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How To Spot A Shitcoin

Discussion in 'Bitcoin Investments | Discussions' started by Alexis29, May 30, 2019.

  1. Alexis29

    Alexis29 Jackobian

    {filename}-How To Spot A Shitcoin 2017 is when a vast majority of people started looking at cryptocurrency for investments. And if you're the person who wants to make a lot of money with crypto, then take this article seriously!

    5 Ways to Spot a Shitcoin

    No whitepaper - This should be a big red flag, a whitepaper details everything you need to know about the currency before making up your mind if you want to invest, purchase or use it. An idea may be great, it may be revolutionary, but with no whitepaper, the project simply looks shady and un-serious at best.

    Shitpaper- LOL, shitcoins will have a whitepaper just for the sake of having it. If after reading a whitepaper, you still don't know what the coin is set out to achieve then chances are that you are reading shitcoin whitepaper. If the whitepaper just explains what blockchain and bitcoins are, then it is likely fishy. Look for specific details about their project.

    Unfair wealth distribution - If a certain individual or a group of people control a majority of the coins, then it's a bit unfair. This makes it centralized' and the purpose of decentralization is defeated.

    Governance - Is there a system through which everything's control. Who gets paid what? For instance, validators (miner) get overpaid it can lead to too high inflation which is bad for the stability of the price, won't get into too many technicalities here.

    Technology- Any coin and the associated product should assure investors of 2 things: Reliability & Security. Although the blockchain technology is quite robust, it's still prone to threats the best way to securing & safeguarding anything, is to prepare for the worst.
     
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  3. Prezzy

    Prezzy Leader Protector

    Yap.
    I think that's the major problem with most masternode coins
     
    gbolahan and Alexis29 like this.
  4. Alexis29

    Alexis29 Jackobian

    You're right brother
     
  5. Anastasiia

    Anastasiia Jackobian

    Any examples of shitcoins?)
     
    Prezzy likes this.
  6. Prezzy

    Prezzy Leader Protector

    Just go to coinmarketcap.com
    98% of the coins from #300 below are all shitcoins
     
    Anastasiia likes this.
  7. Alexis29

    Alexis29 Jackobian

    You can use the criteria listed in this article to spot them
     
    Anastasiia likes this.
  8. Rectorr

    Rectorr Rookie!!!

    Let me add to OP's list.

    Unattainable goal in whitepaper

    Being redundant or and explicit duplicate of an already existing Blockchain project

    No team behind the project
     
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  9. Prezzy

    Prezzy Leader Protector

    Lols. Ghost coin?
     
  10. gbolahan

    gbolahan GBOLAHAN Crypto Guardian

    Please how can we classify forks of btc like bch,bchabc, bcv and the likes? Because to me they look like shitcoin.
     
  11. Alexis29

    Alexis29 Jackobian

    V
    Very correct, most of the new and upcoming crypto projects are exact copies of other existing projects.
     
  12. Anastasiia

    Anastasiia Jackobian

    Exactly! I usually look at the first 50 coins :)
     
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  13. Prezzy

    Prezzy Leader Protector

    The top 10 are usually the most legit.
    The top 3 are the bed rock!
     
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  14. Prezzy

    Prezzy Leader Protector

    Different coins move in and out of the top 10 but whenever a new coin make it to the top 3,it is a major news event.

    The top 2 almost never changes!
     
  15. Anastasiia

    Anastasiia Jackobian

    seems like you've been long enough in this sphere:)
     
  16. Filher

    Filher Upcoming

    I think that you have just created a new word for sort of crypto assets without any value – the shitcoin. Certainly these are out of sphere of my interests as I am focusing only on top 10 with highest market capitalization
     
    Last edited: Jul 18, 2019