How to identify shitcoins?

[Tahid12]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

[1714696127]

1714696127

[_act_]

Bitcoin is not a shit coin which is the only coin that I can say it is not a shit coin. But as you want altcoins that are not shit coin, I will suggest you to look for coin lists on Coinmarketcap or Coingecko. The top listed coins are not shit coins. The more you go down checking the coin, the higher a coin can be a shit coin. Marketcap is important to know how valuable a coin is.

[o48o]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

First of all, the word scam is thrown a lot by newbies, and usually it's because the price is dropping, even though that has nothing to do with the fact if the project is scam or not, not unless devs dump their tokens and remove all liquidity.

Also can you do TA or do you understand how valuation works? Because while it's simple when you know enough, there also are several things worth looking for and enough to write a book about different kind of scams and examples how projects can fail. Basics are pretty easy for someone who has seen a lot of scams, but there are just too many red flags worth looking into to list. it always depends on the project and different tokens have different red flags. And red flags on some projects can be even green flags with other projects. It all depends what your tactics are and what are you looking for.

There's no such thing as a guarantee that legit projects would make money. In fact i've made more with pure scams by getting out fast enough.

I wonder what your thought process was that you thought they were supposed to be good that time. What qualifies as a good team, or community?

[nelson4lov]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Shitcoins are generally regarded any token created without a long term roadmap to scale the project. Nearly all of the newer tokens in dexs like Dex screener and others should be regarded as shitcoins which they rightly are. I would also suggest that you avoid any altcoin calls by influencers on CT. A solid project don't need to be shoved down the throat of users like these influencers do because they'd get a share of the supply.

Stick to projects with proven track records and you'd be fine.

[serjent05]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Most shitcoins have:

Gazillion of token supply.
They tax 5% to 10% of the transaction amount claiming for burning and project funding.
Project developers present themselves in informal ways and overexaggerating their achievements.
Subject to pump and dump
Implement burning because the project owner and developer do not have the ability to create real-life use cases for their token/coins.
Have plagiarized whitepaper
Often hype investors that they will earn big if they invest on the project.

and many more...

[JeffBrad12]

identifying one is actually quite easy if you're already get used to high quality altcoins that have obvious fundamental.
one of the way to identify shitcoin is through their over promising returns or anything like that, you see one that doesn't make sense you could already have a red flag towards the project.
moreover the fact that sometimes shitcoin didn't bother to build community base through maybe discord just simply means that they are not really committed with their own project and
even if they did, most of the time they just let the discord or their community member gets abandoned, rarely appearing and elaborate things, you just know their characteristic at first glance if you're used
to investing in good altcoins in general.

[Wexnident]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

I think you can just assume most coins that are starting out are shitcoins so that you're on the safe side. Don't trust their promises, "to be done" projects and ideas and stuff like that. Look for results, and only then should you start investing. Yes, theoretically speaking investing before a project has grown could produce more profits, but how many new projects are actually able to "grow"? You'd probably lose more trying than earning. Might as well just play it safe and invest on projects that have a well built reputation already yet relatively small. Takes time but much more effective imo.

Ofc, this is projects that aren't say, plagiarized, scams or what not though. Filter out projects that aims to only scam the money out of its investors, then filter those again to determine actually good projects.

[harizen]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

As an already experienced investor, you should know the risks.

Maybe some of your hold altcoins performed well during their hype or actively developed during that time. But as time progressed, and we know that the crypto-market experienced several hits, most projects were unable to keep up and decided to stop the development and ended up abandoning the project.

We can't really determine if these projects will continue and keep up with their development once they are announced to the community. Rather than risk your money in these new projects, as it turned out it didn't go well, maybe try to focus on investing in coins that have been in the market for a long and already established a good community.

Not saying you should stop investing at new projects but at least, you will minimize being scammed if you test the waters at already established coins.

[Apocollapse]

Shitcoin isn't only limited to a coin than turn to be scam and the price went to $0, there are so many shitcoins in top 10 coins since they're centralized and will turn to be scam when the time comes.

To make sure a coin isn't shitcoin, you must make the coin is decentralized, has a real use case, high security, verifiable, and open source. Avoid a new project that mention cheap fee, fast transaction etc as the use case, it's just because they're either centralized or has no volume.

[GreatArkansas]

Shitcoin isn't only limited to a coin than turn to be scam and the price went to $0, there are so many shitcoins in top 10 coins since they're centralized and will turn to be scam when the time comes.
(.....)

Also, a coin will become "shitcoin" for some people who just don't like the coin, we don't have any official basis of how a coin is considered shitcoin.
I agree with you that even on top coins by market cap these days are still shitcoins. Especially altcoins that are new and no real world use case.

[Magic-Money]

As a cryptocurrency investors has experience pump and dump Coin, while holding, which was my bad experience after make a lot of research on a new coin's, and after listen in exchange still become shitcoin, base on my experience to invest upcoming project, not to put all mind on it for huge return profits and set a target while collect initial capital of investment is very important, in other words, I prefer investing alt-coins that already established in difference top cryptocurrency exchange and give rest of mind, while holding for long time investment.

[jossiel]

When there's no utility and it's just a created token or coin just to be traded made by the developers.

And many of the tokens are like this upon creation, the reason why many don't like the new projects is that the devs are only ones who are about to make money.

A typical pump and dump altcoin, it is.

[$crypto$]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

You should not be tempted by profits in altcoins 10x or 100x it will turn into a scam, new projects are now difficult to identify sometimes even from a good background they are only looking for momentary profits and do not think about others, if you are an investor why not choose a coin that already has a large capitalist or the top order? Why not include bitcoin in your portfolio as a major investment? Are you ignoring it?
Now choose bitcoin instead of shitcoin which is useless, if you often experience losses avoid it and be wise in choosing coins especially new projects are not recommended.

[Gozie51]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

Most shitcoins have:

Gazillion of token supply.
They tax 5% to 10% of the transaction amount claiming for burning and project funding.
Project developers present themselves in informal ways and overexaggerating their achievements.
Subject to pump and dump
Implement burning because the project owner and developer do not have the ability to create real-life use cases for their token/coins.
Have plagiarized whitepaper
Often hype investors that they will earn big if they invest on the project.

and many more...

Most of the things you mentioned here are what I also noticed in the shit coins that I have also invested on. They have something in common which is their billion number, that is supply and some don't have maximum supply limit. So if you see a coin like that, be sure it will soon dump on your laps if you don't dump first. They also have the promise of burning some quantity as they give time for that, usually a long time of which they would have taken out investors money and exit. They also show you how much you are going to profit in a short time with so much hype on their telegram.

[Ziskinberg]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

I will skip all the project that carries these things;
 -  it has no use case
 - offered sweet promises
 - huge rewards

Why? Because scammer usually uses attractive words and promises and creates a project without a core market value and purposes. It is too hard to identify when you are a newbie and even if you did research sometimes you fail to recognize them which is why we should be more cautious. But the best thing we have to do is to focus on old projects, not new and hyped ones.

[wheelz1200]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

I mean if it's not bitcoin then boom there you go you just identify it lol.  No seriously I think the easiest coins to stay away from is anything using a other coins name in theor name.  Like bitcoingold, or babydoge, etc.  They are just leveraging a name and are not serious projects to consider.  That's one way

[raidarksword]

You can easily spot a shitcoin project if it just added because of the trend or hype especially for memecoins. If team is hidden amd of course the value and significance of the project in the first place. If all these are present, then it will be dead project  for sure

[Yatsan]

As an investor, i did a lots of invest in altcoins. Those were suppose to be good that time with having good hype, good team and community. But with having all of thats, most of altcoins scam after a time! I wonder for some altcoins, they were suppose not to be go but they scammed without any reason! And hundreds of altcoins are in my wallet, which are turn into dead shitcoin now.

I mean if it's not bitcoin then boom there you go you just identify it lol.  No seriously I think the easiest coins to stay away from is anything using a other coins name in theor name.  Like bitcoingold, or babydoge, etc.  They are just leveraging a name and are not serious projects to consider.  That's one way

On my end  I refer to it as a coin which appeared in a sudden without hearing anything about it. Also with a "bootleg" of something popular, indeed. However there are coins being introduced as a project and turning out to be one of the mentioned category so I do consider referring to it as failed tokens which had a price dump upon its listing to exchanges, and tokens with low market volume. But there's really no absolute definition of the mentioned term.  It won't be listed without any value in the first place. Well  for swing trades, these coins are still profitable but expect extreme price volatility especially if whales would choose to manipulate its demand and market value.

[cryptomaniac_xxx]

You can easily spot a shitcoin project if it just added because of the trend or hype especially for memecoins. If team is hidden amd of course the value and significance of the project in the first place. If all these are present, then it will be dead project  for sure

I think they can get away with the hidden team, they can simply an excuse of anonymity in crypto. However, if the project has no used case, no whitepaper or if they have whitepaper but it's obvious that they just copied it.

And then the website are poorly written, I mean the design is so cheap that even a 10 year old can do and put up that website in a matter of minutes. And if by chance they have released the proper, then what follows is just pump and dump and the hyping on it whichever way they can.

[Oneandpure]

Current standings placed position in CMC could be indicate some coins category as shit coins, beside with how many top exchange are listing with that coins possibility are including with shit coin or not. I don't think difficult to know with shit coin actually when first time launching to the public, current price and how much supply make us easily to include some coins in shit coin categories. Shit coins usually have bigger fees for swapping if listed on dapp exchange, need to pay fees from 5% until 10% when selling shit coin in dapp exchange and they don't have many option for listing coins in CEX exchange market.

Shit coins is not recommended coins for investing right now after many cases of shit coins get scam with removing liquidity on dapp exchange until developer sell all their assets having and price suddenly drop.