Topic: How to identify shitcoins? - page 2. (Read 1905 times)

Altcoins carry many risks.  Investing in altcoins involves risk.  But you can invest in Bitcoin.  The price of Bitcoin may fall but it will not be a scam.  But if you hold for a long time, you will recover your losses and may profit.  But if you have the ability to take risks then you can invest in altcoins.Otherwise you should go with altcoins.  And if you want to invest in altcoins, do a good research on which coin to invest in.  And take a well-informed decision

We have to be vigilant in this situation but the saddest part is that no one will ever know for sure the shitprojects unless we are merely conservative in all our cryptocurrency dealings. We shouldn't be too forward but relax to see what the presales and the listing will look like, even some projects are too risky to commit the money into during the presales and immediately after listing them. It is all about being careful and conservative with them. There are categories of shitprojects, some are solely for scams, and others are not scams but since they didn't perform, the brains behind them will then outsmart people with their money.

Above all, the best projects to invest our money in are the ones that have spent at least months and are doing well. This might be needed for patience's sake because if it can survive after some initial times of struggling, then they have good project potential as they have survived the test of time, nothing could be worse than that. However, the die-hard community supporting the project equally matters. And yes, greed is part of it, that was why I mentioned being conservative. Many would want to rush in so that they are the first set of people in line to partake the most in the new project, but the risk is also much and if care is not taken, they will rather lose than gain more. But this has made some people to be rich as well, so it is not so foolish to be greedy in the things of investment.

Not all altcoins can be said to be shitcoins because no cryptocurrency is perfect and each has its own strengths and weaknesses, but there are several steps to identify shitcoins. One of them is that if an altcoin has a low market capitalization then the altcoin can be said to be a shitcoin, thus such an altcoin does not have a lot of money invested in it and this shows that the altcoin is included in the shitcoin category and this is not a good investment step to take. A good altcoin certainly has many investors and a lot of interest long before its launch resulting in a modest market capitalization when the altcoin is first listed on an exchange.

but it will be indirectly supporting these shitproject to scam people, I just think that its more ethical to not invest into these shit project at all because as you know already that these shit project are just basically made by some shady dev and will definitely be used for exit liquidity for the shady devs.
but considering right now that there are so many such shit project where some random just created coin and artificially added liquidity just to make it look "alive" to lure people into buying it and there are so many people actually interested in buying it is crazy.
its like a trend that has been existing from long ago and not ending, last time i see such similar scenario is in solana blockchain where so many random shitcoin are getting some pump and its not some measly low pump but 10-100x of its initial price and after a month the liquidity suddenly gone.

By the time a project team goes away it will be too late for the community to get out of that project because by that time that team has already dumped their bags in the market to extract all the liquidity. You need to find a shitproject before launching it in the open market. There is a simple way to do that, and that is a shitproject that will try to attract investors by offering them high yields for their investment. You will see that those projects will give such a high yield that there won't be any projects in the market that can compete with them. So greedy people fall for them and lose their investment.

Suppose if a project team gone to inactive then you can understand this is pure shitcoin or death coin. A shitcoin value decreasing everyday because There loss investors community. There social media sector gone to inactive even no any development. There project volume gone to zero then you can understand this is shitcoins.

Knowing shitcoins is pretty easy for those who have experience on loosing there money from this Altcoins. This shitcoins are mostly over hyped, their white paper lacks contents and texture, looks like it was drafted by a child with so much unfulfilled promises, they always force you into keep buying more during their dump, maybe after during there presale they find it difficult to list, they keep postponing the date for the listing and even when they list usually on a smaller Cex that is not reputable to the hype the Devs made from the beginning.
This Shitcoins do not even last a period of 6 months before the group chat becomes inactive and Devs account banned certain things are to be looked into before investing in them by using little or spare money and taken profit immediately after there first pump, because if they should experience a dump they are never recovering from that

Shitcoins are rather easy to spot at first glance, when one is not completely sure whether we are talking about one, then it is necessary to go beyond and check other characteristics of the coin, like their daily volume, the distribution of the tokens, the number of whales of such token, the liquidity in the market for such token/coin and the number of pairs which are available for such coin.
Some people will go as far as reading and analyzing the white paper of the coin/project.

In short, a shitcoin is a coin which does not solve anything, it is a solution seeking for a problem or it is a coin which tries to solve something which already has been solved by other major projects, like Bitcoin or Ethereum.

Also, it is important to keep in mind there is a clear difference between a shitcoin and a memecoin, most of memecoins are shitcoins but there are a few which are not.

That is why it is advisable to make sure that you have investigated very well in any of the altcoin that you want to invest on because you might be follow the influencers Who promote a particular coin there are promoting have the same potential or quality how do you invested in it and after a period of time the market cannot accommodate it any longer so that is why many people lose their coin was always their money

Sometimes those coins that will purchase and think that they might grow so that will make profit from them, sometimes what hinders them not to grow will it be as a result of lack of technology and lack of promotion to create and awareness concerning the coin and that is why so many of these hot coins that lack potentially die of during the process of bearish market.

Even some of them too does not die but they are increment will be counting very slowly neither you lose in the investment or you profit for the investment depending how relevant and recognize the project is to certain exchanges, it is okay that some of these coins that will purchase is a scam one and we don't know because of we don't ask questions or make a person research to know of coin before we purchase

       -   It's hard to identify shit coins nowadays because they make their websites well, and you won't think it's a shit coin or a scam in the end. Because today's scammers also allocate an allocation budget for the target amount they will take from their victims, and when they have reached their target, they exit immediately.

When it's all hype and there's no development happening in their projects for the token, but it's just hype, avoid that right away. And celebrities are always using it, so you should be careful or research carefully before you invest.

If you like cheap crypto in your view, but clear in terms of fundamentals, you choose those that have been listed on favorite cexes, such as OKX, bybit and binance. Because on these exchanges there are many shitcoins that you might like in terms of prices in the past. Although for me it is too expensive but it is the cheapest for altcoins that have been recognized on each exchange ladder. For me, the risk is always there and because I like to participate in ann an altcoin including shitcoin, of course trying even I often participate in presale even if it's just 1-5$, it's enough to make my pleasure and satisfaction even though it's instant, I underline what I do is what I can bear the risk. Not because every thing I buy I hope will come to a miracle or welcome in rapid results. Instead of thinking between regretting not buying at the beginning of the sale and shitcoin is too pump tinngi or enjoying the purchase even though taking a profit as necessary.

   Most likely, the altcoins you invested in did not do proper research, or maybe you were just carried away by the hype and you just bought them and believed they would go to the moon, which is not the way to choose an investment, here in the crypto space.

  You know for a fact these days that there are a lot of potential altcoins in the market if you just do the right thing in this field of cryptocurrency. Maybe at the time when you invested, the altcoins that were really potential were only passive, so there was little that could be said to be potential.

I will never fall for this trap where the owners of the coins make big predictions about their coin which has not been even available on to the exchanges. If the team is hyping too much about the coin and if their giving lot of yields and some bonuses etc at the launch of the coins which seems unrealistic ones then it's better to stay away from that coins. I agree that it is not possible to know in advance if the coin will perform well and not it will only depend with the passage of time how the teams react and take the project seriously.

Other thing to notice here is that we should see the fundamental analysis of the coins which includes the total supply of the coins as most importantly how much coins are stored with the owner. If most of the coins are with the owner and the team, this mean that they could dumb the coin anytime and run away with the project. Many people do not know how to look at a total supply and the wallets holders of the coin and they usually get fall for this trap.

All coins that have a price and are traded cannot be called shitcoins, it’s sad when a coin just lies like a dead weight. I can't remember a time when coins came to life and became popular, and unfortunately, this is the case where any altcoins can become shitcoins, except those that are still in the cryptocurrency market performing their main functions.

This is a fairly common experience among cryptocurrency investors and highlights the importance of discretion when choosing assets to invest in. The cryptocurrency market, especially the altcoin segment, can be highly unpredictable and influenced by various factors, including market conditions, technological changes, news and circumstances surrounding the project team.
It is important to conduct thorough analysis before investing in any asset, including assessing the project team, technology framework, public perception and potential risks.

The easier way to identify shitcoin is to go through their website and check the promises, if burn rate percentage return to holders is slightly to be a scam project in the sense that after a short period of time the price of the token will be worth less.

 I will share my experience with altcoins.  I invested based on the hype, strong team and active community.  But, unfortunately, many of them turned out to be hoaxes.  Interestingly, some altcoins that promised a lot suddenly disappeared for no apparent reason!  Now there are a lot of altcoins in the wallet that have turned into dead 'shitcoins'

There are many altcoins to buy. Not all new coin are soposed to be baught. I too made same mistake. But when I came to this forum I was able to spot the difference between them. Shitcoin are always know by the amount of zeros that appears before the numbers something like 0.000000000003526 which has a total supply of 100 trillion supply.which you could buy billions of coin with little amount of $ dollars.

What did I just read? Do you know that even a tier one project can turn into a shitcoin? They were heavily invested by the OGs and different venture capitals that are famous in crypto but what happened at the end, it's now a shit show. Here comes the list:

• Terra Luna
• FTT
• ICP

Reasons why this projects fail were obvious but we people love to see what they want to see and don't care about the red flags around them.

Terra Luna gave one of the most hype and high APY in staking Luna and USTC, it was a scam APY that wouldn't last long but what happened after, 6 feet under the ground and he is trying to be extradited to US the last time I heard of him in the media.

FTX/FTT was donating millions and lobbying politicians and congress house because of his political ambitiousness and it's obvious that this where from customers money but many people were extra excited about the market and what happened today, not only did he embezzle the company money, he did it together with his sweet long time girlfriend(partners in crime).

ICP/internet computer protocol conducted one of the largest ico in tbe crypto industry but what happened after, there tokenomics was bad and when they released the listing date, people sold all of their investment and I don't blame them because you don't expect people to leave their investments seeing that it's has done 400x on listing date. To date, ICP is yet to recover and I doubt if that is going to happen soon.


What am I saying? It's possible that you will do all tbe basic research needed before investing into altcoins and you might still bite the dust reason is that altcoins are very risky investment, take your profit while the market is still green on the other side.

How long is the project been in the ecosystem does not matter but what matter is the genuineness of the project. A project can stay for a long time yet it can still fold up. And according to the market strategies, if a business stay long for more than five years there is possibility that, the project can stay long. And checking the goals of the project might not give you the genuineness of the project because there are some project might good genuine goal but behind the scene they not good. And one of the thing I use to identify an altcoins is the activity of the coin and any project that is not Bitcoin is automatically an altcoins.

And if you are investing in altcoins, you can do that with Ethereum and Eloncoin because Eloncoin is listing in most of the Exchanges. So if you invest now it will be better in the future.