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Author Topic: Can an expert tell me how to identify a shitcoin (example: Insight Chain)  (Read 346 times)
Asgard124
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November 10, 2019, 08:56:50 PM
 #41


Hi there,

rather new to crypto. Currently looking at Insight Chain (http://www.insightchain.io/ & https://coinmarketcap.com/currencies/insight-chain/).

Now this smells like a shitcoin (pump and dump), but (as a noob) I can't really put my finger on why this is the case. There's a website, whitepaper, twitter account, etc. But all what they are saying doesn't make much sense, though not being a blockchain expert, I might simply not understand what they are saying.

To some more experienced cryptofans out there: How would you go about deciding whether an altcoin is a shitcoin (ideally using the example of Insight Chain)?

Thanks!

How to identify a shitcoin is basically simple.  From their roadmap and white paper alone, you would get them. Also, take a close look at the Team backgrounds. A shitcoin will basically have fake team.
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November 10, 2019, 09:23:46 PM
 #42

If you are good in research and follow up you will get to know projects without future and even if you do not buy during ICO or IEO once listed, team zealousness towards the project and amount of token dump should defined something to you . Must do dump and blame bounty hunters...they even dump before bounty distribution so they would always use bounty to cover up. follow up projects and exches too to detect good and shit projects.

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November 10, 2019, 09:47:37 PM
 #43

Some of my friends did an analysis by observing the social activities of the project.  My friend asked for an explanation and authentic evidence of the strategic steps, activities and development of the project.  an official project will surely be happy to explain its development with photographs, on the contrary, a fake project will try to cover up and cannot provide evidence.
Usually some project with no vision will also struggle providing technical information into their community as well as how the project will progress into the future. Their roadmap also usually just there and not being followed.
The lack of motivation from the developer side usually is an obvious sign of shitcoin.
If you uust want to be sure to avoid these kind of coin just stick to top 20 coin it is that simple because there is no point of owning shitcoin anyway.

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ajiz138
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November 11, 2019, 07:25:29 AM
 #44

Must do an analysis for the whole project and the team that they display on the website. Social media will always be active and provide the latest information about the project being built. InsightChain is still running according to the Roadmap and Twitter is still active. Already listing on DragonEX with a large volume and on Livecoin.
Keep a close eye on prices on the exchange if there are pump and dump practices.
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November 11, 2019, 09:08:38 AM
 #45

Well, there is the easiest and most effective way to save ourselves from the threat of shitcoin by monitoring subforum scam accusation. I am very grateful to most of the members of this forum who have dedicated their time to analyzing and warning us. Because I really lack experience in assessing the project as a whole.
Yes, the scam accusation section is very good in this regard, but it takes time for the scammers to be recognized, perhaps you have invested already.
So to protect himself, always pay attention to what the product is, what it will give us, and whether the team will succeed.

How to identify a shitcoin is basically simple.  From their roadmap and white paper alone, you would get them. Also, take a close look at the Team backgrounds. A shitcoin will basically have fake team.
Shitcoins and scam projects are superfluous, but not the same. Shitcoins are coins that have no more volume and no usability.

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November 16, 2019, 11:43:19 AM
 #46

Must do an analysis for the whole project and the team that they display on the website. Social media will always be active and provide the latest information about the project being built. InsightChain is still running according to the Roadmap and Twitter is still active. Already listing on DragonEX with a large volume and on Livecoin.
Keep a close eye on prices on the exchange if there are pump and dump practices.
According to the road map! That is exactly what I usually capitalize on when I am looking for projects that is worth investing on. And talking about roadmap, it means that we are dealing with projects that are already established because that is the only way that we can know if the project is working along with the roadmap of the whitepaper that was released and promised to their investor.

I have personally made my own decision never to invest in a project that is just coming as new project except it is a project that I can really vouch for because new projects are very difficult to really know their intention, so I don’t really follow their whitepaper from the beginning until the project has gone to an advanced stage where we can verify the activities of the project team.

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November 16, 2019, 11:54:17 AM
 #47

Do your own research. Check their white paper and the activeness of the developer and team behind their project. However, if you're just investing, you better invest on top coins instead of new coins if you really want an assurance. As for me, it's better to invest with well-established coins than to take too mauch risks in new altcoins.

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November 16, 2019, 02:45:16 PM
 #48

It's your personal responsibility to know coins that shit and those that worth investing in, don't forget that you are putting your money into and you will be responsible for anything that comes out it. Crypto is an unregulated finance space and must always trend softly
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November 16, 2019, 03:05:34 PM
 #49

I usually use a one red flag rule with altcoins. If I see a single red flag i never touch the coin.

Possible red flags are fake team pictures, fake resumes, anonymous team, bad sites with bugs, stolen code or code based on another coin with very little changes, plagiarized anything like white paper or articles, only tradable on small and shady exchanges.

You won't be sure if the coin is a failure until you see the price and volume.

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