Spectiv (SIG) ICO Fraud Alert

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Beware of SPECTIV (SIG) ICO , take into consideration that all ICOs are unregulated ,and do not provide protection to investors ,in case of fraud or loss.

ICO — the hottest craze in cryptocurrencies — is an ‘absolute scam,’ Wikipedia Founder Jimmy Wales says .

We looked the team up. We did not limit ourselves to Facebook and LinkedIn profiles, and tried to find more social activity from them. We runned a full background check on every person involved in SPECTIV (SIG) ICO .

There is no trace of discussions, participation in any groups or projects — it is a red flag. We invite you to Investigate the core team behind the project. Find out if the team members actually exist , who they really are , what they have done till those days , when they opened their LinkedIn accounts , etc… Do they have a track record or experience that is relevant to the project that is verifiable? In the SPECTIV (SIG) ICO case , the answer is negative .

Are you confident that the team has the ability to deliver versus what is promised and are the goals achievable? The Answer is NO !!

We investigated the legal side. Look up at the website domain , the real registration address, their offices location  — we even sent an offline mail to the office mentioned .

We even googled the cell number and e-mails  that are connected to the SPECTIV (SIG) ICO team — and found traces of previous activities in the far corners of the web, that told us a lot about the team members .
You can also easily check if they are a real member of the Bitcoin community through a very handy feature on Bitcointalk, the most popular cryptocurrency forum out there where this projects are usually announced.

Speaking about the SPECTIV (SIG) ICO theme, or their business concept, we really do not think there’s a market for that kind of product and even if there is , there are stong rivals in the field already . Scam can be seen by an over optimistic or too general description and this is what happened with SPECTIV (SIG) ICO .

After SEC & MAS reports, everybody knows one can’t just issue ‘randomcoins’. So if a token is not supported by anything (i.e bonuses, ecosystem, company share etc), its issuer might be a scam. So how the SPECTIV (SIG) ICO tokens are actually backed up ? Good Question indeed !

Be sure to check the past track record of the team and learn about any of the completed projects that are available to you.

For the more technically inclined, check whether the project’s code is open for scrutiny on github.

The SPECTIV (SIG) ICO project’s code appears to be cloned from another token/app , this means it is likely to be a scam.

Before investing in SPECTIV (SIG) ICO : Put questions towards the project team and draw conclusions from the types of responses you receive or discussions you read in these forms.

Amount to be raised in the ICO
The amount of money that a cryptocurrency startup wants to raise in its ICO can also provide valuable insight into its credibility. Cryptocurrency startups usually sell tokens in an ICO in order to raise money to build their product, add new features, or scale their service to control a larger market share. It is somewhat hard to pick a ballpark number of how much money a company should raise in an ICO to pass the credibility test. However, scam artists won’t mind vanishing into thin air with a few hundred thousand dollars worth of Bitcoin. Hence, you should be extra cautious around companies that want to raise thousands or single digit millions in an ICO.

Be extra-cautious around instamine and premined coins
The distribution process for getting a cryptocurrency into the hand of stakeholders and into the general market can also provide you with insight for identifying shitcoins.

A cryptocurrency using an “Instamine” distribution process is simply (deliberately/unintentionally) distributing its coins unfairly across the board. In an instamine, a larger supply of the total amount of coin to be created is mined in the first few hours of the launch. Such a large supply of coin ends up putting the price control mechanics of the cryptocurrency in the hands of a few individuals who can manipulate the price of the cryptocurrency at will.

A “premine” distribution system, while not necessarily an indication of a scam suggests that the creators of the cryptocurrency already own a portion of the cryptocurrency before it hits the exchange. Hence, once the coins hit the exchange and it gets some traction for a price uptrend, the creators can decide to sell off their premined coins and exit the cryptocurrency.

Whole countries ban ICOs. No, not only China – even the crypto-friendly Switzerland warns ICO market is full of scams. Pump and dump tokens appear every week, gather several dozens of “great project!” fanboys on Reddit and die out.

There are rare exceptions, especially now that startupers have been getting cautious considering public disdain for ICOs. Example – The Colony deciding to put off their ICO before the product is ready. They feel the Zeitgeist right – the public is tired of ICOs.

There is no product. The Minimum (!) Viable Product will appear 3 months after you give them your money. They are raising capital for a product that is not ready yet. Most ICOs that do that are utter scams. Take an IPO and replace “product” with “coin” – you got your ICO, company shares sold before company showed even a prototype.

Daydreams about token price
Utrust is worried about their token price, describing how good the price growth will be ! This is a huge red flag. These people talk how their token supply will decrease (basic cryptocurrency feature present in all coins) and the token price will grow. See how fat that rising bottom line is. This is all they want – an expensive token that will let them dump and exchange it for Bitcoin.

There are thousands of ICOs even going on right now but unfortunately, most of them are scams or fake and out to steal your money. Most of ICO scams target first timers, but even experienced traders and miners fall into the scam trap.

Are the project developers open to dialogue?
Are they forthcoming or are they evasive? ( Check by yourself ….you will not like what you hear )
Are responses specific or do the parties involved speak in generalities? ( Generalities from what we found out )
Do they come off as overly optimistic? YES , they are !

Good question you must ask yourself before buying their SPECTIV (SIG) tokens are :

“Could this project be accomplished using a token that is already in existence, such as Ether?
“Is the creation of a new token necessary?”

According to our analysts the SPECTIV (SIG) project will not be able to acquire a share of the market space , with their product innovation or services.

How long has the SPECTIV (SIG) project been in development? Nobody really knows .

The SPECTIV (SIG) project has no substantial record of progress over several months and has only recently appeared, this is a sign to be very cautious.

Is the token supported or projected to be supported on more than one exchange now or in the near future? Very Difficult to answer in SPECTIV (SIG) case .

How will the tokens be used, by whom and are there any indications of support coming from the market? We do not know !!

We have a lot of unanswered question regarding the SPECTIV (SIG) ICO :

Will there a cap on the maximum amount of coins that will ever be produced, like bitcoin, or will there be a steady increases in the number of tokens issued over time that could effect the value of all tokens in the future?

How will the token be used in the network and is it even necessary?

From what we read online the SPECTIV (SIG) ICO , often makes bold claims about their product even though said project offers nothing new or disruptive.

No serious team will ever make a price prediction about their token or claim it can fix the world. But the SPECTIV (SIG) ICO team did exactly that on their website . AGAIN RED FLAG .

The SPECTIV (SIG) ICO whitepaper is a real Buzzword salads , looks good , but when you actually sit down to digest it, this ICO taste like vague claims and empty promises.
You do not only want to see a very thorough whitepaper, but also look for a variety of complementary resources such as SWOT analysis, financial model, wallet design, competitor analysis, institutional studies, and more

We anayzed the matter and there is NOT a strong business case for SPECTIV (SIG) technology.

When evaluating the SPECTIV (SIG) ICO, the good first question to ask is: “Do they need a blockchain or a native token for this project?” The answer is no to both, chances are the ICO project is an example of solutionism — crypto for crypto’s sake — or a scam.

ICOs will usually have an escrow to hold user’s funds during the ICO and after. So keep an eye out for the Escrow participants and the escrow conditions. This may save you some money. We do not think that the X startup is using the top Escrow service . And if it’s not, it can be a good indicator about the ICO being a non-authentic one.

Ask them the right questions before investing even one single dollar in the SPECTIV (SIG) ICO .

While there are definitely some companies building innovative things on top of blockchains (and in the crypto space generally), there are many fraudulent groups who are looking for a quick cash grab. The field can be even more confusing to navigate when malicious groups get celebrity endorsements. Surely a trusted face would vet whoever they support?

Realize that even if a blockchain startup passes all of these tests, it doesn’t mean for certain that they aren’t trying to scam investors out of their money

One thing that you should not forget to check on is what people are talking about the SPECTIV (SIG) ICO which you are interested. If you have any doubt, you can simply put an open ended question on the forum asking people their opinions.

All the discussions here will be a great indicator about the SPECTIV (SIG) ICO being an authentic one.

You can go to Bitcoin Talk or Reddit for such information.

And no matter how alert you remain, there will be a few people in coming times who will con even the smartest of you but as the market matures, the probability of an ICO being a fraudulent one will decrease and ultimately reach a null value.

REMEMBER : If something seems like a scam, it probably is.

 

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