Can an expert tell me how to identify a shitcoin (example: Insight Chain) - page 3.

Pearls Before Swine

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Quote from: CjMapope on November 02, 2019, 12:14:52 PM

Does this coin/token have a USE case?

What coin or token would pass that test these days? If your criteria for a shit coin includes a real life use case, then essentially everything that isn't bitcoin would be considered one.

And honestly I wouldn't argue too strenuously about that, especially in the case of tokens on the Eth platform. Nearly all of them are scams and even more of them don't have any real use whatsoever.

Op, look at the coins in the top 50 or so on coinmarketcap. Anything below that could probably be considered a shit coin. Any coin with a value in the low satoshis (except perhaps for dogecoin) is a shit coin.

CRYPTORALF

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Quote from: jets567 on November 02, 2019, 12:43:30 PM

They got a good trading volume based on CMC, active community and lot of partnership so I could say that this coin has a potential since its run by Chinese people which is good on marketing their product but I will take a deeper research about this coin.

Let use know what you uncover!

I did some research into their product / use case and to me, as an educated layman, it doesn't make much sense. If you come to a different conclusion, please enlighten me Cheesy

CRYPTORALF

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Quote from: Bttzed03 on November 02, 2019, 12:41:14 PM

^ look for wash trading and you'll have an idea about volume manipulation by teams and even by exchanges.

Thanks! Just read about it on investopedia. Interesting.

jets567

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It's my first time hearing about this coin though they have been on the market for about a year, I was wondering why they still use ".io" on their main website? because as far as I know its usually use for initial offering and they have already done that so why not change to a formal domain name like .com or .org?

They got a good trading volume based on CMC, active community and lot of partnership so I could say that this coin has a potential since its run by Chinese people which is good on marketing their product but I will take a deeper research about this coin.

Bttzed03

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https://bitcoincleanup.com/

^ look for wash trading and you'll have an idea about volume manipulation by teams and even by exchanges.

If you cannot understand the technical side of a project yet, you can look for their products real use case. Assess if blockchain is really needed or if the product really solves anything which will create demand. See also if how they plan to achieve project expansion, are there partnerships in place?

Gotumoot

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I'm no expert when it comes to these matters. But I think one of the ways to find out if this is shitcoin is through its uses. Is it a unique working product that will help them grow? But if it was just for the sake of trading the market and for no other reason it could be a pump and dump coin.

CRYPTORALF

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Quote from: CjMapope on November 02, 2019, 12:14:52 PM

The first question i personally ask, after a team passes the basics like "are they real people" is:
Does this coin/token have a USE case? most dont really they are just hype (insight chain)
This insight chain looks like a "China Coin" what those coins do is take some hype tech words like DPoS, and validation nodes
and sell it to people that dont realize thats just old tech mostly
Also: CMC is useless, dont go by that, the supply is w.e the teams say there is and the list is extremely easy to manipulate Tongue

Thank you for sharing your experience!

CMC not being reliable (the market cap figures) is new to me. Are you saying that a team can, let's say, trade a few coins on a shady exchange for 1 dollar and then say that 1 billion coins are in circulation (without any proof), leading to a stunning (but false) market cap of 1 billion?

CjMapope

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~Full-Time Minter since 2016~

The first question i personally ask, after a team passes the basics like "are they real people" is:
Does this coin/token have a USE case? most dont really they are just hype (insight chain)
This insight chain looks like a "China Coin" what those coins do is take some hype tech words like DPoS, and validation nodes
and sell it to people that dont realize thats just old tech mostly
Also: CMC is useless, dont go by that, the supply is w.e the teams say there is and the list is extremely easy to manipulate Tongue

CRYPTORALF

jr. member

Activity: 53

Merit: 3

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!

Topic: Can an expert tell me how to identify a shitcoin (example: Insight Chain) - page 3. (Read 515 times)