How To Spot a Shitcoin?

[adzino]

Most of the shitcoins are just a clone of other well known coins. They have nothing new to add to the current prevailing coins. Again, most of the shitcoins will try to scam investors, so the developers will mostly try to hide their identity. They will try to reveal bare minimum information about how their project is going to work. Even if they reveal who they are, chances are that those information are fake. If the most of the coins are being held (or already mined by the developers), then chances of those coins to be shit coin is very high. Abnormal price rise/fall and volume is also another way to spot a shit coin.

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[Williams_Leo]

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.

Well, if we try to determine if the project is a shitcoin or not as soon as it launches, that is certainly not easy to define because the trading volume and demand of people is still not stable, besides, the next plan of the project may not be clear and launch, rushing in judgment just easily leaves mistakes and misses opportunities. At the very least, use a certain amount of time to consider, if it's a shitcoin, the value will drop relatively quickly over time and very little liquidity, conversely, a good altcoin will have good liquidity, the value can always go in a positive direction

[deeameea27]

Sometimes is hard to spot shitcoins or scam, at least for new coins i don't know how to choose and choose better projects instead of falling ones.

[julius caesar]

I do not think that there is really a certain reason on how are going to call the coin as shit coin. First and for most, almost all of the coin has been called a shitcoin because some of them drops its price. But if we are going to talk about ICOs, you can identify it by just checking the background of the creator of the coin. If they do not have a good background, it might be a scam since they do not have or has a less experience about developing it and might not be able to sustain the needs of that coin.

[makishart]

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.

It's not so hard as long as you are using various sources to get the latest information and analyzation regarding the project. Just believe if not only you that does an analyzation to the project. Just join into the active ico group that was doing proper research to the any project and that's enough to avoid the shit scam project

[target]

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

I wanna know too. There are projects that provides github pages they end up not just a shitcoin but a scam. Some of them still playing busy in their telegram channel but that's just it.

[Kvalentine]

You can gather enough evidence from the team alone, ask them big questions, if they aren't shady they will answer every tough questions you throw at them, if they have anything to hide you will see them ignoring your questions and answering the easy ones

[Ridwan Fauzi]

Sometimes is hard to spot shitcoins or scam, at least for new coins i don't know how to choose and choose better projects instead of falling ones.

If you don't have any knowledge to know scam projects or you can't make an analyst against them I suggest to just active on scam accusation board.

Before you open this forum you should directly choose scam accusation board as your destination. I believe you will know what scam project on this forum even the project just launch an Announchment on this forum.

[Sanugarid]

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.

Well, if we try to determine if the project is a shitcoin or not as soon as it launches, that is certainly not easy to define because the trading volume and demand of people is still not stable, besides, the next plan of the project may not be clear and launch, rushing in judgment just easily leaves mistakes and misses opportunities. At the very least, use a certain amount of time to consider, if it's a shitcoin, the value will drop relatively quickly over time and very little liquidity, conversely, a good altcoin will have good liquidity, the value can always go in a positive direction

You can somehow identify if that particular project is going to be a shitcoin. You can see it when the project is still running and you noticed that their target is not yet reached and they are running the project for a long time, that makes them somehow lose money because if we consider the payment they are giving to the participant during the project or sale that has a big impact too.

Sometimes is hard to spot shitcoins or scam, at least for new coins i don't know how to choose and choose better projects instead of falling ones.

If you don't have any knowledge to know scam projects or you can't make an analyst against them I suggest to just active on scam accusation board.

Before you open this forum you should directly choose scam accusation board as your destination. I believe you will know what scam project on this forum even the project just launch an Announchment on this forum.

Knowledge is really an important attribute you need to obtain before being involved with cryptocurrency because one single mistake can lead to a bad situation such as losing money. So if you really want to invest money, you should study every project by reading the important information. You can actually see it at their whitepaper and to know also the roadmap of that particular project although roadmaps sometimes not being followed.

[TimeTeller]

I do not think that there is really a certain reason on how are going to call the coin as shit coin. First and for most, almost all of the coin has been called a shitcoin because some of them drops its price. But if we are going to talk about ICOs, you can identify it by just checking the background of the creator of the coin. If they do not have a good background, it might be a scam since they do not have or has a less experience about developing it and might not be able to sustain the needs of that coin.

The team involved is really significant in assessing if the project can carry out their objectives.
For those anonymous projects, that would be hard and it would take time to determine their worthiness in crypto.
But even though there are teams who have public profiles, it is also not a guarantee that they will not run away after quite some time.
So if you are an investor for a particular project, you should follow not only their thread or website, but all the social media channels they have.
Because you will get a hint what is really going on by how they will answer some vital questions towards their project.

[abeecrypto]

It’s a difficult one. You could still scrutinize project and think it is a good one but later turn out to be shit one.  And some you think would be shitcoin could turn out to be a good coin. You never can tell! Like, if I was to follow your article to spotting shitcoins, some already progressing coins would fall under shitcoins. Different opinions, different outcomes.

[thesmallgod]

I can tell you this days many investors do not even care about doing enough research on determining the prospect of the project. Just like you have stated, it is very difficult to discover that a coin is gonna be shitcoin but it is always sensible to do a bit of research on a company when investing. In fact, I have made it a priority to always stay away for a project whose registration is not confirmed by me. So even if the project is not successful at least I have little hope of getting back refund. Projects such as LBX come to mind.

[bitcoinst]

I suppose it will be easiest to look at what this coin is responsible for. If there is any business under it. In other words, it is important to understand what purpose the coin developer pursued by creating it

In most cases, the goal is only to make money. If the project does not bring any benefit to real life, then it can be called exclusively speculative.
But even in those cases where the project promises to implement offline, this can be speculation. Everything needs to be checked.

[XCANA]

The idea of the project is everything. Investors tend to invest in those projects who has commercial value and which leads to mass adoption and the team behind the project, I think any coin who doesn't possess these characteristics proves as a shitcoin in the end.

This was how I operate when I was into a full time bounty hunting, I choose projects with case usability in a real world. Sometimes, I invested on projects that has a working product like BuyLight Bulb which I participated on. Therefore, any coins without these features can be term Shitcoins with no real value. Although, many of these shitcoins we see these days are easily pump and dump coins.

[leatutz]

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/

Shit coin never totally exit from cryptocurrency. You should active  in scam accusation to analyze about real projects, this is the best way to stay away from scam. Because so many projects trun out scam after successfully funds rise. Without Bitcoin and Ethereum, I won't suggest any coin. You should buy any new coin after long time listed exchange.

[gundala]

I am among those who survived even though in 2018 many trams scams project that did not continue to develop the project. Though initially it seemed convincing and provided concrete evidence, it slowly disappeared by making the bad market situation a scapegoat. I've also done the best analysis, but I also understand the risks, a lot of things that are unthinkable here, right? that is why there are still many who survive even though the chances are small.

This was how I operate when I was into a full time bounty hunting, I choose projects with case usability in a real world. Sometimes, I invested on projects that has a working product like BuyLight Bulb which I participated on. Therefore, any coins without these features can be term Shitcoins with no real value. Although, many of these shitcoins we see these days are easily pump and dump coins.

This is one of the best solutions, choosing projects with real and active functions. At least reduce the risk of a fresh start. The rest we only need to accept bad things like risks, and we will continue to survive and be more rational in choosing projects.

[irixo10]

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/

All your facts are true, the number of coins in this space is too much and funny enough only few are actually doing well. Some are just dead while some are used for pump and dump. In my own way, the first question is what do you want or expect of the coin? This will help to narrow down your choices. But however, one of the simple way to spot a shitcoin is when the team shys away from certain technical questions; this act shows they have nothing to offer.

[aemma]

When it comes down to spotting a shitcoin, many things comes to mind of which the first question should be, why is it a shitcoin? Most people can term a good coin a shitcoin just to bring down its price etc; like someone once said ETH is a shitcoin although we all knew it's false. So to answer that question, one needs to check the position of the coin in CMC, study its growth and move to the project proper to know about the team and if their idea is genuine and how or what they have done over the years to bring it to work. Also, there are other coins which are shitcoins and not listed on CMC, in this case appropriate steps have to be taken, wherein thoughtful questions needs to be asked the team to ascertain their level of understanding.

[DeathProxy]

It all boils down to the team Information.  For project using fake team LinkedIn profile goes a long way to show how genuine the project is and if the coin is a shit coin or a coin with real usecase. You can also spot shitcoin by the reason for creation of the coin,  is the coin created to solve real time problem or for the purpose of just pump and dump.  If its created for the purpose of pump and dump then definitely it's a shitcoin

[kindbtc]

For me a coin is shitcoin for multiple reasons and some of them are;
If the coin does not have proper use cases or practical applications.
If the team is anonymous and never update the community.
If the development or upgrades are not performed in many months and no email or notification has been released to the investors and supporters.
And lastly if the project is not practical or commercial enough to stay in the market and generate revenue for itself.