So I've Learned A Thing or Two About "SHITCOINS"!

Here goes.....

Shitcoins as some of the potential scams are referred to practically have no value behind them.
Lets say JoBlo creates a new crypto currency on a blockchain, names it The BJ Coin and he “mines” it for a few months, making himself a few million of the BJ Coins and then he releases them to the public.

Once released, people buy up these worthless coins and give JoBlo hard earned money for his BJ Coins. After which they can’t do anything with them except try to trade them, but rarely anyone if anyone at all wants them so they sit around and become even more worthless.... however, there are millions of these coins out there which some people have bought, hoping to make a quick million or two and this then opens up the opportunity for JoBlo to dump his BJ Coins and then the people who bought them with their hard earned money have ZERO chance of selling their newly purchased BJ Coins.

Now, if this summary isn’t good enough, I’ll try and give a graphic description of what a shitcoins trading looks like:

and it stays down there the entire time!

How to know what new coins are shit coins and which aren’t?

Well, one has to do their research and homework, look into the technology, the people backing the new coins, the investors, the ins and outs of it all!

The easy way possibly is to follow the charts, if the coin survives its first fall, as shown in the chart above, meaning that it comes back up and starts looking like a wavy pattern, then there is a realistic chance that it isn’t a shitcoin.
However, this is well after the first “crash” in the chart.

If we look at all the coins histories, they have all gone through the initial “crash” and then what happens afterwards is what really tells us everything about the coin.

So, correct me if I’m wrong, but this is what I have learned as far as shitcoins and real coins out there.
Even Bitcoin from what I read and saw went through the initial crash and look where it is now!
Dogecoin is one that really amazes me, it was set up as a joke, literally as a joke and look at how it is doing!
Ethereum, Dash, Steem, you name them all the coins have had their initial up up and away and then bam.... like when the coyote who is chasing the road runner falls down the cliff and all you see is a puff of smoke/dust!

Well the ones that got back up there and started looking like a wave pattern, well they are the ones that are most likely to be the real deal.

So to cut a long story short, shitcoin is in fact just a term for SCAM!!!!

Unless it is literally stated in the whitepaper that the coin has no value, is just for “fun” and is in no way backed by anything or anyone, then it is a scam!

I just heard the term “shitcoin” the other day and man have I researched the hell out of it!

Could say a waste of time, as the name says it all, but there is a lot more to it, especially if one wants to understand what s/he is talking about in this world of crypto currency!

The good old saying "If it looks like it, smells like it, then it probably is it" sums it up!

Just watch out, some scam artists tend to wrap it up in gift wrapping paper!

So, if anyone out there wants to add anything to this description of a shitcoin, please, by all means do so!