Basic common sense advice for new people buying coins.

Hueristic

legendary

Activity: 3836

Merit: 4969

Doomed to see the future and unable to prevent it

Quote

5) Estimate the value of a coin by it's market capitalization (the combined value of all its coins) rather than the price of one coin.

Most people go to sites like Coinmarketcap.com and look at the market capitalization of a coin to decide if it is cheap or expensive. The price of one coin is meaningless.

BE Aware that heavily pre-mines will have hugely manipulated market caps.

Be wary of coins with Moderated Announcement and/or support threads.

When vetting always check supporters past ventures and trust rating. Trust rating can be hard to gauge so you can find ratings from members you do trust and gauge from their circle.

Never forget investing is nothing but gambling. Consider your money already gone when it's out of your control. Of course there is nothing wrong with altruistic support of what you believe in.

d5000

legendary

Activity: 3906

Merit: 6249

Decentralization Maximalist

Good topic, should be sticky. I would add the following advice:

If the coin is advertising "innovative features", don't believe it blindly. Check out what they really are and if development really is taking place.. Many coin "developers" promise adding some good-sounding features in the future, but will never add them. At least, wait until these features are on a testnet or they can prove the code has been written.

And features of a cryptocurrency should solve a real problem. Ask yourself if you really would use the feature the creators are proposing, or if it's only good-sounding marketing blabla.

glerant

sr. member

Activity: 565

Merit: 316

Before buying any coins I would advise that people compile, mine, and play around with the GitHub source. Their is a mine of information in the source including how professional the devs are.

rizzlarolla

hero member

Activity: 812

Merit: 1001

Quote from: no-ice-please on May 31, 2016, 06:51:57 PM

Add any advice you want.

Don't buy alts.

fortunecrypto

legendary

Activity: 2450

Merit: 1047

Quote from: ?? on ??

Quote from: robelneo on May 31, 2016, 10:07:09 PM

All the devs of this crypto coin will make us believe that their coin is the coin of the future,you need to see beyond how trustworthy the devs are,of course some devs will employ manipulation to attract attention and investors but it's the dev that is always on top of his project's issue and how he generate support from the community that will succeed..

A major difference between crypto and fiat is that with fiat you have "somebody else", usually an invisible entity, that controls everything. With crypto you can have as much power as the dev, and coins that are good values are those coins where people step up of their own accord and make the coin better.

Crypto coins usually have one or more visible devs but ideally they are owned and controlled by the people who actually use the currency. There is no all powerful mommy or daddy in the background controlling things for you.

The developer of bitcoin did a good deed in walking away from his project when it was developed, rather than trying to create a fiefdom like so many devs do now.

You cannot say that to coins that has a huge premine or pos coin that has 100% premine like the case of Rimbit where they premine 100% of the coins and sell them to the community and has total control of the future of the coins..

balu2

hero member

Activity: 742

Merit: 500

Once in a while a good thread pops up between all the spam. Good Job, OP.

speaktome

sr. member

Activity: 462

Merit: 250

Quote from: tokeweed on May 31, 2016, 11:40:28 PM

Quote from: MicroGuy on May 31, 2016, 11:34:57 PM

Investors should consider coins that are 'aged' and have solid communities, reputable developers, and brandable names.

~~

Quoted and bolded for truth. Although they are highly arguable, one can pinpoint which ones are fairly good. Couple that with high volume and high liquidity, then you have a solid platform which are worth considering.

Yes, That's true, That sounds like a very good common sense.

alyssa85

legendary

Activity: 1652

Merit: 1088

CryptoTalk.Org - Get Paid for every Post!

Make sure the coin you are investing in is on more than one exchange. It is a danger sign if it is just on one exchange - that usually means that volume isn't high enough for the others to add it. And if the only exchange it is on is bittrex, then panic a bit more as the trex is notorious for delisting coins the minute the volume drops. At which point you will be the proud owner of coins listed nowhere.

Spoetnik

legendary

Activity: 1540

Merit: 1011

FUD Philanthropist™

Quote from: tokeweed on June 01, 2016, 05:55:17 AM

Trading is a learning and relearning process. And one can't really learn how to trade without getting a few lumps in the head. I guess OP is learning.

Ya the learning process is following around Spoetnik and copy catting what he says / does.
The biggest trade skill we see in Crypto is the "Legit Angle"
The whole little game of supporting shitcoins (for profit) while parading around the forum
like you are some kind of shining beacon of integrity and class.

Coming from a scam coin shill tokeweed you look like a hypocrite.
What a joke you idiots are here fuck..

We have these idiots here like ThePharmacist who has been a massive Doge shill
and tokeweed who has been an Ethereum shill loitering around here like they have opinions.
You don't so STFU.
You two and others are simply doing what you all do best.. talking shit at Bitcoin talk for money profit fiat $$$

THAT IS YOUR REAL "SKILL" two faced bullshitting Investard Profiteers.

You keep pretending your the "legit one" Roll Eyes

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Quote from: BTCLovingDude on June 01, 2016, 06:24:03 AM

all the rules that ever existed and all the rules that you can think of doesn't matter, it doesn't matter if you call a coin ico scam, premine scam, shitcoin, poopcoin, .... as long as they have a big hype surrounding them!

just look at ethereum, it is shady with a big amount in premine and is being controlled by a couple of big whales but because it has hype it goes up and down and there is a lot of profit to be made.

and mark my words, LISK is following the same path...

Without other high volume exchanges supporting it, I doubt it will do what ETH did going from under 1 USD to over 10 USD. LSK needs to be listed to other high volume exchanges in order to get enough daily volume trades to maintain its liquidity and volume then get it to rise big. I doubt other big players will transfer to Poloniex just for Lisk.

But who knows, I could be wrong.

BTCLovingDude

legendary

Activity: 1134

Merit: 1010

BTC to the moon is inevitable...

all the rules that ever existed and all the rules that you can think of doesn't matter, it doesn't matter if you call a coin ico scam, premine scam, shitcoin, poopcoin, .... as long as they have a big hype surrounding them!

just look at ethereum, it is shady with a big amount in premine and is being controlled by a couple of big whales but because it has hype it goes up and down and there is a lot of profit to be made.

and mark my words, LISK is following the same path...

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Trading is a learning and relearning process. And one can't really learn how to trade without getting a few lumps in the head. I guess OP is learning.

rizzlarolla

hero member

Activity: 812

Merit: 1001

no-ice-please,

You ignored all your own advise just yesterday, when buying neucoin.
(bitcointalk.org/index.php?topic=944933.2760)

no-ice-please advise's on neucoin investing, (massive premine, presale, and whatever)

".... Neucoin, etc are not really doing much. This kind of project, done right, does not need any premine, ico, presale, whatever."
".... Bottom line, flip a coin if you want to know whether to buy or sell this one."
".... I invested about 0.01 btc in it at current price,"
".... I'm going to put another 50 cents into it."
".... Any gambler should see that as a fair calculated risk."

I'm confused about your strategy here.
Is this "gamble" you took for noobs also, or only advanced traders such as yourself?
Should advanced traders ignore the advice on this thread, as you do?

Is this thread designed to award yourself some credibility?
(your neucoin "gamble" already at 50% loss?)

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Quote from: MicroGuy on May 31, 2016, 11:34:57 PM

Investors should consider coins that are 'aged' and have solid communities, reputable developers, and brandable names.

~~

Quoted and bolded for truth. Although they are highly arguable, one can pinpoint which ones are fairly good. Couple that with high volume and high liquidity, then you have a solid platform which are worth considering.

MicroGuy

legendary

Activity: 2506

Merit: 1030

Twitter @realmicroguy

Investors should consider coins that are 'aged' and have solid communities, reputable developers, and brandable names.

~~

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Quote from: ?? on ??

Quote from: tokeweed on May 31, 2016, 09:56:26 PM

Always make sure that volume and liquidity are high, it would be much easier to sell coins with minimal loss. Trades don't always go your way.

The problem though is that the majority of scams involve inflating volume and providing liquidity during the pump.

What I mean by that is prolonged and organic high volume and liquidity. Samples of these are BTC, LTC and the latest ETH which has proven to be highly liquid and has a trading volume over a million in multiple exchanges.

Hoping for LSK and DAO to follow. We'll see in a few months.

Caladonian

hero member

Activity: 1302

Merit: 540

you did a great job here sir, a compilation of a well studied guidelines I'm sure even those who already have some knowledge about trading coins are also impress with this, maybe it is not complete yet but a good criteria to start with avoiding to be scam. thank you for sharing and keep it up, I hope more professional traders here shared their owned personal points of view.

robelneo

legendary

Activity: 3416

Merit: 1225

Enjoy 500% bonus + 70 FS

All the devs of this crypto coin will make us believe that their coin is the coin of the future,you need to see beyond how trustworthy the devs are,of course some devs will employ manipulation to attract attention and investors but it's the dev that is always on top of his project's issue and how he generate support from the community that will succeed..

tokeweed

legendary

Activity: 3976

Merit: 1421

Life, Love and Laughter...

Always make sure that volume and liquidity are high, it would be much easier to sell coins with minimal loss. Trades don't always go your way.

cryptodromeda

full member

Activity: 212

Merit: 100

I'd also pay attention to CoinGecko which gives a rounder holistic perception on a coin's health.

Topic: Basic common sense advice for new people buying coins. (Read 1728 times)