Bitcoin Forum

If i am right shitcoins have been in existence since the earlier days of coins like bitcoin and litecoin, some coins came into crypto space as early as 2011 and they vanished into thing air, failed project or scam maybe, but now that crypto is been heard of all around the globe so what do you expect? scammers will invade of cos but these won't stop good projects from been born even when 90percent of projects are failing, my advice is just be sure of what you are investing on, make sure they have what it takes and have it at the back of your mind that its still a risk you've taken, anything can happen

Coins become shitcoins, because the developers stopped developing the platform, investors dumping the coin because they are not getting the profit that they expect to receive, and we have so many coins like that since the beginning of Cryptocurrency.

You're right, and now it is difficult for us to identify the best and trusted one. People especially newbies must know how to be careful nowadays because scammers will do anything just to get the benefits they wanted. We need to be careful like whenever we are making decisions on investing because we can't predict the possible things that might happen and we need to think in precisely way so we will not regret it.

Scammers will look for new way to make money so when crypto is decentralized then its chance for the scammers to steal money anonymously.

Like OP said shit coins will vanish after months or years so its not big deal to find the shit and potential projects after they entered into the trading space.

Yes they've been around since time. Back when there was no ETH yet, all are just giving away shitcoins all the rest are just creating pools and sending mineable coins which these coins has no purpose but store of value. I don't even understand why some are accusing them being a scammer when they are just giving coins away but it all came to me when coins were listed in the exchange. All the premined were dumped by the developer and kill the coin.  This is how they scam back in those days.

I think the beginning of coins is shitcoin because coins have no demand and are valuable, like Bitcoin at the beginning of its birth. Shitcoin is also created because of the existence of a person who creates a project with a lure that does not make sense to attract investors, but in the end the project fails at the end of the goal, it usually happens to a new project.

Imitation will get you nowhere, and original will always stand the test of time, and it's very true here in Cryptocurrency, since the inception of Bitcoin and it's being open-sourced many clone coins are now dead coins with the exception of Dogecoin and litecoin.

If you are just imitating a well-established coin and you don't have a platform and a unique concept, you cannot create a community that will support your coin, but unfortunately, developers are not giving up in creating new clone coins, because they thought new people will believe them, that they are the next big thing.

Its safer for investors to go 40% investment on altcoins and 60% on top 20 altcoins, i belief its not really easy for a coin to reach top20, reaching that far says alot about how good the project is and how hardworking the project teams are.

If you are advising us about investment, I think you should emphasize on the thorough research of the project we want to invest.  As long as the project is not rolling out and delivered their promised products, we are not sure about certain things.  I agree it is risky but then that is what investment is, all we can do is to minimize those risk by educating ourselves through research and investigation regarding that project.

Shitcoins come in all sizes and shapes. But in some rare cases, shitcoins can give good returns for the investors. A perfect example is that of Dogecoin. It was created by Billy Markus and Jackson Palmer just for time pass, but the popularity of the coin exceeded their expectation and currently it is having a market cap of $337 million. It made a lot many users filthy rich.

Many of the ancient coins were simply surpassed by better technologies and better planning.
Take a look back at these top coins back in 2013. You can't even see them now  :D
https://i.ibb.co/sQF2Hwk/Untitled.png (https://www.cointimemachine.com/top-100-best-cryptocurrency-list-2013/)

yes, maybe you are right,,,
but sometimes shitcoins coming from the beginning before the project tradeable on exchange my friend
wich mean the dev is scammers and they just want to get money from ICO stage

People have a different set of view regarding shitcoin, for example, Bitcoin maximalist. No matter what it is and as long as it is not Bitcoin, they would say that is shitcoin. On the other hand, for regular people. Shitcoin is a coin that had been abandoned by the team and the community. And for me, Shitcoin is something that is created solely just to make quick money not to be used as form of tool or payment.

I would not call an abandoned coin shitcoin, in those cases I would use terms like dead coin, failed project or, if that were the case, scam. I agree that a shitcoin is a coin that is a clear joke since the very beginning, even if that shitcoin pumps at any moment.

we can't expect the place to be sterile. scams will be lurking around as long as people are giving away their money without thinking twice.

Even if we wait, it will not be as sterile as we wish. Fraud exists not only in crypto, but everywhere where humanity are.

Mostly those who lose money are newbies, which makes them think twice in the future. But sometimes there are projects that are so good that we can not believe it is scam and whoever you are, you can not comprehend that it is scam.

There is an abbreviation of DYOR (do your own research). In altcoins world, many are seem to be perfect from the start but you'll never know the true potential of that coin in the beginning.
And if time flies and you see that the coin you have invested starts to drop, abandon the boat and start looking for a better coin to invest. Bitcoin is the most preferable crypto to invest, no headaches at all, buy and hold it.

yes, scammers will always find a way to get money in this industry
thats why people should learn carefully before investing in any project of cryptocurrency
so, they don't fall to a scam project

therefore old coins are always my first choice in investing and are always present in my portfolio. because it is definitely their product is real, has long been running and that is certainly used by many people and many people who feel the benefits.

Shitcoins, scammers, failed projects are some risks of crypto world existence and us as part of it should be aware of these. Therefore, we can make some attention and be more careful when choosing the new project, coins, and also the community.
Shitcoin happens from its started, yeah I agree, for, there are many coins leading to the shitcoins because the developer and team don't develop and manage it again.
The scammer will always exist whatever the condition and rule, therefore, we must watch out of this, the way is by analyzing deeply about the new project or coin that we want to participate. Also, good communication with the community will also help us to share and discuss what projects that may be failed and tedn to be shit coins or scam.

Bitcoin and altcoins have been around for over 10 years in this industry. And because of its rapid spread in many countries, many people are now investing in cryptocurrency and especially in bitcoin, which is why scammers are slowly gaining ground as they smell more money entering the crypto world. , so more care is needed, by knowing the full plan and what it can do to help more people.

Yes, shitcoin has been around from the start and this has been made more possible with the open-source paradigm! Bitcoin being open sourced did spurred  innovation and had evolved to become more robust due to community development efforts but at the same time had encouraged those who had malicious intent to fork it and  create their own shitcoins and all the while have not done significant improvements on it while indulging only for monetary gains!


I almost certainly prefer to support projects which have unique innovations and has been developed from scratch. This way, I know I'm betting my investments on projects that has been a result of several years of researches than put it on a project which has copy pasted code that has a very high probability of becoming a shitcoin itself!

In fact, in recent years, there have always been many shitcoins. for any market, because more than 90% of start-ups fail due to the immaturity of their management experience.
and for a decentralized market like cryptocurrency, having so many scams and bad projects is a lot when startups don't have to be pressured to pay their investors' debt.
I hope that in the future, the STO model will be crowned. There is always a commitment to keep investors and start-ups, which will greatly reduce shitcoin when businesses are monitored by the government.

I agree with your first point, but not with the second point. Because a good project should be able to manage all of its plans perfectly. If they fail to target profit in the first stage, they must be prepared for plan B. From this we can see how seriously they want to build the project and dedicate everything towards it.

So it is very important for us to understand this cryptocurrency ecosystem. There have been many examples that newbies and new investors have come here because they are consumed by the lure of investments that can bring huge profits in a short time. Come on guys, nothing is instant, even experienced investors and traders can suffer losses because cryptocurrency is sometimes difficult to predict.

True I agree. While trading you really need to know when to let go of your coins otherwise you could get rekt in the game of cryptos. During my early days in crypto, I lost a lot of $ 'coz of that.

Many altcoins are no longer active and I agree that this indicates that shitcoin has been around for a long time. This might have happened because the developer team only wanted to get funding and run away or it could also be because the project could not be continued or failed

That's right, shitcoins were there from the start, and they were made by scammers who wanted to make a lot of profit through cryptocurrency, and even though shitcoin was there from the start, good projects won't stop, because projects that give birth to shitcoin won't be able to compete with projects good, and to invest in a particular project, we are indeed obliged to ensure the important things of the project, so that we do not regret it in the future, because every investment has risks that we must bear.

I've been around long enough to remember the earliest shitcoins, Solidcoin which was one of the earliest Alts and for a short time LTC's only real competitor :)

https://bitcointalk.org/index.php?topic=38453.0


I also cpu mined tenebrix for a while :)

https://bitcointalk.org/index.php?topic=45667.0


Needless to say both of them ended up in the crypto graveyard

I was a late entrant to the scene, collecting my first coins around three years back. But the guy who introduced me to the world of cryptocurrency was around since 2012, and he told me that he lost money many times as a result of investing in shitcoins. But I really doubt whether this issue was so widespread during the early days. Now we have dozens of shitcoins being created every day and I don;'t think that we had this high frequency earlier.

It's true that shitcoins was here from the start because there are a lot of scammers who tried to trick and steal other people profits who does not have enough knowledge on cryptocurrency, that is why crypto users should avoid and be aware to scammers or shitcoins.

I think you are right they have been around since crypto community started but the only difference is that back then there aren't too many shit coins and you could spot it easily,
But now since there are initial offering we have to wait till it is done and see if they would end up as a scam or not.

I think there is a scary possibility that the DEVS or core team of this dead projects may have left their own respective projects only to create or start another shit project! Thinking of it, I was wondering how come they've left their previous projects considering that the crypto industry is becoming more vibrant and had a bigger capitalization especially in 2017? Did they leave for "greener pastures"? I think the answer is more likely they did but not for good!

I was even amazed when I saw one popular developer that created a popular shitcoin way back in 2014 which is now struggling with his new project that don't even have an army of supporters! Maybe the community had perceived him as having credibility issues which resulted in the project almost being ignored by the community!

True, at that point in time scammers focus more on fake mining coins and many did lose money investing in them, some scammers even run pools at that time and sending coins using those pools, i don't know how they do that but since ive stopped mining coins i don't give a heck anymore, i think its because of the popularity of crypto that's why we have many more scammers in crypto space

I learned about crypto way back 2016 and shitcoins does really exist that time. It can be found on some exchange and some group of whales pump a one or two digit sats shitcoins to hundred sats or even thousand. You can earn some big profit from their move if you buy at a low price. Though it's risky when it's pumping because anytime they'll dump it hard so you should always watch its movement. Now the term shitcoins became popular because of many ICO projects that are scam.

the day that they saw copying bitcoin's code is easy and has the potential of leading to good profit they started creating shitcoins. so yes shitcoins have been around from early days simply because it is a profitable job to create one and the community is to blame for that since they are the ones investing in them and helping these shitcoins grow big.

the damage of shitcoins is so much bigger than you would think though! it is not just about people losing money, it is about them discouraging good developers from even entering altcoin innovation and creation because they know their project will be buried under thousands of shitcoins that are being pumped and dumped.

Investing in the crypto market is a huge challenge for most people.  As you said, more than 90% of start-up projects are failures and scams.  We really need a team to analyze and invest together.  I realize that shark groups are really effective because they support each other and maybe this is the philosophy to work in this market.  Do you think teamwork will make investing safer?

There were and there will be a plenty of scam projects, the only difference is that it is getting harder and harder to detect scammers. Nowadays, they may even create an MVP of a product, write a solid whitepaper, hire good advisors to collect funds and scam investors.

S*coins problem really did not start recently. They probably weren't seen as big problems before the coming of ICO.   ICO was invented and many substandard projects saw the opportunities to abuse it unfortunately. I think getting funding via ICO should not be easy. Lots of strict rules have to be passed before a project qualifies for funding. This should help filter out projects that are below average 

If you do the necessary investigations, you can detect shit coins more easily. It doesn't make sense to have MVPs because the team is always important. By looking at the project team's previous experience on linkedin pages, you can reach a much clearer idea about the project. This method usually works and you can test it yourself.

Well some projects are very good in convincing the community that they are "the real deal" until they will show signs that they are not! As such, I often prefer to assess the project's worth based on the capacity of its developers/core team, the rate of its development or progress of the project, the level of transparency it shows to its community, etc.

I also don't think that we can better qualify a project based on the team's linkedin profiles rather, I would prefer to see the projects Github activity especially on future experiences of its developers.

Yes shit coins have been existed from the start
And it only revolves round and round through different names; protocols and with the aim to be shit

So doing your own research to keep your funds safe is the key

so the point of all of this is just to keep trusting the old projects or coins for your investment, then that way you don't have a big risk if you continue to look for new projects, basically most of them are scam projects, because it will be useless when you keep complaining in the end, so playing it safe in an old project will be a good choice for you

I ran into Shitcoin when I first took part in a bounty campaign. It was my first signature campaign - and immediately failure. I was given a token, but it was not for sale or bought, and soon it completely disappeared from the only exchange on which it was listed. It was my bitter but valuable experience. Now I try to carefully check the projects so that the Shitcoin doesn't get into my wallet again.

Commercial power of users or completely occupied this forum and capture the market value putting it to down. Next to that if you check the amount is for you can find many shit coins and scamming many newbie forum uses by adding them inside the campaign.

Not only this forum everywhere in this world can find scammers and you need to stay from them keep your funds safe.

We don`t have another choice but to move on. Many of us who are here for some time participated in some signature that turned out to be a scam. I carefully choose the projects to participate, but I was tricked, everything was alright, the team was looking good, they seemed so organized and they covered everything, but after a while, they just disappeared.
I didn`t get upset, I knew the risks, I still do. I hope I will not make another similar mistake, I will try to do my best when I`m researching projects, but if it happens again I will move on again. Warn people about them and move on.

It seems that everyone has encountered a situation like you in this market and if you only participate in the bonus, it will take a lot of time. I have also met a lot of projects in the past and that made me feel very depressed during that time but now things are different and I only joined when the project was listed at big exchange. Now all altcoins can become shitcoins, but if you have an effective strategy, you will always be the winner.

Shitcoins might have always been around in our market sphere, but they are majorly an issue now because they have predominantly taken over the market, and quite a number of investors have fallen prey for their traps. Some of them just gets recycled, and redistributed to the sphere, and sadly more people fall victims. It's not exactly new to the market.

I agree with your point! Now, shitcoin is everywhere, we cannot control it, the number of shitcoin generated every day, the scam is always near us. Now I cannot find potential coins in thousands of shitcoin.

Shitcoin will always be there as long as this cryptocurrency is still valuable, I'm sure of it. The error lies with the team, because they failed to control the project and fell down.
Shitcoin is also produced by fraudulent projects under the guise of ICO, IEO and others. Be careful if one day there is a shitcoin pumped with prices, don't rush to trade.  Maybe there is a game in it.

If I were you, do some trading. Even shitcoin can give you profit if you can ride some fundamental news that can affect its pump and dump. I know its sound risky but I earned from it and I can tell you, huge profit is coming. Dont be an investor cause you surely will lose youre money with shitcoins but id you trade them and ride on some market movement you can take advantage of it.

Amost all project that are seems good to be true weren't really good at the end. They will just conduct ICO and when successful and upon listing in exchanges they tend to lose their value. Now I focus more on projects that already built their product or prototype or merely some do only  ICO or IEO for more exposure or support. Since there are already shitcoins that are present even many exchanges removed them now some new project tend to go in that way too if they will not plan to put updates in their road maps.

You are right that 90 percent of all cryptocurrencies are scammers or unsuccessful projects. But in 2011 there wasn’t as much crap and scam as it is now.

For sure, but I tend to believe that the shitcoins of 2012 or 2013 have been created on the basis of curiosity and innovation, while the contemporary shitcoins are more or less just plain money grabs and schemes of getting rich quickly. But yes, they have been around since the inception of crypto.

yeah we can't ignore that one, there is always shit one on the best one. all we can do just need to ignore and let the coin die by them self. But the ammount of shit coin increase year by year. that what we need to learn and choose wisely which coin / token that worth to invest or not