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How to Dodge the Duds: A Guide to Avoiding Scams in Crypto

How to Dodge the Duds: A Guide to Avoiding Shitcoins & Scams in Crypto

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187 Listen to this article Well, if you’re here for the first time after hearing all the incredible tales of […]

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Well, if you’re here for the first time after hearing all the incredible tales of folks who invested in minor coins whose values suddenly skyrocketed overnight and made millions of dollars in stock, welcome. Don’t simply join the crowd, though. Cryptocurrencies vary widely from one another. Some of those will even demonstrate how utterly worthless or even dishonest they are. Shitcoins are what those are.

Shitcoins must be a topic of interest to you.

Shitcoins are cryptocurrencies that have no intrinsic value and serve only to generate rapid profits. They are frequently just successful ventures that have been copied and pasted; neither creativity nor usefulness is present. They just rely on the publicity, speculation, and manipulation they generate to draw in investors, who ultimately lose money when the price falls or the business collapses.

Some instances of shitcoins include:

  • Dogecoin (DOGE): To be quite honest, this meme coin began as a joke, despite the notoriety it has garnered due to celebrity endorsements and social media hype. But even though it was impacted by outside sources, the price was extremely unpredictable and lacked a clear purpose or direction.
  • Shitcoin (STC): Come on, this coin is referred to as a shitcoin. It is a spoof of other useless crypto coins that provide no use or value at all. Toilet paper is the name of its white paper, “Shitcoin69” is its online handle, and “non-fungible turds” is the name of its non-fungible tokens (NFTs) variant.
  • Squid Game Token (SGT): You should be familiar with the Netflix series Squid Games, on which this coin is based. By preventing investors from trading their tokens, the developer defrauded the investor out of $3.3 million and fled, rendering the tokens ultimately useless.
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How are you going to prevent shitcoins?

Shitcoins are a warning sign! They can be challenging to notice if you are unfamiliar with the crypt space, but once you recognise them, you can avoid them.

  • The developers are enigmatic: You put your money where you put your trust, right? You will not buy things from an unknown entity, would you? The developers should be dependable rather than a collection of random individuals using dodgy aliases. The developer would be considerably more reliable if their identity could be verified on YouTube or Instagram.
  • The project lacks a clear roadmap or vision: A legitimate crypto should have a specific objective and a strategy for achieving that objective.  A white paper outlining the project’s technical specifics, features, and advantages is required. A project is most likely a shitcoin with no value or direction if these components are missing.
  • The project lacks community or support: For a cryptocurrency to be successful, it fundamentally needs a strong community. This community will demonstrate a genuine interest in and demand for the coin, and it will aid in its promotion by disseminating information and offering feedback. A project is probably a shitcoin with no future if it has no social media presence, no website, no forums, no reviews, or no endorsements from reliable sources.
  • Unrealistic promises or expectations are made in the project: It’s just overblown hype when a coin promises you returns that are too fantastic to be true or claims to be able to fix all of the world’s issues. The key traits are exaggeration and hype to entice investors, but they rarely live up to their claims.
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Conclusion

Shitcoins are coins with no plan or intrinsic worth. Your time and money will be wasted, and they seldom deliver. They frequently mimic popular cryptocurrencies. They rely on the publicity generated by their developer to draw in investors. You need to do your study and seek the quality and credibility of the cryptocurrencies you’re interested in to avoid such shitcoins. Remember, all shitcoins can be cryptocurrencies but not otherwise. Be aware before investing.

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