Be careful of shitcoins | Bitcointalksearch.org

DdmrDdmr

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There are lies, damned lies and statistics. MTwain

Quote from: xearp on August 23, 2020, 07:19:34 PM

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There’s a whole section where these are announced here Announcements (Altcoins) and the fellow token childboard Tokens (Altcoins). Bear in mind that many of them have turned into a complete fiasco, so you really need to see which have got any substance to them (a hard enough task). Additionally, a large portion of them do not reach the Exchanges, and if they do, they are tailored for a quick pump&dump and that’s about it.

There are also plenty of review sites on the internet, but I’ve grown particularly wary of them, and find that they will very often grade projects with high marks that render dreadful results.

pooya87

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Quote from: aioc on August 24, 2020, 12:40:14 AM

This is the risk that you have to take when investing in a new coin there are no guarantees that the developers are dedicated to making their project top notch or competitive in the market, we have seen that on coins that were launch back 2018 and 2019 most of them are gone and out of the market, and there are still coins like that now.

the developers' dedication doesn't change anything if the coin itself is garbage. look at all these bitcoin copies that are more than a hundred of them, some have very dedicated developers that are also throwing a lot of money at their shitcoin but it hasn't been able to grow for many years and still remains a shitcoin and their blocks remain empty because nobody uses them.

aioc

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Quote from: Oshosondy on June 21, 2020, 04:55:47 AM

I will advice people to analyse market and the coin that want to be used to trade or invest before buying such coin because some coins are just existing to take away your money before it becomes fully dumped.

This is the risk that you have to take when investing in a new coin there are no guarantees that the developers are dedicated to making their project top notch or competitive in the market, we have seen that on coins that were launch back 2018 and 2019 most of them are gone and out of the market, and there are still coins like that now.

xearp

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How do people find new coins before they're listed on exchanges? Through forums or reddit? Researching developers active in the community?

Xembin

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Is all about coins, that is genius to Bitcoin, give Bitcoin a smooth research you would not miss it up.

Darkelf11

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Quote from: KiloFoxtrot on June 21, 2020, 05:42:08 AM

Right now, btc is still the king and there's a reason why they're called shitcoins to begin with.

Those shitcoins are coined as 'shitcoins' because they are shit. They're poop. People cannot find it's use for themselves. Shitcoins doesn't contribute to the market they are just nothing and they do not function as real coin in the market.

boyptc

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Quote from: reliable on August 16, 2020, 09:34:34 AM

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Quote from: boyptc on June 22, 2020, 05:18:14 AM

When I was new to cryptocurrency. I've already heard people talking about a new coin that can have a fair match with bitcoin. Luckily, I didn't believe those and instead did my research although I did my alt invested but didn't go as they have directed.

I was near into that trap and that's why I've learned that it's always bitcoin is the best crypto to invest.

Good idea

When you are new and do not know much about it then yes, it is correct to invest in the known coins or market movers like BTC, ETH etc which can give you returns once the upward moments happen. And, once you know and have good knowledge than can look for some other coins to invest which can grow multiple times in coming months.

Bitcoin is the safest of them, it won't be able to be moved and stable so far.

Investing to different altcoins is a bit risky if you're not ready for losses. But if you know how to deal with it and you have a strategy which you're aware of applying, you can also make money like what others can do.

pooya87

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Quote from: ololajulo on August 01, 2020, 05:40:56 PM

The coin mention is not a familiar name to most traders, so I guess he bought from some fraud exchange or from startups. I think $100 is still a size you can look away. People have lost 100 to millions of dollars in this space and have not recovered. I sometimes like to advice that any purchase at the moment is good choice of time and select less risk project in top marketcap.

that's probably true but i'd like to point out that name of the coin being familiar is not important at all. and the problem here isn't about the coin being unknown, the problem is a rather common one in this space which people "investing" in altcoins which is wrong by nature. "investment" demands longer term potential which is only possible if the coin has real utilities and real world applications. that is not true for altcoins and as a result they should only be traded in very short windows of time.

that is why majority of those who are losing money are losing it because they "invested" otherwise the traders who only get involved with an altcoin during its pump and get out before the dump comes never lose money overall (they may lose in a couple of trades but that loss is negated by the profit on other traders).

alik111

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Quote from: Oshosondy on June 21, 2020, 04:55:47 AM

The coin was METP, I invested at the price of $0.0004 some weeks ago, but the coin is now at $0.000002, I invested $100 and it has now vanished, I do not even have $1 remaining again and it was a lost that really depressed me.

From your lesson I just made a little research about METP token and couldn't find anything special to buy it.Because its a newly launched token which isn't listed any big exchanges.Actually its only listed in one exchange.

So why you bought like these coins leaving other potential coins?

So before investing you just research about project fully.

Insanerman

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Quote from: Oshosondy on June 21, 2020, 04:55:47 AM

The coin was METP, I invested at the price of $0.0004 some weeks ago, but the coin is now at $0.000002, I invested $100 and it has now vanished, I do not even have $1 remaining again and it was a lost that really depressed me.

That's a sad story Sad

, first and foremost, why did you invested on that coin? Are you familiar on how shitcoins works the time you decided to invest into it?
I suggest dude that you should not invest what you can't totally afford to lose. That is to avoid depression that happened to you. Do not just jumped into something you didn't know.
Check first what's behind. Then make a decision, a rational one.

reliable

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Quote from: boyptc on June 22, 2020, 05:18:14 AM

When I was new to cryptocurrency. I've already heard people talking about a new coin that can have a fair match with bitcoin. Luckily, I didn't believe those and instead did my research although I did my alt invested but didn't go as they have directed.

I was near into that trap and that's why I've learned that it's always bitcoin is the best crypto to invest.

Good idea

When you are new and do not know much about it then yes, it is correct to invest in the known coins or market movers like BTC, ETH etc which can give you returns once the upward moments happen. And, once you know and have good knowledge than can look for some other coins to invest which can grow multiple times in coming months.

Shimmiry

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Quote

The coin was METP, I invested at the price of $0.0004 some weeks ago, but the coin is now at $0.000002, I invested $100 and it has now vanished, I do not even have $1 remaining again and it was a lost that really depressed me.

Lesson learned. You should be more careful next time. If you are to invest on shitcoins, be much careful.
Look closely to it's current value and do not hope that it will stay on it's average price for a long time. Sell them quickly if you already profited.
It's a dangerous investment if you did not watch and do some action in a particular period of time.

Lordhermes

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Investing and buying shitcoin is at investors risks, here it is, there are many shitcoin that have been falling everb since they got listed but what save then is listing exchange, hey buddy, I will tell you that shitcoin you trade is on a poor exchange and probably high volume exchange could not ruin your money to zero as fast as that. Never buy shitcoin on low volume exchange. This is one if the factors that result in to dumped of shitcoin, exchange matters bro and let's keeps investing in altcoin that has future development.
It would be better to invest in some altcoin like cosmos, nano, ETH and all already making development, and not newly ones developed today.

Mrengage

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Quote from: cryptoperkele on June 21, 2020, 05:04:16 AM

So if you didn't know anything about it (you didn't analyse it), why exactly did you buy it in the first place? Surely you had some reason when there's so many shitcoins to choose from.

He has already called it a shitcoin which we all know not all projects are shit definitely some will do better in future, but the main true fact is analysed the kind of shit you want to hold. In my wallet I basically have few shitcoin which am not putting my hopes on instead, I keep gathering more shitcoin because we don't know where the Lambo will come out From.😂🤣

ololajulo

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Quote from: robelneo on July 30, 2020, 10:17:10 AM

Quote from: Oshosondy on June 21, 2020, 05:11:08 AM

Quote from: cryptoperkele on June 21, 2020, 05:04:16 AM

So if you didn't know anything about it (you didn't analyse it), why exactly did you buy it in the first place? Surely you had some reason when there's so many shitcoins to choose from.

I saw the price increasing at first, I thought if I invested in it the coin price will continue to increase, I was new to crypto at the time and nobody to put me through to avoid mistakes.

Obviously you are a victim of the pump and dump scheme by other altcoins, it's very prevalent on new altcoins they pump their coin so they can attract investors who are looking on the market movement instead of on what's behind the project, this is very risky people should take time why the pump ans what causes it and is the coin really deserves the pump or people behind it are faking the volume.

The coin mention is not a familiar name to most traders, so I guess he bought from some fraud exchange or from startups. I think $100 is still a size you can look away. People have lost 100 to millions of dollars in this space and have not recovered. I sometimes like to advice that any purchase at the moment is good choice of time and select less risk project in top marketcap.

gentlemand

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Quote from: Smartvirus on July 31, 2020, 06:24:09 PM

It takes experience and a lot more expertises to analyze and determine the feature of a coin. This experience is what most of the newbies don't have hence, should they pause as it regards investment?
It feels so unfair!
But, it's worth waiting if you could get the hang on it after all the waiting and learning rather than loosing your money in shitcoins. Put everything into consideration.

I'd say anyone doing careful analysis of technical parameters, 'partnerships' and community is basically wasting their time. None of that really matters. The only thing that does matter is pumpiness. Some of those things may induce pumpiness of course.

In 2017 all you needed to pump was a platform for it to pump on. It didn't even need to be a functioning product, or even one that actually existed beyond some nominal offshoot of it you can pump.

The most important thing people need in this area is a lack of emotion. The people who get married to a shitcoin are the ones who go down with the ship and years later they're still babbling about it taking over the world when literally no one else gives a shit.

If you see a profit grab it and don't look back. And you're probably better off not playing in the first place.

The same goes for people who work for shittokens on here as well. I don't know how common that is at the moment, but loads of people were slaving away for hours in 2017 for things that are now totally worthless. If you were offloading them as fast as you were making them you'd have something to show for it rather than still hoping for a future that never came.

Smartvirus

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It takes experience and a lot more expertises to analyze and determine the feature of a coin. This experience is what most of the newbies don't have hence, should they pause as it regards investment?
It feels so unfair!
But, it's worth waiting if you could get the hang on it after all the waiting and learning rather than loosing your money in shitcoins. Put everything into consideration.

crwth

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Quote from: 2chase on July 30, 2020, 11:11:24 AM

All this once again tells us that we should not hope for a miracle, miracles usually do not happen, and if you inadvertently invested money in a project that you have not studied well enough, this will inevitably turn into problems for you in the future.

It could happen, but it's highly unlikely now with all the shitcoins surrounding the cryptocurrency space. I think it should be a pure knowledge when investing, to have the background, and know what the currency has done and purpose. Most of the applications of the shit coins are repeating and no more innovation with the technology. What they want is the ICO part to be funded and just go away with it. That's their miracle, someone investing in the developed shitcoin.

2chase

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All this once again tells us that we should not hope for a miracle, miracles usually do not happen, and if you inadvertently invested money in a project that you have not studied well enough, this will inevitably turn into problems for you in the future.

Latviand

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Also, do not follow the hype of some coins, there are someone just trying to shill the coin itself or just hyping the coin up so there will be some investor that will be interested in investing, my advice is Do Your Own Research don't just invest because of the price dip, focus on the project itself team that's managing the future of the token.

You should not base your investment on what you are seeing in the people who uses shitcoins.

The market is the only thing you need whether you will invest to other potential coins.

It is your call, if you are just hyped about what you see in them then you will probably not know what is really happening in the market towards those shitcoins. Hype is always temporary and time will come that the hype that they are making towards a coin will disappear. Just have your own decisions and be dependent with your investments but be independent with other people.

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