Be careful of shitcoins

[Oshosondy]

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.

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[cryptoperkele]

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.

[Daniel91]

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.

The time of all these altcoins is long gone, in my opinion.
The highlight was during 2017 and then with a bit of luck you could make some money but now it's just not worth investing in any shitcoins.

[Oshosondy]

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.

[Oshosondy]

The time of all these altcoins is long gone, in my opinion.
The highlight was during 2017 and then with a bit of luck you could make some money but now it's just not worth investing in any shitcoins.

The coin was launched in April 2019 or so, if not April but I am sure it was in 2019. But after the launch, the price has been decreasing, although, it can increase little but decrease the more in a way investors will certain lose huge amount of money.

[Asuspawer09]

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.

You could easily lose your investment in investing in these dead altcoins, Even it other altcoins without enough research you should not gamble investing in an altcoin that you don't really know chances are the token market price is going to drop.

As there are so many altcoins in the market doesn't really have a real volume, so investing in a fake market price is not really going to be a good investment to investor like you, you don't have a lot of experience in trading I think you should stick investing in popular cryptocurrency or altcoins.

[KiloFoxtrot]

Right now, btc is still the king and there's a reason why they're called shitcoins to begin with. Nonetheless, since it's always ideal to somehow diversify nd spread your investments, but if you're doing that with crypto, make sure that you do your homework, or else risk experiencing what you've recently experienced indeed.

[hd49728]

Altcoin season is here and shitcoins are here too. They are likely shitcoins from the past or newborn ones.

Altcoin season, scam altcoin projects will appear. Check their Githubs first. With some guided steps to check those coins, you will easily find which ones are shitcoins.

[UserU]

The coin was launched in April 2019 or so, if not April but I am sure it was in 2019. But after the launch, the price has been decreasing, although, it can increase little but decrease the more in a way investors will certain lose huge amount of money.

Pump and dumps are very common. Those early investors will hype up the price and once they're satisfied, quickly selloff their assets. Then the latecomers or those none the wiser lose it all.

[Alt Coiner]

In the real sense of the word, shitcoins doesn't really become a shitcoin until everyone's convinced that they are. Therefore, until proven otherwise, it's a mislabeling and it's a generalization that's undermining the real essence of an altcoin since every coin or token that came after bitcoin falls into this category.

[stompix]

The coin was METP, I invested at the price of $0.0004 some weeks ago,

You invested in a clear shitcoin. Metaprediction?   lol

Just reading the few lines on their website should have made you turn away from ti

Pro Traders
MetaPrediction platform with unique AI algorithm identifies and attracts the best traders in the crypto market.
Best Performance
Experienced Pro Traders and rapid MetaPrediction platform engine guarantees the best performance in the market.
Profit for traders
The highest profit for registered traders guaranteed by unique platform structure and fast methods for trading funds deposit and withdrawal.

A so-called team guarantees profits, because they have an amazing AI algorithm and instead of using it themselves they are resorting to selling shitty tokens. That's like those writers who sell books on how to win the lotto when they could easily win the jackpot themselves.
If there even is a team behind it, all I can see is a bunch of nobodies with zero experience and zero info on LinkedIn.

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.

You were new to trading and to investment also if this is the motive you invested in that coin.
But by looking at it' graph and market cap and volume at the peak of its growth it still puzzles me why you bought this one and not other shitcoins, a lot of them grow for a brief time just like this one has. Or....you did buy a lot of others too...right?

[hd49728]

1. Whether the coin have practical usage

For newbies, it is challenging for them to verify such promised usages that are given by developers in whitepaper, websites, etc. They are often satisfied with what are given by developers.

2. The promise by developer team sounds too good to be true

Everthing that is said "too good to be true" should never be trusted. I totally agree with your advise.

3. Are there any new innovation or not

Besides innovation, the current or recent development activities of developer team are important.
Using price chart to support for all aforementioned things.

If team have still actively developed their projects (one of easy method is to check their Github: Altcoin season, scam altcoin projects will appear. Check their Githubs first) and the chart of price shows a very long term down trend with a very stable little price fluctuation at bottom range. Yes, it is a good project to consider for portfolio.

[hatshepsut93]

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.

This sounds good in theory, but on practice beginners and even more experienced traders don't have the skills needed to perform a good market analysis. Most people simply read some articles, that very easily can be paid shilling, Looking at charts isn't very useful either, simply buying at the bottom isn't a guarantee for profit. Checking fundamentals is hard for beginners too, because they don't have a deep knowledge of technology, so they are easily misled by buzzwords.

It's better to simply ignore altcoins, investing in Bitcoin is already highly profitable, why take big and unnecessary risks?

[Assface16678]

Those are the common traps on the market in the first place why you bought that coin? There is a reason behind on it, I guess someone told you or you saw someone bought this coin and someone talking about this coin that they earn profit as you want to earn more income you will buy those coins too and in some instance you lose your profit and earning on this coin.

Those are the probably happens to the people who try to make an investment to a new coin we cannot make sure that this coin will provide us a good market income or profit because it is just starting sometimes they become successful but not immediately just take time and always take a look about the market movement this is a lesson learned to you that you need become prepared and not just bought a lot of coins does not sure that you can earn.

[pixie85]

I will advice people to analyse market and the coin that want to be used to trade or invest before buying such coin

Technical analysis is useless with shitcoins. TA predicting future by observing past market action. New shitcoins don't have past action or have so little of it that you cannot do anything with that data.

What you have to do is check their site see if people involved are clean or maybe they used to run ponzis in the past. You can also look at fundamentals. What that coin is supposed to do. Is it unique or another clone of an existing coin.

[greenlanternlight01]

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.

It's always a need to research and research before investing. So, always be on the look, follow the project's social media platforms before making any investment.

[pooya87]

it is not so much about the coin you chose but about what you did. and what you did was to "invest" in an altcoin instead of "trading" it.
altcoins have existed for many years, a little less than bitcoin. and in all this time none of them have proven to have any long term potential. majority of them die and the rest that remain alive are always declining in price even though they may have some moderately long period of pumping and keeping their price up.

so when you "invest" that means you think that coin has long term potential whereas it really doesn't. but when you "trade" it means you only get involved with that altcoin during its pump and when it is hyped up and more importantly exit by dumping it before others dump. that way you protect you money while increasing it.

[boyptc]

When I was new to cryptocurrency. I've already heard people talking about a new coin that can have a fair match with bitcoin. Luckily, I didn't believe those and instead did my research although I did my alt invested but didn't go as they have directed.

I was near into that trap and that's why I've learned that it's always bitcoin is the best crypto to invest.

[Twinkledoe]

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.

It's always a need to research and research before investing. So, always be on the look, follow the project's social media platforms before making any investment.

I invested in ICO before and spent more than $100. They had sig campaign handled by known BM here so I thought that project was solid. Never got back the money. All lost. So I think the OP got his lesson as well. But on his case, it is already existing coin, he should have studied the price trend. But anyway, all of us have their own share when it comes to failure in crypto investments. Our mistakes will give us more awareness the next time around.

[apoh6Shah]

Most of shitcoins  fail to reach 20% of the maximum rise it reached, so be careful when it comes to investing in them and try to cut your investment earnings for a day or a week in the maximum term.
Keeping these shitcoins for longer time means losing your money and therefore you are betting on the developing team that will sell at any height.
$ 100 is a good lesson to learn from in the future.
Try to buy a currency listed on more than one platform to be able to withdraw if any problems occur.