Quote from: lunnatic on July 07, 2023, 07:42:12 AM

Quote from: axxo on July 06, 2023, 11:50:08 PM

Quote from: FireDAO CY on April 26, 2023, 07:55:32 AM

There are so many new projects launching everyday and some of them can be good and some of them can be a scam as well. How can we identify it well? Perhaps we should have more discussion about it so we all can learn from everyone's experience.

To be able to avoid scam projects you need to do your own research and think carefully before investing in any project. You need to consider some things to be able to avoid scam project. You need to check on the white paper and read it carefully and make sure it is well written and it makes sense. Check as well the project's roadmap it must be clear and it has milestones. If the roadmap is unrealistic then you should doubt about the project. Check also the background of the project team members if they involved in scam or they are involved in a successful project. Consider also the community support they are receiving from the investors. Do not just believe in a project who seems to good to be true and promises a high returns with little risk.

These methods certainly require a lot of time, but we must be aware that we cannot completely avoid scam projects,
by doing research does not mean it is a guarantee of avoiding scam projects,
at least by doing that it can minimize.

Lessening or minimizing it should really be the next thing to do specially if you do have that initial experience on losing money due to scam projects which its true that we cant really completely get rid of it.
Basing up on experience there are legit looking projects did turns out to be scam in the end and there are projects who do look gibberish but did becomes so valuable on which this is one of the hardest thing for you to be
able to point or predict out in speaking of project potential which turns out to be reversed and this is why there are people who do rush on considering on dealing with shitty looking projects and taking up such step or risks
since they do have seen the probabilities.