Shitcoins have been around from the start

[joromz1226]

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

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.

[lobat999]

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!

my advice is just be sure of what you are investing on, make sure they have what it takes

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!

[befriendmywater]

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.

[barnes13]

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.

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.

[retnoanjani]

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.

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.

[studio1one]

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

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.

[Burogh]

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

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

[Lantind]

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.

[Hairynipples]

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

[Vishnu.Reang]

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.

[Colt81]

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.

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.

[bhabygrim]

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

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.

[lobat999]

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 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!

[jessyj48]

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

[xSkylarx]

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.

[Herbert2020]

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.

[silversurfer1958]

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?

[coaprotet]

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.

[Ucy]

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 

[plast555]

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.

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.