How to identify shitcoins? - page 9.

_BlackStar

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Quote from: AakZaki on September 09, 2023, 12:23:22 PM

Quote from: rojan on September 08, 2023, 11:09:51 AM

-snip-

you really should stay away from shitcoin if you can't do the analysis and research on the new project. you will lose more and more. Instead of expecting big profits but with bigger risks, it's better to invest in assets that are certain and have been recommended like Bitcoin, the top altcoin. Don't waste your money in vain, it will make you even more stressed.

If they do it without analysis, then I can imagine they are just gambling. Whether they realize it or not - many traders bet their luck on altcoins and even on some famous memes. They've probably already calculated what they're going to lose regardless of other people's advice - so I'm inclined to let them make the decision without worrying.

To be honest we all are not good advisors to all those who come with all the greed - in fact I think they tend to ignore advice just because they want to get rich overnight. That's not just an assumption - but some new traders and investors have this mindset.

Xal0lex

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Quote from: m2017 on September 05, 2023, 02:04:28 PM

Quote from: Xal0lex on September 05, 2023, 12:54:11 PM

Quote from: Tahid12 on August 25, 2023, 06:08:22 PM

-snip-

Here's a list of potential shitcoin metrics.

Listing exclusively on decentralized exchanges such as pancake;
Selling tokens through the site;
No funding rounds;
Lack of foundations as main investors;
Any memtoken;
Lack of white paper and documentation;
Most of the offering centered in the hands of the team and investors;
Anonymous team.

Also, do they have to run bounty campaigns on bitcointalk?

The forum doesn't have a hundredth of the shitcoins that appear in the industry. If every shitcoin started a bounty campaign here, the forum would just choke in a flood of crap posts, shilling and spam.

Quote from: m2017 on September 05, 2023, 02:04:28 PM

White paper and documentation may exist for such projects, but most often either rewrites from other projects, or white paper and other documentation written very superficially and without technical details. For comparison, you can always look at a bitcoin's white paper and a shitcoin's white paper - the difference will be immediately noticeable.

You should not expect a project that copies other projects to suddenly write a unique white paper. Most altcoins are just parodies and copies of other well-known altcoins. If they are gone, no one will notice it, except for the investors who bought these shitcoins.

AakZaki

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Quote from: rojan on September 08, 2023, 11:09:51 AM

Investing in shitcoins is very risky. I have lost a lot of money by investing in shitcoins for which I now try to stay away from investing in shitcoins. But investing in shitcoins has the potential to make a lot of money but it is risky. I think shitcoins It will be very safe for us to invest in altcoin. But for that, we need to have a good idea about investment. I have invested some time and gone into depression due to wrong decisions.

you really should stay away from shitcoin if you can't do the analysis and research on the new project. you will lose more and more. Instead of expecting big profits but with bigger risks, it's better to invest in assets that are certain and have been recommended like Bitcoin, the top altcoin. Don't waste your money in vain, it will make you even more stressed.

Silberman

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Quote from: Rengga Jati on September 08, 2023, 04:39:27 PM

Quote from: Tahid12 on August 25, 2023, 06:08:22 PM

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community.

From here, you should be able to learn a lot from your own experience. If you have lost a lot from altcoins, then it's better to stay away from these altcoins, especially those that are hype and FOMO, believe me, they are shit coins that are just hype. And they won't last long, then they will drop again, and won't come back again. And this will continue over and over again. It is very difficult to find new altcoins that really have the potential to rise to the top of coins, not just hype coins that end up being shit coins. but most of them are shit coins. If you want to avoid it, then avoid new altcoins. It's better to choose top coins which, although still at risk, are at least lower than new coins, especially those that haven't been listed yet. And at least they have a good market cap. Or what is certain, just play on Bitcoin. This is the best.

This makes sense, but it is precisely because of it that many people will decide against this path, it may seem such a decision goes against logic, and it does, but since admitting that most altcoins are shitcoins and that there is no hope to make money consistently with them is the equivalent of admitting for the OP they have wasted time and money with their decision to stick with them for so long, they do not want to even entertain the idea this is the case and accept that maybe, just maybe, they should have invested in bitcoin and forget about altcoins.

Rengga Jati

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Quote from: Tahid12 on August 25, 2023, 06:08:22 PM

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community.

From here, you should be able to learn a lot from your own experience. If you have lost a lot from altcoins, then it's better to stay away from these altcoins, especially those that are hype and FOMO, believe me, they are shit coins that are just hype. And they won't last long, then they will drop again, and won't come back again. And this will continue over and over again. It is very difficult to find new altcoins that really have the potential to rise to the top of coins, not just hype coins that end up being shit coins. but most of them are shit coins. If you want to avoid it, then avoid new altcoins. It's better to choose top coins which, although still at risk, are at least lower than new coins, especially those that haven't been listed yet. And at least they have a good market cap. Or what is certain, just play on Bitcoin. This is the best.

isaac_clarke22

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Quote from: Tahid12 on August 25, 2023, 06:08:22 PM

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Expect that most of the time, you would get a shitcoin. Hype ain't gonna last long so don't really expect hypes and people making it look like a fake promotion. I have been into Discord servers of some shitty projects and obviously fake people, if not bots, that are just looking like idiots like saying "what do you think about this project" over and over.

It's going to be just like that, OP and it might go thousands. Teams are a good indicator, but it's not the sole indicator only. People need to start somewhere at least. Not everyone was born with hundreds of experience in LinkedIn.

Quote from: rojan on September 08, 2023, 11:09:51 AM

Investing in shitcoins is very risky. I have lost a lot of money by investing in shitcoins for which I now try to stay away from investing in shitcoins. But investing in shitcoins has the potential to make a lot of money but it is risky. I think shitcoins It will be very safe for us to invest in altcoin. But for that, we need to have a good idea about investment. I have invested some time and gone into depression due to wrong decisions.

Investing itself is already risky even for non shitcoins. It's potential money-maker yeah, but not for the long-term.

Marykeller

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Currently, the crypto market is down and it is hitting hard on all altcoins because of the bearish market. Every altcoin tends to be affected by it even the most potential coins are also affected.

As a result of that, it will be unwise to judge and classify all altcoins to be shitcoin or scams because the altcoins you held in your portfolio have their price decreased drastically, and that made you generalize all altcoins to be so(shitcoin or scams project).

It can't be in some way possible that all your hundreds of investments in altcoins are all shitcoins, even though we have shitcoin or scam altcoins in the cryptosphere.

I will advise you to keep your cool and wait till the bull run picks. That's when you will begin to know the altcoins in your portfolio that have the potential to give you the profits you desire.

To be on the safe side towards then, invest in bitcoin or other top altcoins or start a DCA strategy

rojan

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Quote from: coinerer on September 08, 2023, 10:58:18 AM

Yes shitcoins feature very fast and high quality pump dumps. Because of which it behaves a bit like gambling. and investors suffer the most from shitcoins. And they are always very low in liquidity due to which they can be bought easily but not sold quickly. If you want to sell quickly, you must sell at a loss. Many times, due to lack of liquidity on the exchange, the tokens are worthless and cannot be sold out

Investing in shitcoins is very risky. I have lost a lot of money by investing in shitcoins for which I now try to stay away from investing in shitcoins. But investing in shitcoins has the potential to make a lot of money but it is risky. I think shitcoins It will be very safe for us to invest in altcoin. But for that, we need to have a good idea about investment. I have invested some time and gone into depression due to wrong decisions.

Chibaba

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A project with good team that turns out to a be shit could of various reason attributed to it. Just DYOR before diving in and you will be fine

coinerer

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Quote from: Twentyonepaylots on September 07, 2023, 11:59:00 AM

Quote from: coinerer on September 07, 2023, 11:15:34 AM

Quote from: Tahid12 on August 25, 2023, 06:08:22 PM

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Tokens that have no purpose and no solid team are shit coins. you can follow the coinmarketcap and follow the top 50 coins from here. These tokens have high liquidity and are traded in huge volumes and listed on many major exchanges like Binance, Coinbase, Kucoin etc so they are not called as shit coins. you can sell all your holdings of tokens together at any time. So always keep an eye on CoinMarketCap's top coins to avoid shitcoins

Just to add, we should also stay away from the pump-and-dump scheme projects, which are mostly shitcoins. They artificially inflate the token's price by spreading false or misleading information about its value. Once the buying interest has been artificially inflated and hyped up, the individuals or groups behind these projects will then sell their tokens at a profit, leaving other investors with losses. These cryptocurrencies typically have little use case and do not have a solid development team behind them. They often have flashy marketing campaigns and promise huge returns. It is really essential to research and understand a cryptocurrency's fundamentals before putting your money into it, or else you'll get trapped with these shitcoins.

Yes shitcoins feature very fast and high quality pump dumps. Because of which it behaves a bit like gambling. and investors suffer the most from shitcoins. And they are always very low in liquidity due to which they can be bought easily but not sold quickly. If you want to sell quickly, you must sell at a loss. Many times, due to lack of liquidity on the exchange, the tokens are worthless and cannot be sold out

AakZaki

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Quote from: n0ne on September 06, 2023, 07:59:54 PM

Something injected into the market without any real-time usage and no purpose behind it is a shitcoin. In simple projects that doesn't have a minimum viable product can be considered as a shitcoin. This way majority of the coins available on the market were shit coins. If some coins were hyped, be clear this is going to be a shitcoin. However these coins can be preferred as a way to test our luck, because there are few coins that have dropped value and bounced back as the development team pushed it hard running on their roadmap.

The reason why many shitcoins continue to appear is the rapid fluctuations that can provide many profits in an instant. But that only applies to those who enter at the start of the project, but when the project has started at high pump, the initial buyers will throw it away and leave the coin including the developers who developed it will get millions of dollars from the FOMO that occurs. New investors who enter will only experience losses. A shitcoin will remain a shitcoin if there is no development and utility, so don't hold onto such a coin for too long. It's just going to be a pump and dump coin.

xSkylarx

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I would differentiate it into 2 types, scam coins and shitcoins. A scam coin is when there are new altcoins that come out and you notice that they are too good to be true and you think that is a scam, or even if you confirm it as a scam, then I would say it is a scam coin because it was made just to scam people.

Shitcoins, on the other hand, are those coins that were not listed on an exchange or even listed but have no value. they are kind of like they already exist but have no value or no use, so that is why most of us call them shitcoins.

Godday

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Quote from: Tahid12 on August 25, 2023, 06:08:22 PM

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

I also have hundreds of dead altcoins in my wallet. That is what I have earned in 2019-2022. I see a lot of altcoin projects go scam when they offer something that doesn't make sense. They promise a high price in advance of their coin. Like a coin with a total supply of up to 1 billion tokens then they promise that their project will hit $1. That's so ridiculous.

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Quote from: Richkiedx on September 06, 2023, 07:25:58 AM

for me, the coins that don't keep up with bitcoin's movement are shitcoins

That would be a wrong metric if you think of a coin in singularity. The coins may have some potential on their own to grow their prices but this is lacking in almost every shitcoin. But we can be hopeful and hope that someday some coin will be developed that has its intrinsic market making capabilities like bitcoin. Till then all the newly launched coins are going to be shitcoins.

They usually follow the Bitcoin trend but don't take that as an indication of legitimacy.

Hypnosis00

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Quote from: Fuso.hp on September 08, 2023, 01:54:03 AM

There are many ALT coins in the market and many ALT coins are disappearing from the market all the time. Coins that are disappearing from the market mean that investors who invest in those coins are being cheated out of the market.

Perhaps, you can't expect them to stay but they've gone later. Every day, there is a new project will be created and there are only 2 reasons; either it will scam people or it will be useful to the community.

As the number of altcoins has been growing fast, the more it becomes hard to identify which of them as we are already flooded with shitcoins/scam projects. That is why many investors (newbies) usually fall into investing in the wrong projects. And so we have to be more careful and stop rushing but much better if we just invest in old projects.

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There are many ALT coins in the market and many ALT coins are disappearing from the market all the time. Coins that are disappearing from the market mean that investors who invest in those coins are being cheated out of the market. Since money is a very valuable currency to us, before investing in any site, we must know it well and then invest. Always avoid investing in coins that are new to the market and those that are less likely to stay in the market like other coins. Among the ALT coins there are many good coins that have the potential to achieve a lot of good if we invest in those coins we have to invest our money. It is natural that if we invest in any coin only because of high profit, we will risk losing money.

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Quote from: Cling18 on September 06, 2023, 06:25:13 PM

That usually happens and normally occurs in the crypto world. It's a do or die game depending on the risk that you could take. Not all altcoins regardless of their hype or active community could survive in the long run. That's actually the risk of crypto investment, not all coins that you're buying would be profitable.
That's the reason why you have to be skeptical about buying them. You should base your decisions in the reputation and potential of a coin and not just of its popularity and hype. If you seek assurance. better choose coins with stronger foundation especially top coins that have already passed lots of tests of time. Shit coins could be everywhere so you should always do a deep research.

It is imperative to exercise due caution when it comes to cryptocurrency. Many measures should be used, including market capitalization, liquidity, technological stability, and the reputation of the development team, to mention a few. Indeed, reputation is important; coins such as Ethereum and Bitcoin have not only withstood the test of time but also several security and scalability examinations. Being astute rather than naive is crucial. Choose coins that have actual value rather than merely perceived value. Your motto need to be "research, research, and more research."

Twentyonepaylots

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Quote from: coinerer on September 07, 2023, 11:15:34 AM

Quote from: Tahid12 on August 25, 2023, 06:08:22 PM

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Tokens that have no purpose and no solid team are shit coins. you can follow the coinmarketcap and follow the top 50 coins from here. These tokens have high liquidity and are traded in huge volumes and listed on many major exchanges like Binance, Coinbase, Kucoin etc so they are not called as shit coins. you can sell all your holdings of tokens together at any time. So always keep an eye on CoinMarketCap's top coins to avoid shitcoins

Just to add, we should also stay away from the pump-and-dump scheme projects, which are mostly shitcoins. They artificially inflate the token's price by spreading false or misleading information about its value. Once the buying interest has been artificially inflated and hyped up, the individuals or groups behind these projects will then sell their tokens at a profit, leaving other investors with losses. These cryptocurrencies typically have little use case and do not have a solid development team behind them. They often have flashy marketing campaigns and promise huge returns. It is really essential to research and understand a cryptocurrency's fundamentals before putting your money into it, or else you'll get trapped with these shitcoins.

This link may also help you identify shitcoins and their corresponding risks:

Quote

How to Identify and Avoid 'Shitcoins' in the Cryptocurrency Market
https://www.entrepreneur.com/money-finance/how-to-identify-and-avoid-shitcoins-in-the-cryptocurrency/373188

coinerer

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Quote from: Tahid12 on August 25, 2023, 06:08:22 PM

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Tokens that have no purpose and no solid team are shit coins. you can follow the coinmarketcap and follow the top 50 coins from here. These tokens have high liquidity and are traded in huge volumes and listed on many major exchanges like Binance, Coinbase, Kucoin etc so they are not called as shit coins. you can sell all your holdings of tokens together at any time. So always keep an eye on CoinMarketCap's top coins to avoid shitcoins

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Quote from: raidarksword on August 26, 2023, 02:04:33 PM

You can easily spot a shitcoin project if it just added because of the trend or hype especially for memecoins. If team is hidden amd of course the value and significance of the project in the first place. If all these are present, then it will be dead project for sure

It was easy to spot shitcoins than scam projects. But talking about meme coins, some are totally shitcoins except Doge and Shiba Inu, I'm not yet sure about Pepe coins. Although they are coming from a hyped project but looking at its market value, we can still say that it was not totally useless compared to others. Well, it depends on our discretion or criteria of what it shitcoins or not because for me, as long as it was been used by some traders and is still active, they are not. But can be possibly dead in the future.

Topic: How to identify shitcoins? - page 9. (Read 1841 times)