Determining A ShitCoin

[CryptoBry]

We already know that in the world of cryptocurrency we have valuable projects and platforms and at the same time as if existing in the parallel but intertwined universe are the shitcoins and there are many of them in the market today and more can be coming up soon. A shitcoin refers to a worthless project using cryptocurrency platform that is put up just for the sake of making money and nothing more. Of course, there are many types and forms of a shitcoin...and sometime determining one can be difficult that's why many innocent investors get victimized and can be victimized with their hard-earned money.

Aside from the usual reading of the WhitePaper and the scrutiny of the team behind if they are real or not...what other things do you use to see if one project has the potential to just be another shitcoin?

[1714603236]

1714603236

[1714603236]

1714603236

[1714603236]

1714603236

[1714603236]

1714603236

[auliahr]

nowadays it is difficult to distinguish between the two, because the more days they get smarter and continue to make it perfect or more real to outwit or cheat all investors. for now I only choose old coins that have long survived and already have real products that have been useful for the community, have also been listed on various popular exchanges.

[phoinex]

We already know that in the world of cryptocurrency we have valuable projects and platforms and at the same time as if existing in the parallel but intertwined universe are the shitcoins and there are many of them in the market today and more can be coming up soon. A shitcoin refers to a worthless project using cryptocurrency platform that is put up just for the sake of making money and nothing more. Of course, there are many types and forms of a shitcoin...and sometime determining one can be difficult that's why many innocent investors get victimized and can be victimized with their hard-earned money.

Aside from the usual reading of the WhitePaper and the scrutiny of the team behind if they are real or not...what other things do you use to see if one project has the potential to just be another shitcoin?

I think this can be done but it is very difficult, many people find that the results are the same as the projects that have been or have been running, there are those who make work plans from scratch, it gets worse. There are a lot of very good projects through ICO, but they are very detrimental, so I have never been a bit to try because I am very very low.

[HellDiverUK]

How to detect whether an ICO will become shitcoin, among others, by looking at the community such as group telegram, whether accountinvestor is often found or only a bot account or only bounty or airdrop participants. Reasonable problem solving and cooperation with exchange at the beginning of ICO i think its legit.

[randythered]

There are so many different ways a coin can become a shit coin that it's hard to say. Even great ideas can fail because the team don't follow through. But there are some sure fire ways to identify coins that are just so unlikely to make it, the first is considering the actual idea and if there is any real demand or use for it - I would say 95% or more of projects don't have any real substantial use or demand and that's why they'll fail. Infrastructure coins tend to always perform well as well as coins in finance, computing, data etc. Coins outside of that tend not to do very well at all.

[DaMut]

whitepaper and team profile are the most basic thing that every project must have and it can not be considered as a vital point for us to determine whether it is scam/shit project or not. but if you find out some project that do not have both of it, you could say that they are scam or at least they are shitcoin directly(no doubt).
and the most important thing that we as an investor should ask them is their MVP aka early product,
what makes something useful or valuable is not its price but instead its usability, if they have a working product that means they have something to do with their project.

[tadpole_bitfrog]

We already know that in the world of cryptocurrency we have valuable projects and platforms and at the same time as if existing in the parallel but intertwined universe are the shitcoins and there are many of them in the market today and more can be coming up soon. A shitcoin refers to a worthless project using cryptocurrency platform that is put up just for the sake of making money and nothing more. Of course, there are many types and forms of a shitcoin...and sometime determining one can be difficult that's why many innocent investors get victimized and can be victimized with their hard-earned money.

Aside from the usual reading of the WhitePaper and the scrutiny of the team behind if they are real or not...what other things do you use to see if one project has the potential to just be another shitcoin?

To realize it is easy, check out how their staff works. I have been working on the Beaxy project and it is still in development. The admin of the telegraph channel always responds in the shortest time. They are friendly and answer all questions and do not ignore any questions. That's my opinion of a good project. Bad projects often have managers who are careless and have no responsibility for their work.

[Smokey23]

You can answer a simple question to determine a shitcoin:

Q: Is your coin Bitcoin?

A: Yes
Result: Not a shitcoin!!

A: Yes, its Bitcoin Cash.
R: SHITCOIN!

A: Yes, its Bitcoin (ABC, XYX, Private, insert your preference here).
R: SHITCOIN!

A: No.
R: SHITCOIN!

[CryptoAssasin]

This thread created by Coolcryptovator got my interest and I was really amaze on how this shit coins and scam ICO run their project. If you know how to play with your computer and got editing skills, creating a convincing website with fake details is a piece of cake. Doing further research always is a must if you are planning to invest to an ICO. When determining a shit coin, their website presentation and activeness on their social media accounts to promote the project is enough for me to know if they are worthy to invest with or another trash to crypto world.

[tokeweed]

A 'sh*tcoin' to me is something that has no liquidity and volume, no devs, no community, and no top exchange willing to add it on their roster for trading.

Basically somethng that's hard to sell at the market is a sh*tcoin.

[jeda2000]

It is becoming increasingly difficult to understand that a project is a deception, because fraudsters have begun to develop themselves and have started to make things more realistic. The important thing in this process is our identity and not to lose our money.

[tosmartak]

Shitcoins are never hard to find. Just make sure you are so keen about the product and the real life opportunities it would bring in the long run, based on demand for it. If it is not a product that look like it will be useful to you then do not invest, if there is no product at all, then it is just a typical bullshit. Product and team are usually my own main target, and every other thing comes after, most especially when it comes to going through the whitepaper and other technical details, which can be boring at times.

[makishart]

You can answer a simple question to determine a shitcoin:

Q: Is your coin Bitcoin?

A: Yes
Result: Not a shitcoin!!

A: Yes, its Bitcoin Cash.
R: SHITCOIN!

A: Yes, its Bitcoin (ABC, XYX, Private, insert your preference here).
R: SHITCOIN!

A: No.
R: SHITCOIN!

It's kind of a fanatic fan that will said other coin as a scam. But i can't understand about that if that guy was taking another coin as a scam because they are all have been using the bitcoin source code to create their own platform. Bitcoin is the best coin right now. jajajajaja

[lx001]

If you know how to play with your computer and got editing skills, creating a convincing website with fake details is a piece of cake. Doing further research always is a must if you are planning to invest to an ICO. When determining a shit coin, their website presentation and activeness on their social media accounts to promote the project is enough for me to know if they are worthy to invest with or another trash to crypto world.

In your topic they're talking more about scams, not shitcoins. Shitcoin might be a legit project with real developers and a real community. Everyone has different understanding of the term, loads of people call Ripple shit because of their lack of decentralization, others because it's not a cryptocurrency in a traditional sense. And why people are still using the "shitcoin" term, it's more like "shitokens" now.
Shitcoins ≠ scamcoins

[Allura74]

I think currently since many projects are not getting enough funds for their projects, people now wait and see how the coin will perform after coming into the market. Reading community chats and website as well as the type of news surrounding the project can help a lot in determining what a shitcoin could be.

I think its hard to determine a shitcoin because prior ICO every developer has its own death awakening promise to gain investors but at the end we slowly know that its a shitcoin, this day there are many ICO that even not scam but there coins is having no value after market.

[pageraji]

Shit coin is when you join a bounty for months and not getting paid, or getting paid with token but useless or you cant sell it..

[Juxy]

A literal shitcoin to me is something with absolutely no value and no way it could ever have value. So projects that may or may not go to zero don't really count IMO because plenty of companies have good ideas end up bust too for various reasons, not just because it was an out and out scam.

For me when I'm trying to evaluate a coin, I'm looking at a few things.

Does it have a whitepaper that explains not only the goals of the project, but how it intends to reach them. So for example let's say the goal is distributed file storage, *how* are they going to do that on whatever blockchain tech of their choosing. I've read countless whitepapers that simply state a goal, but no idea how they will achieve it. Sometimes this is reasonable because they have a really proprietary idea, but most of the time it's because they have no idea what they're doing.

Is the team open and honest on who they are. Do they have a history of social profiles with some sort of work history. The work history does not have to be in tech, but it has to be there. Someone who studied at Stamford and was a research fellow is less likely to 1. Create something that is out and out crap. And 2. Out and out scam you. Because they have a real life reputation. If the team is completely anonymous, I generally stay away. There are obvious exceptions to this (Bitcoin for one), so it's not always a hard and fast rule.

Does the coin/token itself have a use. Sometimes this isn't even whether it's a "shit coin" persay. But you need to differentiate the coin/token from the project/company. Even larger projects like Ripple. You have to look at what Ripple is doing, and separate that away from what XRPs role is in all of it. For Ripples products, you barely need any XRP at all to participate. I'm probably picking on Ripple a bit here but you get the idea. Shitcoins often state lofty goals, but when it comes to "OK, so why do you have your own currency then?" everything falls apart.

[batang_bitcoin]

Useless, worthless but there are investors that into this preference so you may not notice that some coins are like that because there are people who are still supporting it.

Shit coin is when you join a bounty for months and not getting paid

That is a scam or incompetence.

[jawakoak]

A literal shitcoin to me is something with absolutely no value and no way it could ever have value. So projects that may or may not go to zero don't really count IMO because plenty of companies have good ideas end up bust too for various reasons, not just because it was an out and out scam.

For me when I'm trying to evaluate a coin, I'm looking at a few things.

Does it have a whitepaper that explains not only the goals of the project, but how it intends to reach them. So for example let's say the goal is distributed file storage, *how* are they going to do that on whatever blockchain tech of their choosing. I've read countless whitepapers that simply state a goal, but no idea how they will achieve it. Sometimes this is reasonable because they have a really proprietary idea, but most of the time it's because they have no idea what they're doing.

Is the team open and honest on who they are. Do they have a history of social profiles with some sort of work history. The work history does not have to be in tech, but it has to be there. Someone who studied at Stamford and was a research fellow is less likely to 1. Create something that is out and out crap. And 2. Out and out scam you. Because they have a real life reputation. If the team is completely anonymous, I generally stay away. There are obvious exceptions to this (Bitcoin for one), so it's not always a hard and fast rule.

Does the coin/token itself have a use. Sometimes this isn't even whether it's a "shit coin" persay. But you need to differentiate the coin/token from the project/company. Even larger projects like Ripple. You have to look at what Ripple is doing, and separate that away from what XRPs role is in all of it. For Ripples products, you barely need any XRP at all to participate. I'm probably picking on Ripple a bit here but you get the idea. Shitcoins often state lofty goals, but when it comes to "OK, so why do you have your own currency then?" everything falls apart.

someone sometimes uses the word 'shitcoin' because of deep dislike or hatred or has a lot of losses money in the coin

[randythered]

You can answer a simple question to determine a shitcoin:

Q: Is your coin Bitcoin?

A: Yes
Result: Not a shitcoin!!

A: Yes, its Bitcoin Cash.
R: SHITCOIN!

A: Yes, its Bitcoin (ABC, XYX, Private, insert your preference here).
R: SHITCOIN!

A: No.
R: SHITCOIN!

While I don't necessarily agree, I think some alts like ETH for example are very useful and great coins - your post did make me laugh my butt off so thank you for that!