What is the one thing that screams Shitcoins?

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Shitcoins are digital coins that have no value and are used for scamming people.

The crypto market is, unfortunately, full of coins and tokens that are worthless, but still have a lot of hype around them.

It is important to be cautious when investing in cryptocurrencies and not get carried away with the price movement.
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The crypto market is full of these kinds of coins and tokens that are created every other day, and traders begin the cycle of losing their money again. The phenomenon has been happening for a while now, but it seems like there is no stopping it.

The one thing that screams……Shitcoins

Many coins have no practical use and are just used for hype and FOMO. These coins use deceptive marketing to attract investors before "stealing" their money.

There is a lack of demand for these coins because they have no genuine use. They just try to make people believe that the coin will rise in value before it crashes, which is not true.

These worthless coins are mostly created by companies with bad reputations, to begin with, or by people who want to get rich quickly without doing any work. But what exactly screams Shitcoins?

Unrealistic promises of Return on Investment (ROI)

Crypto coins and tokens are gaining popularity in the market. But, with this popularity comes a lot of scams. One of the most common scams is promising unrealistic returns on investment (ROI).

Shitcoins are a major concern for investors, they are often given unrealistic promises of return on investment (ROI).

Many people have been duped by these shitcoins and lost their money. A lot of these coins are scams that are preying on gullible investors.

If you invest in a coin or token that promises to multiply 1000x your money, that's a surefire red flag. You should always do your research before investing any amount of money into any crypto asset.

Shitcoins often promises something great but delivers nothing, and you'll likely be disappointed with the unrealistic return on investment.

If you don't do your due diligence, you will always be at risk of jumping into an opportunity that doesn't live up to their expectations because you're not used to being told lies and empty promises.

Why do people get caught up with Shitcoins?

While the cryptocurrency market is still in its infancy, it has already caused a lot of damage. The reason for this is that people are investing their money into projects that are not worth it.

The cryptocurrency market has been growing rapidly but with the increase in popularity, the number of scams has also increased. The reason for this is that many people want to make quick money and they don't care how they do it.

Many people have invested their hard-earned money into these "low-value crypto projects" and now they regret it. They lost a lot of money because they believed that these projects were going to make them rich overnight without any effort on their part.

It is human nature to get caught up in the crypto hype, but it's essential to learn to filter and see what's real or not.

What's your take-home guide?

You have to understand that coins that are worthy of investment have a good, and solid objective, plus, feasible value for adoption and use. Their adoption and use are not just limited to speculation but also in everyday life as well.

The best way to make sure that your investment will pay off is by doing your research on the coins and tokens that you want to invest in. You should find out what their track record is like, how much they are currently worth, and how many people are investing in them at this time. You should take a good and thorough look at the whitepaper, the developers, the product, the promotion, etc.

A coin or token that has a good track record of paying off would have a good chance to increase in value in the future.

Posted Using LeoFinance Beta



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8 comments
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Definitely anything that sounds fishy. And so much fishy.

So I like hive and decentralized finance. Community coins and the diesel pools.

But if you can't do research behind it? It's most likely a scam.

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I am glad you agree.

Anything fishy is fishy. We ought to learn to do our research.

And yes, I love Hive too, her community coins, and of course the diesel pools..... Hey, there's Defi too.. hehehehe.

Thanks for coming around, sir. And for contributing, I appreciate. ❣️

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You're very welcome have an amazing day.

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You have an amazing day too, sir. ❣️

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The lack of utility behind shitcoins is the main reason they don’t last long. They’re basically just pump and dump coins created to make early investors rich. Something like a ponzi scheme.

Unfortunately a lot of these shitcoins have “smart” people behind them that can go to extremes of faking or forging whitepapers just to get investors trust. This makes it espcially important to not just do research but do proper research into the projects you decide to invest in. It’s your hard earned money after all.

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Thanks for contributing. The fact that there's no utility behind them makes it dump faster and easily.

And you are right. Shitcoins can be likened to ponzi schemes, only early investors rip the rewards. While those who are late to the party get ripped off.

And of course, these days, the Shitcoins developers are getting wiser, making sure there's a White paper and all to earn trust and look credible.

Therefore, we need to do that thorough research for the sake of our hard earned money.

Thanks again @depressedfuckup for your contribution. I appreciate. ❣️❣️

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Casinos such as those in Las Vegas, Monte Carlo, Macau, etc. are for people who know that the games are rigged and can handle losing some money in the process of "winning" money. They aren't for everyone, but if they are handled properly they can net someone quick cash. It also takes a special person to use the casino for "business" rather than for fun or pleasure.

It's the same with shitcoins. No one should be HODLing shitcoins. At best, they are purely speculative cryptocurrencies to be held for at most a few hours.

I'm no expert on shitcoins, otherwise I would be writing about them regularly. All I know is that shitcoins have to be handled as shitcoins and not like blue-chip cryptocurrencies like Bitcoin or Ethereum, or even like Hive.

Posted Using LeoFinance Beta

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Hehehehe... I agree.

In the casino, we know that the house makes the money. But most gambler do not know this part.

For Shitcoins, we obviously need to treat them as Shitcoins. No doubt about it.

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