I usually use a one red flag rule with altcoins. If I see a single red flag i never touch the coin.
Possible red flags are fake team pictures, fake resumes, anonymous team, bad sites with bugs, stolen code or code based on another coin with very little changes, plagiarized anything like white paper or articles, only tradable on small and shady exchanges.
You won't be sure if the coin is a failure until you see the price and volume.
Topic: Can an expert tell me how to identify a shitcoin (example: Insight Chain) (Read 557 times)
November 16, 2019, 10:05:34 AM
November 16, 2019, 09:45:16 AM
It's your personal responsibility to know coins that shit and those that worth investing in, don't forget that you are putting your money into and you will be responsible for anything that comes out it. Crypto is an unregulated finance space and must always trend softly
November 16, 2019, 06:54:17 AM
Do your own research. Check their white paper and the activeness of the developer and team behind their project. However, if you're just investing, you better invest on top coins instead of new coins if you really want an assurance. As for me, it's better to invest with well-established coins than to take too mauch risks in new altcoins.
November 16, 2019, 06:43:19 AM
Must do an analysis for the whole project and the team that they display on the website. Social media will always be active and provide the latest information about the project being built. InsightChain is still running according to the Roadmap and Twitter is still active. Already listing on DragonEX with a large volume and on Livecoin.
Keep a close eye on prices on the exchange if there are pump and dump practices.
According to the road map! That is exactly what I usually capitalize on when I am looking for projects that is worth investing on. And talking about roadmap, it means that we are dealing with projects that are already established because that is the only way that we can know if the project is working along with the roadmap of the whitepaper that was released and promised to their investor. Keep a close eye on prices on the exchange if there are pump and dump practices.
I have personally made my own decision never to invest in a project that is just coming as new project except it is a project that I can really vouch for because new projects are very difficult to really know their intention, so I don’t really follow their whitepaper from the beginning until the project has gone to an advanced stage where we can verify the activities of the project team.
November 11, 2019, 04:08:38 AM
Well, there is the easiest and most effective way to save ourselves from the threat of shitcoin by monitoring subforum scam accusation. I am very grateful to most of the members of this forum who have dedicated their time to analyzing and warning us. Because I really lack experience in assessing the project as a whole.
Yes, the scam accusation section is very good in this regard, but it takes time for the scammers to be recognized, perhaps you have invested already. So to protect himself, always pay attention to what the product is, what it will give us, and whether the team will succeed.
How to identify a shitcoin is basically simple. From their roadmap and white paper alone, you would get them. Also, take a close look at the Team backgrounds. A shitcoin will basically have fake team.
Shitcoins and scam projects are superfluous, but not the same. Shitcoins are coins that have no more volume and no usability. 
November 11, 2019, 02:25:29 AM
Must do an analysis for the whole project and the team that they display on the website. Social media will always be active and provide the latest information about the project being built. InsightChain is still running according to the Roadmap and Twitter is still active. Already listing on DragonEX with a large volume and on Livecoin.
Keep a close eye on prices on the exchange if there are pump and dump practices.
Keep a close eye on prices on the exchange if there are pump and dump practices.
November 10, 2019, 04:47:37 PM
Some of my friends did an analysis by observing the social activities of the project. My friend asked for an explanation and authentic evidence of the strategic steps, activities and development of the project. an official project will surely be happy to explain its development with photographs, on the contrary, a fake project will try to cover up and cannot provide evidence.
Usually some project with no vision will also struggle providing technical information into their community as well as how the project will progress into the future. Their roadmap also usually just there and not being followed.The lack of motivation from the developer side usually is an obvious sign of shitcoin.
If you uust want to be sure to avoid these kind of coin just stick to top 20 coin it is that simple because there is no point of owning shitcoin anyway.
November 10, 2019, 04:23:46 PM
If you are good in research and follow up you will get to know projects without future and even if you do not buy during ICO or IEO once listed, team zealousness towards the project and amount of token dump should defined something to you . Must do dump and blame bounty hunters...they even dump before bounty distribution so they would always use bounty to cover up. follow up projects and exches too to detect good and shit projects.
November 10, 2019, 03:56:50 PM
Hi there,
rather new to crypto. Currently looking at Insight Chain (http://www.insightchain.io/ & https://coinmarketcap.com/currencies/insight-chain/).
Now this smells like a shitcoin (pump and dump), but (as a noob) I can't really put my finger on why this is the case. There's a website, whitepaper, twitter account, etc. But all what they are saying doesn't make much sense, though not being a blockchain expert, I might simply not understand what they are saying.
To some more experienced cryptofans out there: How would you go about deciding whether an altcoin is a shitcoin (ideally using the example of Insight Chain)?
Thanks!
How to identify a shitcoin is basically simple. From their roadmap and white paper alone, you would get them. Also, take a close look at the Team backgrounds. A shitcoin will basically have fake team.
November 10, 2019, 03:36:49 PM
Some of my friends did an analysis by observing the social activities of the project. My friend asked for an explanation and authentic evidence of the strategic steps, activities and development of the project. an official project will surely be happy to explain its development with photographs, on the contrary, a fake project will try to cover up and cannot provide evidence.
November 10, 2019, 03:27:04 PM
I commonly look at it as a coin or shitcoin just by recognizing the team and its projects whether they are genuine and have offices in their country and whether the project has a good innovation.
But that's not enough to judge because now many team manipulations and massive projects are very real and can make us believe and eventually disappear. So follow their community if crowded will usually be something good.
You one funny thing about majority of these projects is that they keep riding under the auspice of decentralization by not creating a virtual office, but yet they keep creating all these centralized projects for us that really does not make sense.But that's not enough to judge because now many team manipulations and massive projects are very real and can make us believe and eventually disappear. So follow their community if crowded will usually be something good.
It is true that every project is at least supposed to have their physical office in the country for people to be able to verify them, but many would claim that their identity is not supposed to be known which I think this is just purely scam, so I also consider what you do here too before concluding if a project is bad or not, and secondly, I even prefer to participate in a project that is meant to have like a physical factory and not all these software running project claiming millions of dollars to create an application.
November 07, 2019, 05:44:53 AM
I'm no expert but it's easy to see if the coin we hold is shitcoin.
We will soon find out it's shitcoin if it has no exchange volume and 1 satoshi is the price. And if it has been abandoned by the developer. It is also possible if these are coins made to be used in the scam.
We will soon find out it's shitcoin if it has no exchange volume and 1 satoshi is the price. And if it has been abandoned by the developer. It is also possible if these are coins made to be used in the scam.
November 07, 2019, 02:49:33 AM
Hi there,
rather new to crypto. Currently looking at Insight Chain (http://www.insightchain.io/ & https://coinmarketcap.com/currencies/insight-chain/).
Now this smells like a shitcoin (pump and dump), but (as a noob) I can't really put my finger on why this is the case. There's a website, whitepaper, twitter account, etc. But all what they are saying doesn't make much sense, though not being a blockchain expert, I might simply not understand what they are saying.
To some more experienced cryptofans out there: How would you go about deciding whether an altcoin is a shitcoin (ideally using the example of Insight Chain)?
Thanks!
November 07, 2019, 02:33:17 AM
What makes a project standout from shitcoins is real working project and pro teams, without these two the project will surely fail, every investors must take the responsibility of doing research to avoid shitcoins completely.
November 07, 2019, 01:37:03 AM
If me, maybe when i read here at first is see some people answer we must look at team, maybe it work for early to decide the project legit or not. But sometime after end of ICO, the coin can be shitcoin too because it looks like left by it's developer. I think shitcoin or not, actually still hard to predicted. Usually project that underestimated by people, can be good in market.
November 06, 2019, 10:30:00 PM
I commonly look at it as a coin or shitcoin just by recognizing the team and its projects whether they are genuine and have offices in their country and whether the project has a good innovation.
But that's not enough to judge because now many team manipulations and massive projects are very real and can make us believe and eventually disappear. So follow their community if crowded will usually be something good.
But that's not enough to judge because now many team manipulations and massive projects are very real and can make us believe and eventually disappear. So follow their community if crowded will usually be something good.
November 06, 2019, 09:54:19 PM
To some more experienced cryptofans out there: How would you go about deciding whether an altcoin is a shitcoin (ideally using the example of Insight Chain)?
Nearly every coin out there is a shitcoin, so you should flip your logic and instead ask "what coin is not shitcoin"? A decent coin should have relatively high marketcap, though marketcap alone is never enough to judge a coin. A decent coin should have active community which is genuinely interested in it, rather than being bounty hunters or paid shills who just create buzz. The most important factor is development activity - a good coin should have a lot of commits, issues, pull requests, discussions on github, and they should come from many different people. And last, the coin should have realistic and achievable goals that are actually useful, and it should either be unique in it's field or solve the problems of its competitors.
November 06, 2019, 08:24:24 PM
I personally call coins without a working product shitcoins, or especially ones that promise one far in the future; a lot of these promises eventually fall through and never happen, and it's gambling if you're buying something that's only promising to deliver something. Some factors also depend on how you view things; for example, a lot of people like to call strongly centralized coins and tokens like Ripple shitcoins. Projects that aren't solving problems but are looking for solutions to problems that might not even exist are also shitcoins in my eyes. There's really no one way to define it, but a very general way of defining a shitcoin would just be a project that doesn't meet its own goals and/or does not have any significant real use-case.
November 06, 2019, 06:55:49 PM
Shitcoin... this is a very subjective concept, you know 
Usually it means really weak coin in your opinion or even pure scam. It's up to you, you are defining this. I don't think coinmarketcap top-100 contains any shitcoins.
Usually it means really weak coin in your opinion or even pure scam. It's up to you, you are defining this. I don't think coinmarketcap top-100 contains any shitcoins.
November 06, 2019, 06:55:14 PM
Though I would not tell that Insight coin is another shitcoin, because to me it seems ok type project with huge supply. They have a plan for products and use cases! If you look at their Github page and technical paper you will see something good is here! But this is not a coin for investment in this position. You may keep looking on this project until you find something good there! If you feel not good in Insight Coin, choose another for investment!
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