How To Spot A Crypto ICO Scam
Spotting a crypto ICO scam might not be too easy if you are new to the game, but if you know what to look for, you can spot them with ease. Let’s talk about how to spot a crypto ICO scam right now so you can stay safe and keep your money where it belongs.
Spotting A Crypto ICO Scam – Anonymity
One of the biggest telltale signs that a cryptocurrency initial coin offering is a scam is when it is anonymous. Simply put, you want to know exactly who is in charge of the operation. Who has created the crypto ICO? Who owns the venture? Who is in charge of it? Who programmed the lending and trading platforms? You want to know the names of the people involved, especially the CEO, CTO, and CMO. You also want to know the name of the company backing the initial coin offering.
You can rest assured that any Crypto ICO scam out there is not going to divest this info to you. If it is a scam, the crooks running the show are definitely not going to reveal their identity to you. If they are stealing from you with a crypto ICO scam, they are doing something illegal, which means that they could go to prison for fraud. Therefore, scammers will never tell you who they are and will always remain hidden in the shadows of anonymity. If these guys end up stealing from you, if the service is anonymous, you will never know who did it and you will never get your money back. Transparency is key here.
Spotting A Crypto ICO Scam – No Communication
This is related to the first point of anonymity. Ok, so the crypto ICO scam might not be anonymous per say. However, this does not mean that the people you are told are the owners and creators are actually the real people behind it, nor does it mean that they know what the heck is going on. You want to actually contact these people. The first thing you want to do is research. Go use Google and other search engines to look up the names of the people and company(s) involved. If they don’t seem genuine or simply don’t exist as advertised, you know that it is a crypto ICO scam.
If the people are in fact real and you have contact info for the, you want to talk to them too. Ask about who they are, where they come from, and what their credentials are. Finally, you also want to ask them about the ICO itself. They should be able to explain to you in great detail exactly what their initial coin offering is all about. If they can’t tell you what their system is all about, or if it sounds like they don’t know their stuff, chances are the it is a crypto ICO scam, not the real deal.
Spotting A Crypto ICO Scam – A Bad Whitepaper
Another red flag you can use to tell if an ICO is a scam, is how the whitepaper looks. Now, this might be a little hard for a newbie or beginner that just wants to trade. However, the best way tell a crypto ICO scam apart from the real deal is by taking a really close look at the whitepaper. If it is really vague, you can be sure it’s a scam. The ICO whitepaper needs to have all of the technical details available present in it.
Things like the block chain, the technical limits, and all of that stuff should be present in the whitepaper. You need to be very critical and demand detail from the whitepaper. You need to know exactly how everything is going to work and implemented. Sure, ideas are great, but the implementation is where it is really at. If you try contacting the owners and they don’t or can’t give you more info on the whitepaper, you can be sure that it is a crypto ICO scam.
Spotting A Crypto ICO Scam – Lack Of Community
You want a cryptocurrency ICO to have a community. You want to see people talking about it, like a lot of people. You want people to know who is in charge and you want to see communication between the community and the owner. You want people to be reviewing the ICO and the products, you want a lot of people to be engaged, to know what the ICO is about, and who the founder is too. If there are a lot of people involved and a lot of people are interested, chances are that it is not a crypto ICO scam.
Spotting A Crypto ICO Scam – GITHUB
Github is a place where you can look up various crypto ICOs and other such projects to see how far along they are in terms of coding. A crypto ICO scam will have very little or no Github activity, or may not even be listed on Github at all. Cryptocurrency ICO’s require a lot of research, development, programming, and all of that fun stuff. If there is absolutely no evidence of any coding, programming, or development, you can rest assured that it is a crypto ICO scam. Most people do not check Github, but if you want to know if an ICO is a scam, you should indeed check Github. Not all ICOs will have Guthub acticity, but it is a really good sign if they do.
Fake Crypto ICO Scam Sites
You need to be able to recognize imitators. There are a lot of ICO scammers out there which try and use big names to imitate the big players and seem legit. However, if you are careful, you should be able to tell a crypto ICO scam site imitator apart from the real deal. One of the most important things to do is to check the SSL certificate. Click on the lock button on the top by the domain name. The SSL certificate will tell you who is behind the website. If the site does not come from the advertised company, you can rest assured that it is an crypto ICO scam.
Conclusion
Remember folks, spotting a crypto ICO scam can be easily done as long as you keep all of the above tips in mind. Don’t let yourself be scammed out of money because you weren’t careful!
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