Topic: Be careful of shitcoins on trading platforms. (Read 248 times)

The examples you cited were more like "pumping and dumping" currencies than shitcoins.
Regardless of the profits, Shitcoins are coins that were born dead since they have no future, either because of a weakness in the way they are marketed or a software problem, or because of insufficient developers who make them continue in the future.
From here we can bet on losing your money in such an investment.
The problem is that many of these currencies take "pump and dump" currencies pattern and thus make some profits.

Your story is helpful. Thanks for warning people.

It’s your fault. You should check other pair price too like in eth,usd etc. When you see one coin are trading with 1 satoshi and there is no buy order except sell order. Then you should go other pair of that coin. Because you can get the coin in less price in eth/usd pair. Better to avoid these shit coins.

In the first place why these shitcoins when there are coins with good potential in the market why not choose those in the top 50 what have you seen in these shitcoins, they are ignored by traders for lack of market and liquidity, it's a lesson learn not to experiment on these shitcoins.

xhitcoin are always shitcoins with little or No future. you are advised to trade with caution. the truth is some people made money from these shitcoins while some are loosing. there is a great number of people loosing than those making profits. this token zeon was pumped from 0.0000001 usd to 0.0004 recently and people that have been holding made a huge amount of money from it. it is a gold mine.

Indeed.

Everyone told us we should avoid "shitcoin" but they don't realize most of the non-ICO project for the price coin was started like "shitcoin price" went they start the price at cheap price from the beginning and trade on small exchange. If you want to know, not easy make some development about the project itself and have a high price/volume for their coins.

I already involved with some shitcoin with definition #3 and #4 a.k.a XRB (Nano), I remember went they trade with P2P at the telegram group. They get the first exchange, because some community paid the listing exchange from their own pocket but got delisted because the community spamming the ticket support.

They need around 4 years, until finally became a major coin. With their condition a non-ICO project, i also impressed. If you waiting involved to the project until the price/volume was reached with a high price, you will always come late and stuck on fomo.

A few definitions of "shitcoin" according to their coins situation.

#1. A coins/token which has been abandoned from the project and it's no longer active, scam and no more development from the team for the coins and wallet itself already not worth to behold.

#2.
#3. A coins/token which has a relatively low value and still needs times to grow up, most of this coin its a new startup/cryptocurrency the development and project still active until now.

#4. A coins/token was listed on a small/medium exchange and doesn have a big volume for their trading activity.

Shitcoin not always bad, as long you already know the risk and how to involved with them.

Well, any kind of investment always has their own risk so i will not a complaint about thats.

There are plenty of rooms for some altcoins but Id rather burn my money with big ones such as eth, xrp, bnb, link and other on the top ranks. You cant expect a good returns and risking your fund for shitcoin that comes from airdrop, bounty and the famous selfdrop. The price of tokens like this

A good example of this is mercatox where they manipulated tokens mostly from selfdrop. Even the hype there can make your brain tweaks due to their pump and dump scheme.

When you are dealing with altcoin, you should have check a lot of factors to make sure that you are not being scammed.
You have to check the price in reputed exchanges, check the liquidity before you invest and gather as much as information possible.
Altcoin world is very much complex. I usually say this to everyone. You can't even realize that you have been scammed.

That's what I hate about shitcoins. The ordee book are the old ones and when you trade your shitcoin to bitcoin the value won't be the same as before. You shoukd check the shitcoin trade history rather than buying any shutcoin you think that it isn't a shitcoin then you will only lose money.

Always remember not to promote airdrops of certain exchanges especially if their coins would be from them alone or their exchange platform is centralized as they can control whatever the run of the market and the coin's volume is. Learn that centralized trading platforms together with their submitted coins/airdrops are the biggest risk you would take. Therefore, better be preventive than to do trust shitcoins and make the same mistakes again.

That's some serious scam technique right there, thankfully, you just spent a less amount of BTC for that shitcoin. This has happened to some people I know when they are new to trading and went to buy some random coin in the market. they bought a decent amount of a new Altcoin and wait for its price to grow for a few months and guess what happened, the price went down dramatically instead of going up and their capital is lost forever. in your case is different, you didn't wait for so long. it's just the coin you bought is a scam itself.

I agree with you, but it is better to define the word shitcoin, according to the topic, you define it as any unknown cryptocurrency that has a small value, but some people classify all altcoins except Bitcoin as shitcoins. some give more details by adding some criteria to these currencies.

Also, you must distinguish between pumping/dumping currencies and Altcoins.
Generally, when you want to trade, you must learn to make a profit and not invest randomly.

The most painful part is about exchanges who listed shitcoins to make extra money from the listing fees and orders fees, without considering that they are somehow deceiving their users. Some other exchanges create tokens without any backed project and promote it in what they called "IEO" or like in Yobit with its scamy "Invest Box" .
Personally, i don't believe that Trading is a productive activity so no one should buy a coin that he doesn't need it for any purpose.

Always do some research before buying or trading in those shitcoins. Look at the;
- Smart contract, some tokens can have the same ticker but different smart contacts
- Trade volume, price and the order book otherwise you may be tricked into thinking the token price is high yet it'd just a couple of  tokens that have been traded for a high price

Also avoid shit exchanges as they can mislead you on the price.

I have really learnt lessons from it.
Shit coins are just shit coin. Another thing I found out lately was that as at 2 months ago, the coin was trading at 5 satoshi but later decreased to 0.001 satoahi. I wonder what those that invested then would lose. Putting money on shit coins is not trading to me, it is like someone is gambling.
I am new to trading, and this is just a lesson.

I have similar experienced back five years ago when I was so active accumulating coins that others turn out to be shitcoins, after I learned that you should not hodl shitcoins I learned to dump the coin that I think is just a pump and dump coin and without purpose in the industry.

You buying a shitcoin with the price under 1 sat with bitcoin pair, you should check first the other pair like Ethereum, Ltc & Doge.

You must wait until your order to be taken if you want to sell your coins, it's mean you can buy them instantly but for sell order, you need to wait until your order has been taken since the sell order already to the bottom (1 sat). Every trader also me sometimes buying a shitcoin at other pairs like Ethereum, Doge,or Ltc went i think they have some potential my order can be taken at Bitcoin pair and the project still alive. Token/coins like this for the BTC pair went the price already bottom 1 sat sell order need times to be taken around 3-6 months or maybe more than a year but can make a good profit could be more than 100% or even 500%.

You should aware, buying shitcoin means you just throwing your money to the trashcan and already accept you will lose that money. That's why you should limited the budged if you want to trader shitcoin especially some coins/token with the price under 1 sat. The lucks thing, you just put 10$ xD if you put more than a 100$ maybe you should make an order until you can back again your money with selling them at the same price.

I believe anyone who dealing with a shitcoin already accepts their money would be gone, they just want to do "YOLO" hoping to get a good ROI with a small fund trade with shitcoin.

Yesterday, I made a trade.
I use around $10 to buy a coin that whats nothing to a sitoshi. This is how it went

ShitCoin/Btc
Buy:  0.00000001 btc. Which means 1 satoshi
Sell:  0.00000001 btc.

I bought 0.001 btc to buy the coin.
Which means 100000 shitcoin.

Later, I want to see how it trade with dollar
Shitcoin/Usd
Buy:  0.0000000120 usd
Sell:  0.000000075   usd

Immidiately I saw this, I traded/converted the shit coin to bitcoin back, it did not work and it was pending.
I later knew it was because the shit coin is lesser than 0.0000000001 btc.
Not 0.00000001btc but lesser than
       0.0000000001 btc

My 0.001 btc became less than 0.00001 immediately i converted it. This pained me so much.

Shit coins are shit coins and we should be careful when dealing with them. They are very risky and can turn your huge money to nothing in minutes to days.
If allowed to tell you about this coin, I can be specific and the you the coin name.