How to know if your coin is legit or scam?
How do we know if it will go to the moon or to trash after the implementation? No one knows. It's business. We all want to make our business to snap and never to flop. But its still gamble. That is the case on business with good intention.
The case for scam coins are different. They pose as a legitimate business but their intention is to get all the money they can and run away with it. How to know they are legitimate? Its hard but you must do your own research. Do not believe every information you acquire. You must study and scrutinize. Be skeptical. Know that scammer exist in this industry.
Some people makes the promotion of awareness to these scam coin by means of posing as a scam coin but interestingly, many people clicked the bait and allow themselves to be a victim. Is these really the case? Or they are just believer of the promotion and wants to support the people behind?
Take for example when ICO craze was on, last 2017, many scam coin appear and one of these announce that they are indeed a scam: who buy $UET - Useless Ethereum Token?
Who will buy a coin from that site with that name? Apparently, many. From the site, he/they collected 310.445 $ETH from the investor or victim or supporter. It was evident that he is/they are just messing around in scamming or promoting awareness or enjoying the craze but he collected a large amount of plunder! Now the coins is resting on deadcoin.com.
Now, whats the craze? Decentralize Finance (DeFi). How do you know that this is not a scam? Again, everything they promise, of course, is only a promise. If they are legit, no one knows the direction: to moon or to trash after the implementation. If they are scam, who knows?
A parody DeFi project was launch by a supporter of Ardor to promote awareness: DeadFish or DeFi for short. The coin is listed on $Ignis and Bitswift DEX, with the following warnig:
Just like the UET, it was a promotion of awareness. You cannot create a money from the thin air. Everyone is warn. I think this link will gives you the whole story:
https://www.nxter.org/defi-ning-a-parody-on-ignis/
Scammers are everywhere specially during this time of Pandemic and the Bull Market. Almost everyone is at home with limited activity and source of money. Please don't be a victim. Always be skeptic.
If it is good to be true, it might be fraud its the cue.