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

[Aabcde]

I don't think I need an expert to know where is shitcoin.
For me, it's clear that shitcoin doesn't have any real function. And plus it's definitely pump and dump coins. Prices tend to fall continuously. Developers who are slowly no news. Developers who suddenly sell their own coins with fun. There are so many indications if we look at the present reality. Some people are happy to play in shitcoin. According to my mind for seeing them, it is easy to get profits quickly. But when they lost, they would say harsh words.

[cahbagus555]

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!

There are many definitions of shitcoin, but I am more interested in calling it a dead coin. Coins that do not have a clear project and are also not active communication from the developer team so investors are always in doubt whether the project will be in accordance with the roadmap. In addition, a coin can be said to be a dead coin if the transaction volume on the exchanger is very small or there are no transactions at all

[Kotone]

Even not an expert or professional can smell if the project has any worth you can noticed it when the team show their way to market their project. Isn't all about marketing I know some project that doesn't focus on marketing but the product itself speak for the whole. If you know how to use github, its a hub of source code and every update and improvement is uploaded there. Even no marketing as long the project keeps improving it then its a good one. Look on Hawk Network, their team rarely seen on social groups but their project is worth like pioneered coins.

[Bitfling]

Even not an expert or professional can smell if the project has any worth you can noticed it when the team show their way to market their project. Isn't all about marketing I know some project that doesn't focus on marketing but the product itself speak for the whole. If you know how to use github, its a hub of source code and every update and improvement is uploaded there. Even no marketing as long the project keeps improving it then its a good one. Look on Hawk Network, their team rarely seen on social groups but their project is worth like pioneered coins.

Agree there are lots of coins that have good products but don't have a big marketing budget. Marketing is not an indicator of a good coin because ultimately investors are waiting for products that will be able to provide benefits for the company.

[Colt81]

Even not an expert or professional can smell if the project has any worth you can noticed it when the team show their way to market their project. Isn't all about marketing I know some project that doesn't focus on marketing but the product itself speak for the whole. If you know how to use github, its a hub of source code and every update and improvement is uploaded there. Even no marketing as long the project keeps improving it then its a good one. Look on Hawk Network, their team rarely seen on social groups but their project is worth like pioneered coins.

Indeed. You don't need an expert or asking for help to others for you to know if a project will be successful or worth it to participate with. I am also not an expert when it comes to crypto, but i can easily identify a shitcoin if the team members are not active and there are only few people were willing to paeticipate in their project, which they can't find any solution to advertised it to other people on how their product will benefit the investors.

[tinyteapot]

Can an expert tell me how to identify a shitcoin I have some experiences about cryptocurrency but i will not call myself an expert but my suggestion might be of help.

Majorly, i avoid any project with these two features, those that promise the unbelievable and those that do not have actual product.

[TheGreatPython]

@OP
Lol, is there any expert that can really claim that they have the perfect solution to really knowing how to identify a fake project? It is quite very difficult top actually know a shit projects now, at the early stage of these shit coins when they still have very well system too, we could use their whitepaper and team to discern some, but whitepaper is so difficult to be able to discern these projects now, they even do hire Blockchain developers now to help them write the whitepaper, and the team even look genuine when you see them.

It is because it has become difficult that made me to result into allowing them to have stayed long in an exchange first before thinking of looking at their project for any investment in them, so indirectly, I dint do new projects again.

[confreslamp]

I am not an expert, but you can see such things on team behaviour and their roadmap. If everything is getting postponed and team members are not delivering their promises, you can be sure that such project will never be successful.

[xiboothrezi]

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.

[Ferris419]

Though I would not tell that Insight coin is another shitcoin, because to me it seems ok type project with huge supply. They have a plan for products and use cases! If you look at their Github page and technical paper you will see something good is here! But this is not a coin for investment in this position. You may keep looking on this project until you find something good there! If you feel not good in Insight Coin, choose another for investment!

[letyouearn]

Shitcoin... this is a very subjective concept, you know
Usually it means really weak coin in your opinion or even pure scam. It's up to you, you are defining this. I don't think coinmarketcap top-100 contains any shitcoins.

[leowonderful]

I personally call coins without a working product shitcoins, or especially ones that promise one far in the future; a lot of these promises eventually fall through and never happen, and it's gambling if you're buying something that's only promising to deliver something. Some factors also depend on how you view things; for example, a lot of people like to call strongly centralized coins and tokens like Ripple shitcoins. Projects that aren't solving problems but are looking for solutions to problems that might not even exist are also shitcoins in my eyes. There's really no one way to define it, but a very general way of defining a shitcoin would just be a project that doesn't meet its own goals and/or does not have any significant real use-case.

[hatshepsut93]

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)?

Nearly every coin out there is a shitcoin, so you should flip your logic and instead ask "what coin is not shitcoin"? A decent coin should have relatively high marketcap, though marketcap alone is never enough to judge a coin. A decent coin should have active community which is genuinely interested in it, rather than being bounty hunters or paid shills who just create buzz. The most important factor is development activity - a good coin should have a lot of commits, issues, pull requests, discussions on github, and they should come from many different people. And last, the coin should have realistic and achievable goals that are actually useful, and it should either be unique in it's field or solve the problems of its competitors.

[huu78]

I commonly look at it as a coin or shitcoin just by recognizing the team and its projects whether they are genuine and have offices in their country and whether the project has a good innovation.
But that's not enough to judge because now many team manipulations and massive projects are very real and can make us believe and eventually disappear. So follow their community if crowded will usually be something good.

[topbitcoin]

If me, maybe when i read here at first is see some people answer we must look at team, maybe it work for early to decide the project legit or not. But sometime after end of ICO, the coin can be shitcoin too because it looks like left by it's developer. I think shitcoin or not, actually still hard to predicted. Usually project that underestimated by people, can be good in market.

[Doranile432]

What makes a project standout from shitcoins is real working project and pro teams, without these two the project will surely fail, every investors must take the responsibility of doing research to avoid shitcoins completely.

[ecnalubma]

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!

What made you interested in that project anyway? In my personal judgement I will not invest in projects that I don’t fully understand, we don’t have to be experts to judge a project but as long as it has use cases and working product’s unless if it has no use then probably will fall on shitcoin category.

[Palider]

I'm no expert but it's easy to see if the coin we hold is shitcoin.

We will soon find out it's shitcoin if it has no exchange volume and 1 satoshi is the price. And if it has been abandoned by the developer. It is also possible if these are coins made to be used in the scam.

[jostorres]

I commonly look at it as a coin or shitcoin just by recognizing the team and its projects whether they are genuine and have offices in their country and whether the project has a good innovation.
But that's not enough to judge because now many team manipulations and massive projects are very real and can make us believe and eventually disappear. So follow their community if crowded will usually be something good.

You one funny thing about majority of these projects is that they keep riding under the auspice of decentralization by not creating a virtual office, but yet they keep creating all these centralized projects for us that really does not make sense.

It is true that every project is at least supposed to have their physical office in the country for people to be able to verify them, but many would claim that their identity is not supposed to be known which I think this is just purely scam, so I also consider what you do here too before concluding if a project is bad or not, and secondly, I even prefer to participate in a project that is meant to have like a physical factory and not all these software running project claiming millions of dollars to create an application.

[gundala]

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.