What Do You Guys Think About So-Called "Shit-coin" ? - page 7.

eaLiTy

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

This days there are so many tokens appearing with a very large total supply, tokens like this are often called "Shit-coin/shit-token".
Many people say that this benefits the crypto world, but there are also those who say that it actually make the crypto world looks bad.

I cannot understand the benefits of these shit tokens with unlimited supply, for example when the price of Dogecoin started pumping people started to look for similar meme coins and some of them rallied 1000% SHIBA INU and what is crazy is that their return of income is 561254.03% which is really crazy and developers will be thinking to come out with similar projects with huge number of coins and change their fortunes as well.

gundala

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

This days there are so many tokens appearing with a very large total supply, tokens like this are often called "Shit-coin/shit-token".
Many people say that this benefits the crypto world, but there are also those who say that it actually make the crypto world looks bad.

What do you guys think about this issue ?

not only the supply is too much, but also has no real function, the fundamentals are weak. mostly just follow trends, hype, for example token memes that use animal names.
look how many shitcoins are pumped up and then crash to the ground, even only lasting a few days. if you don't have self control and fomo, it will be very risky to join a project like this.

Indirectly it might make a layman's bad view of crypto worse, but for those who want to really learn and those who already understand the crypto ecosystem, they will definitely consider this a normal thing. it is very important to have basic knowledge as a self-defense tool in a highly volatile crypto ecosystem.

radjie

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

This days there are so many tokens appearing with a very large total supply, tokens like this are often called "Shit-coin/shit-token".
Many people say that this benefits the crypto world, but there are also those who say that it actually make the crypto world looks bad.

What do you guys think about this issue ?

If we look at the positive side, the existence of shitcoins certainly plays a role in driving interest in cryptocurrencies because the purpose of shitcoins is of course to be traded by converting them into Bitcoin. but the downside is that many fraudulent projects take advantage of the situation so that the tokens they create are just worthless junk coins

Twinkledoe

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My iwn understanding about shit coin is that, when you have that kind of an altcoin that gives you no benefit at all, like if you have received a token from an airdrop that has no value at all even for almost a decade it can be a shit coin, or if you have that kind of token and already listed but impossible to trade or sell it, also a shit coin. This past year i have received kicktoken that has a big market value but impossible to sell since you have to join their trading and meet their standards in their exchange to get your kicktoken.

In other words, you can label a coin or token as a shit one, if they have no reason to exist, and has no real value in the market. Most of these coins are created for the benefit of their own "devs", even pump and dump coins can be included in this category. Because they are only after for the possible gain and not worried about their possible contribution to the market. Most of the time, they have very short lifespan as the team behind it will just disappear in no time, once they already pocketed some money to their project.

perfect999

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

This days there are so many tokens appearing with a very large total supply, tokens like this are often called "Shit-coin/shit-token".
Many people say that this benefits the crypto world, but there are also those who say that it actually make the crypto world looks bad.

What do you guys think about this issue ?

It is normal that people are looking for a profit in these "shitcoins" because the regular ones are not doing amazing right now. I do not think that bad ones will make you any profit neither, in fact most of the time they will make you lose, but people are looking for that "gem" that will be in the pile of shit and that is what can make your dreams come true.

This is a very very difficult thing to do and requires a lot of capital and a big courage and confidence, you will end up losing so much and getting scammed, rug pulled, "hacked" and many other things before you can find one good thing that will make all of that worth it. There is an actual chance that you may never find that as well which is the real difficult part. However if you stick with the big coins, that is guaranteed to profit a bit in the long run, not as lucrative as a gem find, but at least guaranteed profit over long period of time.

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

This days there are so many tokens appearing with a very large total supply, tokens like this are often called "Shit-coin/shit-token".

Expect for few selected crypto currencies, rest of them are shit coins or tokens. They have no real use case. Either made out of thin air to scam people, has nothing new to offer or is a clone of an existing coin.

Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

Many people say that this benefits the crypto world, but there are also those who say that it actually make the crypto world looks bad.

Those that say it's good for the crypto world are the ones shilling for the shitcoins so that it gets pumped. Or they are just trying to create a hype and exit with profit. Don't listen to them. Shitcoins are bad for the market.

Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

What do you guys think about this issue ?

Invest in shit coins, highly likely you will be unlucky and lose everything.

Vishnu.Reang

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Quote from: semobo on June 29, 2021, 01:58:40 PM

How can you say that shitcoins are going to be good for the community, its useless and the creators are going to make money using them by selling it on presale and by listing on scam exchanges then they will let the project to die so it's useless in terms of use case that is why we call it as shitcoin/token.

As far as he is concerned, some people are making money and therefore it is good for cryptocurrency sector. With established altcoins, this logic makes sense. When BTC or ETH goes up, a lot of people make good profits. But I don't know whether the same can be said about shitcoins. Because those who purchase these coins at rates close to ATH will suffer heavy losses in the future (unlike the case with investors of BTC and ETH, who are likely to get good returns if they hold on to their investment for a few years).

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

This days there are so many tokens appearing with a very large total supply, tokens like this are often called "Shit-coin/shit-token".
Many people say that this benefits the crypto world, but there are also those who say that it actually make the crypto world looks bad.

What do you guys think about this issue ?

I think this was inevitable, since we are in a decentralized market then there is no central authority controlling the quality of the coins being released, even if I am a firm believer in the technology behind bitcoin I am not against developers that think they can develop a new coin with different characteristics which could perform a certain job better than bitcoin.

But if we are honest the amount of those coins in the market is kind of small, most of the coins being released have no chance to ever become successful or are outright scams, this is why we see people deciding to ignore altcoins completely as they prefer to play it safe and this damages those coins over the long term as a part of the community decides to not listen to them at all and call them shitcoins regardless of their real potential.

semobo

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

This days there are so many tokens appearing with a very large total supply, tokens like this are often called "Shit-coin/shit-token".
Many people say that this benefits the crypto world, but there are also those who say that it actually make the crypto world looks bad.

What do you guys think about this issue ?

How can you say that shitcoins are going to be good for the community, its useless and the creators are going to make money using them by selling it on presale and by listing on scam exchanges then they will let the project to die so it's useless in terms of use case that is why we call it as shitcoin/token.

carlfebz2

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

This days there are so many tokens appearing with a very large total supply, tokens like this are often called "Shit-coin/shit-token".
Many people say that this benefits the crypto world, but there are also those who say that it actually make the crypto world looks bad.

What do you guys think about this issue ?

They are called shit coins for a reason and i dont see the thing on why it was helpful into this market but actually it is just flooding out on the first place.We dont need its existence since we do only need those projects which are relevant and does have real world use or does actually had purpose.

If we do try to look out in regards of usage and relevance then we do see that majority of coins or projects are totally copycat to each others which means they arent useful at all but due to hype and some shills
then these coins do really get out some value.

When you do tend to invest then its always been suggested that you should be looking for the best ones and had been mainly supported or does have demand.

bhadz

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It is not actually an issue but it's a common thing to the market. But if you're fond of investing into those tokens called like that, you have to be sure that you know what you're investing. There are many of them but there is no assurance that they'll bring profit to you especially if the hype for that coin is already done. So much newbies are very hype investing into those type of tokens not knowing that they could be just wasting money on it.

[email protected]

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nominal dari jumlah token yang sebenarnya adalah sebuah masalah. tapi apakah mereka memiliki produk nyata atau tidak. jika mereka hanya sebuah token yang digunakan di bursa tanpa sebuah produk nyata atau bahkan tanpa adanya project yang jelas, maka shitcoin tersebut tidak layak sebenarnya.
bahkan jelas bisa merugikan pasar crypto. karena nanti akan semakin banyak orang baru yang ikut membeli koin sial dan akhirnya akan memiliki pandangan buruk terhadap crypto.
ketika semakin banyak muncul kripto adalah penipuan, jelas itu mempengaruhi investasi yang masuk.

maju69

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shitcoin is out of place for the long term, that's all I know of. not many people suffer huge losses from investing in shitcoins. I don't know what they were thinking, maybe they wanted to find a shortcut to add to their portfolio, but unfortunately, they took the wrong step.
let's get back to Bitcoin, and forget about shitcoins which will only stress you out more. Grin

AwoCorporation

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Shitcoin is a coin whose benefits are not that great, but having shitcoin in the crypto market is a good thing, because shitcoins usually bring new money into the crypto market and exchange it for the more popular altcoins or even bitcoin. In addition, the existence of shitcoins can be a differentiator which coins do provide benefits to their owners and which coins are only extras in the crypto market.

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

What do you guys think about this issue ?

If you look at the crypto market, you will understand that there is nothing on top of Bitcoin. It is the only coin that everyone picks up. There are horizontal coins in order. But if you want to buy it, you must pay close attention to that coin.

abel1337

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There are some good shitcoins and there are some which font have any potential in the future, they are called shitcoins because only a few coins can survive in the long term. For me, shitcoin is also a good way of earning money but only for the short term, invest in shitcoin in the short term because it won't last for too long, just take the opportunity.

In my opinion there's no good shitcoin in the market, Yes you can possibly earn a good amount of profit in a very short period of time but the risk you are facing is just very big that when you wake up in the morning your shitcoin asset is done and most of the time they don't recover because the support/devs abandoned that shitcoin you invested. Most of the people who gambled buying shitcoin losses before gaining that's why it's not really recommended to buy it. Buying good coins with lesser gains is better than investing in these shitcoins in my opinion.

sheenshane

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Most of them start with a pump and dump, the sole purpose is that they created as a copycat because of this pump and dump and then the owner abandoned once they earn a lot from the naive investors. So they called it "Shitcoin" because there's no value on the market, the causes are they don't have actually a real purpose in crypto space or lack of functionalities.

However, it is easy to spot possible shitcoins projects, it could always start with the owner and the developer and then followed by all fake documents. Investors who want to have a quick profit without proper research will always end up investing in a shitcoin on their portfolio.

The Wasp

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Whenever you hear people complaining about "fake cryptocurrencies," they are complaining about "shitcoins". Basically, shitcoins are usually the ones that can't be used or traded for anything else.

bitkanu

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It's only giving benefits to the short term speculators but it was hurting the crypto market because so many shitcoins already created as a way to grab money. Some shittokens have become a rugpull tokens that were running away with the investor's money.
it has no benefit for the crypto market but it's very similar as a plague. you must know what's the reason why people called that as a shit token because that's similar as a shit.
shit tokens are always getting issued by scammers

Jackl87

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Quote from: RedsIsBlues on June 29, 2021, 04:28:04 AM

This days there are so many tokens appearing with a very large total supply, tokens like this are often called "Shit-coin/shit-token".
Many people say that this benefits the crypto world, but there are also those who say that it actually make the crypto world looks bad.

What do you guys think about this issue ?

I definitely belong to the second group here. I think that all those meme-coins that were appearing within the last 2 months or so are definitely not good for the crypto market, i actually believe they were harmful for the whole crypto space and also one of the main reasons why the market began dumping around mid may. I don't think it's a coincidence that the height of the meme-coin hype and the beginning of the market dumping happened around the same time. Those meme projects just took away to much liquidity and capital from "real" projects with a use case and a product. It is also not a good impression for people outside of the crypto "bubble".

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