If there is a hidden gem out there, odds are you won't find it until it has already skyrocketed upwards. That's just simply a testament to the sheer number of shitcoins that clog the pipes of crypto ticker sites. If I were to make a choice, I wouldn't even step outside of BTC investments - if you're uncomfortable with the volatility associated with Bitcoin, then try to imagine playing the altcoin market like playing a one-handed blackjack and hot-dog eating tournament on a unicycle, trying to get 5 aces in a row, where if you bust you lose. That's probably the same likelihood as you getting into a "good" shitcoin.
Unless there's some revolutionary confirmation method that is susceptible to neither low-cost attacks nor centralization... then you'd be more apt playing slots at your local casino.
Topic: Which coins are bad to invest in - page 2. (Read 311 times)
I am wondering how one can find a hidden gem of a coin that has a lot of potential to grow in the next 5 years or so.
Nobody knows tomorrow but analyzing coins individually and patiently can really help, no other ways to know than to analyze the coins, using indicators, especially RSI. Buying the coin at appropriate time is very important, buying at low price, you will have to wait until the coins fall in price greatly, even to a certain lowest level it was in 6 months time to a year. I'm thinking of a long term investment of sorts. How does one differentiate from scam coins versus legitimate coins that will grow in the upcoming years?
New projects can be pumped but subjected to manipulations because of its low marketcap, it can easily be dumped. I will advice you to invest on coins with high marketcap, the coins should have been existing for a long time so you will be able to analyze it and also not to fall victim of a coin that will be dumped. So, bitcoin is a good example, ether is another good example. Some altcoins can even be more profitable but they are also more risky. New projects are mostly scam coins that will be pumped and dumped.
You could take a look at the devs and wider community and see how they appear. I generally don't invest in anything with. A market cap lower than doge unless it has a good team...
If the team seem fairly confident and have programmed the project well (e.g not just used almost identical code to bitcoin and added little on top) then I'd say the coin might be worth an investment if it can fill a gap in the market too or do something more efficiently price wise than another coin.
If the team seem fairly confident and have programmed the project well (e.g not just used almost identical code to bitcoin and added little on top) then I'd say the coin might be worth an investment if it can fill a gap in the market too or do something more efficiently price wise than another coin.
Everyone knows about bitcoin, etherium, etc all the top 10 or 20 biggest coins out there. I am wondering how one can find a hidden gem of a coin that has a lot of potential to grow in the next 5 years or so. I'm thinking of a long term investment of sorts. How does one differentiate from scam coins versus legitimate coins that will grow in the upcoming years?
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