "Blockchain, DeFi, Technology, Node, Proof of Work (PoW), Proof of Stake (PoS) etc. With this they make their readers especially those new to the space to assume that they are well informed about the ecosystem thereby buying their trust with ease.
A good project would outline the core use cases of their token clearly stated on their whitepaper.

2. You should check whether the identity of the team members are known. Most scam projects do not reveal their identities so that they won't be easily traced. Most of them use false or fake names and social links to further buy the trust of their investors.


1. These are most commonly used word when describing blockchain or crypto currencies. These aren't some "ambiguous words or big grammars" like you stated. I don't thing anyone should be judging a project based of "words" or "grammars".

2. As far as I know there were some projects that had their identity verified, but they still managed to scam their investors. Not directly, but in such a way that nobody could blame them for losing money. And like you said, some teams uses fake name and images. and there are also projects that has anonymous developers, yet they never scammed anyone.

To be honest, most of the shitcoins or tokens are found in Binance smart chain. If it is some random token on BSC, it is very likely a scam.