Be careful of shitcoins

[Charles-Tim]

There are many risks in trading or investing on shitcoins, I can still remember vividly when I invested on a shit coin that later became dead too, it is better to invest on strong coins like bitcoin that can not be pumped and dump in a way it will become dead because it has high marketcap. Infact, one of the most lucrative scam in vogue is pumping and dumping coins, new coins fall into this category. I checked about metaprediction coin online like five minutes ago, and I have fast noticed that it is just a pump and dump coin. Many investors and traders would have lost after buying the coin.

[Subbir]

There are many risks involved in trading shitcoins they're almost scammed It doesn't take long for currencies to fall Bitcoin is that the best currency to trade the crypto market and its demand from other currencies is large. The shitcoins are slowly losing their existence Everyone has reduced their use of it for his or her own protection in doing business These shitcoins are far below the flat market.

[BD Crypto]

Before investing in any altcoin you must research by own and don't go for new launched altcois.Actually Shitcoins are now increasing rapidly.So if you want to safe from them you should invest in top 40-50 coins from Coinmarketcap.

[pakhitheboss]

In my opinion, almost 80 percent of all altcoin are shit coins. I would never recommend anyone to think about altcoins other than the top 50 listed on CMC. I am sure most of the members will agree to it. There are few altcoins that are listed above the top 100 list but you need to analyze those coins properly before investing in them.

[bakasabo]

Topic name is misleading. Instead of "being careful in investing in shitcoin", one should be aware of investing without examining an altcoin.
Same can be said about bitcoin - I've bought it in January 2018, when the price was about $20k, and not it is $9.3k.

OP is an excellent example of how not to invest. METP - Metaprediction. Price prediction platform. The idea is not even close to being new in cryptocurrency. You should have googled more. Based in info on their webpage, this project is young (they are about to release alpha in this quarter according to roadmap), and maybe they still have a bright future. Maybe it is early to panic. (but according to coinmarketcap, price is already dumped during may, sorry).

[Becky666]

Why don't you invest with the best coin and forget these shitcoins all over the place?. Currently I have been warned about trading altcoins and investing with the altcoins because of their nature. Don't be fool by what you see during their pumps, always sell off your altcoins portfolios when there is a sign of dump. Many of my.investment with some altcoins last few years, I hold against any slight opportunity and sell for profits but my last journey was a blast as i lost huge amount to MDT coin. Always do your thorough research before making any step to invest with the altcoins, always think Bitcoin first.

[masulum]

I see on their telegram group, they are still active and has a plans to being relisted on HitBTC. Since this project not died yet, maybe OP still have a chance to get your money back someday. Of course, relisted on HitBTC wouldn't guaratee the price will be back, if their development was good in the future maybe it will happens. Take every chances if you can sell it.

[NavI_027]

The coin was METP, I invested at the price of $0.0004 some weeks ago, but the coin is now at $0.000002, I invested $100 and it has now vanished, I do not even have $1 remaining again and it was a lost that really depressed me.

A wiser move would supposed to be investing within this time frame because this is the time where most of the investors did not dump their coins yet. But unfortunately, you already invested on the time when the coin is considered a sh*tcoin already. From $0.0145 to $0.0004 and going down to $0.000002, the trend continue to fall down and I don't think it will bounce back. I feel sorry for you but I think you should sell now even if it's hard. At least you able to cut your losses somehow.

So next time, don't invest in new token or if you really are into alts then at least dump fast . Good luck.

[Onuohakk]

I believe this could be helpful for some people here on this forum as I falled into shitcoin trap. I could not believe I can lose my whole fund in just a little time and I want to use this forum to advice the newbies to be careful of shitcoins. I hope you all know how dumped price can wreck the funds of people that invested in such coin.

The coin was METP, I invested at the price of $0.0004 some weeks ago, but the coin is now at $0.000002, I invested $100 and it has now vanished, I do not even have $1 remaining again and it was a lost that really depressed me.

Recently, I checked the price since when it was launched in 2019, it was $0.01245, it has been fallen since after even till now, if I has first analysed the coin, I will not not fall into the trap, but I have no idea about analyses at the time.

I will advice people to analyse market and the coin that want to be used to trade or invest before buying such coin because some coins are just existing to take away your money before it becomes fully dumped.

Investing on the wrong coin, have taught me a big lesson that I can't forget so easily. If I should invest in any altcoin now, if have to be trading already for at least 2years and above before I think of investing into it. By then, I would have gotten to know the actual value of the coin, also analyze her highest and lowest price on cmc. Whether it's a shitcoin or not.

Almost all of the altcoin I have in my portfolio, it's taking them year's before the go above their ICO price even after their price reduce tremendously

[KiloFoxtrot]

Bitcoin's the market leader of course. So, unless you'd want to diversify in crypto, just stick purely with anything that has BTC on it instead.

Otherwise, you've got to really do your research if you'd like to invest with altcoins (be smart enough to understand the real ones from the shitty ones), since no altcoin has ever exceeded the success of Bitcoin. At least, not yet as of the moment.

[smyslov]

Recently, I checked the price since when it was launched in 2019, it was $0.01245, it has been fallen since after even till now, if I has first analysed the coin, I will not not fall into the trap, but I have no idea about analyses at the time.

I will advice people to analyse market and the coin that want to be used to trade or invest before buying such coin because some coins are just existing to take away your money before it becomes fully dumped.

It's a hard lesson to take but but you need to move on and be a better investor, still many people are not aware that there are a lot of coins in the market that was just launched to take away your investment, these projects do not have a platform or a services to speak of, they are copy of of past dead projects, this is something that people newbies and old to be aware of.

[virasog]

Before investing in any altcoin you must research by own and don't go for new launched altcois.Actually Shitcoins are now increasing rapidly.So if you want to safe from them you should invest in top 40-50 coins from Coinmarketcap.

I also got victim of investment in shitcoins. One of my friend was a trader and he used to trade in low cap coins as he believed that low cap coins gives more profit. I invested in few such coins and those coins never recovered their prices after the dump.
If you want to be 100% safe in this altcoin trading, then invest only in top 20 altcoins.

[jademaxsuy]

It clearly shows that you did not take the research seriously and that cost you your money from investing in such shitcoins. Why not invest on top coins or those coins which you can earn profit. I already tried investin on a bankroll of a gambling site. Why not also try investing on a bankroll maybe you'll earn profit there. Knowledge is power.

[UserU]

I also got victim of investment in shitcoins. One of my friend was a trader and he used to trade in low cap coins as he believed that low cap coins gives more profit. I invested in few such coins and those coins never recovered their prices after the dump.
If you want to be 100% safe in this altcoin trading, then invest only in top 20 altcoins.

Did he trade them in 2018?

[hatshepsut93]

Why not invest on top coins

When they say "shitcoin" different people may put different meaning into this word, to some it's only the lowest coins that are obviously bad, to others it's nearly or literally all altcoins, including the top coins like Ethereum. I personally would rather advice beginners to be wary of altcoins rather than shitcoins, because of this ambiguity of the latter word, because it's easy for a newbie to mislead themselves into thinking that the coin they are about to invest into isn't a shitcoin because it has good review on some blog or news site.

[yazher]

So if you didn't know anything about it (you didn't analyse it), why exactly did you buy it in the first place? Surely you had some reason when there's so many shitcoins to choose from.

I saw the price increasing at first, I thought if I invested in it the coin price will continue to increase, I was new to crypto at the time and nobody to put me through to avoid mistakes.

They chose that coin for pump and dump investment, that's what had happened. nowadays you should know how to identify those kinds of coins or else you will gonna lose some big amount of money by blindly investing in what you've seen seems legit coins. most of the time, those shitcoins will raise its price due to some manipulative works by its owners. they already have it planned. everything is just a drama whenever you see some that happen, don't make any move. instead, ignore it and let them be. Trust me, the risk is significantly high you should avoid it.

[RabbiTANK]

I believe this could be helpful for some people here on this forum as I falled into shitcoin trap. I could not believe I can lose my whole fund in just a little time and I want to use this forum to advice the newbies to be careful of shitcoins. I hope you all know how dumped price can wreck the funds of people that invested in such coin.

The coin was METP, I invested at the price of $0.0004 some weeks ago, but the coin is now at $0.000002, I invested $100 and it has now vanished, I do not even have $1 remaining again and it was a lost that really depressed me.

Recently, I checked the price since when it was launched in 2019, it was $0.01245, it has been fallen since after even till now, if I has first analysed the coin, I will not not fall into the trap, but I have no idea about analyses at the time.

I will advice people to analyse market and the coin that want to be used to trade or invest before buying such coin because some coins are just existing to take away your money before it becomes fully dumped.

Glad you knew the fault was yours, many newbies still makes this mistakes today, maybe this post will actually make them have a second thought before blindly investing on altcoins, without the proper analysis you will easily fall for pump and dump altcoin projects

[Krislaw]

One of the worst move of a trader/investor not to carefully analyse the team, the promises, usecase about to be purchased for holding. Most of altcoins are created for pumps and dumps. Good thing you admitted you are at fault and next time you see people shilling coins in groups or exchange chat, you do proper research.

I'd advise you to choose from coins with good trade volume(not fake volume) on a reputable exchange. That way you would know you can't lose everything the way you lose your money to that shit coin.

[taufik123]

Analyzing it first before investing in shitcoin is necessary. the analysis is not just analyzing the price of the coins, but analyzing everything like the team, the road map, their whitepaper and others. That will clarify the project and you can decide whether to invest or not.
now many projects fail, so many altcoins are unable to return the price to the ICO price or to the initial price they launched.
It takes a long time to reach the initial price when you buy the coin or even the project dies and is abandoned, it might be possible. Because I have a lot of worthless coins and the developer left them.
In my opinion, it's better to invest in altcoin in the top 20 Coinmarketcap, it's more secure. As with ETH, TRX, XRP and other coins.

[pooya87]

In my opinion, it's better to invest in altcoin in the top 20 Coinmarketcap, it's more secure. As with ETH, TRX, XRP and other coins.

the problem as i have said numerous times is that these rankings on sites such as this one are completely arbitrary because they are based on a meaningless factor called "market capitalization". as long as it is trivial for an altcoin to create millions, billion, or even trillions of coins with a click of a button and end up having an enormous market cap we should never used this factor for ranking.
the result is that coins that are on top 20 are there because they could successfully inflate their market cap while keeping their actual circulating supply low (eg. XRP has an enormous supply while only a small amount of it is in circulation) which keeps their price at a level that gives them high market cap (=price*supply).
That does NOT make them safe investments.