Be careful of shitcoins - page 2. | Bitcointalksearch.org

famososMuertos

legendary

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LE ☮︎ Halving es la purga

Quote from: Oshosondy on June 21, 2020, 03:55:47 AM

I believe this could be helpful for some people here on this forum as I falled into shitcoin trap. I could not believe I can lose my whole fund in just a little time and I want to use this forum to advice the newbies to be careful of shitcoins. I hope you all know how dumped price can wreck the funds of people that invested in such coin.

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.

Recently, I checked the price since when it was launched in 2019, it was $0.01245, it has been fallen since after even till now, if I has first analysed the coin, I will not not fall into the trap, but I have no idea about analyses at the time.

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.

Right now that there is this price stir, sometimes we can lose our bearings and get distracted from bitcoin and want to start new investments. Your OP is a good reflection of the situations that one may encounter and that may have happened to several users of bitcoin, no one is exempt from the temptation to invest. Fortunately $ 100 is not a big hit on the pocket of many, but in your case such a situation may have been really bad.
Thank you for telling your experience, to many of us It serves as an experience and reflection.

robelneo

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Quote from: Oshosondy on June 21, 2020, 04:11:08 AM

Quote from: cryptoperkele on June 21, 2020, 04:04:16 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.

20kevin20

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Quote from: Lucasgabd on July 29, 2020, 07:04:09 AM

the golden rule for investments is: higher risk, higher reward.

with shitcoins you can lose a lot of money and you can earn a lot of money.

using risk management is a must

Speaking from my own investment, in order to make money with shitcoins you have to either quickly sell at the right time or be lucky enough to catch one that doesn't only boom temporarily out of all those dozens of thousands of coins.

Most coins you would've bought back before the last crazy bull run are still under BTC's increase in %. Only few lucky ones got to sell at a good shitcoin/BTC ratio. BTC is the winner in >95% of the times.

Lucasgabd

legendary

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There's no need to be upset

the golden rule for investments is: higher risk, higher reward.

with shitcoins you can lose a lot of money and you can earn a lot of money.

using risk management is a must

Natalim

hero member

Activity: 3094

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BTC to the MOON in 2019

There' even no price in here https://coinmarketcap.com/currencies/metaprediction/

You fail in choosing the right investment, instead of looking for new coin, why not just invest on existing and solid coins.
Up to now, most coins in the market are still undervalued, so why settle for the new and unpopular project where the chance of success is very low.

If you can move on and learn from your mistake, just follow my advise, check the CMC, lots of coins with great liquidity, you can choose among them.

Oshosondy

legendary

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Gamble responsibly

Quote from: Leo on July 09, 2020, 11:55:22 PM

Shit coin can make you filty rich and can also rekt you, if you do your research in choosing the right one you tend to have a lot of gains and if you don't do your research as OP didn't, you tend to loose all your money, I've seen shit coin move from $0.003 to $0.4 within just three days, imagine you invested 2 eth on it, that's pretty cool cash

Shitcoins are shitcoins, I am not talking about altcoins. There are many good altcoins but many are shitcoins. Shitcoins are coins that are subject to more fall in price like bump and dump of a coin. If you do your research and you see a coin to be good with professional analyses, then it is not a shitcoin if it does not dump in price and become a deadcoin.

masulum

legendary

Activity: 2324

Merit: 1604

hmph..

Quote from: ?? on ??

Ready such a good speech.I also faced same problem when I bought Monero Gold(XMRG) when I see it in CMC.But that was a very bad Shitcoin and dumped hard and I lost my investment.So proper analysis is the most essential for altcoins investment.

Yes, indeed this has become a mindset for many newbie and doesn't have investment experience before. Because, many are asking beginners to start investing in crypto by suggest them to see CMC. Many articles that suggest this too, so we are easily trapped by it. However, be grateful for those of us who were victims of shitcoin in the early investment because of CMC. Because from here we are no longer easily fooled by ranking.

Zotak337

member

Activity: 232

Merit: 10

Quote from: Oshosondy on June 21, 2020, 03:55:47 AM

I believe this could be helpful for some people here on this forum as I falled into shitcoin trap. I could not believe I can lose my whole fund in just a little time and I want to use this forum to advice the newbies to be careful of shitcoins. I hope you all know how dumped price can wreck the funds of people that invested in such coin.

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.

Recently, I checked the price since when it was launched in 2019, it was $0.01245, it has been fallen since after even till now, if I has first analysed the coin, I will not not fall into the trap, but I have no idea about analyses at the time.

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.

Shit happens most especially in crypto space, risks everywhere, I don't know about that project honestly but it's not wrong to accept your loss but I will advice you to leave the shit coins in your wallet, crypto space is full of surprises and I've seen few this year, dead or shitcoins can bounce back up

LbtalkL

full member

Activity: 1176

Merit: 162

Way back in 2017 investing in new coins/tokens most of the time comes with a lot of profit because of the hype and bullrun but we are 2020 now. ICO days are gone, the hype is gone and we are not on bullrun. More people are educated now they will ignore not a reputable coin but there are still some not aware, Well, we all started as a newbie. Those useless coins have no future at all I prefer to invest in top coins only for smaller risks.

Mauser

hero member

Activity: 1974

Merit: 534

Quote from: Maestro75 on July 14, 2020, 06:33:48 AM

Quote from: Oshosondy on June 21, 2020, 04:11:08 AM

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.

What happened to you happened to alot of us. It is not a big deal to make mistakes in a business you are new to. The big deal will be if you fail to learn your lessons from the mistake.

The thing is that most new altcoins get some advertisement in the first months of their launch usually attracting new investors and resulting in an price increase. But once the market is saturated people just tend to sell. I am being much more cautious now with altcoins and try to invest over time after doing more research.
There have been so many new coins already that it probably won't happen again with a new coin coming out and increasing a lot in just a few days.

Cryptoababe

member

Activity: 898

Merit: 19

Do it For Better Humanity (Bitget trader)

Before I invested. I check coins team. No matter what the value is. I check twitter page, Reddit, Discord and the team. I also check the purpose of the project. Before investing. I've bought some coins recently and Ive not regret buying any of them. I also bough Some SLP at 0.003 usd and now I'm looking like Grin

.
Many people tends to invest because of low total supply. This is not the good way. Because some real project total supply might be much but the circulation will be just a dime or even if the circulation is much and the project has a real purpose just like kardiachain, there won't be loss for investors.

My experience :
Some years back. I invested in a token called empowr coin also.
Now its nothing.
I also invested 100 dollars. Then, I know nothing.

Maestro75

sr. member

Activity: 1960

Merit: 329

Quote from: Oshosondy on June 21, 2020, 04:11:08 AM

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.

What happened to you happened to alot of us. It is not a big deal to make mistakes in a business you are new to. The big deal will be if you fail to learn your lessons from the mistake.

erikoy

full member

Activity: 686

Merit: 125

Yes for the beginners it is good to stay around this section and read the rules and regulations. Aside from the be newcomers should be cautious all the time and should not rush things especially when being offered to a something good. This is an old school trick but still effective so be aware of it always. And try also to read the testimony here to know how the scam works. Of course this include the risk in investing shitcoins. Full of good promises but in the end it will end up in giving bad news and full of reason. Others are doing refund but most are just running away.

Onuohakk

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Activity: 672

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Crypto market is volatile in nature, it can't be controlled by anybody. It can rise and decrease at any given time. Don't feel disappointed about the price, it will surely bounce back. By the way, the bull season is around the corner. Just hodl onto the token and be patient. This is not the time for negative energy about altcoin. Just be hopeful for the best from altcoin

Leo

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Trident Protocol | Simple «buy-hold-earn» system!

Shit coin can make you filty rich and can also rekt you, if you do your research in choosing the right one you tend to have a lot of gains and if you don't do your research as OP didn't, you tend to loose all your money, I've seen shit coin move from $0.003 to $0.4 within just three days, imagine you invested 2 eth on it, that's pretty cool cash

masulum

legendary

Activity: 2324

Merit: 1604

hmph..

Quote from: pooya87 on July 07, 2020, 02:11:02 AM

it has been said a million times and still people make the same mistake again.

maybe they forgot about Bitconnect when this coin became an "idol" because it offered so much profit. When bitconnect at CMC, many people are convinced that BCC is a legit company/altcoins. In fact, even though they are in the top 100 CMC, BCC is a scam. An example of this case should be one reason why not just "refer" to the CMC for crypto purchases/investments. Research before investing is the only way to be careful from shitcoin.

pooya87

legendary

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Quote from: jademaxsuy on July 07, 2020, 12:16:27 AM

Just refer https://coinmarketcap.com/ for you the guidnce of good coins in the crypto market.

it has been said a million times and still people make the same mistake again.
a site that only lists all coins in existence is not a source for you to figure out which coin is "good" and which one is a "shitcoin". these sites don't even properly rank existing coins, they just multiply their price with their supply (both circulating and imaginary) then sort the list based on that.
in fact if you look at the site you linked here the coins that come immediately after bitcoin are the worst shitcoins:
ether= centralized, mutable, buggy and too expensive to create a smart contract
tether= centralized, shady, high risk and fully in control of the creators
xrp= centralized, useless bankster coin
bcash= centralized, poor copy of bitcoin, useless
bcashsv= centralized, poor copy of bcash, useless
ltc= copy of bitcoin, better than others so far but still not a decent coin
cardano= i'm that not familiar with it to give any opinion
binance= centralized, fully controlled by owners, useless

Subbir

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🎄 Allah is The Best Planner 🥀

Quote from: pakhitheboss on June 24, 2020, 01:30:11 PM

In my opinion, almost 80 percent of all altcoin are shit coins. I would never recommend anyone to think about altcoins other than the top 50 listed on CMC. I am sure most of the members will agree to it. There are few altcoins that are listed above the top 100 list but you need to analyze those coins properly before investing in them.

Knowledge and are simpler in any job i feel one should take care of shitcoins as they're mostly perforated. Therefore, it's better to take a position within the first 10 currencies within the list of cryptocurrencies before investing These are at the highest of the list and therefore the demand for this altcoin is high.

jademaxsuy

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Yes, you are right and probabluly it has been discussed here over and over again but I am not against on it for this os only for the good of the users especially to the new comers.

I do believe that prevention is better than cure so this is why as early as possible we had to aware new comers in this forum to not to invest directly altcoins instead I pressume to invest on the strong coins like.bitcoin and ethereum.

It s not easy to dispose hard earn money in cryptocurrency unless it is for bitcoin and other good altcoins. Just refer https://coinmarketcap.com/ for you the guidnce of good coins in the crypto market.

Learn also the high risk to it and how one can earn to achieve the purpose in earning aside from using crypto as a medium of exchange.

AakZaki

legendary

Activity: 2338

Merit: 1084

zknodes.org

Buying shitcoin will only throw money away. This is a fairly easy way to lose money, by buying various kinds of shitcoin that have no value. shitcoin only benefits developers who make it, they are not responsible and just leave it.
Instead of having to buy shitcoin that is not clear, it's better to buy Bitcoin and ethereum then hold it until the price goes up and then sell it. it will be better.

Topic: Be careful of shitcoins - page 2. (Read 972 times)