How To Spot a Shitcoin?

[timmmers]

There are so many factors and each one is very important. Even you have a good product, listing but no one is really using it, then your coin is pretty useless. This is very frequent in cryptocurrencies, new altcoins come with technically better solution, but they do not have user base because developers and users will not migrate to a new platform whenever is created. So, in my opinion Ethereum will not loose its position because it would cost a lot of energy and money to use new smart-contract platform.

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[makishart]

These are good points but the main one - use cases.
Without any usecases coin is useful only for speculation

The problem is the usecase can't be determine when you are on the development phase. This has already proven as inaccurate to determine the scam project from the usecase. Not all of the projects are creating prototype and this must be changed. Another thing just like community, advisor much more important.

[darewaller]

There always needs some great research behind spotting a Shitcoin. There really are thousands of coins circulating in the markets and hundreds of coins might be launched each week by several ICO/IEO projects among which 50% would end up being a shitcoin.

I mostly compare the product behind any project to predict the potential of the coin so that I do not end up on any Shitcoin. There are few coins which recently launched having major ROI and investing in such coins would perhaps turn out to be profitable and this is what keeps the investors close to the newly launched coins. But, I'd prefer newbies to stay away from the ICO/IEO markets in order to be safe from those shitcoins because being new to the markets, it might get challenging to spot a shitcoin.

[jessyj48]

Shitcoins consists of different red flags that can only be spotted if you know how to do better research on them, here are few red flags I know of
1. Repetitive ideas
2. plagiarism, website designs or copied white paper
3. Very shady team, if you ask too much question you will become a threat
4. They like listing on lowest, cheapest exchange as possible

[DarkDays]

"Was the code stolen from elsewhere?"

How about providing some details about how you would go about checking this...

The title of your post is "How To Spot a Shitcoin?" and yet most of your post actually doesn't say how to spot anything at all.

Beyond this, I'd also say you've forgotten to include one rather large indicator to your opinion piece—lack of experience.

A huge number of projects (mostly backed by ICOs/IEOs) are launched by an executive team with little to no business experience or accolades. To think these individuals know how to run a company, market and onboard clients with no experience is a complete joke, but noobs still fall for it because of a few flashy images and a whitepaper, lol.

[btcdie]

The most often I see "scammer or shitcoin" is a project that still uses other people's blockchain networks (such as ERC20, TRC20, etc.) today which is called a token, with this all scammers are easier. more review is needed to identify whether the adoption is real or legitimate. average potential project is to build its own "mainnet" blockchain, but it needs to be considered as well because some of them are not infrequently professional con artists. and also stay away from projects that smell ponzi. actually the easiest thing is to review it in person and meet while drinking coffee with the team, if you are a big investor. don't trust someone on the internet too much, stay alert and be careful with your money.

[redsun114]

Easily the lack of proper white paper and website. If you check all the horrible coins, most of them do not have a proper looking website with all the information required, almost all of them have one of those designer websites that "looks good" to people and that's it, marketing is highlighted and its just using a lot of neuro marketing to make you keep funding them.

If you however pick a coin that is proper, you will see that it speaks for itself in the whitepaper and all the roadmaps they have to reach those levels, that at least shows that coin itself is actually cool, when you have a blockchain and a coin that is really good, you don't need to tell people to help you out, they will literally get in line to buy more and more of that coin because its rare to find that type of coins out there.

[thisnewcoin]

Spotting shitcoin is not hard anymore, it doesn't take lots of rules or formula if you have the experience. Sometimes shitcoin's price may have bullish run, but that doesn't make them real or good. So, to spot a shitcoin, you have to see their team working system, coin's value, and use cases, website interface, partners, development progress, media coverage, and some others. If all these things go through the roadmap or perfectly then that project is good, otherwise, they are pure shit.

[Mianae]

When the team information is not displayed. When they have a scam accusations concerning team profile pictures being random online pictures. When there are numerous irreconcilable transactions from the smart contract wallet. When there's no open github source code.

[judaspriest]

When the team information is not displayed. When they have a scam accusations concerning team profile pictures being random online pictures. When there are numerous irreconcilable transactions from the smart contract wallet. When there's no open github source code.

all of that is indeed the most important thing to find out about fraud projects, one of the most important things of all is their development through Github, if they always update developments then it's not Shitcoin! trust me

[Brunus]

Well, it's very easy, since almost all altcoins are shitcoins, it is sufficient to say that - whatever the currency we are talking about - to say that it is a shitcoin, with 99% probability of guessing ...

[fullhdpixel]

There is no shortage of coins and tokens in the crypto-industry. How many of them are any good is the question.

Evaluating the economics, technology, and marketing of just one project is hard. There are thousands of projects out there. It’s impossible to come up with a universally applicable method to tell good projects from bad ones.

Yet, somehow people get by and manage to navigate among all the options in the cryptocurrency market. How?

When there are too many things to choose from and the time is limited, people, animals, and computers sometimes use heuristics—problem-solving approaches that aren’t necessarily optimal or rational, but they work well enough in most cases and save some time if you’re lucky.

https://forklog.media/how-to-spot-a-shitcoin/

I would also on how the project and developers answer their investors and supporters in their social media sites and support chat. Legit projects and their crypto normally make it their responsibility to answer inquiries and questions of their users. As long as supporters get updates about the development of the project, I mean real person and not bots, I think the project is ok.

This for sure is not the only criteria which we should consider before investing into any markets. There also are some other points which should be considered in order to see if the coin has the potential or may end up being a shitcoin.

The volume behind the coin might be the first and foremost characteristics any investors would consider first. Then comes the market cap, rank of the coin, team behind the coin, product behind the coin, their source code, important updates from the project and much more. Also the coin should have demand in the future which would derive the price on an increasing order and hence we should never forget to check if the coin would be dependable in the future.

[imstillthebest]

Well, it's very easy, since almost all altcoins are shitcoins, it is sufficient to say that - whatever the currency we are talking about - to say that it is a shitcoin, with 99% probability of guessing ...

lol wtf man but you must be right because people claimes that eth , ripple ,bch are shitcoins  . there are also some that called btc a shitcoin  .

but for me i can say that these coins are far from a true shitcoin because they are somewhat useful and have thier own unique abilities or usage   . most alts are not a shitcoin but most tokens yes  .  its easy to spot a real shitcoin by basing only on its appearance or name  because most shitcoins came up with odd names and odd coin icon/design   . 

[nicster551]

You know its not hard to spot a shitcoin as they are all over the entire market, almost 90%. The best way to spot a shitcoin is its usecase, if you saw that the project was purely based on hype and no working product then that means it is a shitcoin. Another ways to spot a shitcoin is that they already stop their development or the team already dumping their tokens and leave the project.

[Goodvalony]

we have different options of spotting shitcoin. most times, inactivity on gist-hub, social media and no serious update. Most people tends to list in poor exchange which is another method of discovering  a shitcoin. some keep selling their token even after token sales are finished, with some little tiny bonus to attract investors. most focus on their money more that the project they are workiing on.

[sangjoewara]

Well, it's very easy, since almost all altcoins are shitcoins, it is sufficient to say that - whatever the currency we are talking about - to say that it is a shitcoin, with 99% probability of guessing ...

It would be very wrong to say shitcoin by guessing, because not all altcoins are shitcoin, because some altcoins that are already really popular in many exchanges are not included in the shitcoin category.

[Bitbtc8]

Shit projects always have a attractive offers that are always too good to be real, that is if the project is well crafted and still a fake. some have fake teams mixed with real team so its better to search each team member pictures using google image search or others, the next one is common, copied whitepaper or ideas stolen from other old coins

[Zicadis]

If the source code is closed, it usually means that the developers have something to hide.
✓

Is the major portion of the money supply in the hands of the original company or a handful of people?
✓

Well, realistically, not all blockchains are designed for the public. Because of these, they are neither open source, nor upfront about their code.

Blockchain as a service companies can instead rely on third-party audits of their code to prove their usefulness to nascent businesses and the like.

However, I would agree that a lack of public source code for a public (or crowdfunded) project is a big no no.

[Leonardo7]

If the source code is closed, it usually means that the developers have something to hide.
✓

Is the major portion of the money supply in the hands of the original company or a handful of people?
✓

Thanks for your recommendations I have known some before now though. I understand if the source code is closed someone else can't analyze and contribute to it or the development. Now if am not a programmer, how do I know the source code is closed from the Github page? Thanks

[Psalms23]

Base on my experience, its really hard to spot shitcoins, especially if they are still newly launched. Most of the shitcoins/ scam coins are exposed only after some time and that could even be months until you realized you are holding it.