Determining A ShitCoin

[ukloon]

Communication is very important when keeping investors happy, some ICOs finish and then lose contact. This is a sign that the project is a shitcoin, they just wanted some easy money and delivery will be stretched out for as long as possible until they eventually give up.

[Boysisig207608]

Yes this is a very time consuming and difficult task to determine shitcoins from legit and valuable coins because many ICOs are now being created almost everyday promising their ICOs token or coin will be the next bitcoin but the real truth is that it is just being created to rob their investors money.

[liuqi]

Check the ICO ratings on multiple web sites as a starting filter. After that, check team, advisors and investors quality, social media following  and project fundamentals. Low marks on most of these metrics should indicate another shitcoin.

Most of the ICO rating sites are run by money so if you give more money they will allocate good result. Other ideas are little bit useful in some projects bit real experts are analyse the softcap and hard cap then they will check the security of the project. The are all common analytics and finally we should check it was reached in softcap.

[South Park]

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?

Besides those factors the most important aspect is to see if the coin is innovative at all, the scammers have no intention of creating anything new so even if they somehow are able to pass all your tests if the project does not bring something original to the market or it is done in a better way then you know the people behind that project are scammers or just want to make money.

[masternode]

For me it‘s a shitcoin if there is no real develoment, no history in achieving milestones that were outlined in the original whitepaper, and unfortunately that accounts for the large majority of altcoins. Then you have copycat projects, that do not come forward with a unique idea but that took the concept from another project. These I would not call shitcoins, but I would still stay away from them as in my experience most are just money grabs too. I am sure there are many other factors, but for me these count the most and serve as a simple compass.

[ovcijisir]

It is pretty hard to define shitcoin because the most projects when they start don't have anything to show.

You can assess quality of whitepaper, icobench ratings and everything but project can still turn out to be shitcoin.

The best way for me is to google team members and see if they are real or fake. The best indicators are stock images on websites and lack of photos that have all team members in it(group photos).

Also look at their Telegram channel and ask questions about the project. Do answers make sense? If they try to avoid answering your questions, or try to insult you/block you form telegram channel when you repeat your questions then you have another good indicator that you are dealing with shitcoin.

[samycoin]

There's so many ways to determine if the project is not good or the coin is shitcoin. First if the their white paper that they present is not unique and some details of their team is suspicious. That's why new to research about the team and the project before we participate to them.

[Saint1990]

Scruinity of the team is very important and u request all not to invest in projects which have anonymous developers as if the project turned out to be scam you will not be in a position to take legal action. Liquidity on exchange also plays an important role, if the projects which low liquidity on the exchange and developers are not acting to recover the position of the project in the market than this kind of projects are also scam and shitcoin.

[Quidat]

"All altcoins is shitcoin because cloning bitcoin", said bitcoin hardcore fanatics, and more funny, "x coin is shitcoin because people say so" 
Many people call shitcoin just because they hate it, even if they can see in front of their eyes that coin already have real huge development

They might want to rethink of what they have just said because there are existing altcoins that is quite useful than the other and they can't just say it's a shitcoin because they haven't use it, probably and most of them i guess?

Ethereum for example is in the top 2 next to bitcoin is quite useful in almost ICO that wanted to create a project. No matter how the price range change it will be on the second spot.

[CryptoToxicAvenger]

I also read reviews about the project on various information resources. I read chat in telegram, ask questions and check how competent developers and team are. Over time, it is already intuitively possible to understand whether something worthwhile with such a project or not.

[lablab03]

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?

 
Aside of white paper and Team behind IMO Probably the progress of the project also , wherein through the graph by doing hard technical analysis to determine easily how good the project is.  Because that's the common strategy now to recognize the pattern and potential of the projects. 

[perfect999]

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.

It is actually not that difficult, as you only need to up your game the more, as trust me, as long as a team or project is not for real, there will always be some red flag in their manner of approach to a lot of things. This is one of the reasons why product is always important, and not just product, but one that is visible, you can see how well you believe it would go when it comes to usage and the solution it provides, and that would actually give you a clue of a team that is actually ready to work.

However, this does not mean you should not do proper diligence on the team to see if they have the capability for long term development, as well as the way they tend to approach a lot of things for the progress of the project. If you cannot get most of all that answered positively, then it is a shit coin.

[Jonking]

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 its difficult to find out if they are shitcoins, above from what yo mentioned i think, their community such as twitter, facebook, telegram group..But the thing is even they have enough member/follower its up to them if they will turn out to be shit project

[KalaiBTC]

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

Well, we cannot deny the fact that we have a lot of bitcoin fanatics in this space and a lot of people in that category actually see any altcoin as a distraction for this market, considering that bitcoin would have grown far more than this, if shit coins do not actually exist, or sorry, if altcoins do not actually exist.
Jokes apart though, there are still some altcoins we can at least say they have some product, even though it is not set for real life usage, but not like the whole market is even set for that yet.

However, if we really want to look at the number of coins in this space with no product whatsoever, you will realize we actually have more of shit coins in the alt market than coins that should have real value. If not for hype, I will be paying a lot if I end up paying $0 for some of the altcoins, and in fact, it is even an insult to my Ether wallet if you dash me some tokens.

[South Park]

It is pretty hard to define shitcoin because the most projects when they start don't have anything to show.

You can assess quality of whitepaper, icobench ratings and everything but project can still turn out to be shitcoin.

The best way for me is to google team members and see if they are real or fake. The best indicators are stock images on websites and lack of photos that have all team members in it(group photos).

Also look at their Telegram channel and ask questions about the project. Do answers make sense? If they try to avoid answering your questions, or try to insult you/block you form telegram channel when you repeat your questions then you have another good indicator that you are dealing with shitcoin.

There is very good advice in this post, I have never thought about it but it is true, if a project doesn't have a picture of all its members present at the same place and at the same time then you know that most likely the pictures that are depicted in their website are taken from the Internet, and if you are moderated in their telegram channel or in this forum by just making good questions then you know the project is fake.

[smoolae]

Really hard to do in my opinion when the bounty and ICO state of the coin/token are well conducted. It may even happen that when overall market conditions are good, the ShitCoin might still have some pretty nice monetary value in fiat.

I think the best way to locate shitcoins is to wait for the bear market and see how good/bad is your coin doing. If it indeed loses 80-90% of its value you know the coin was a rather bad one.

[anastasia2211]

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.

You are right. Fully agree with the ami, it is better to vintage old checked coins better than new ones, which may turn out to be just a deception

[drmasa]

In times like this when more than 90% of coins on cmc are shitcoins, every coin is considered shitcoin until proven otherwise! When I research coins, usually i get through 8-9 shitcoins and 1 possible good coin out of 10.

[Sylvial]

Shitcoins have different classes;

There's a class of shitcoins that make it to the exchange, but the devs or so called team have no plans advancing the course of the project. There are no updates on the project and the community is stagnated. They simply fizzle out with time.

There's a worse class of shitcoins who's team after collecting millions from investors during ICO, leave you with shit tokens that amount to nothing and no value because they do not even make to the exchange. Most of the exit scams post ICO follow this pattern. They take the real coins from you and leave you with shitcoins from TGE.

'Projects' with telegram numbers that aren't organic are usually clear indicators of a scam. They lie about virtually everything just to lure people in to achieve their aim

[South Park]

Really hard to do in my opinion when the bounty and ICO state of the coin/token are well conducted. It may even happen that when overall market conditions are good, the ShitCoin might still have some pretty nice monetary value in fiat.

I think the best way to locate shitcoins is to wait for the bear market and see how good/bad is your coin doing. If it indeed loses 80-90% of its value you know the coin was a rather bad one.

You should not use the price as the only way to tell if a coin is a scam, there have been several projects that were very good and the value of their coins dropped and almost reach a price of zero and then months later and in some cases years later the coin recovered because finally the community acknowledged the project was very good and there have been cases of coins that were clearly scams having a very high value.