Are Altcoins the Penny stocks of the crypto world or are shitcoins

amishmanish

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Quote from: TheUltraElite on June 08, 2021, 12:29:50 AM

--snip--

Best thing is to ignore altcoins and keep money in bitcoin, the safest of all the crypto available.

UA, I wouldn't say that you should keep all your money only in BTC if you have time to put in this space. It depends on your risk tolerance. There are legitimate projects on these Alternate chains that can give short term returns. I feel it is best to stick with a few you can get involved with. Just make sure to have a stable pool of BTC that you don't touch and just stack.

This recent degeneracy about everyone launching a coin on BSC and farming farms on top of farms is a race to the bottom. You WILL end up losing money if you don't have time to watch them every 10 minutes. On top of that, this mocks and reduces the legitimacy of the whole crypto-space

The altcoin shills and "influencers" on youtube and twitter are the worst with their stories about making millions. If someone makes money off of these, just take it and run. Buy BTC and let it sit.

TheUltraElite

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So anyway, I applied as a merit source :)

Agree with manish, penny stock still have a company backing them and they are made out of thin air unlike many shitcoins, so called truth to the term known as vaporware, you should read about these things before taking a plunge in them.

The SEC does not consider the crypto currencies out there to be legal securities but they do consider the penny stocks to be such. There also could be a point of argument why owning an penny stock means you have a partial ownership of the company but buying a shitcoin, you have nothing or legal backing as an "investor", heck even the term investor makes no sense here.

If you are interested in low-cap companies go with the fiat based ones, at least you have some government knowledge that you can legally pursue in case the company shuts down, you will get some of the liquidated money.

Best thing is to ignore altcoins and keep money in bitcoin, the safest of all the crypto available.

amishmanish

legendary

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Alt-coins will never be the same with the new breed of rug-pulls, trillion supply shitcoins on BSC and other chains.

Lot of buyers in high income countries have found a way to buy these on trustwallet and others. The devs and "communities" are mostly form low-income countries. You see, low income countries have a lot of people with smartphones and time that won't otherwise earn them as much money.

It takes nothing to trend a dog/cat/dick/pussy-coin with an unlimited supply of these twitter accounts to "spread the word". Those who buy in are either instantly rugged or slowly lose their 100-200 USD. That maybe a small amount for the high income country noob buying them up, but for the scammer, just a few 100 of such purchases are enough to justify the whole operation.

Penny stocks at least have companies behind them. These have nothing other than easy deployable contracts and a network of Telegram/ Twitter member boosters. There are a lot of worthwhile projects to spend time on. Going on this goose-chase is the same as spending your time on gambling.

mu_enrico

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Yes, and even more intriguing, I think even top-100 crypto market cap is full of shitcoins.
- If it's centralized coin/token, only a few have a bonafide company as the backer.
- If it's decentralized coin, only a few have an actual community (who engage in tokenomics activity).

wayaneka

full member

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Yes Penny stock is similar shitcoin on crypto, in my country Penny stocks called "saham gorengan". The price history of this kind of stocks just like pump and dump coin, it can even have more high risk, because after the dumped can be no one buys the stock, or the bid of order book is empty. The marketcap of this stocks is ver low because alittle bit trader have interest to trade it. I've traded stocks and have that bad experienced.

DeathAngel

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#1 VIP Crypto Casino

Some people like to call it the Shitcoin Roulette. You pick 3 or 4 & you might get lucky but over time you will mostly lose. Stick to bitcoin, eth etc, you know what you’re getting & nobody who hodled them for 4 years or more ever lost.

Cititechno

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Hey all,

So i stumbled on https://pennystocks.today, im not really much of a stock trader beyond a meme stock or two, but the more i read about Penny stocks the more i found they resembled altcoins, with the volatility and all.

But what do you think? Are Shitcoins or altcoins the Penny stocks of the cypto world

Topic: Are Altcoins the Penny stocks of the crypto world or are shitcoins (Read 80 times)