How To Spot a Shitcoin? - page 4. | Bitcointalksearch.org

justdimin

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Quote from: bearexin on March 02, 2020, 03:44:32 AM

spotting out a shitcoin is not that much easier job for all the people in this crypto community. Because, scammers are coming with all the tags which are recurred for proving a highly potential coin. So it is highly recommended for small investors to stay away from newcoin/tokens.

I have different opinion here, people who want to risk with new coins should NOT be advised to stay away from them. It is personal preference and it is up to individuals' risk assessment levels. I mean to say we cannot have a common guidelines for all level of investors even you will be targeting only small investors. Leaving it up to individuals preference would be the right guideline in my opinion.

This way, it will be individuals responsibility to spotting out a shitcoin/rightcoin so that they can multiply their capital or lose their capital. It is a decentralized world and everyone need to take care of themselves and having any common guidelines will lead to unexpected consequences like a good new project may not be getting enough support which will be a loss for the entire crypto space.

vermigerous

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I think there are many things to consider in order to spot a shit coin. As for my perception, shit coins are the ones that has no market value even for about 5 years. Because of its volume and project is not updated.

gweedo

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Just go to their website, if their website is too simple, do not display information about teams, investors .. then most likely those are fake projects. In addition, if you have experience in this market, you can check their whitepaper, 90% of scam projects were discovered after people read the white paper.

michellee

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It is difficult to spot a shitcoin or not. We don't have enough information about the project. We only know that if in the middle of the phase, the project stops to run, and the team leaving the project. If you don't want to get trick by them, you don't have to buy the coin and leave them in the market while you have the other coins, which is more potential to increase in the future. As long as you can stay with the strong coins, I think you don't have to think about the shitcoins.

Shallow

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Quote from: -Multivitamina- on February 01, 2020, 02:02:00 PM

There is no shortage of coins and tokens in the crypto-industry. How many of them are any good is the question.

Evaluating the economics, technology, and marketing of just one project is hard. There are thousands of projects out there. It’s impossible to come up with a universally applicable method to tell good projects from bad ones.

Yet, somehow people get by and manage to navigate among all the options in the cryptocurrency market. How?

When there are too many things to choose from and the time is limited, people, animals, and computers sometimes use heuristics—problem-solving approaches that aren’t necessarily optimal or rational, but they work well enough in most cases and save some time if you’re lucky.

https://forklog.media/how-to-spot-a-shitcoin/

Exactly, there is no shortage of coins and token in the cryptocurrency space all that is needed is due diligence on the ones with adequate growth not growth based on hype etc. Seriously, it is hard to say the percentage that are good as there are many worthless coins but there are few good ones out there which needs more study and time to pin point them out. In order to point them out, you would need to ask the team challenging questions, visit their website, social media accounts, GitHub etc to get first hand Information; mostly be careful of pump and dump coins.

Google+

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Quote from: Clark05 on March 02, 2020, 05:04:20 AM

Actually they have a lot of ways to know or spot the shitcoin but right now the developer are really smart they hide to the people their real purpose because they create or update their technique to believe on them that their coin is good. But for our safety if you want a good coin or the potential stick to the top or rank coin list in the CMC It helps you a lot to grow the money you invest.

it has become very common when developers try to get investors and traders interested in projects that are developed in any way because I see the method used today can be guessed, usually projects at the beginning will look good and often provide responses with quickly but when it has managed to raise funds with a very large number they will scam slowly.

Stanlo

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Most fake or scam projects always have something to hide, it's your right to find them out, try asking questions on their telegram group, if they are bad you will definitely get blocked and most times their GitHub have all the answers

Clark05

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Actually they have a lot of ways to know or spot the shitcoin but right now the developer are really smart they hide to the people their real purpose because they create or update their technique to believe on them that their coin is good. But for our safety if you want a good coin or the potential stick to the top or rank coin list in the CMC It helps you a lot to grow the money you invest.

slaman29

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Quote from: DeathProxy on March 01, 2020, 03:50:42 PM

It all boils down to the team Information. For project using fake team LinkedIn profile goes a long way to show how genuine the project is and if the coin is a shit coin or a coin with real usecase. You can also spot shitcoin by the reason for creation of the coin, is the coin created to solve real time problem or for the purpose of just pump and dump. If its created for the purpose of pump and dump then definitely it's a shitcoin

It doesn't just all boil down to that! I've seen plenty of scam projects not only with "real profiles" but also even willing to appear on video, willing to pay out big slots and spots in conferences to enjoy themselves and take selfies with stars just running down user-raised money.

For me it's almost 99.99% if the coin is raising money it's a scam. If Bitcoin and others could develop without ICOs, why do ICOs need money? It's different if you're raising money to actually DO shit.

Kvalentine

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1. Fake teams
2. Limited information
3. Banning of investors if asked tough questions
4. Copycats of whitepaper
5. Stolen old project designs
6. Inexperienced teams, the lack good resources like choosing exchanges with fake volumes

bearexin

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Quote from: bitgolden on March 02, 2020, 02:39:55 AM

Spotting a shitcoin is just the problem of high risk investor and for people like me definitely will be sticking only with bitcoin investments or maybe with few other highly reputed altcoins. It means there will be no need of spotting what are good and what are bad. We will be sticking with what we are already having and what we are already giving good returns for our capital. Yes, time is very limited and making good profits out of limited capital is possible and peaceful with the bitcoin kind of already established and proven coins.

I'm not trying to emphasize not to encourage new coins/tokens. But, it is the job of higher risk investors. People who are all preferring to follow the diversification principle may go for investing into many coins which will be including unknown coins and tokens. Only for such investors, spotting out shit things is a big priority.

I agree people who do not want to spend a lot of time on due diligence, may simply go with bitcoin only. It will eliminate a lot of hassles and risks associated with investing in unknown/unpopular coins. Yes, spotting out a shitcoin must need lots of effort and time which must be job of big team. I believe small investors will not be affordable for that.

Moreover spotting out a shitcoin is not that much easier job for all the people in this crypto community. Because, scammers are coming with all the tags which are recurred for proving a highly potential coin. So it is highly recommended for small investors to stay away from newcoin/tokens.

assa1979

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Quote from: Kotone on March 01, 2020, 08:38:32 PM

Quote from: DeathProxy on March 01, 2020, 03:50:42 PM

You can also spot shitcoin by the reason for creation of the coin, is the coin created to solve real time problem or for the purpose of just pump and dump.

We cant know yet if the coin created is for pump and dump until we can see them on exchanges. Yes, more likely the coin should have at least use case and a purpose. For an instance that coin cant provide much useful objective then Im suggesting to discard already and avoid it. Usually many projects are like this and using the eth eth network to create these useless coins for their promotions.

That's true most of current crypto newcomers are erc tokens with somewhat purpose or mission/trouble to solve.
Its rather hard to spot not shitcoin actually so that should be our goal I guess

bitgolden

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Spotting a shitcoin is just the problem of high risk investor and for people like me definitely will be sticking only with bitcoin investments or maybe with few other highly reputed altcoins. It means there will be no need of spotting what are good and what are bad. We will be sticking with what we are already having and what we are already giving good returns for our capital. Yes, time is very limited and making good profits out of limited capital is possible and peaceful with the bitcoin kind of already established and proven coins.

I'm not trying to emphasize not to encourage new coins/tokens. But, it is the job of higher risk investors. People who are all preferring to follow the diversification principle may go for investing into many coins which will be including unknown coins and tokens. Only for such investors, spotting out shit things is a big priority.

Kotone

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Quote from: DeathProxy on March 01, 2020, 03:50:42 PM

You can also spot shitcoin by the reason for creation of the coin, is the coin created to solve real time problem or for the purpose of just pump and dump.

We cant know yet if the coin created is for pump and dump until we can see them on exchanges. Yes, more likely the coin should have at least use case and a purpose. For an instance that coin cant provide much useful objective then Im suggesting to discard already and avoid it. Usually many projects are like this and using the eth eth network to create these useless coins for their promotions.

fuer44

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in my opinion it is still difficult to identify whether the project will end well or not. because no matter how good the team is and how the project develops, if ultimately the reason for the team is that the money is taken away by one of the teams, then that will be very annoying. sometimes we already believe in the team there and can be seen from the crowdfunding they get, surely we have positive thoughts. but if in the end the problem is that money is taken away, or because the market crashes so that tokens are not released then it will be very sad.

kindbtc

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For me a coin is shitcoin for multiple reasons and some of them are;
If the coin does not have proper use cases or practical applications.
If the team is anonymous and never update the community.
If the development or upgrades are not performed in many months and no email or notification has been released to the investors and supporters.
And lastly if the project is not practical or commercial enough to stay in the market and generate revenue for itself.

DeathProxy

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It all boils down to the team Information. For project using fake team LinkedIn profile goes a long way to show how genuine the project is and if the coin is a shit coin or a coin with real usecase. You can also spot shitcoin by the reason for creation of the coin, is the coin created to solve real time problem or for the purpose of just pump and dump. If its created for the purpose of pump and dump then definitely it's a shitcoin

aemma

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When it comes down to spotting a shitcoin, many things comes to mind of which the first question should be, why is it a shitcoin? Most people can term a good coin a shitcoin just to bring down its price etc; like someone once said ETH is a shitcoin although we all knew it's false. So to answer that question, one needs to check the position of the coin in CMC, study its growth and move to the project proper to know about the team and if their idea is genuine and how or what they have done over the years to bring it to work. Also, there are other coins which are shitcoins and not listed on CMC, in this case appropriate steps have to be taken, wherein thoughtful questions needs to be asked the team to ascertain their level of understanding.

irixo10

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Quote from: -Multivitamina- on February 01, 2020, 02:02:00 PM

There is no shortage of coins and tokens in the crypto-industry. How many of them are any good is the question.

Evaluating the economics, technology, and marketing of just one project is hard. There are thousands of projects out there. It’s impossible to come up with a universally applicable method to tell good projects from bad ones.

Yet, somehow people get by and manage to navigate among all the options in the cryptocurrency market. How?

When there are too many things to choose from and the time is limited, people, animals, and computers sometimes use heuristics—problem-solving approaches that aren’t necessarily optimal or rational, but they work well enough in most cases and save some time if you’re lucky.

https://forklog.media/how-to-spot-a-shitcoin/

All your facts are true, the number of coins in this space is too much and funny enough only few are actually doing well. Some are just dead while some are used for pump and dump. In my own way, the first question is what do you want or expect of the coin? This will help to narrow down your choices. But however, one of the simple way to spot a shitcoin is when the team shys away from certain technical questions; this act shows they have nothing to offer.

gundala

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I am among those who survived even though in 2018 many trams scams project that did not continue to develop the project. Though initially it seemed convincing and provided concrete evidence, it slowly disappeared by making the bad market situation a scapegoat. I've also done the best analysis, but I also understand the risks, a lot of things that are unthinkable here, right? that is why there are still many who survive even though the chances are small.

Quote from: XCANA on February 10, 2020, 03:21:16 PM

This was how I operate when I was into a full time bounty hunting, I choose projects with case usability in a real world. Sometimes, I invested on projects that has a working product like BuyLight Bulb which I participated on. Therefore, any coins without these features can be term Shitcoins with no real value. Although, many of these shitcoins we see these days are easily pump and dump coins.

This is one of the best solutions, choosing projects with real and active functions. At least reduce the risk of a fresh start. The rest we only need to accept bad things like risks, and we will continue to survive and be more rational in choosing projects.

Topic: How To Spot a Shitcoin? - page 4. (Read 802 times)