Having been on here, And seeing various mentioned of the word Alt Coin and Shit coin, I kindly ask some members to elaborate on those words ( Terms ), Explain and differentiate.
Kind regards
Well, that's a difficult question. Some people consider an Altcoin as a Shitcoin, while the same coin is a good Altcoin for another person. Kind regards
Despite of all the confusion, I've done some serious research and achieved to elaborate the most obvious characteristics of Shitcoins:
- The coin does not offer any important added value compared to existing coins.
- The coin was mainly launched to bring financial gains to the issuers. (most ICO Shitcoins)
- Excessive marketing praising the coin as a "new Bitcoin" while the technology behind the coin doesn't justify that bold term.
- Centralized coins that deny this fact by their misleading marketing.
- The price is deliberately manipulated by the issuers, by false technical promises or unfair token economics with coins, which are misleadingly deducted from the current supply (high number of tokens (often locked) for the team), etc.
- Coins that undermine the liberal-democratic idea of Bitcoin. (centralized Shitcoins like XRP, Libra etc.)
- If the CEO is a proven liar. (Shitcoin SV)
There are over 2000 altcoins on the market, not even 1% is useful, all others bring nothing news to the table. And the coins placed in the top list have no real uses, only bot and traders use it
It's even more. Coinmarketcap has listed more than 5,000 pcs. currently while the real number is very likely far higher, I think it's way more than 20,000 if we consider also all the delisted scamcoins.