Topic: Question to Bitcoin maximalists: What defines a ShitCoin? (Read 298 times)

There’s so many characteristics of a shitcoin but here are some that I know of:

-no use in the real world/no value
-no fans because nobody knows about it
-pump and dump
-no updates by the developer
-copycat of successful coins like bitcoin
-obviously a scam

I’ve been in the cryto world long enough to know what’s a shitcoin and what’s not. Actually, if you’re a bitcoin fan everything except bitcoin will look like nothing to you because bitcoin is on the top. You can use bitcoin in almost everything, Shopping, gaming, subscriptions etc.

A shitcoin can be say to be any coin/token that have no real time use and it price on the exchange dropped to 0% making it worthless and can't be use for any thing either to exchange for other currency or use on any platform for services and goods. We have so many shitcoins around and this is as a result of the various ICO scams.

For me, I define a shitcoin as a coin that has been listed on an exchange and some institutions continuously pumping and dumping it to gain profit. We can't prevent this to happen but we can ride on it.

Another definition for me of a shitcoin is that, they created the token or the coin for absolutely no reason. If there is a reason why it is created then it doesn't the lives of a people. I don't want to give examples anymore because many of us know some of them.

shitcoins is a means to get more bitcoins.

No PoW (PoS, DAG)> centralized shitcoin
Premine/instamine > shitcoin
Masternode > centralized shit

A non-insta/premined, no masternode, PoW coin can still be a shitcoin but If it has one of those, you don't even need to make further research on it. It is 100% a shitcoin.

What backs my money? my work, farming, making produce, (time)
What backs your money? 99% of the people it is time, they give up their time in exchange for pay
What backs gold? just like my produce it is a physical commodity

What backs the governments money?   

I believe that for a Bitcoin maximalists any altcoin is shitcoin, like some others mentioned. They believe only in one cryptocurrency and don't recognize accomplishments of others. I am not one of these people, so for me a shitcoin is a crypto with no special features and use cases, usually with a small community of supporters, decreasing price, availability only on small exchanges and low market capitalisation. A coin does not have to possess all of the mentioned qualities to be considered one.

If a coin has no value, no trading volume or not even listed in any exchange, it could be considered as shitcoin. Coins with no roadmap to follow and no active te and developer are known to be a scam or shit coin which we should try to get rid of. It's such a waste of time to focus on shitcoins. Nothing could really beat bitcoin in that case.

open coinmarketcap.com and start from rank 2 and go down, you are looking at shitcoins. why? because these top coins were created for pure purpose of being pumped and dumped so that their centralized owners can make millions specially the ones that have a premine such as ETH and XRP.

but to generalize things, when you look at the code of an altcoin and you see it has absolutely nothing new compared to what came before it, that can be a very good indication of being a shitcoin.

Maximalist just believes in Bitcoin. And it considers that many of the ideas that other coins try to implant, could be implanted in Bitcoin like second layer. Such as anonymity, smart contracts and other functions.

That is, considering this, all other projects would be shitcoins.

But I believe that today there are already projects that prove useful beyond Bitcoin. And having a cryptos ecosystem is better than just having one. So there are projects that are obviously shitcoins. Like the thousands of Bitcoin forks that only serve to enrich some people. ETH Tokens that show no innovation....

Granted bitcoin stops the unlimited printing of the free press and is why I got interested in it, but when unlimited fiat can buy all the bitcoin it`s a illusion of freedom.

I am not a bitcoin mamimalist, I am a human fighting for what is right for my kind, banker and worker alike.

What defines a ShitCoin?

HERE IS A FULL LIST OF THEM https://coinmarketcap.com/ and https://en.wikipedia.org/wiki/List_of_circulating_currencies

A coin no backed by anything, someone else's money supply, Scam, Devs leaving without saying anything, false promises, Coins that do not fulfill there road maps, forks with no innovation going into them, unfairly distributed coins (mining,ico alike), tether, coins that are not backed by real goods *cough fiat cough bitcoin* to give them their worth, I mean you are trading fiat for fiat. Another mans money supply not backed by anything, you give up your time and your work for their supply, unlimited or not.

So I do consider bitcoin to be a shitcoin, it is some else's shit you trade your work and time for. Just like Fiat.

Urocoin, it was literally a coin based around having a physical commodity urea a.k.a fertilizer (piss) to back up the supply, each 1000 urocoin you held I think you got like 1000 liters of urea or something along those terms is what the company claimed, since the pump and dump, there has been no dev action, bohan and his buddy there both should be in jail.

In essence physical backed commodity tokens will actually be the future people as we move into becoming a resource biased economy and species really believed in this idea and if there actually was a company backing their physical goods with tokens (like a real stock market) it is a pure market. I know how to make it work when it comes to Land, Food and Gold and other none fiat currencies, But this one just took a piss on everyone other than me Tongue I turned like .3 bitcoin into 10 in a matter of seconds.

sorry this was a PissCoin not a shit one, not only were you trading fiat for piss, all the investors got a golden shower.  Grin

Here is the ann https://bitcointalksearch.org/topic/annuro-a-real-long-term-currency-1-uro-1-metric-tonne-urea-fertilizer-600639

Another example of a "shitcoin" is a coin that produces "waste material" and "waste material" is also literally known as "shit"
https://youtu.be/K8kua5B5K3I?t=285

There is three formulas I have thought of thus far
1. we use time a as a medium of exchange https://www.youtube.com/watch?v=Y7TLFyK_3Pk
2. we each make our own coin  https://www.youtube.com/watch?v=bowyBKPt15U
3. we back each resource with its own coin  (gold coin that can actually be backed without any fraction reserve banking, people can go and see it in your glass vaults, oil coin, etc this is probably that hardest one to implement and leads to the case I point out in the first video about limited supplies)

go ahead solve the equation.

Obviously, all will be shitcoins if you are a Bitcoin maximalist. 

But it looks like most of the members have enumerated by defines a shitcoin. Those are called shitcoins when they promise big in the beginning, but can't even delivered in the end and suddenly die down because investors totally forget them.

Agree, and those coins for cannabis etc. Many rebranded old coins are also shit coins. I hold very little Bitcoin but I am closer to mentality of Bitcoin maximalists

I don't consider myself as a maximalist though I have my own opinion regarding shitcoins. For me, these are coins that are not well thought out. No definite road map defining the whole project, just a bunch of plans and promises written on thin air. Coding is bad, almost copied directly from another coin with a few alterations. Client is somewhat rushed, and lastly, a team of devs more concerned about getting their coins on exchanges rather than bringing something new and useful to the playing field.

IMO:
1. Tokens (ERC-20 or equal);
2. ICOs;
3. POS coins (except for dApps platform); and
4. Forks without purpose.

Well, that pretty much leaves only Bitcoin as a sole legit cryptocurrency
However, I admit I still own some of the shitcoins for collection.

Everything what is not a Bitcoin lol.
If you see that devs of the project claim that their coin will be a new BTC because they have lower fees, faster transaction speed, better community and its price is currently undervalued so it should cost 10 times more so that's a shitcoin.
There is also a small shitcoin test. Their devs always like to say some loud words. So if you open their whitepaper, press ctrl+f and search for words like "revolutionize" and other loud words. If you found those words then congrats, that's a shitcoin.

Lol. A coin for dentists? What is next? A coin for chickens - Chickencoin? In my opinion, majority of the cryptocurrencies are basically shitcoins while only a few are legitimate.

So many shitcoins died after the 2017 rally thanks to the prolonged bear market, but more were created to replace them. Its basically a never ending cycle.

Any coin which is develop for the only purpose of collecting money is a shit coin. There are way to many shitcoins in the market these days. Many coins you will see are priced much higher in ICO but when they come on exchanges they are dumped by the team as well, because the only purpose is to collect money from them and get profit.

Shitcoins are worthless coins. It's frustrating when a certain coin end up with being a non valued one. These are coins from scam projects wthich bounty hunters are trying to get rid of. Some dumping instances also results a coin to decrease its value and doesn't recover anymore.