Topic: Identifying a shit/scam coins (Read 271 times)

Stop depending on anyone, everyone is trying to make money off you. Just start investing with amount you can afford to lose, lessons will be learned you will become better.

Thanks for nice topics about my post. I got so many useful thoughts about it. Thanks.

You checking a project's website, whitepaper and possible exhange those not mean you won't still fall in scam coin, sometimes the scammers always make sure everything is really, it will be difficult for you to know that they are scammer, their whitepaper, roadmap and website is always perfect but at they end they still endup scamming their investors, so the only coin I will advise everyone to invest in is just bitcoin.

Many peopel are doing shitcoins we called those projects are rugs why people like it because it has a good profit once you make a good ride with it. Most of the rug projects are in the BSC because its easy to create a token right there, next always check their White paper if its ideal or not, always check the documentation to make sure but still even though they have a good flowering word right there it has a possibility to have a rug. Its all about risk but base on my experience its ideal to get a token in the coin market cap top 100 because they are most reliable than the BSC

But most of those projects run away with investors' money, making the project a scam. But for a coin to stay in the market, it will be very difficult because there is no support from anyone, and it is just a matter of time for the coin to get delisted from the exchange. Yes, for the long term, using bitcoin is a very right decision, and I also agree with that. Maybe we can use altcoins for the short and medium-term.

Big problem when it comes to investing in altcoins is that even if everything checks out (good idea, team is experienced, whitepaper decently written etc) there is a huge chance that project will fail and their token will be eventually worthless. That's just the nature of any startup, let alone crypto oriented one that has even bigger chances to fail.

I remember before I am more looking into their whitepaper.
If you are looking for a whitepaper, try also to do a plagiarism check their whitepaper because the whole content of their whitepaper is possible a copy-paste from other projects.
Besides that, identify also the allocation if there is any token sale, the smart contract code (technical). Another thing is the team behind the project, the team could contain impostors or fake people.

i would say like this because this 100% true crypto market is unpredictable even the project most likely to be abandoned not scam like rug

whitepaper pitch deck and etc can be tricky also i have lot of project that look convincing at the end its same.

even get listed in centralized exchange have no guarantee that project will stay on track  

so its hard to find if u new on crypto and want to invest top 10 crypto marketcap is still save IMO

It is not that easy because you need to personally have a good level of technical understanding of the technology so that you can analyze the project itself and see if it even has anything new or is it just copying the same ideas from previous projects (mainly copying bitcoin). Then you have to see if the new thing is actually worth it or is it just vaporware.

Obviously majority of people don't have this level of knowledge or the time to review the projects so the alternative is to trust others but the problem is that because money is involved you can not trust others! Basically most of the information you find on the internet about altcoins is someone who already owns some of it and is advertising it with fake information to get others to buy it so that they can make profit!

This is why the situation in altcoin market is so terrible where shitcoins get pumped and become "top 10"!

I agree. It seems that kind of standard is not going to work well anymore. That has always been the vetting process of old and yet the history of altcoin has proven time and again that what seems to be a good project could end up the way a scam/shitcoin does. On the other hand, a coin which doesn't seem to have a proper real-life use case, a reasonable tokenomics, a reliable team, and so on ends up getting the hype. It seems the battle nowadays is how to hype a token and cause FOMO among crypto fanatics. That's regardless of the project itself.

The way you said seems like you aren't sure that it is a scam/shit coins. If you aren't sure then don't invest to any new project since most of them end up as a scam or worthless that you can't use. Choose Bitcoin instead since no matter what price you bought it you can still use it as much as possible as you like.

If I see a new coins which is new to me that seems to have a lot of hype I would be nervous to invest on that because eventually the owner of that coin or the first investors would just dump/runaway after they've made some profit. That's the risk of investing a hype coins just like how most NFTs nowadays being hype up.

How do you determine that they provided a wrong information? Do you have any information already that you will compare to?

People are saying check the whitepaper as if we are not aware that anyone can hire an expert in whitepaper writing and he will write an excellent and fictional whitepaper to deceive the community.
Investing in any coin that is not bitcoin and it is not known altcoins like Ethereum and BNB is taking a risk. And you should not be bothered that you are taking a risk because crypto is full of risk. Just try make your personal findings and take calculated risks.

Altcoin as the support for bitcoin, better to you does not make as the main goal you come to the forum because one day everything will come as not your expected.

Reading the white paper first gives you an overview of what the developers have in mind to accomplish. Then you move on to seeing what others have to say about the project from either their community or through search engines. If you are wait for a hype signal do well to to take close account of the chat so you read clearly how fast the coin has grown in recent times. Also avoid coin whose chats just pump too fast because if they crash that is the end of it. Then lastly if you must invest in a project you are not too sure about keep your risk minimal and ensure to join in it's early stage and avoid greed

To identify a scam / shitcoin we have to be experienced in project analysis.We should read roject Whitepaper, should research on the project team. If they are providing wrong information then it could be shitcoin/scam project.

They might not run away, but they become just worthless anyway over the progress of the life of the coin. There are plenty of them just staying in the market for no reason and screwing with newer investors. This is just why I just stick to Bitcoin ever.

Until now, I still find it difficult to find scammers or coins that are not potential because they are all almost the same and cannot be detected easily. Only time can give us the answer because a scam project usually runs away in the middle of the road and leaves the investors just like that. Maybe the only thing we can do is be careful and never be tempted by offers that look suspicious to be real.

shit coins and scam projects can be identified by going through the project website, whitepaper and possible exchanges the project will be listed and how the roadmap is scheduled. Investing in alt coins might lead to investing in shit coins and scam projects. Its safer when we invest in bitcoin because there are lots of new projects coming up and they mostly turn into shit projects or scam.

You indeed do have a point, quite a lot of investors take altcoin investment to be short term, they buy and pull out when they make ROI, they go at it again with some other shitcoin and try their luck over again. But the thing is this, even if they (altcoins) are short term projects, there are no guarantees that you would make profit with them even in the short term, why? Majority of them are pump and dump coins as we all know, so there is actually a very high chance of you buying at the wrong time (so close to the dump), and even if you are not holding them you would still incure losses in the short term. And the thing with most of this losses is that it is somewhat 'permanent', what i mean by that is, when it dumps, more often than not that is the end of it all.

Thus in the light of the above, mind you that the altcoins you highlighted above as 'popular altcoins' are really no different from shitcoins, they are more or less the same. Many investors go ahead to buy many altcoins all in the name of diversification, hoping that one or two produces returns, sometimes it works out, sometimes it don't, what they do not understand is that in the long run, they are actually spending more and gaining less, they prolly think they are getting the coins for cheap and it would save them a lot than buying Bitcoins, but that is not true. If they draw up a strategy, DCA for example, they would be able to grow a decent Bitcoin portfolio in the long run with all of that money, which would definitely be profitable for them somewhere along the line.

Having said that, i am not saying you should forsake the shitcoins that you claim have given you great profits, neither am i saying you should just jump into the Bitcoin network, all i have said above is for the sake of other newbies to really understand why buying Bitcoin for the long term is a much better investment, but of course they must have to do their own research. (You as well).

In my own assesment. Project deep due diligence is a must and when I say deep it refers to the deepest details you should be aware when researching on a project. For example, the team of the project. They must be transparent and also have legit background and not anon cause its quite scary to invest your money to some random guy that anytime could run away and you cant find them when the project turns sideway.

Also the potential of the platform. Check its usefulness or does it enticing or not? It simply a common sense to pick a good one right? Stop inevsting on tokens alone without any real use case.