Topic: How to identify shitcoins? - page 11. (Read 1816 times)

That should be a learning experience for you. Finding a gem in the big market of cryptocurrency is not easy. Most of them will turn out to be scams and others would be rugpulls. They will show a good project with a legitimate team member but in the end there's really no item to back it up, all are just bubble that will burst when they find themselves in profit from all the invested money they took.
You learned it the hard way unlike others, but this should be the start of where you will change your perspective about altcoins. Don't just buy and hold, try to also pinpoint the selling point. But if you are a long-term investor then stay in this forum and you might see some good ideas on where you should put your money in.
IMO, stick with the top 100, the profits might take long but there's a higher chance you won't go zero.

Sometimes identification, as you say, is certainly not easy to do because sometimes there is too little information to be able to dig up. It's not even strange anymore that they are able to provide misleading information, and many will not be a little deceived by the intelligence they do.Fraudsters will continue to do everything they can to extract anything from the incoming funds, so I agree with you doing the best research you can get from all the things that might be used as guidelines. Don't hesitate to tell stories or ask questions in forums like this; you can also gain enlightenment.

with meme coins in general the premise is that its gonna be the next shiba inu or something like that trying to lure people that have missed the train into joining the new emerging shitcoins meanwhile if you're observant enough you might already realize at first glance that its just some shit tier coins trying to over promise which of course will not be able to make their promises come true instead they will take advantage
of you big time.
eventually the coin will fall in no time and the promise of it becoming the next shiba inu will not getting realised. thats the reason its called shitcoin in the first place.
for the other shitcoin that was project based trying to have some fundamental though rather gimmicky you can simply observe their technical aspects.

Shitcoins are making crypto market dumped and uninspiring investors for investment. Identifying shitcoins don't have pure ways. Cause there are many example of a project scamed, even after they raised million during token sale. But some ways should be noted. Like keep fake promising, plagiarized whitepaper, incomplete roadmap that doesn’t have accurate milestone, or always southing to buy their token foe benefit! Such project should be avoided. Actually It depends on an investor how do he want manage his fund and utilize it. Investor Should always measure risk before taking step forward investment. Better to buy established altcoin than new one

Name is kind of connected to the ones that are counted as a scam project in the past.
Total supply of coins is around Billions
The pictures of developers in their official website is an AI-generated logo of whatever it is for ex. dogs, or animated picture of a person etc.
Some uses the word "guarantee" or any word that attracts investors. Some are giving high APY when you stake their coin.
Some also uses the word "in every transaction, some of the coins will be burned to decrease it's supply. This is mostly being used in meme coins.

I believe that there are some more, but these are the ones that I know. TBH, it's very easy to distinguish already which are shitcoins, and which are not. Just focus on Bitcoin, and Ethereum. They aren't shitcoins at all.

The method of promotion. Whenever  someone is trying to invest in new project, it is better to stay calm and organised.
You also have have to check out in the team beside it. Project that promises something too sweet to be available it is a scam or a scam attention. For some, since it is not bitcoin, it is  a shit coin while some differentiates.

I believe you didn't do proper research because a shitcoin would never have a good team and a good community, and even if a token has a large community, it doesn't make it a legit project, even meme coins have large communities but they aren't proper cryptocurrencies and can always take a U-turn even if they are heavily hyped. The team behind a project plays a great role in the sustainability of the project because they are the drivers of the development processes.

A project just having a team isn't enough, even I can create a project, and put up some pictures and names on the website about the team behind the project, but what's important is the experience they have. An inexperienced team can barely make a successful project, especially if they have never been a part of a cryptocurrency project before.

Probably he is trying to win on the lottery of shitcoins.  Like a one-time big-time thing.  Shitcoins have their pump days, so when the investor is not late, they can enjoy the pumping event before the token become worthless.


We never know he is just telling us the numerous numbers of shitcoins in his wallet, but he did not tell us his success story.  I also have lots of worthless tokens in my wallet but I can say, I earn more from shitcoins than from Bitcoin trades.  But I will never encourage anyone to gamble their investment in shitcoins.  It is better to invest in a high-liquidity coin like Bitcoin.

You are taking the wrong lesson out of your experiences, according to your own post you have hundreds of shitcoins in your wallets which have died already, with this in mind I ask this question to you, why do you insist on throwing your money away?

The evidence is staring you right in the face, you have lost money, time, the opportunity to invest in other coins and yet your efforts have been in vain, so the solution to your problem is quite simple, stop investing in shitcoins, once you do then you will stop losing money to them.

alts are quite profitable but much more risky in terms of investment, you need to do careful research, in my experience I can say that I invested in LUNA and lost money, but in ADA and TFS still earn money. So luck is also important here, as you never know what will happen in the crypto market

Needle in a haystack situation indeed. But you can prevent this from happening if you keep yourself limited to bitcoin only. Because the last charts of Bitcoin have always been well performing as compared to altcoins. In the long run it is the only safe and profitable investment if bought at low prices. These things I have been observing for years now and hence I never pay any heed to any altcoins that come in the market beyond the top five altcoins.

Over time you learn this from experience, try being loyal to bitcoin as see how it turns out.

There are plentt of developers trying to do a lot of tokens expecting some will boom and thats how shitcoin works. You can find some tokens in the market that arent listed on coingecko and coinmarketcap that do a good run but how these improved? Of course when buyers and sellers create some huge volume and liquidity. Youll notice if they are gonna scam the projects from the codes and dont lock their liquidity thats a clear sign of potential rug or scam soon.

If you call yourself an altcoin investor – then you must know very well how to determine which altcoin have good future potential. Some altcoin are great for long-term investment assets - but not about shitcoin which just might burn your budget.

The reason developers deceive investors is because they need easy money - while some investors who are less able to do a thorough analysis get swayed by the potential being talked about and put their money in the pot. This is sad of course - but you deserve enough to learn a valuable lesson from your investment policy.

Actually, if the new altcoins don't have a clear team, messy whitepapers, and bad drafts, this is relatively easy. However, what's more difficult is when they package it really well, even create hype and promote it significantly enough to become a boom and attract a lot of inevstors, and be able to list on a trusted top exchange. This will be more difficult. because usually they will experience a very significant price increase, far above our expectations. But this is the danger, when we are late in carrying out executions for exits and take profits, we can really lose that moment. because usually, hype coins in the form of shit coins will immediately drop very quickly after getting their ATH. So, don't let you get too greedy about new coins, because maybe most of them are real shit coins.

I highly discourage anything investment in shitcoin after my ugly experiences with them, However from my experiences dealing with some projects that turn out to be a scam, these are the things you check out for,

If the dev's wallet holds a higher percentage of the coin (50%, 70%,80%) in their wallet it is a red flag, They do such so that they can easily dump on incoming investors, Too I check the percentage of the coin that is locked on the contract address, and if non is locked or it a small percentage, red flag. I also check if some percentage of the coin has been burn by visiting the burn address and if not I do stay away from investment.
If all these checkboxes are not ticked and other stuff that I check out for it a big scam (shitcoin).

Investing randomly without time to research and gather information made you invest and lose much of your investment capital in shitcoins. It would have been better if you mentioned the names of some of these altcoins that are in your wallet, but I guess most of these altcoins are meme coins; the meme coins already have massive communities and gain hype quickly from investors who are looking to double their capitals, but these meme coins soon turn into scam tokens. Their teams escape with the investors’ funds. Also, the new currencies that do not have a team, developers, and goals will eventually fail and be delisted from the exchange platforms. If you want to know whether the altcoin you invested in is shitcoin or not, take a look at its team, its communities, its whitepaper, its contract address, liquidity, number of holders, etc., on the exchange platforms in which it was listed, and on the goals that its team implemented over the time frame, and most importantly, recommendations and the opinions of influencers and experts in the field of crypto.

Probably all altcoins are shitcoins. No matter if it is an old project or a new one, the price usually drops. If it happens after listing, it means the coin is a real shitcoin. Or any other old project like xlm, xrp or ada. There is always a drop after pumping, sometimes for a very long time. More often when investing in altcoins people lose money, that's why altcoins are called shitcoins.

Launch is one of the important aspects I look at. Most shitcoins show a substantial premine (e.g. for an ICO/IEO), but that's true for a lot of altcoins. So how to determine if a launch looks "shitcoin-ey" or not?

For me, a premine, to be justified, should serve a clear purpose. Ideally the coins premined for the "team" should be locked for some time (with a feature similar to CLTV) to avoid exit scams. Or the coins should be exchangeable for services of the "team" (in the vein of utility tokens).

In all other cases I would oppose premines. Of course such coins can get hyped and yield a reward to investors, but usually only in the short term. Do not invest late in a non-established, premined coin.

Non-premined coins are not safe though: they can be instamined and then they're almost as bad as premined coins. That can however usually detected fastly in the first posts of the ANN threads as miners will normally be quite vocal about instamines.

This can be a red flag but is not necessarily one. I would change that in the following way: If the supply combining the coins sold in an ICO/IEO and held by the developers without any lock is too large (larger than Bitcoin's current supply of 20 million, for example), then it can be a red flag. The reason is that ICO/IEOs have a limited public and thus it's likely that if the coin doesn't reach the value buyers intend fast, then it's likely many of them sell together. Instead, if there's a large or not limited maximum supply like it occurs with Dogecoin for example, then the coins will reach the market gradually, a "big bust" is less likely.

That should be the case for clearly centralized coins with ICO launches. But not for decentralized coins. Satoshi was also anonymous and his coin is doing very well (despite the recent slightly bearish phase ).

For me, all are shitcoins, only bitcoin is different.

But from your standing point, you are asking how to recognize scam or shitty projects.
Well, here's what I can share from my experience:
1. If website has golden logo/is golden color in 99% is a scam because it's old trick (i can remember xaurum)
2. If project has too big supply (usually over 1 billion is too much) it's a shitcoin
3. You can check team members on linkedin, if they are not there or anonymous - it's a shitcoin
4. If they have thousands of followers on social media and less than 2000 hodlers - usually a shitcoin
5. If they over promise and cannot deliver - a shitcoin

I can type many more reasons, this is straight from my head, cheers!

Research really matters when it comes to investing in altcoins. But should we say that we are totally safe from doing this? Not at all because these scammers and shitcoin's developers are too clever not to be easily detected, as they only turn into scams later when you already have given trust to them. Somewhat disappointing but it really happens in real life especially if we are investing in new projects.

Too hard to identify them but we can avoid them by just investing in old projects that already possess good reputations and market demand.