No I will not invest my money in a token that doesn't have a white paper.

Cryptocurrency investment is far more bigger than just gambling with money, infact it is real business so it should be treated at such.

A white paper is like a business plan. A layout for what you intend to do with your business idea. A good white paper should be able to convince an investor to put money into a cryptocurrency project. So not having a white paper at all shows a large degree of unseriousness and lack of expertise.

To an extent it might be a warning sign for potential scam.

So in my opinion, I will not willingly put my money into a project that does not have a white paper.