Can an expert tell me how to identify a shitcoin (example: Insight Chain)

[CRYPTORALF]

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!

[CjMapope]

The first question i personally ask, after a team passes the basics like "are they real people" is:
Does this coin/token have a USE case? most dont really they are just hype (insight chain)
This insight chain looks like a "China Coin"  what those coins do is take some hype tech words like DPoS, and validation nodes
and sell it to people that dont realize thats just old tech mostly
Also: CMC is useless, dont go by that, the supply is w.e the teams say there is and the list is extremely easy to manipulate

[CRYPTORALF]

The first question i personally ask, after a team passes the basics like "are they real people" is:
Does this coin/token have a USE case? most dont really they are just hype (insight chain)
This insight chain looks like a "China Coin"  what those coins do is take some hype tech words like DPoS, and validation nodes
and sell it to people that dont realize thats just old tech mostly
Also: CMC is useless, dont go by that, the supply is w.e the teams say there is and the list is extremely easy to manipulate

Thank you for sharing your experience!

CMC not being reliable (the market cap figures) is new to me. Are you saying that a team can, let's say, trade a few coins on a shady exchange for 1 dollar and then say that 1 billion coins are in circulation (without any proof), leading to a stunning (but false) market cap of 1 billion?

[Gotumoot]

I'm no expert when it comes to these matters. But I think one of the ways to find out if this is shitcoin is through its uses. Is it a unique working product that will help them grow? But if it was just for the sake of trading the market and for no other reason it could be a pump and dump coin.

[Bttzed03]

^ look for wash trading and you'll have an idea about volume manipulation by teams and even by exchanges.


If you cannot understand the technical side of a project yet, you can look for their products real use case. Assess if blockchain is really needed or if the product really solves anything which will create demand. See also if how they plan to achieve project expansion, are there partnerships in place?

[jets567]

It's my first time hearing about this coin though they have been on the market for about a year, I was wondering why they still use ".io" on their main website? because as far as I know its usually use for initial offering and they have already done that so why not change to a formal domain name like .com or .org?

They got a good trading volume based on CMC, active community and lot of partnership so I could say that this coin has a potential since its run by Chinese people which is good on marketing their product but I will take a deeper research about this coin.

[CRYPTORALF]

^ look for wash trading and you'll have an idea about volume manipulation by teams and even by exchanges.

Thanks! Just read about it on investopedia. Interesting.

[CRYPTORALF]

They got a good trading volume based on CMC, active community and lot of partnership so I could say that this coin has a potential since its run by Chinese people which is good on marketing their product but I will take a deeper research about this coin.

Let use know what you uncover!

I did some research into their product / use case and to me, as an educated layman, it doesn't make much sense. If you come to a different conclusion, please enlighten me

[Pearls Before Swine]

Does this coin/token have a USE case?

What coin or token would pass that test these days?  If your criteria for a shit coin includes a real life use case, then essentially everything that isn't bitcoin would be considered one. 

And honestly I wouldn't argue too strenuously about that, especially in the case of tokens on the Eth platform.  Nearly all of them are scams and even more of them don't have any real use whatsoever.

Op, look at the coins in the top 50 or so on coinmarketcap.  Anything below that could probably be considered a shit coin.  Any coin with a value in the low satoshis (except perhaps for dogecoin) is a shit coin.

[Kunotcoin]

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!

Shitcoins are literally a piece of shits, for those projects that has no real products ,no token utilization or simply just no use at all and its only created to raised funds and then after it will remain idle on any exchange that it was listed.

[Jating]

Shitcoin could be any coin that doesn't offer anything to crypto sphere. The people behind just put it to make money out of gullible crypto investors. And after the tokens has been listed on exchange, you will never heard from the devs before and chances are, the people behind have move to their next project to scam more people.

Just look at how much coin has been delisted, and you will find what shitcoins is all about.

[sorrros]

Please, always use your brain when you are going to invest into such project.
Think about the use case, think about the team, if the team is skilled enough to achieve goals, think if they can overbeat competitors, think about it as an investment - will people buy your coins/tokens in the future and why?  

[Rodeo02]

Mostly a shitcoin can difine base on the daily trading volume. If you see that the coin/ tokens  has no volume this is only means there is no adoption and community support for the project .
You should also check the monthly   chart so you will not be victimized with pump and dump coin. Its easy to identify pump and dump coin if you look at the trade history not for the day but a month or week before the pump start.

[Ss4sukE]

I am not an expert in the cryptoqurrency industry, but I know very little about identifying Shiltcoin, such as looking at their trading volume, how many investors are involved, how active the team & developers are in managing their projects, including social media influences, etc. If the coins that you mean are in accordance with the information above are the criteria for bad coins or shitcoin.

[livingfree]

Sometimes you can trust your instinct. If you can feel that there's something that you can't take within that coin then don't ever continue and remove it already on your interest.

Most of these coins does all have the needs that you have mentioned. Having an actual whitepaper but the question is that for real? they did made that and didn't copied somewhere? they have a website but it could be just their props to make their project looks good.

At the end of it, you still have to research for that coin and everything about it like the team's legitimacy.

[tenakha]

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!

I had heard about INB last year, but I have not heard anything about having shitcoin so far. I even looked at the exchange where it was listed to investigate its volume, and I found nothing negative. The calculated volume on the CMC is also correct. The only thing I do not understand is that according to CMC the volume has not been less than $ 1 million since it was created, but it was $223 on June 18, and that volume continued until June 28. And in this time period, the price rose to $2.40 with $19k volume. Has something like this really happened, or is it just the CMC's mistake?

[InwardContour]

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!

Have you checked their development so far? Is it progressive or stagnant? Also, have you checked their team record? Can you ascertain if the team is real, for instance do they attend blockchain/crypto events? Do they have a product or are they developing one at MVP? All these factors will help you analyze the project if it's worth it or not.

[republicrypto]

shitcoin is a coins without active development and has no voume in exchange
the team didn't do anything, because shitcoin created just to cheat the investors
thats my opinion about a shitcoin my friend
regards

[pakhitheboss]

Does this coin/token have a USE case?

Op, look at the coins in the top 50 or so on coinmarketcap.  Anything below that could probably be considered a shit coin.  Any coin with a value in the low satoshis (except perhaps for dogecoin) is a shit coin.

Going by your criteria to determine a Shit coin. Let me tell you about a token that is ranked 969 on CMC. They have an actual product which is known as Atomic wallet. They never had an ICO as they have been in profit from day one.Presently it is being traded only on Idex and Binance dex. Check it out on CMC - https://coinmarketcap.com/currencies/atomic-wallet-coin/

How can you call this coin a Shit coin?

[fuer44]

the first is by comparison, if we observe the market, we can see almost the same price movement. for example bitcoin, etherum or other coins have increased, then the small coins underneath usually also move green, if not then the coin is very bad and not worth buying (maybe only 10%). then specifically for coins or new tokens that are just launched into the market, often see the official group chat activity of the team, if there is quiet and no news at all, we can be sure the project is dead and has no future.

then you can also see prices or exchange rates that are very low or very low. the position of tokens or coins like that is also very difficult to be sure to last a long time in the market. the long term impact is that coins don't have value anymore, and worst of all, coins will be removed from the market exchange.