How to identify shitcoins?

[rwishmila]

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.

This will happened to every altcoins. If you are investing on long time, it is better to invest in bitcoins. If you are short time investor, you can invest altcoins, but you have to take profits end of the market cycle. Otherwise it will be huge loss.

How to identify the shitcoins?

1. Unlimited supply
2. no usecase
3. No major development from the project side

Even shitcoins perform so well during bull markets. You need to analyze many parameters like token distribution, project deliverables, developer team, etc. in addition to the parameters mentioned above. The process is fairly difficult, yet worth it. Else, it's best to exit while you have some profits.

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[@sriyan]

Even shitcoins perform so well during bull markets. You need to analyze many parameters like token distribution, project deliverables, developer team, etc. in addition to the parameters mentioned above. The process is fairly difficult, yet worth it. Else, it's best to exit while you have some profits.

Yes. You are right. We need more confirmation about the altcoins as well. but the sometimes more conformations means more vulnerable. There is a possibility to you will get rekt.

[Patrol69]

We usually use Coinmarketcap or Coingecko to find out about a coin, so when we need to check about a coin, we can copy the contact address of that coin and search on Coinmarketcap or Coingecko to get detailed information about that coin. Through these two sites you can know about a particular coin but whenever you need more details you have to visit the project website. A project's website usually provides detailed information, such as what are their plans for the project, how they can take the project in the future or who is working behind the project. If you think the project is real, then you should invest in this project.  .

[mdzahed134]

To identify shitcoins it’s not too difficult things, just you can follow a few steps to identify shit projects. First of all, shitcoins always created with big supply, they would like to hide their identities, looking poor development, teams will never list their tokens in any major exchanges, but they advertising by rewarding their tokens which is worthless, shitcoins can survive a few days or month.

[forexandcryptoauditor]

Indeed. Not sure how to get rid of those dead coins laying in the wallet. Some are actually dead and some has such a low prices that it can not even fulfill gas fee.
The projects which are getting hype initially but down the line after few moths show sign of less or unwanted updates and communication, getting engagements reduced, getting delisted from some exchanges, and having dumps more than pumps(shows team is selling below ico price), are some of the symptoms of to be dead projects.
Having said so, it is very difficult to identify such shot projects at the beginning.
Thanks to bitcointalk forum where we have many topics  and awareness threads to keep everyone alert and updated about scam projects.

[So981nn]

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.

Aside from a strong technical analysis, there is one important metric that you need to consider: the community. Shitcoin projects that manage to produce significant returns are fueled by the underlying community. This means supporters, celebrities, and influencers who pump up the value

[fzkto]

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.

Aside from a strong technical analysis, there is one important metric that you need to consider: the community. Shitcoin projects that manage to produce significant returns are fueled by the underlying community. This means supporters, celebrities, and influencers who pump up the value

I guess community can't always be a good criterion to analyse. Yes, many famous people advertised the scam, but it was just hype. But you should understand that they pay money for advertising and no one forces you to buy such coins. After all, the profit from it only for the creators, not for you. Probably the main criterion will be the development and availability of developers, which can be viewed on github.

[$crypto$]

I guess community can't always be a good criterion to analyse. Yes, many famous people advertised the scam, but it was just hype. But you should understand that they pay money for advertising and no one forces you to buy such coins. After all, the profit from it only for the creators, not for you. Probably the main criterion will be the development and availability of developers, which can be viewed on github.

The community is only consumed by influencers who are consumed by the hype they create, it is not impossible for the team to pay them to increase their hype on social media while the community is fanatical about shitcoin by hoping that it will increase 10x or 100x by hoping too much and usually they will be trapped by buying shitcoin.

True, shitcoin only benefits the owner of the project while you are trying to become FOMO material to immediately buy shitcoin at high prices, one more thing is that shitcoin very rarely has development on github, shitcoin usually only copies from other projects.

[rojan]

not all new coin shitcoins though, there are many good coins, if every new coins judged as shitcoin then there will be no innovation at all.
after all the new coin also need support so that they can grow, most of the shitcoins are just those deployed without any product backing it up, quite different with good coins.

If we look at the market then we can see that there are new coins and shitcoins. We have to choose the good coins so that we don't put our money at risk. But most of the time the money from new coins is at risk.  So we have to be careful all the time so that our money will be safe. I try to stay away from shitcoins most of the time because I feel safe.

[IvugeoEvolutionCoin]

Agree with this, don't be too hasty in investing, do research on the development of the project in the next few months. If the project in question has a definite goal, it is likely that the team will continue to try to achieve success again.

If we invest in haste while investing, it will not bring us anything good. If we invest after checking about the project we are going to invest in, it can reduce some risk. Before investing, we have to take risk.  I can't invest. But sometimes if we take risk, we get good things and sometimes we lose money if we take risk, so we have to accept them and invest.

[huu78]

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.

has a low market cap, and there are always lots of people promoting it every day, they hope people buy the coin and then they sell it.
that's what shitcoin promoters do.
There are several other ways but the most obvious is this.

[ije07]

I have several altcoins that I have bought in the last year in the end now have no selling value in the market and have even turned into shitcoins that have no selling value at all. I learned a lot on alctoin, therefore avoid new coins that have a large supply, projects that offer big profits in a short time.

[goxcraft]

The only real coin is Bitcoin. Apart from that, I consider every coins as shitcoins no matter their potential. They can only bring temporary profits. But in the long term, nobody but only bitcoin survived. And it's still standing. Shitcoins do advertise a lot, saying they have this, they have that, their value, their plans etc, but all of these to attract investors and acquire liquidity. Nothing more.

[AakZaki]

If we look at the market then we can see that there are new coins and shitcoins. We have to choose the good coins so that we don't put our money at risk. But most of the time the money from new coins is at risk.  So we have to be careful all the time so that our money will be safe. I try to stay away from shitcoins most of the time because I feel safe.

New coins can turn into good coins or even become shitcoins and research is needed to find out what the potential of the new coin is. I never try to get into a shitcoin that is still untrusted and has no development. I might still believe in SHIBA, DOGE and still hold it to this day. Instead of looking for new coins that have the potential to become shitcoins, it's better to choose coins that are certain.

[BlockchainWizard]

The only real coin is Bitcoin. Apart from that, I consider every coins as shitcoins no matter their potential. They can only bring temporary profits. But in the long term, nobody but only bitcoin survived. And it's still standing. Shitcoins do advertise a lot, saying they have this, they have that, their value, their plans etc, but all of these to attract investors and acquire liquidity. Nothing more.

I see it the same way you do. All other tokens except bitcoins are shitcoins. They can be successful in the short term, but in the long term they will always perform worse than BTC. Many shitcoin developers try to put bitcoin in a bad light to promote their own project. Therefore, you should always pay attention.

[WalkerIVIV]

simple, if its over promising its shit coin, if its just some pump and dump tool its shit coin and also if it doesn't have product and also imitating other meme coin then its shit coin.
differentiating one is actually very simple, some people that used to shitcoin will know its a shitcoin instantly.

[doomloop]

We have been observing similar trends in so many things namely altcoins, hype projects, memecoins, field farming and so on with more innovative names to up in the near future. The investors need to identify them early to avoid investment or if they do invest, get out early to minimise losses. Without that insight they are losing and will continue to lose coins from borderline scams like these.

I think we are at a stage where even background checks on teams and reviewing the papers is misleading and the way to be safe from scams is to not look at anything that is non-bitcoin.

Sometimes even if you already know the team behind it and they are transparent and also always have AMA with their investors, when their plan fails and they don't get enough funds to develop the project which were stated in their roadmaps, you end up wasting your money because after that all you will get is false promises from those bastards. They are not fair enough to return the money of their investors but instead, they are planning to make it seem they are cooking something that will make their project successful which is not really true at all.

Yep, that's true and I have seen that happening in the past. I remember a project that was looking great, their whitepaper was impressive because they had a lot of good products and they were also about to launch their own blockchain with a lot of functions and low fees and stuff, everything was going very well, and the community was growing, people were interested in the token, and then I don't know what happened all of a sudden, the project started falling apart.

It wasn't very long after that when I saw that the developments were not really going very well and the team was basically making excuses to users about the developments and everything, and after a short while, the project became a failure, though the team was good and experienced.

[Nazmul012]

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Nearly all of the newer tokens in dexs like Dex screener and others should be regarded as shitcoins which they rightly are.

You have mentioned a valid point. In always saw newer token which listing on dex or some bad reputed centralized exchanges, are always scam after a limited time. They are just showing people their token is listed and doing same promises to listing on binance, ama with binance or kucoin, to attrack investors only and later them dump their altcoin by sell off and disappear by taking all liquidity. So such point Should be noticed.

[nelson4lov]

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Nearly all of the newer tokens in dexs like Dex screener and others should be regarded as shitcoins which they rightly are.

You have mentioned a valid point. In always saw newer token which listing on dex or some bad reputed centralized exchanges, are always scam after a limited time. They are just showing people their token is listed and doing same promises to listing on binance, ama with binance or kucoin, to attrack investors only and later them dump their altcoin by sell off and disappear by taking all liquidity. So such point Should be noticed.

I think the newer shitcoins I have seen on DexTools is quite different. In that they don't make any promises. The team or developer(s) simply create a token, add liquidity for it and might falsely lie about locking the liquidity in the pool. Afterwards, they just go on to have shot callers (people with huge following on tg groups or X) to shill their tokens for new users to join in. If people join in, great. But if it gets slow after a while, they just pull the plug (my removing liquidity) and moving on.

[Belarge]

simple, if its over promising its shit coin, if its just some pump and dump tool its shit coin and also if it doesn't have product and also imitating other meme coin then its shit coin.
differentiating one is actually very simple, some people that used to shitcoin will know its a shitcoin instantly.

I don't value wasting anytime on shitcoin because it have taught me horrible lesson in the past. Shitcoins have become the trends of the market, everyone talks about it and there's enough traffic when it comes to shitcoins. I actually don't understand the full comprehension you're trying to generate here, all I can I see is that, you're trying to sort out shitcoins by mutual consent. There are different techniques that can be used to ensure that a project is purely a shitcoin in the system. Shitcoins pumps and dumps heavily within small range of time and most shitcoin doesn't survived the bear due to their instability and high volatility.