Be careful of shitcoins - page 5. | Bitcointalksearch.org

hatshepsut93

legendary

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Quote from: Oshosondy on June 21, 2020, 03:55:47 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 sounds good in theory, but on practice beginners and even more experienced traders don't have the skills needed to perform a good market analysis. Most people simply read some articles, that very easily can be paid shilling, Looking at charts isn't very useful either, simply buying at the bottom isn't a guarantee for profit. Checking fundamentals is hard for beginners too, because they don't have a deep knowledge of technology, so they are easily misled by buzzwords.

It's better to simply ignore altcoins, investing in Bitcoin is already highly profitable, why take big and unnecessary risks?

hd49728

legendary

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Not your keys, not your coins!

Quote from: ABCbits on June 21, 2020, 06:04:18 AM

1. Whether the coin have practical usage

For newbies, it is challenging for them to verify such promised usages that are given by developers in whitepaper, websites, etc. They are often satisfied with what are given by developers.

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2. The promise by developer team sounds too good to be true

Everthing that is said "too good to be true" should never be trusted. I totally agree with your advise.

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3. Are there any new innovation or not

Besides innovation, the current or recent development activities of developer team are important.

Using price chart to support for all aforementioned things.

If team have still actively developed their projects (one of easy method is to check their Github: Altcoin season, scam altcoin projects will appear. Check their Githubs first) and the chart of price shows a very long term down trend with a very stable little price fluctuation at bottom range. Yes, it is a good project to consider for portfolio.

ABCbits

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Crypto Swap Exchange

You don't need to use market/price analysis skill to determine whether a cryptocurrency is altcoin. Usually i only check/evaluate these points :
1. Whether the coin have practical usage
2. The promise by developer team sounds too good to be true
3. Are there any new innovation or not

stompix

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Blackjack.fun

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

The coin was METP, I invested at the price of $0.0004 some weeks ago,

You invested in a clear shitcoin. Metaprediction? Grin

lol

Just reading the few lines on their website should have made you turn away from ti

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.

You were new to trading and to investment also if this is the motive you invested in that coin.
But by looking at it' graph and market cap and volume at the peak of its growth it still puzzles me why you bought this one and not other shitcoins, a lot of them grow for a brief time just like this one has. Or....you did buy a lot of others too...right?

Alt Coiner

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In the real sense of the word, shitcoins doesn't really become a shitcoin until everyone's convinced that they are. Therefore, until proven otherwise, it's a mislabeling and it's a generalization that's undermining the real essence of an altcoin since every coin or token that came after bitcoin falls into this category.

UserU

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My passive income eBook @ tinyurl.com/PIA10

Quote from: Oshosondy on June 21, 2020, 04:14:39 AM

The coin was launched in April 2019 or so, if not April but I am sure it was in 2019. But after the launch, the price has been decreasing, although, it can increase little but decrease the more in a way investors will certain lose huge amount of money.

Pump and dumps are very common. Those early investors will hype up the price and once they're satisfied, quickly selloff their assets. Then the latecomers or those none the wiser lose it all.

hd49728

legendary

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Not your keys, not your coins!

Altcoin season is here and shitcoins are here too. They are likely shitcoins from the past or newborn ones.

Altcoin season, scam altcoin projects will appear. Check their Githubs first. With some guided steps to check those coins, you will easily find which ones are shitcoins.

KiloFoxtrot

copper member

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Right now, btc is still the king and there's a reason why they're called shitcoins to begin with. Nonetheless, since it's always ideal to somehow diversify nd spread your investments, but if you're doing that with crypto, make sure that you do your homework, or else risk experiencing what you've recently experienced indeed.

Asuspawer09

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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.

You could easily lose your investment in investing in these dead altcoins, Even it other altcoins without enough research you should not gamble investing in an altcoin that you don't really know chances are the token market price is going to drop.

As there are so many altcoins in the market doesn't really have a real volume, so investing in a fake market price is not really going to be a good investment to investor like you, you don't have a lot of experience in trading I think you should stick investing in popular cryptocurrency or altcoins.

Oshosondy

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Gamble responsibly

Quote from: Daniel91 on June 21, 2020, 04:08:56 AM

The time of all these altcoins is long gone, in my opinion.
The highlight was during 2017 and then with a bit of luck you could make some money but now it's just not worth investing in any shitcoins.

The coin was launched in April 2019 or so, if not April but I am sure it was in 2019. But after the launch, the price has been decreasing, although, it can increase little but decrease the more in a way investors will certain lose huge amount of money.

Oshosondy

legendary

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Gamble responsibly

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.

Daniel91

legendary

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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.

The time of all these altcoins is long gone, in my opinion.
The highlight was during 2017 and then with a bit of luck you could make some money but now it's just not worth investing in any shitcoins.

cryptoperkele

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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.

Oshosondy

legendary

Activity: 1652

Merit: 1208

Gamble responsibly

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.

Topic: Be careful of shitcoins - page 5. (Read 981 times)