What are obvious signs of scams in cryptocurrency world
An investment frenzy industry like cryptocurrency attracts all kinds of unscrupulous elements who use their emotional intelligence to prey on unassuming public. Their mantra is “convince desperate investors that they can get rich in 48 hours , then steal their money”. One thing they know how to do best is to evoke strong emotions in individuals via promises of boom-boom returns and fortunes. Statistics show that, over 10,000 people are swindled every day. So putting this guide together, is to help teaming public to verify every investment project meticulously before putting their hard earned money. Take advantage of this guide so as to secure your future investment plans.
Discussed here are the obvious signs of scams in cryptocurrency world
#Step 1. Anonymous Team members
Larger percentage of cryptocurrency projects that didn’t disclose their team in the past ended up being scam. That trend has continued and we in “prices.org” are encouraging people to be cautious of this.
One of the confidences building mechanism of investing in any project is to have adequate information of those behind the project. If a team is kept anonymous, it raises dust that, something is fishy. People deserve the right to know, who they are entrusting their assets to. Most sites that don’t display team members normally have odd looking contact details and incomplete descriptions. Run away from such site!
#Step 2. Deceitful guarantees and promises
When a cryptocurrency project sounds too good to be true, you should definitely need to give it a second thought. We in “prices.org” do not invest in cryptocurrency projects that guarantee quick returns and high earning with minimum or no risk. Investment basics teaches us that, high earnings imply high risk.
Beware of fake stories and testimonies carefully packaged to deceive the public. Don’t be ensnared with fabulous generosity promises such as 10 Bitcoins for the first ten investors, I month holiday to Bahamas for the first five people that invest within 72 hours and so on.
#Step 3. Presence in social media
Credible cryptocurrency projects put many efforts in social media to draw the attention of the audience to themselves, build a mutual trust and relationships to their teaming viewers and newsletter subscribers. Credible investments don’t shy away from disseminating information, answer tough questions and organize webinars for fruitful discussions. When an investment outfit is eschewing social media interactions, skipping vital questions and avoiding live online interviews, then, something is wrong. People should avoid such cryptocurrency investment.
#Step 4. Poor scripted whitepaper
Cryptocurrency whitepaper is the foundational document of any cryptocurrency project that unveils the visions, plans, implementation strategies, and roadmap. White paper should be well detailed to convince investors that, the project is worth investing into it.
When a whitepaper lacks sound concept, cannot boost of a well-conceived implementation plans and full of fundamental errors, then it’s obvious, the project cannot fly.
#Step 5. Not driven by Blockchain Technology
Blockchain Technology is the bedrock of cryptocurrency and that’s what makes cryptocurrency to comply with decentralization, strong security, scalability and immutability.
If a cryptocurrency project is not blockchain powered, the tendency for the transaction data to be tracked, reviewed and manipulated is very high. We discourage investors to invest in such project.
Disclaimer: This is just a guide and intended to get the public well informed. Whatever you use this information to do is solely at your discretion and we will not be held liable.th