Bitcoin Forum

Question to Bitcoin maximalists:

>> What defines a ShitCoin?

Not a bitcoin maximalist per se(though a huge majority is BTC), a shitcoin is simply a coin/token that is either:

1. Unnecessary: A perfect example would be Dentacoin. A coin for dentists? wtf?
2. A scam or a pump & dump: No explanation needed honestly. e.g. Verge(XVG)

:D Dentacoin :) .. great sample, tx

And I fully agree. Shitcoins are there just to make things cloudy and shitcoin developers are existing or doing their things for the sake of getting money or remunerations as their contributions are not needed that much. Shitcoins who are scams are usually victimizing innocent people -- people who just desire to get something of what they investing. We have to be careful with any project that we go with...as many of them are just shitcoins masquerading as the next big thing in the world of cryptocurrency. Beware!

Can't consider myself as a maximalist but obviously shitcoin doesn't have the following characteristics

 - No diehard supporters.
 - No value
 - No one cares

All new coins that has no die hard supporters, no value and there would be no one who cares are all considered a shitcoin. Unless it can prove its worth

1. Pump-and-dump. A coin that once listed on a exchange, you will see price fluctuations.
2. Dev suddenly left the project itself, no updates whatsoever after they have released it. And then complain when the shitcoin will be de-listed by an exchange.
3. No real life usage, just a copy cat of previous successful projects.

there is no such thing as "bitcoin maximalist". this is a term used by altcoin pumpers who wanted to say their useless coin is best and brand anybody who said otherwise as a "bitcoin maximalist" to prove their coin is good and get it pumped up.

- uselessness
- lack of innovation
- copied code
- flaws
- centralization while claiming to be decentralized
- general lies they tell to pump the coin

basically when you see a project that has copied almost all of its code from another project that means the said project is in fact a shitcoin.

If you're going to take a look in the Announcement (Altcoins) there's a lot of shitcoin around there, we all have our own definitions of shitcoin and here's mine:
- No Application to real world
- No exact solution to the existing problem
- Same concept with existing successful project
- No use just listed on exchange
- No platform to use the project
- Fake volume
- Listed on shit exchange
- Pumps and Dumps
- Poor development of project

For me here's just some of what defines a shitcoin that comes to my mind right now but definitely there's a lot of descriptions/words that can describe it more.

There are some words loved by the community. And shitcoin is one of them. A lot of friends will make their own shitcoin definitions. But I have a problem with that word.

Usually in this forum and in the community, the word shitcoin is used for coins that people don't like. For example, XVG is shitcoin for some but the opportunity to invest for the other part. Same as TRX, DOGE ... etc.

Shitcoin, as far as I know, is called coins created for price manipulation without any purpose. Yobit, Cryptopia, and many more have hundreds of these shitcoins on the platform. I think you should be careful when using the definition of shitcoin. It can guide people's investment decisions.

My definition of a Shitcoin can basically be explained by getting into the mind of the developer or developers behind these coins. You get some people who just decide to create a coin for the wrong reasons, like making a quick profit <also called Pump n Dump coins> or coins for experimental purposes <no actual use case> or simply a coin that was just developed for the fun of it.  ::)

Dig a little bit deeper into the Whitepaper of these coins and you will see that it was basically a "Copy & Paste" of previous Alt coin code with no significant changes or innovation being introduced.  :P

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.  

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.

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.

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.

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 ;D
However, I admit I still own some of the shitcoins for collection.

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.

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 :-\

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

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.

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://bitcointalk.org/index.php?topic=600639.0

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.

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.

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....

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.

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.

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.

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?   ;)

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.

shitcoins is a means to get more bitcoins.

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.

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.

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 (https://vegascasino.io/casino/video-slots/durian-dynamite?utm_source=ccdd), subscriptions etc.