How To Spot a Shitcoin?

[fuer44]

in my opinion it is still difficult to identify whether the project will end well or not. because no matter how good the team is and how the project develops, if ultimately the reason for the team is that the money is taken away by one of the teams, then that will be very annoying. sometimes we already believe in the team there and can be seen from the crowdfunding they get, surely we have positive thoughts. but if in the end the problem is that money is taken away, or because the market crashes so that tokens are not released then it will be very sad.

[1714679802]

1714679802

[Kotone]

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. 

We cant know yet if the coin created is for pump and dump until we can see them on exchanges. Yes, more likely the coin should have at least use case and a purpose. For an instance that coin cant provide much useful objective then Im suggesting to discard already and avoid it. Usually many projects are like this and using the eth eth network to create these useless coins for their promotions.

[bitgolden]

Spotting a shitcoin is just the problem of high risk investor and for people like me definitely will be sticking only with bitcoin investments or maybe with few other highly reputed altcoins. It means there will be no need of spotting what are good and what are bad. We will be sticking with what we are already having and what we are already giving good returns for our capital. Yes, time is very limited and making good profits out of limited capital is possible and peaceful with the bitcoin kind of already established and proven coins.

I'm not trying to emphasize not to encourage new coins/tokens. But, it is the job of higher risk investors. People who are all preferring to follow the diversification principle may go for investing into many coins which will be including unknown coins and tokens. Only for such investors, spotting out shit things is a big priority.

[assa1979]

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. 

We cant know yet if the coin created is for pump and dump until we can see them on exchanges. Yes, more likely the coin should have at least use case and a purpose. For an instance that coin cant provide much useful objective then Im suggesting to discard already and avoid it. Usually many projects are like this and using the eth eth network to create these useless coins for their promotions.

That's true most of current crypto newcomers are erc tokens with somewhat purpose or mission/trouble to solve.
Its rather hard to spot not shitcoin actually so that should be our goal I guess

[bearexin]

Spotting a shitcoin is just the problem of high risk investor and for people like me definitely will be sticking only with bitcoin investments or maybe with few other highly reputed altcoins. It means there will be no need of spotting what are good and what are bad. We will be sticking with what we are already having and what we are already giving good returns for our capital. Yes, time is very limited and making good profits out of limited capital is possible and peaceful with the bitcoin kind of already established and proven coins.

I'm not trying to emphasize not to encourage new coins/tokens. But, it is the job of higher risk investors. People who are all preferring to follow the diversification principle may go for investing into many coins which will be including unknown coins and tokens. Only for such investors, spotting out shit things is a big priority.

I agree people who do not want to spend a lot of time on due diligence, may simply go with bitcoin only. It will eliminate a lot of hassles and risks associated with investing in unknown/unpopular coins. Yes, spotting out a shitcoin must need lots of effort and time which must be job of big team. I believe small investors will not be affordable for that.

Moreover spotting out a shitcoin is not that much easier job for all the people in this crypto community. Because, scammers are coming with all the tags which are recurred for proving a highly potential coin. So it is highly recommended for small investors to stay away from newcoin/tokens.

[Kvalentine]

1. Fake teams
2. Limited information
3. Banning of investors if asked tough questions
4. Copycats of whitepaper
5. Stolen old project designs
6. Inexperienced teams, the lack good resources like choosing exchanges with fake volumes

[slaman29]

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

It doesn't just all boil down to that! I've seen plenty of scam projects not only with "real profiles" but also even willing to appear on video, willing to pay out big slots and spots in conferences to enjoy themselves and take selfies with stars just running down user-raised money.

For me it's almost 99.99% if the coin is raising money it's a scam. If Bitcoin and others could develop without ICOs, why do ICOs need money? It's different if you're raising money to actually DO shit.

[Clark05]

Actually they have a lot of ways to know or spot the shitcoin but right now the developer are really smart they hide to the people their real purpose because they create or update their technique to believe on them that their coin is good. But for our safety if you want a  good coin or the potential stick to the top or rank coin list in the CMC It helps you a lot to grow the money you invest.

[Stanlo]

Most fake or scam projects always have something to hide, it's your right to find them out, try asking questions on their telegram group, if they are bad you will definitely get blocked and most times their GitHub have all the answers

[Google+]

Actually they have a lot of ways to know or spot the shitcoin but right now the developer are really smart they hide to the people their real purpose because they create or update their technique to believe on them that their coin is good. But for our safety if you want a  good coin or the potential stick to the top or rank coin list in the CMC It helps you a lot to grow the money you invest.

it has become very common when developers try to get investors and traders interested in projects that are developed in any way because I see the method used today can be guessed, usually projects at the beginning will look good and often provide responses with quickly but when it has managed to raise funds with a very large number they will scam slowly.

[Shallow]

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/

Exactly, there is no shortage of coins and token in the cryptocurrency space all that is needed is due diligence on the ones with adequate growth not growth based on hype etc. Seriously, it is hard to say the percentage that are good as there are many worthless coins but there are few good ones out there which needs more study and time to pin point them out. In order to point them out, you would need to ask the team challenging questions, visit their website, social media accounts, GitHub etc to get first hand Information; mostly be careful of pump and dump coins.

[michellee]

It is difficult to spot a shitcoin or not. We don't have enough information about the project. We only know that if in the middle of the phase, the project stops to run, and the team leaving the project. If you don't want to get trick by them, you don't have to buy the coin and leave them in the market while you have the other coins, which is more potential to increase in the future. As long as you can stay with the strong coins, I think you don't have to think about the shitcoins.

[gweedo]

Just go to their website, if their website is too simple, do not display information about teams, investors .. then most likely those are fake projects. In addition, if you have experience in this market, you can check their whitepaper, 90% of scam projects were discovered after people read the white paper.

[vermigerous]

I think there are many things to consider in order to spot a shit coin. As for my perception, shit coins are the ones that has no market value even for about 5 years. Because of its volume and project is not updated.

[justdimin]

spotting out a shitcoin is not that much easier job for all the people in this crypto community. Because, scammers are coming with all the tags which are recurred for proving a highly potential coin. So it is highly recommended for small investors to stay away from newcoin/tokens.

I have different opinion here, people who want to risk with new coins should NOT be advised to stay away from them. It is personal preference and it is up to individuals' risk assessment levels. I mean to say we cannot have a common guidelines for all level of investors even you will be targeting only small investors. Leaving it up to individuals preference would be the right guideline in my opinion.

This way, it will be individuals responsibility to spotting out a shitcoin/rightcoin so that they can multiply their capital or lose their capital. It is a decentralized world and everyone need to take care of themselves and having any common guidelines will lead to unexpected consequences like a good new project may not be getting enough support which will be a loss for the entire crypto space.

[Jannyh]

Well, this is one thing I really find difficult to know,and as such,instead of me risking my fund in a project I really don't understand, I rather put it in bitcoin,no matter how dip it goes,no matter the timing ,it will definitely rise up one day. I think that is a better and safer investment.

[davinchi]

I have different opinion here, people who want to risk with new coins should NOT be advised to stay away from them. It is personal preference and it is up to individuals' risk assessment levels. I mean to say we cannot have a common guidelines for all level of investors even you will be targeting only small investors. Leaving it up to individuals preference would be the right guideline in my opinion.

This way, it will be individuals responsibility to spotting out a shitcoin/rightcoin so that they can multiply their capital or lose their capital. It is a decentralized world and everyone need to take care of themselves and having any common guidelines will lead to unexpected consequences like a good new project may not be getting enough support which will be a loss for the entire crypto space.

That must be a very good point. When we start ignoring all the new projects and their coins/tokens then it will be leading to be ignoring a highly potential coin somehow. I believe this is the reason this forum is not focusing on moderating on scams and scam attempt. Only we are having community protection against scammers and not by the forum rules.

I believe we are already doing perfect because it is a decentralized world and everyone must care themselves and we cannot simply ignore newcomers. This is the reason people are always suggesting about risking only at affordable limit. It is like you can invest into bit coin with 90% of the capital and only with 10% capital you may risk with other coins which will be including new tokens and coins. This way we are supporting  any new good coin too. At the same time this does not mean we do need to blindly invest into any new coin. Still a high level of due diligence is recommended as usual.

[kooboat]

When it comes to spotting a shitcoin, one of the simplest criteria to use when a coin is listed a number of exchanges with low volume. For a long while now, I have realised that most coins that turns up to shit or almost useless gets listed on a number of exchanges and end up with no or very low trading volume irrespective of the price of each token.

[Pamadar]

Just go to their website, if their website is too simple, do not display information about teams, investors .. then most likely those are fake projects. In addition, if you have experience in this market, you can check their whitepaper, 90% of scam projects were discovered after people read the white paper.

As most of the time the whitepaper are just a copy from existing project, shit developers just copy this information as they don't have real offers to provide, from the team behind to the usable offering you'll noticed and you will be able to assess which is the good one that have the potential to grow and succeed from shit coins that only intended to earned from investors who don't make deeper research.

[Inkdatar]

When it comes to spotting a shitcoin, one of the simplest criteria to use when a coin is listed a number of exchanges with low volume. For a long while now, I have realised that most coins that turns up to shit or almost useless gets listed on a number of exchanges and end up with no or very low trading volume irrespective of the price of each token.

This is one to consider a coin that has low volume and to add up no update from the team. Even a coin is listed in the exchange we can sense a not valuable anymore because of no development. Some crypto users experience of not earning in their coins because of not following it's update about the project. It becomes shit coins so it is very important to check the project before investing.