Avoiding ICO Scams – How to Tell a Good ICO from a Bad ICO
When John McAfee comes out and says he’s been a coward and has been failing his followers, you know it must be serious. Avoiding ICO scams was advice Mr. McAfee was unwilling to give until now. Now John will not only be announcing the coin of the week (the most recent recipient is RIPIO Coin Network (RCN)) but also the dubious coin of the week. This week’s winner? Static. His reasoning is sound after you read the audit of Static conducted by CryptocoinConnection.com.
It was something else Mr. McAfee said about avoiding ICO scams that we need to pay close attention to: “My team audits tons of ICOs. Most are cons, scams, frauds etc.” That’s critical. Nowadays when an ICO can raise $40 million to as much as $150 million or more, the need for investor due diligence was never more necessary.
While Weiss Ratings is not yet rating ICOs (and I wish they would start immediately) investors have a very powerful resource in the ICO audits conducted by CryptocoinConnection.com. If you looked over their Static audit you can only be impressed by their ability to ferret out the truth in avoding ICO scams.
I’ve seen too many investors not care even slightly about avoiding ICO scams or cryptocoin scams in general. I’m as shocked as I am sad to know that no small number of Bitconnect victims sent their Bitcoin to Bitconnect knowing full well in their minds they were participating in a ponzi scheme. Their admission could make them them an accessory to a crime but even if it doesn’t, it’s clear that people who are willing to ignore risk to make money are dangerous. They’re not only dangerous to themselves in terms of the money they can lose but they are also dangerous to the cryptocoin investing climate as bad ICOs and coins that generate so much attention in terms of transactions and dollars draws undeserved attention to coins that should never see the light of day.
Avoiding ICO scams is one of the most important ways we can regulate ourselves so that government regulation becomes unnecessary.