Monday, December 18, 2017

Crypto Cancer Shitcoins

I would not say that I am an expert in cryptos. I'm probably better than average though. I only started seriously doing cryptos in the 2nd half of 2017, but I have since read and studied a lot about cryptos, so much so that I sold everything I had and went all in.

However, as many of you know, not all coins are created equally.

In this post, I would like to share with you my personal list of cryptos that I avoid.


Why am I sharing this? I see a lot of noobs rushing in to the space and I really wish that they wouldn't lose all their money buying shitcoins. Anyway, here we go, starting from the largest caps as listed on CMC today.

Bitcoin Cash - Absolutely retarded way of scaling. Fake Bitcoin.
Ripple - Private blockchain with no user use cases. Pre-mined with a bajillian coin supply.
IOTA - "Tangle" technology that is untested, unproven, user unfriendly and no user use cases.
DASH - Pre-mined Masternode coin. Probably the most unfairly distributed currency-type crypto that exists.
Bitcoin Gold - GPU-mining based fake Bitcoin
Stellar - A cheaper version of Ripple. A gajillion coin supply.
EOS - It doesn't even exist.
Ethereum Classic - "Code is law" nerd chain. Fake Ethereum.
Bitconnect - Obvious ponzi
Tether - Obvious ponzi
Veritaseum - Obvious scamcoin


Anyway, this is just a list of coins that I personally avoid. You can buy them or "invest" in them if you want, but I ain't touching any of these shitcoins with a ten foot pole.

The sad part about that whole list above is that they are all probably going to go higher. Do not take higher price to equal legitimacy. Metrics like transactions, new addresses and development are better indicators in my opinion.

A lot of the new kids are flocking into Ripple because "it is backed by banks" and into IOTA because "the Tangle is the evolution of blockchain". Also because it is "cheap" with its low face value per coin. Lol. I wish these people the best of luck in their crypto adventures, because they are going to need it.

When the shit finally hits the fan (and yes, it will), a lot of the crap coins are going to tank hard. When everything is going up, why do you even need to care about what you own? But when it starts going down, people start to panic, and guess what? The owners of those coins are going to find plenty of reasons to panic.

Don't get me wrong, you CAN make money with these shitcoins. But I have personal issues with them on technical and/or ideological level that I would not even want to own any of the crypto above.

Good luck, stay safe. The next crash ought to be a bloody one.

16 comments:

  1. Yes I'm only into eth. Hoping it will not disappoint.

    ReplyDelete
    Replies
    1. It's a pretty good bet given the development in the ETH ecosystem.

      Delete
  2. do yo have any thoughts on OMG, XMR and and NEO?

    ReplyDelete
    Replies
    1. XMR - fantastic coin
      NEO - EXTREMELY OVERPRICED
      OMG - vapourware til their own blockchain can actually go live

      Delete
  3. What's your views on LTC, ADA, KNC, QSP and STRAT?

    ReplyDelete
    Replies
    1. LTC sold after Charlie Lee dumped his
      ADA sold after recent pump
      KNC holding, likely to be the best DEX in the Ethereum ecosystem
      QSP, STRAT - I have heard of them, but I do not own them, also not planning to

      Delete
    2. I am following Charlie Lee on twitter and i think he is quite a solid guy. Perhaps it is good for litecoin since he can now be focused on developing it?

      Delete
    3. Hi Anon,

      I follow him too and he is a solid straight shooting guy.

      But for him to not own any of the coins is just mindblowingly crazy for me. At least if he said he sold off everything except 1000 LTCs, I could get behind that. But all? Ridiculous.

      I'm keeping 1 LTC as a shiny souvenir. I made tons of money with LTC, so I'm happy booking profits and looking at other cryptos. LTC could go to the moon from here, but all things considered, it's not for me anymore.

      Delete
  4. Thanks for making all this info so accessible to us layman. Now btc is down quite alot, since 19k mark. Would like your opinion on this, dyou think a crash is coming soon, that could be worse than GFC? Even MAS is warning against it

    ReplyDelete
  5. Ripple just hit 2nd largest market cap? Know you disapprove of this coin but is this legit?

    https://www.google.com.sg/amp/s/www.cnbc.com/amp/2017/12/29/ripple-soars-becomes-second-biggest-cryptocurrency-by-market-cap.html

    ReplyDelete
    Replies
    1. Hi Anon,

      Yes, I disapprove of this crypto and it went to #2 and x7 in the last month.

      I still think it's a shitcoin, but of course the world doesn't care what I think. I'm just some random dude on the internet.

      This is a market where you put your money where your mouth is at. I have no problem admitting that I have no position in XRP and I did not profit from it's rise at all. Congrats to all those that took the risks with XRP and are now reaping the rewards. But other people making money doesn't mean that I'm losing money.

      "The sad part about that whole list above is that they are all probably going to go higher.

      ...

      Don't get me wrong, you CAN make money with these shitcoins. But I have personal issues with them on technical and/or ideological level that I would not even want to own any of the crypto above."

      Delete
  6. Ya I do admit i have a position in it because of FOMO. I get yout point, it feels like a deliberate huge supply of XRP to give it a relatively lower price to Btc. But huge companies/ banks are working with Ripple, does this give it a sense of legitamacy, and may skyrocket more in future eg. 10usd or will it tank to oblivion? Lol

    ReplyDelete
    Replies
    1. I don't think its deliberate, it's just an arbitrary decision on where to put the decimal point and how whole units there are.

      XRP and Ripple are 2 different things though.

      I think this move will correct, but no doubt the next wave of people incoming will buy XRP because of (1) banks and (2) cheap face value.

      My focus is always on looking for the cheap, good stuff. Ripple has never been on my radar except as an indicator that the herd is coming, and I think this is the sign that the first big wave has arrived.

      Delete
    2. Thanks for the opinion. I personally think there are undervalued coins out there too. You obviously know how to pick your coins, seeing that your portfolio has grown alot so far, dont mind me asking your strategy, how much do you allocate into undervalued coins/Icos (eg.20% of portfolio) and the rest into btc/eth?

      Delete
  7. Hey, something new on the shitcoin-list?

    ReplyDelete
  8. Would add:

    WTC - no real partners and fake twitter accounts (and fake twitter contests)
    NEO - unrealistic expensive ICO's and a not working Blockchain
    ADA - just promises to do something great until 2019 (until then everything they want to do, is done by others)
    TRX - ...no need to say more, shitcoin
    QTUM - founded by a formerly scammer (like the bit connect guys)
    DigixDAO - no proof of real gold deposits
    XVG - one man show, no working osx wallet, just a "hobby"

    and so on...

    ReplyDelete

Observe the house rules.