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An introduction to how to detect fake ICOs, 7 important tips for detecting fraudsters

It is recommended to read the following in order to know, analyze and understand more fully the following text:

How to validate ICOs and detect fraud

Investment risk through ICO

A new model for achieving price stability in the ICO

If you have been following the news of startups, you must have heard that VC circuit started a storm with the introduction of Initial Coin Offerings. In the last 6 months alone, startups have been able to earn more than 2 billion dollars (6,455,400,000,000 Tomans) through ICOs.
$ 2 billion seems like a huge amount. It is true?
No, this is not a big number in the world of ICOs!

Perhaps the easiest way for an entrepreneur to earn money is to overcome all the prejudices that he usually encounters when trying to enter different methods of investment, such as venture capital and crowdfunding. Be.
All you need is a product that people are interested in, a whitepaper, and then earn $ 20 million in 30 seconds. (Do not be surprised, yes it is possible).


Humans tend to circumvent the rules of any pattern

And ICOs are no exception.

If you have been following the ICOs closely, you should Empire Card Get acquainted with ICO startups.
Many analysts have argued that the ICO is a forgery, given the controversy surrounding the various platforms. But this is just one of the few things that are going to be unveiled in the future (Fake cases).
And if you, like me, are really into investing in ICOs, you should keep a tab that shows which ICOs are allowed and which are fake.
If you are a regular or novice investor, carefully consider investing in any new ICO, this article gives you 7 useful tips for detecting fake ICOs.


An introduction to how to detect fake ICOs, 7 important tips for detecting fraudsters

Startups are inherently ambitious
But, how does a startup plan for about 6 months to generate $ 1 million in revenue in three months, or how do some startups use phrases like “No Loss, Only Profit” and “10,000 Profit Ratio”? % ”(Profit Ratio) on their website?
Doesn’t seem a bit suspicious?
Yes. That’s right.
Any startup that plans to make $ 1 million in 3 months, or a SaaS startup (Software-as-a-Service) that has a customer downside rate when doing zero calculations, or something like that in their whitepaper They introduce themselves as a very good candidate for a fake ICO.
You need to have a thorough and complete review of your goals and know what startups plan to take advantage of the financial resources allocated to them because if you are not aware of these, there are many fraudulent startups that They put a hat on you.

Founders and AdvisersAn introduction to how to detect fake ICOs, 7 important tips for detecting fraudsters

Another thing that is common to all fake ICOs is that they post pictures of people who have nothing to do with the project. For now, go to the Empire Token website and see the profiles of its members. They did not provide any link, so you can copy the names and paste them in the Google search bar and that such people on LinkedIn (Linkedin), Twitter (Twitter), Facebook(Facebook) Or Instagram (Instagram), There are no external surprises.
This is an important indicator that this ICO is fake.
To make the right and informed decisions, do this search for any ICO you want to invest in.

Founders’ Credibility

Suppose the founders are very active and hard-working to promote their product on social media. But what if they can’t do what they promised in their Whitepaper?
This is where you get into action. Obviously, there is no way to predict the success of a startup, but at least you can check their profile to see if what these people are saying about themselves is true and who they are in contact with, who they are introducing to. Have been and so on.
This factor should be considered very important and if you really want to make a profit from your investment, do this search.

code DAMNIntroduction to How to Detect Fake ICOs, 7 Important Tips for Detecting Fraudsters

Most startups that offer their own ICOs put their source code on the GitHub site. Before you invest, go there and see if it really is a good thing or if 5,000 lines of code are not really worth offering.
If you are not a technical person and importer, refer to the help section for help from an expert friend.
This section is very important for evaluating ICOs.


An introduction to how to detect fake ICOs, 7 important tips for detecting fraudsters

The other part of ICO evaluation is their booklet, known as the whitepaper.
If all you see in the whitepaper is a series of display keywords that make no sense, it’s time to close that page and search again to find another investment ICO.

Online Forums

One thing to keep in mind when reviewing is to see what people are saying about the ICO you want to invest in. If in doubt, you can simply ask a question in the question section of these forums and ask for people’s opinions.
All discussions in these forums are important indicators for assessing the validity of an ICO.
You can get such information to Bitcoin Talk Or Reddit See.
But be aware that there are people who have bought fake accounts from Reddit or BTC

Compromised EscrowIntroduction to How to Detect Fake ICOs, 7 Important Tips for Detecting Fraudsters

Guaranteed money is basically a service or wallet that holds coins for customers until a transaction is made. When the seller does a complete job for the customer, he receives the cost. If the work is not completed, the money will be returned to the customer’s account.
Make sure the startup uses the money back guarantee service and not using this service is a good indicator to determine if the ICO is invalid.
Finally, it should be noted that this method is not a professional method for determining the validity of an ICO, but it is an important option to check and reassure you to invest.
It does not matter how alert you are, because there are few people who wear hats even on smarter people than you, but considering this in the market, the possibility of ICO fraud is reduced, and ultimately the likelihood of It reaches zero.

Succeed in your investments.

Source: hackernoon


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