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Your ultimate checklist for picking a legitimate ICO
Given the high number of ICO scams that have already been committed, it is especially important to have an ICOs comparison list before making an investment. Indeed, Satis Group conducted a study on the best ICOs with a $50 million market cap and above. The findings were grim, with 81% of them being scams. Therefore, in order to have a trusted list of trustworthy ICOs, you will need the ultimate checklist to easily pick off the scams.
Does the idea have merit?
An ICO is not a product in itself, but a way of raising capital for a product. As such, it is important to know exactly what the product is and whether it has merit. To provide this information, the ICO will have a whitepaper, detailing what the product is and what it is meant for. A good example is EOS, which was a project to create a blockchain that uses smart contracts to host decentralized applications. Opposite of that is something like OneCoin, which was offering ‘educational packages’. The difference here is that in the former case, the idea had merit because it was targeted at solving a particular problem while the latter wasn’t.
Do the founders and developers have credit?
The only reason exit scams have become so prevalent is because people invest in ICOs even before they know who are behind the project out of FOMO (fear of missing out). To avoid these scam ICOs and pick only the legitimate ones, take time to investigate those behind the project. The idea is that you shouldn’t trust those you don’t know with your money – simple enough. For example, in the case of OneCoin, the founder Ruja Ignatova already had a criminal past since back in 2012, even pleading guilty to fraud. You should make sure that those behind the project have both experience and a clean reputation.
Is the project’s roadmap feasible?
Also in the white paper should be a clear roadmap of how the company hopes to grow within months and years. A clear roadmap with concise goals shows you that the project has been clearly thought out and that it has a future. Sure, they may not achieve all the goals in time, but the effort indicates a level of seriousness. Scammers never have a roadmap because their only goal is to get some money and run.
What is the reward structure like?
This is very important in an ICO because it shows how investors are rewarded. Outright ICO scams will promise huge returns like Bitcoin Savings & Trust (BCS&T) with promises of 7% returns per week, even though they don’t explain how this money is going to be raised. Then there are pyramid schemes that only pay you when you recruit other investors. To know a legitimate ICO, it should have a clear and reasonable reward structure.
Finally, you can learn about legitimate scams from what other investors are saying. If the opinion of a particular ICO leans toward the negative, it’s best to stay away from it.
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