How To Spot a Shitcoin? - page 5. | Bitcointalksearch.org

leatutz

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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/

Shit coin never totally exit from cryptocurrency. You should active in scam accusation to analyze about real projects, this is the best way to stay away from scam. Because so many projects trun out scam after successfully funds rise. Without Bitcoin and Ethereum, I won't suggest any coin. You should buy any new coin after long time listed exchange.

XCANA

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Quote from: kambaralikhan on February 02, 2020, 07:01:43 AM

The idea of the project is everything. Investors tend to invest in those projects who has commercial value and which leads to mass adoption and the team behind the project, I think any coin who doesn't possess these characteristics proves as a shitcoin in the end.

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.

bitcoinst

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SmartFi - EARN, LEND & TRADE

I suppose it will be easiest to look at what this coin is responsible for. If there is any business under it. In other words, it is important to understand what purpose the coin developer pursued by creating it

In most cases, the goal is only to make money. If the project does not bring any benefit to real life, then it can be called exclusively speculative.
But even in those cases where the project promises to implement offline, this can be speculation. Everything needs to be checked.

thesmallgod

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Activity: 1498

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I can tell you this days many investors do not even care about doing enough research on determining the prospect of the project. Just like you have stated, it is very difficult to discover that a coin is gonna be shitcoin but it is always sensible to do a bit of research on a company when investing. In fact, I have made it a priority to always stay away for a project whose registration is not confirmed by me. So even if the project is not successful at least I have little hope of getting back refund. Projects such as LBX come to mind.

abeecrypto

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It’s a difficult one. You could still scrutinize project and think it is a good one but later turn out to be shit one. And some you think would be shitcoin could turn out to be a good coin. You never can tell! Like, if I was to follow your article to spotting shitcoins, some already progressing coins would fall under shitcoins. Different opinions, different outcomes.

TimeTeller

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Quote from: julius caesar on February 08, 2020, 11:06:46 AM

I do not think that there is really a certain reason on how are going to call the coin as shit coin. First and for most, almost all of the coin has been called a shitcoin because some of them drops its price. But if we are going to talk about ICOs, you can identify it by just checking the background of the creator of the coin. If they do not have a good background, it might be a scam since they do not have or has a less experience about developing it and might not be able to sustain the needs of that coin.

The team involved is really significant in assessing if the project can carry out their objectives.
For those anonymous projects, that would be hard and it would take time to determine their worthiness in crypto.
But even though there are teams who have public profiles, it is also not a guarantee that they will not run away after quite some time.
So if you are an investor for a particular project, you should follow not only their thread or website, but all the social media channels they have.
Because you will get a hint what is really going on by how they will answer some vital questions towards their project.

Sanugarid

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Quote from: Williams_Leo on February 08, 2020, 10:03:58 AM

Quote from: Psalms23 on February 08, 2020, 08:47:32 AM

Base on my experience, its really hard to spot shitcoins, especially if they are still newly launched. Most of the shitcoins/ scam coins are exposed only after some time and that could even be months until you realized you are holding it.

Well, if we try to determine if the project is a shitcoin or not as soon as it launches, that is certainly not easy to define because the trading volume and demand of people is still not stable, besides, the next plan of the project may not be clear and launch, rushing in judgment just easily leaves mistakes and misses opportunities. At the very least, use a certain amount of time to consider, if it's a shitcoin, the value will drop relatively quickly over time and very little liquidity, conversely, a good altcoin will have good liquidity, the value can always go in a positive direction

You can somehow identify if that particular project is going to be a shitcoin. You can see it when the project is still running and you noticed that their target is not yet reached and they are running the project for a long time, that makes them somehow lose money because if we consider the payment they are giving to the participant during the project or sale that has a big impact too.

Quote from: Ridwan Fauzi on February 08, 2020, 11:32:12 AM

Quote from: deeameea27 on February 08, 2020, 10:41:25 AM

Sometimes is hard to spot shitcoins or scam, at least for new coins i don't know how to choose and choose better projects instead of falling ones.

If you don't have any knowledge to know scam projects or you can't make an analyst against them I suggest to just active on scam accusation board.

Before you open this forum you should directly choose scam accusation board as your destination. I believe you will know what scam project on this forum even the project just launch an Announchment on this forum.

Knowledge is really an important attribute you need to obtain before being involved with cryptocurrency because one single mistake can lead to a bad situation such as losing money. So if you really want to invest money, you should study every project by reading the important information. You can actually see it at their whitepaper and to know also the roadmap of that particular project although roadmaps sometimes not being followed.

Ridwan Fauzi

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Quote from: deeameea27 on February 08, 2020, 10:41:25 AM

Sometimes is hard to spot shitcoins or scam, at least for new coins i don't know how to choose and choose better projects instead of falling ones.

If you don't have any knowledge to know scam projects or you can't make an analyst against them I suggest to just active on scam accusation board.

Before you open this forum you should directly choose scam accusation board as your destination. I believe you will know what scam project on this forum even the project just launch an Announchment on this forum.

Kvalentine

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Activity: 504

Merit: 25

You can gather enough evidence from the team alone, ask them big questions, if they aren't shady they will answer every tough questions you throw at them, if they have anything to hide you will see them ignoring your questions and answering the easy ones

target

legendary

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Quote from: Leonardo7 on February 08, 2020, 08:23:37 AM

Quote from: pixie85 on February 01, 2020, 02:47:33 PM

If the source code is closed, it usually means that the developers have something to hide.
✓

Is the major portion of the money supply in the hands of the original company or a handful of people?
✓

Thanks for your recommendations I have known some before now though. I understand if the source code is closed someone else can't analyze and contribute to it or the development. Now if am not a programmer, how do I know the source code is closed from the Github page? Thanks

I wanna know too. There are projects that provides github pages they end up not just a shitcoin but a scam. Some of them still playing busy in their telegram channel but that's just it.

makishart

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Quote from: Psalms23 on February 08, 2020, 08:47:32 AM

Base on my experience, its really hard to spot shitcoins, especially if they are still newly launched. Most of the shitcoins/ scam coins are exposed only after some time and that could even be months until you realized you are holding it.

It's not so hard as long as you are using various sources to get the latest information and analyzation regarding the project. Just believe if not only you that does an analyzation to the project. Just join into the active ico group that was doing proper research to the any project and that's enough to avoid the shit scam project

julius caesar

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I do not think that there is really a certain reason on how are going to call the coin as shit coin. First and for most, almost all of the coin has been called a shitcoin because some of them drops its price. But if we are going to talk about ICOs, you can identify it by just checking the background of the creator of the coin. If they do not have a good background, it might be a scam since they do not have or has a less experience about developing it and might not be able to sustain the needs of that coin.

deeameea27

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Activity: 42

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Sometimes is hard to spot shitcoins or scam, at least for new coins i don't know how to choose and choose better projects instead of falling ones.

Williams_Leo

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Activity: 207

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Quote from: Psalms23 on February 08, 2020, 08:47:32 AM

Base on my experience, its really hard to spot shitcoins, especially if they are still newly launched. Most of the shitcoins/ scam coins are exposed only after some time and that could even be months until you realized you are holding it.

Well, if we try to determine if the project is a shitcoin or not as soon as it launches, that is certainly not easy to define because the trading volume and demand of people is still not stable, besides, the next plan of the project may not be clear and launch, rushing in judgment just easily leaves mistakes and misses opportunities. At the very least, use a certain amount of time to consider, if it's a shitcoin, the value will drop relatively quickly over time and very little liquidity, conversely, a good altcoin will have good liquidity, the value can always go in a positive direction

adzino

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Activity: 2968

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www.Crypto.Games: Multiple coins, multiple games

Most of the shitcoins are just a clone of other well known coins. They have nothing new to add to the current prevailing coins. Again, most of the shitcoins will try to scam investors, so the developers will mostly try to hide their identity. They will try to reveal bare minimum information about how their project is going to work. Even if they reveal who they are, chances are that those information are fake. If the most of the coins are being held (or already mined by the developers), then chances of those coins to be shit coin is very high. Abnormal price rise/fall and volume is also another way to spot a shit coin.

Psalms23

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Base on my experience, its really hard to spot shitcoins, especially if they are still newly launched. Most of the shitcoins/ scam coins are exposed only after some time and that could even be months until you realized you are holding it.

Leonardo7

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Activity: 686

Merit: 15

Quote from: pixie85 on February 01, 2020, 02:47:33 PM

If the source code is closed, it usually means that the developers have something to hide.
✓

Is the major portion of the money supply in the hands of the original company or a handful of people?
✓

Thanks for your recommendations I have known some before now though. I understand if the source code is closed someone else can't analyze and contribute to it or the development. Now if am not a programmer, how do I know the source code is closed from the Github page? Thanks

Zicadis

legendary

Activity: 1372

Merit: 1027

Dump it!!!

Quote from: pixie85 on February 01, 2020, 02:47:33 PM

If the source code is closed, it usually means that the developers have something to hide.
✓

Is the major portion of the money supply in the hands of the original company or a handful of people?
✓

Well, realistically, not all blockchains are designed for the public. Because of these, they are neither open source, nor upfront about their code.

Blockchain as a service companies can instead rely on third-party audits of their code to prove their usefulness to nascent businesses and the like.

However, I would agree that a lack of public source code for a public (or crowdfunded) project is a big no no.

Bitbtc8

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Shit projects always have a attractive offers that are always too good to be real, that is if the project is well crafted and still a fake. some have fake teams mixed with real team so its better to search each team member pictures using google image search or others, the next one is common, copied whitepaper or ideas stolen from other old coins

sangjoewara

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Quote from: Brunus on February 02, 2020, 01:13:02 PM

Well, it's very easy, since almost all altcoins are shitcoins, it is sufficient to say that - whatever the currency we are talking about - to say that it is a shitcoin, with 99% probability of guessing ...

It would be very wrong to say shitcoin by guessing, because not all altcoins are shitcoin, because some altcoins that are already really popular in many exchanges are not included in the shitcoin category.

Topic: How To Spot a Shitcoin? - page 5. (Read 789 times)