Hello everyone, welcome to the third part in this series of how to spot a scam project. If you missed out on the first 2 check them out here.
https://read.cash/@Don_Christov/tips-to-spot-a-scam-project-8acf7d87
https://read.cash/@Don_Christov/tips-to-spot-a-scam-project-2-f7c6f43f
We’ve talked about the technology of the project and their ability to gain Mass adoption.
Another big way to spot a good project is through their Team. What many noobs don’t seem to understand is that a Crypto project is pretty much like and the same thing as a real world business. It will have a founder or in most cases founders, people who the originator of the idea shared it with and they came together to achieve it and a team. Just like a business, it requires a lot of work and sacrifice on the path of the team. We see Crypto projects that begin and they sell out just like in the business world. The team who will be handling your money needs to be researched into; any sort of shady past and you should run away.
You ask yourself simple questions like; Are the team competent in this industry they are into? Do they have proven records of experience doing similar things and succeeding? Do they have criminal records that will serve as red flags? Have they demonstrated skills of being passionate, resilient and determined from previous projects they’ve embarked on? These questions will help you make an informed guess about the team and how committed they are to the project. The truth is there will be the bad days; it’s only if they are really passionate about the project that they’ll keep going. An anonymous team should be heavily frowned against and in fact run away from. Nothing spells a red flag for a project like a team you can’t hold accountable for their actions or don’t even know.
Like I have been saying all along, you need to heavily research into the team. If it’s an anonymous team like we have with most meme coins springing up after the success of Dogecoin, then you need to steer clear. Same way if you find out after your research that any of the founders have a criminal background, then another reason to not go near. For example, when I wanted to invest into Status Private Messaging, I researched into their team and I found out that the founders Carl Bennetts and Jarrad Hope have been in the Blockchain industry for years and were core contributors for Ethereum before they decided to start their own project built on the Ethereum Blockchain. Things like that inspire confidence in the team and show that they are there for the tech and not a pump and dump just for the money.
With a team as experienced like that it’s no wonder they have been building a pretty solid project like Status. With over 50 contributors and developers aiding its growth I have the utmost faith that the project will only keep growing bigger.
Status is one name I’m tipping to be here for the long run, because the search for more privacy-centric apps is one that will continue for a very long time to come and though we will see continued enhancements none will be as secure and safe as one that is hosted on a Blockchain. Status brings forth the dream of freedom of speech, decentralization and privacy all embodied in one app. To download the Status App and begin enjoying true privacy, click the link below;
Click here to download the Status App
https://status.im/
