How do I know the trustworthyness of a new coin? - page 5.

Ailmand

hero member

Activity: 1274

Merit: 519

Coindragon.com 30% Cash Back

Quote from: batdog890 on January 11, 2019, 02:10:15 AM

Hi people,
I am relatively new in this field. Having done some "trading" of alt coins in 2018, I would like to seek the opinion of more experienced traders and hopefully gain an insight as to how can I better differentiate coins with higher potential and coins which are basically crap.

Thanks in advance!

There are thousands of altcoins and most of them are having a hard time because of the bear market. Just get updated on their communities and check for development and activeness of the team in marketing and project development. Also, check if the team is keeping their word on their promises to investors.

libert19

hero member

Activity: 2520

Merit: 952

Check their team profiles, how they behave/communicate in their channels and trust your gut, if it feels wrong, then avoid it.

Kezacky

member

Activity: 746

Merit: 10

https://axiomapay.com/

Quote from: daarul50 on March 04, 2019, 01:06:18 PM

The right way to look for potential new coins is to look at the volume of the coin because the volume indicates that a coin is in demand by investors and traders.

yes, I think that could be a basic reason to see how coins still have further price developments because the volume of prices continues to increase, I also believe that if coins are in great demand by traders or investors and the opportunity to ride is still there.

dobolspeed3

full member

Activity: 714

Merit: 100

Therefore, if you want to find potential altcoins. Then look at the top altcoin to find which altcoin has the potential to trade. Because if someone doesn't know how it works, of course it's very risky to take a new altcoin. It's better to have an altcoin that is potentially. Try to check the top altcoin.

maldini

sr. member

Activity: 952

Merit: 308

many, can be from the team and the concepts applied by the coin. I prefer to see from the team, concept, and user feedback because that is my perspective in trusting new coins

harrypotpot

copper member

Activity: 126

Merit: 1

WWW.BLOCKCHAIN021.COM

Quote from: batdog890 on January 11, 2019, 02:10:15 AM

Hi people,
I am relatively new in this field. Having done some "trading" of alt coins in 2018, I would like to seek the opinion of more experienced traders and hopefully gain an insight as to how can I better differentiate coins with higher potential and coins which are basically crap.

Thanks in advance!

Basic and simple, try to use the crypto, trade it and invest it. You can see how good its transaction is, and then try to search and know its trends and news if there is more hype and community then people are trusting that coin.

Kiefner

member

Activity: 921

Merit: 10

I think that in principle this can show only time. It is worth looking at what this project is and who is behind the project. Who is the developer and what team did it.

AlekseyCrypto

member

Activity: 518

Merit: 11

Quote from: Bharathi13 on January 11, 2019, 02:37:12 AM

Yes presently there are more than 2000+ cryptocurrencies available for trading on the market. Each cryptocurrency have a different vision & vision targeting specific industry or sectors with their business model. There are few cryptocurrency which have similar missions and visions i.e competitive cryptocurrency example ETHvs NEOvsEOS etc. If you want to know the trustworthiness of of a new coin then you will have to do little research on them. Before starting your research you will have to clear your basics first like
>how blockchain works???
>Difference between different kind of cryptocurrency such as Coins, Token (utility & security) etc
Then choose one cryptocurrency which appeals to you more or in the field which you are familiar with. Then start your research like team background, technology, community, how they are working on adoption of their technology by users, their weakness & strength, their competitors, their daily trading volumes on the exchange. This will help you analyse some coins or token.

You have written a detailed instruction for a beginner. I want to add that in the analysis, I also pay attention to whether large funds invest in it. This is a very significant indicator.

bohboh

jr. member

Activity: 499

Merit: 1

You can get to know trustworthy project only by your thorough investigation, conducting a research before venturing into investing in new coin matters alot,
You have to know the team behind the project because this the only way to know if they are trustworthy.

StephenJH

hero member

Activity: 1470

Merit: 521

No more Rekt and Bust

Quote from: Coroline on March 04, 2019, 03:05:25 PM

Quote from: batdog890 on January 11, 2019, 02:10:15 AM

Hi people,
I am relatively new in this field. Having done some "trading" of alt coins in 2018, I would like to seek the opinion of more experienced traders and hopefully gain an insight as to how can I better differentiate coins with higher potential and coins which are basically crap.

Thanks in advance!

select coins that already have a large marketcap, like 10 top coins you can invest or trade on those coins, don't choose coins that have a small number of markets one day the coins will disappear if there is no exchange

Small market cap coins also can compete with working products of dominant ones. Top coins have better value and strong points but this idea is not proper for finding new trustworthy coins. Delisting doesn't happen in a day and known exchanges don't simply delete trustworthy projects.

Coroline

sr. member

Activity: 1092

Merit: 256

Quote from: batdog890 on January 11, 2019, 02:10:15 AM

Hi people,
I am relatively new in this field. Having done some "trading" of alt coins in 2018, I would like to seek the opinion of more experienced traders and hopefully gain an insight as to how can I better differentiate coins with higher potential and coins which are basically crap.

Thanks in advance!

select coins that already have a large marketcap, like 10 top coins you can invest or trade on those coins, don't choose coins that have a small number of markets one day the coins will disappear if there is no exchange

superscommessebitcoin

hero member

Activity: 1176

Merit: 500

You have to assess how relevant the idea is the project. Also how competent the team is and how well it does its job. Study the road map and see what has been planned and what has been achieved.

jjbanks994

jr. member

Activity: 255

Merit: 3

Do deep research. Read the white paper and it's well written and makes sense, look at their team, their advisors, even do reserach on their investors. I would then look at their social channels and see what the community is saying about them or in the news. One project that I really respect ATM is Ampleforth because they really hit all the marks on what a great coin will lead to

ausbit

legendary

Activity: 1330

Merit: 1019

Quote from: ZenRoy on February 28, 2019, 12:25:16 PM

I don't think relying on reviews is a solid guide whether a certain ICO/coin is trustworthy. We need to dig deeper and do a background check on the team behind it. Also, if the team's information is not shared publicly, then that would be a BIG RED FLAG for me.

A lot of developer and project scammer’s even go as high as passing personal review on the project on the top review sites.

Like you rightly said, if an investor cannot get or find any meaningful information on the project developers or their core team members, one need to deeply think twice before investing in such coin, though this is not the only factor that determines if a project is legitimate and viable, other factors to be considered are out there for the investor to research. Above all, once should invest a certain amount of money once can part away with or easily let go if the project fails.

icecube45

legendary

Activity: 1218

Merit: 1000

It is very difficult indeed to know the trust of new coins because in reality almost all new coins are scam and become a failed product, so that it is not feasible. To find out new coins that have potential is to do analysis. We have to wait for the development of these coins, usually coins that have the potential will have many investors. In addition, it also has a well-known company sponsor, because usually if have a well-known company sponsor the chances for success will be great. But this is not easy because even if you have analyzed it, it is not certain that the coin will be successful, the possibility of failure still exists.

daarul50

legendary

Activity: 1596

Merit: 1034

The right way to look for potential new coins is to look at the volume of the coin because the volume indicates that a coin is in demand by investors and traders.

proTECH77

member

Activity: 1120

Merit: 30

Bisq Market Day - March 20th 2023

Quote from: ZenRoy on February 28, 2019, 12:25:16 PM

I don't think relying on reviews is a solid guide whether a certain ICO/coin is trustworthy. We need to dig deeper and do a background check on the team behind it. Also, if the team's information is not shared publicly, then that would be a BIG RED FLAG for me.

Haven't trusted any new coins of recent because of my experience when i was a bounty hunter and also investor. Last two years to be precise i invested in a new coins that seem good with potentials but what i got backed was horrible as my invested went down to hell. Before i invested into the coin, i read their whitepapers, checked on their team members and their social media profiles did more under ground research but still end in the deep. After this incident i vow not to invest in any new coin again because there are much tendencies for those coins to be scam or shitcoins.

richmcrich

hero member

Activity: 1120

Merit: 507

First step mate is to read their whitepaper and discern through it if the project is worth investing in or not, don’t also overlook the project team, get the teams involved and research more about them, their lifestyle, achievement, their level in the industry and how business oriented they are, the last step to take is if they have already existing and not new or already entered exchange, go through their coin historical data that to see how far the coin has fared in the past and also present.

syamster

hero member

Activity: 1078

Merit: 501

Quote from: frchowe214 on February 28, 2019, 02:44:35 AM

New coins won't make it into the top 100 of coinmarketcap but that doesn't mean they are crap. Cheap if the team is real and actively promoting the coin, also check activity on github to see how many commits they have done recently

No. New coins can really make it to the top coins in the crypto market only if the project is good enough to compete. Think about the early days of ETH and it was big enough to challenge Bitcoin within three years. So technology expands at the speed of light if the demand for it is immense but I think there would not be such projects around because it has been long people are loosing in the new projects which means the innovations are yet to come.

el kaka22

legendary

Activity: 3710

Merit: 1170

www.Crypto.Games: Multiple coins, multiple games

Quote from: dizzy1996 on February 28, 2019, 12:23:35 PM

Reliability of information always depends on the source of information, so if you choose a token for investment, you yourself are looking for all the necessary information about the token of its legality and other issues because your money.

But, that will be no guarantee that what we are getting through various sources are correct and reliable information or not. Because now a days, scammers are turning so smart and making up everything a perfect look like. In my experience, investing into new coins/tokens must be a gambling because almost we are investing blindly even after doing hours of due diligence. Because, this industry is turning like that and cannot be making sure that we are handling things under safer hands at any point of time too.

The only thing we can be sure about just having calculated risk like we are investing only with affordable amounts and we are ready to wait for months to years. Analyzing potential of the coin is becoming a too difficult job hence we need to act in different ways.

Topic: How do I know the trustworthyness of a new coin? - page 5. (Read 937 times)