Topic: Be careful of shitcoins - page 3. (Read 972 times)

If what you're saying is "don't buy a coin if you don't know what it does and whether or not it's trustworthy" I completely agree.

It's like a classic tale of two Kings ruling between two empires. Inside cryptocurrency, BTC is King. But once you go outside crypto info fiat territory, USD is still the King nonetheless.

Shitty coins have been the bane of cryotocurrency investment especially for newbies,many are just out to fill their pockets, create a little hype and then never proceed to develop the project to have provide real solutions to problems

I applaud you for understanding that the value of something measured over time should be done in USD and not BTC.

Everyone starts as a newbie, whether they admit it or not. And what you said is basically true, using the term "shitcoin" may add insult to injury for some of those legit coins that do not deserve such stereotype thrown at them.

It's quite hard enough to rise above the cryptocurrency universe if you're not called "bitcoin," and being called or branded as an "altcoin" is a more civil or respectable way of calling these "other coins" instead.

Shitcoins are really terrible coins that will take away your profit instantly. Recently, my friend and I tried to take some risk in investing our 1 eth in a shitcoin, and it suprisingly gives us a profit in just an hour that the 1 eth that we have invested turns out to be 1.60 eth. But because of our greed we have only sold the coin about 1.26 eth.

Yes, you are right. There are thousands of shitcoins. You can pay even 100 USD for some stupid coins from some unknown creators which will only take your money and stop to develop that token. That's why I am only buy ICOs from well-known incubators.

market is always focused on bitcoin and it has always been like this in the past 11 years (from day 1).
the "altseason" has nothing to do with that focus either. of course "altseason" can be defined in two ways, one is the season when every single altcoin without exception is getting pumped. then you are right, it was only 2017 and won't be repeated for at least another year.
but altseason can also be defined as the time when altcoins get pumped. that is their whole purpose anyways. and they get pumped whenever bitcoin price is stable which is like right now.

your logic is flawed here.
for starters bitcoin dominance is as it has always been near 100%. that percentage you reported is the ratio of bitcoin's market cap versus the sum total of the market cap of a couple of thousands of altcoins. and since creating a shitcoin with billions of coins (supply) with little value (price) is easy their market cap (supply*price) is also fake hence the total is fake hence the ratio is meaningless.
for example bitcoin market cap right now is $169 billion you can easily and without any cost create a shitcoin that has 200 billion tokens and sell 1 for $1 and have a $200 billion market cap in a blinking of an eye. and that is what thousands of scammers did during 2017.
the only reason why that ratio is going up again is because in that example above such shitcoins can't survive for that long, as they decline in value and many die their market cap shrinks or disappears respectively so the ratio grows back up again.

Does it mean you buy METP without analyzing it first? Damn, it is a big mistake, buddy! Analyzing or taking research before buying a such coin is always a must, buddy. It is too risky buying a coin without analyzing it first, you have proven it that it was a big mistake. For now, I think you have nothing for the solution, but you have something big, it is about learning and experience. You know you mustn't do the same way in the future, a careless way will lead to losing all your funds. Be more selective and smarter to choose a proper coin for investment!!

I don't know why so many people still insist on investing in altcoins with unclear background and almost no existing reputation, you have to realize that we are in 2020 now and altseason was in 2017, right now the market is mostly focused on bitcoin while altcoins at the same time losing even more volume.

Bitcoin dominance is at a rise for a long time now sitting at 66% and that means only 34% of liquidity of the market is going to altcoins, and no one really knows when bitcoin will stop being the center of attention and give altcoins a chance to recover and maybe and only maybe bring another altseason to the market.

The following is the daily chart for bitcoin dominance from the start of 2017 and that clearly tells you why altcoins struggle so much to sustain their higher prices after 2017.

That's right and i mention those alts indirectly in previous reply. Also, it's right that all traders not only trade bitcoin but also try to make profit form altcoins which are performable or going to have some major events. In this month, many traders already make more profits from BNT, KNC, NULS and so on because of those altcoins events, IMO . So, we need to do our own TA and FA before taking actions on any trading. Thus more more shitcoins will vanish because of no tradings, attentions and only real altcoins will be in this markets.

Not only bitcoin is the coin to invest on, ether, litecoin and EOS are all good coin someone can invest on too, but for people that do not know about crypto investment and trading, bitcoin is a good choice for such people, but investing in some altcoins are profitable for good traders, you can not see any good trader trading only bitcoin, that is not possible. But, it is easy to learn and less risky to invest in bitcoin than altcoin but not that altcoin can not be proftable excellent analyzes.

This is the best call and all your words are most powerfull. Yes, we should advice all to invest in BTC and stay satisfied with it. As we can know from the previous history , all altcoins dump when btc is starting to make a rally or make a little dump. So, altcoins are nothing but just a exchanging things in exchanges and worthless without any exchange. But some of the altcoins have uniqueness and they do good in every markets. So, everyone can also take a look into those. 

the problem as i have said numerous times is that these rankings on sites such as this one are completely arbitrary because they are based on a meaningless factor called "market capitalization". as long as it is trivial for an altcoin to create millions, billion, or even trillions of coins with a click of a button and end up having an enormous market cap we should never used this factor for ranking.
the result is that coins that are on top 20 are there because they could successfully inflate their market cap while keeping their actual circulating supply low (eg. XRP has an enormous supply while only a small amount of it is in circulation) which keeps their price at a level that gives them high market cap (=price*supply).
That does NOT make them safe investments.

Analyzing it first before investing in shitcoin is necessary. the analysis is not just analyzing the price of the coins, but analyzing everything like the team, the road map, their whitepaper and others. That will clarify the project and you can decide whether to invest or not.
now many projects fail, so many altcoins are unable to return the price to the ICO price or to the initial price they launched.
It takes a long time to reach the initial price when you buy the coin or even the project dies and is abandoned, it might be possible. Because I have a lot of worthless coins and the developer left them.
In my opinion, it's better to invest in altcoin in the top 20 Coinmarketcap, it's more secure. As with ETH, TRX, XRP and other coins.

One of the worst move of a trader/investor not to carefully analyse the team, the promises, usecase about to be purchased for holding. Most of altcoins are created for pumps and dumps. Good thing you admitted you are at fault and next time you see people shilling coins in groups or exchange chat, you do proper research.

I'd advise you to choose from coins with good trade volume(not fake volume) on a reputable exchange. That way you would know you can't lose everything the way you lose your money to that shit coin.

Glad you knew the fault was yours, many newbies still makes this mistakes today, maybe this post will actually make them have a second thought before blindly investing on altcoins, without the proper analysis you will easily fall for pump and dump altcoin projects

They chose that coin for pump and dump investment, that's what had happened. nowadays you should know how to identify those kinds of coins or else you will gonna lose some big amount of money by blindly investing in what you've seen seems legit coins. most of the time, those shitcoins will raise its price due to some manipulative works by its owners. they already have it planned. everything is just a drama whenever you see some that happen, don't make any move. instead, ignore it and let them be. Trust me, the risk is significantly high you should avoid it.

When they say "shitcoin" different people may put different meaning into this word, to some it's only the lowest coins that are obviously bad, to others it's nearly or literally all altcoins, including the top coins like Ethereum. I personally would rather advice beginners to be wary of altcoins rather than shitcoins, because of this ambiguity of the latter word, because it's easy for a newbie to mislead themselves into thinking that the coin they are about to invest into isn't a shitcoin because it has good review on some blog or news site.

Did he trade them in 2018?