Post
Topic
Board Beginners & Help
Re: How hard to detect scams nowadays?
by
tranthidung
on 09/10/2022, 03:42:23 UTC
1. Don't invest in a brand-new project.
It is a good prevention but most of people want to hunt hidden gems then they fall into new scam projects.

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2. If you invest assume you are gambling with your funds.
I don't agree. Investment means do your own research before making decisions to spend money or skip it. It is not like gambling but I guess your point is "Don't invest if you can not afford to lose". If you implied about people who invest without any research and consideration, they are gamblers and what they do is gambling, not investing.

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3. See if the project has live utilities which are fully functional.
It is the point. Utilities and use cases create values for project, then its native token.

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4. Don't believe the KYC report, because there are a lot of people who sell KYC.
KYC is better than anonymous but KYC itself does not decide that project is non-scam.

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5. Check the project's Partnership and verify if it's real and potential.
Sometimes, it is a good indicator but even so, projects can turn to scam very quickly. Terra is a classic example and just happened a several months ago. Lots of other entities involved and lost in Terra.