Topic: Determining A ShitCoin - page 4. (Read 828 times)

Like you said it hard some time to detect shitcoins or projects and aside of reading the roadmap, white paper and doing some scrutiny of the involved. What I also watch out for is the traveling of the team to summit, the community support they had and the utility of their project. However, you could also find some answer on this thread https://bitcointalksearch.org/topic/guidelines-how-to-spot-a-scam-ico-report-effectively-5004397

I use a very simple method to analyze rating agencies. There, people who are already competent in this matter analyzed the projects and gave an assessment

Also most shitcoins are often free, no ICO, no use, they feed it up with hype and once they hit on shit exchanges and pumped people who invested are in deep trouble. Everyone should do thorough research before investing their hard earned money in any coin or token, but as matter fact a lot shitcoin are on cmc right now so beware.

Actually, many of them is a small understatement. The big majority of coins are shitcoins. If we believe the research that says 80% of ICOs are scams, then only 1 in 5 are not scams, and I bet you,,, half of those are shitcoins, so that leaves us with 90% scams and shitcoins.

The problem is that Shitcoins do not always have easily identifiable criteria. I mean,,, if they did, I would not have been cheated so many times last year

I decided to read this post because I wanted to see what other people really thought about crypto projects these days.

I for one distinguish early on whether a coin is legit or 'shitcoin' these days from the initial review, But what saddens me and makes me second guess my self is how these 'shitcoins' can somehow survive, then become semi valuable on exchanges. I always see coins with no real world use earn a real value and I am sometimes scratching my head on how people think this project is going to become something in the crypto space.

I agree with you, there are many shitcoins that arrive every month, even some ico have no background in technology or those related to crypto. that's where we find out and if it doesn't scam it means it will become a new shitcoin.

To determine shitcoins
Is to look at all angle of a coin
I think the chart here https://www.coingecko.com/en will surely can help

Seems like the case for 99% of so called "projects" these days.

The biggest indicator for me is if the project doesn't seem to meet any real-world need. This is sometimes easy to spot if their website and documentation is just meaningless buzzword-soup.

Thank you sir for the merit.

I believe ETH is useful, but calling it a 'coin' and giving it ridiculous value just reduces from its usefulness. ETH is like a fuel, if it is unaffordable, nobody will drive those cars.

I like some alts too, very selectively. 

Apart from the team scrutinizing and the whitepaper as you mentioned, availability of a minimum viable product as well as business solution is something you really want to be checking out first.

In fact, personally, whitepaper is usually the last thing i check. Basically, I visit the website, look at the team, check their LinkedIn profile page as I believe in this jet age, there is actually no excuse for a well-informed team and experienced one not to have a LinkedIn profile page over the years, and with this I check their past experience, dig further on them if they are for real, contact some of them if I could, ask questions on their ANN and social media pages, and then from there I look if there is an MVP.

As long as the team is serious and ready for business, there should always be a MVP before I even start considering going through the whitepaper for business solutions.

While I don't necessarily agree, I think some alts like ETH for example are very useful and great coins - your post did make me laugh my butt off so thank you for that!

someone sometimes uses the word 'shitcoin' because of deep dislike or hatred or has a lot of losses money in the coin

Useless, worthless but there are investors that into this preference so you may not notice that some coins are like that because there are people who are still supporting it.

That is a scam or incompetence.

A literal shitcoin to me is something with absolutely no value and no way it could ever have value. So projects that may or may not go to zero don't really count IMO because plenty of companies have good ideas end up bust too for various reasons, not just because it was an out and out scam.

For me when I'm trying to evaluate a coin, I'm looking at a few things.

Does it have a whitepaper that explains not only the goals of the project, but how it intends to reach them. So for example let's say the goal is distributed file storage, *how* are they going to do that on whatever blockchain tech of their choosing. I've read countless whitepapers that simply state a goal, but no idea how they will achieve it. Sometimes this is reasonable because they have a really proprietary idea, but most of the time it's because they have no idea what they're doing.

Is the team open and honest on who they are. Do they have a history of social profiles with some sort of work history. The work history does not have to be in tech, but it has to be there. Someone who studied at Stamford and was a research fellow is less likely to 1. Create something that is out and out crap. And 2. Out and out scam you. Because they have a real life reputation. If the team is completely anonymous, I generally stay away. There are obvious exceptions to this (Bitcoin for one), so it's not always a hard and fast rule.

Does the coin/token itself have a use. Sometimes this isn't even whether it's a "shit coin" persay. But you need to differentiate the coin/token from the project/company. Even larger projects like Ripple. You have to look at what Ripple is doing, and separate that away from what XRPs role is in all of it. For Ripples products, you barely need any XRP at all to participate. I'm probably picking on Ripple a bit here but you get the idea. Shitcoins often state lofty goals, but when it comes to "OK, so why do you have your own currency then?" everything falls apart.

Shit coin is when you join a bounty for months and not getting paid, or getting paid with token but useless or you cant sell it..

I think its hard to determine a shitcoin because prior ICO every developer has its own death awakening promise to gain investors but at the end we slowly know that its a shitcoin, this day there are many ICO that even not scam but there coins is having no value after market.

In your topic they're talking more about scams, not shitcoins. Shitcoin might be a legit project with real developers and a real community. Everyone has different understanding of the term, loads of people call Ripple shit because of their lack of decentralization, others because it's not a cryptocurrency in a traditional sense. And why people are still using the "shitcoin" term, it's more like "shitokens" now.
Shitcoins ≠ scamcoins

It's kind of a fanatic fan that will said other coin as a scam. But i can't understand about that if that guy was taking another coin as a scam because they are all have been using the bitcoin source code to create their own platform. Bitcoin is the best coin right now. jajajajaja

I think currently since many projects are not getting enough funds for their projects, people now wait and see how the coin will perform after coming into the market. Reading community chats and website as well as the type of news surrounding the project can help a lot in determining what a shitcoin could be.