Newb here.
So what makes an altcoin shit and what makes it worth buying? What signs do I have to look at to determine if a coin is shit? I hear horror stories of pajeet poocoins, I don't want to end up on the designated street.
Newb here
Noah Collins
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Ian King
Read whitepapers and ask yourself "does this solve a problem? and if so, how big is the market for the problem that is going to be solved?" Then ask yourself "who is also trying to solve this problem?" If you're talking about chasing temporary moon missions then forget all the above and just learn to read charts. For every hour you spend on Veeky Forums do atleast 2 hours of research elsewhere / on your own.
Nicholas Nguyen
thanks user
Lincoln Rogers
Its best to ignore anything remotely resembling shilling until you have done your own analysis of whatever coin is being shilled/FUDed. Don't fall for FOMO, most of the time if you make an investment purely on FOMO with no other research you will lose money.
Colton Collins
These are the first steps. The much more important steps are:
- Why does the product have to be decentralized?
- Why does the product have to be a crypto token?
- Why does the company not go the usual way and acquire money from venture capitalists?
- Is there competition?
- Do I have to wait many years until the product is finished?
And then you will notice that basically 99.9% of all altcoins are shit, and you are wasting time chasing the 0.1% viable tokens whose value is still manipulated by whales such that you will lose money trading it.
Oliver Martin
I'm definitely in agreement here. I don't think there are more than 3 or 4 altcoins that actually have potential for sustainable growth (i.e. coins worth a shit if you are not chasing moon missions.)
Cooper Peterson
Just curious, which altcoins do you have?
Bentley Howard
>XMR
>OMG
>LINK
>LTC
Thoughts? I'm not emotionally invested in my coins, I think XMR and OMG have solid potential. LINK I think has a lot of potential but depends on a lot of factors.
David Cox
TTTC
Technology
Team
Token
Community
Blake Hill
Read white paper, or at least a summary, and figure out how wide the adoption will be for the particular coin. Look for real world use cases, not just crypto stuff.
Samuel Hughes
buy nuls
Angel White
Monero: Generally fine, I'm just not sure how good of an investment it is. If you need privacy, then you might use some upcoming features of BTC, or simply trade your BTC to Monero, do a few transactions, and trade back to a new BTC address. Also, Monero might be one of the first coins that get seriously attacked by governments.
OMG: No opinion, don't know enought about it (even though it was shilled here a few months ago)
LINK: There is a market but it's probably still overvalued depending on the size of the market of smart contracts. The thing about smart contracts is that they are built on the ETH chain and from what I know the programming language is extremely awkward to use and prone to mistakes. BTC recently introduced its own language (simplicity) which might be a better tool in the long term (although it's not Turing Complete like ETH's language). So I'm not sure about it. LINK could be big but could also be a dud.
LTC: I generally like LTC but again I'm not sure if it's a good investment. In the long term it is not unrealistic that only one crypto currency will survive whose primary usecase is to be a currency. But it's possible that it will become something like the silver to BTC's gold.
Daniel Gonzalez
> Read whitepapers and ask yourself "does this solve a problem?
imo this is wrong, ideas are fucking cheap, Github/code repository updates or GTFO. this is my first criteria, the idea is fucking pointless if they havent started building the thing, you eliminate 95% of "investments" by just going to their github, finding who writes code, how often they commit and then coming back and working out the fundamentals.
Isaac Wright
>XMR
You raise a good point, I may not stay in for the long haul but I believe there are gains to be had for a year or so.
>OMG
I read the white paper to see what the fuss was about, its a short read I'd recommend atleast a skim.
cdn.omise.co
interestingly I have a hunch that is OMG succeeds it will affect LINK in a positive manner.
>LINK
Right now is cheap, I like their white paper and my intuition tells me its a coin toss honestly. The lack of hype that they themselves generate is a good sign imo, what Veeky Forums is doing is the antithesis of what they themselves want to do for their idea. Veeky Forums wants moon missions and I think LINK is much more of a long term hodl.
>LTC
I'm honestly in LTC right now because the transaction times are relatively fast and I'm not sure whether to put my money in BTC or BCH at the moment. It seems like a more stable bet than either of these coins right now. (If I'm wrong here, explain, I'd love to feel enlightened about these two.)
Connor Brown
buy gvt. its about to blow
Jack Jackson
What if they are using their own git server? Is it standard practice to publish all of your code on github?
Jaxson Rivera
>>OMG
>I read the white paper to see what the fuss was about, its a short read I'd recommend atleast a skim.
>cdn.omise.co
>interestingly I have a hunch that is OMG succeeds it will affect LINK in a positive manner.
Alright, I'll take a look at it.
>>LINK
>Right now is cheap, I like their white paper and my intuition tells me its a coin toss honestly. The lack of hype that they themselves generate is a good sign imo, what Veeky Forums is doing is the antithesis of what they themselves want to do for their idea. Veeky Forums wants moon missions and I think LINK is much more of a long term hodl.
This is possible, I don't want to talk you out of the idea that is a good token. I simply don't know. Another thing that keeps me from investing in it is that often, when it turns out that a product is viable, someone else with much more resources and connections implements the same thing but better. I'm more of a person who waits and gets on board later when an investment is less risky.
>>LTC
>I'm honestly in LTC right now because the transaction times are relatively fast and I'm not sure whether to put my money in BTC or BCH at the moment. It seems like a more stable bet than either of these coins right now. (If I'm wrong here, explain, I'd love to feel enlightened about these two.)
BTC will win in the long run, I'm 99.99% sure of it. The idea to scale on-chain won't work if the goal is to stay decentralized and scale to Visa levels and beyond (the "and beyond" is very relevant, our economy will probably change in a way nobody is really able to grasp at the moment).
I'm trusting my own intuition due to my education (I have a CS degree and PhD and did research on networks and efficient algorithms; not want to brag but it's just as it is).
The only chance BCH has is if it somehow manages to win fast, to win now. The window of opportunity for BCH is extremely small imho.
Nolan Ross
Ok thats good insight, it makes sense. I don't trust BCH at all but the level of war between the two coins is intense. Your intuition makes me consider diversifying into BTC/LTC. Using LTC as my only stable value store is not as much fun, better to have both gold and silver.
Nathan Gutierrez
Please make your own decision, though, pretend you didn't read any of what I wrote. I don't want to be responsible if you lose money because of me.
One thing I forgot to mention is: BCH could actually win if governments support it and use it as a tool to destroy BTC. So there's that kind of risk.
Josiah James
>sitting on a gold fish cracker
Jaxson Martinez
I make my own decisions mate, I haven't done anything yet. You make a strong argument that I'm going to mull over is all I'm saying. On that not in relation to OMG, ARK is a serious competitor imo. Currently I only have OMG but I plan on going in on both. I don't see why one would necessarily cause the other to fail.
Gabriel Sanchez
If it's not XMR it's shit. Hope that is simple enough for you to understand.