What is a Shitcoin and how to profit from it. - Steemit Crypto Academy - S5W8 - Homework post for nane15
The background is from picsart and I made this design
Explain your understanding of what Shitcoin is.
In this type of cryptocurrency we can very well understand it as an asset on a digital basis without any real purpose or also for that no objective purpose or value has been created, in some cases it is "empty" or not necessary at all.
Analyzing for a term called Shitcoin, it must first be observed that it means an "unlucky coin", which indirectly makes or explains what it means, attaches a subjective value, but it can also be directly related to a thing. which is also fraudulent, because basically whoever can make this token itself is a style, it can also be loaned to be able to copy a certain cryptocurrency with another.
We can see an example where, for example, the token "Dogecoin" which at first was just a simple joke, but look at the way things are happening now, doesn't make much sense, doesn't it. And has also highlighted the randomness that exists in this section, therefore, there will be no list that ensures that who will explain about the characteristics by which he will confirm Shitcoin, there will be no such thing.
There may be an indication that one can relate it later to a term, such as that which is not based on the original project itself or to having a specific goal, without later influencing whether it will work or not, but with the same way, there are many people who have convinced that everyone or anyone other than Bitcoin has been understood as Shitcoin itself, yes it all depends on a belief in ourselves, so be careful of this shitcoin
In your opinion, is it possible to profit from investing in Shitcoin?
Of course we will get profits which will be obtained because it is an open market where we will be able to easily buy and also sell an asset.
But before that, we must realize that all of that there will be a risk where there will be an advantage and also a huge loss.
And also then the investors should be clear beforehand about the two parts above which is a balance which is when investors invest their funds in this Shitcoin.
So, according to my own point of view, if indeed you guys are possible to seek an advantage over these tokens, however, we have to realize it all has to be very timely and also to keep up with every situation which is going on in an asset that is being handled on cryptocurrency at the moment.
State the advantages and disadvantages of investing in Shitcoin.
The advantage
Winning in sales, if a trader is good and also understands a market in crypto he will find it easier to profit on an asset.
an experience, where we know that at some point in the future shitcoin may leave investors, so watch and observe the market, and don't forget to sell assets to avoid losses
- If you are sure you have been able to follow a good whale movement in the market. You will certainly get or get a good profit in their boom period later, but that will not guarantee, they may suddenly disappear.
disadvantages
we can analyze a concept where later we will know the results, but we certainly have a sense of distrust of a market. That's a risk that we must be aware of, lest investors who gain we lose.
Most of the time they have is made up of "very short life", we can see it consists of various volatile movements which later forget the currency easily or without much influence, which will make those who invest make it very risky, lending themselves to all kinds of scammers and other scams.
- there won't be a bright future for the Currency they will create nor will it have a contribution to any of the latest technologies that depend on the ecosystem. And there will be no definite future for it. Especially if they intend to build this in the short term.
From at least 3 examples of Shitcoins that have been scammed, also explain what is included in them.
Here I will show you 3 examples of which with a shitcoin project that has cheated us and cost us a lot of assets.
- BitConnect
Now we know that BitConnect is a shitcoin which was founded by Ken Fitzsimmons, it's a cryptocurrency that we know it's decentralized, which at first seemed to be easy to rely on, and has also reached a value which we can say was huge at the time of its launch. itself in 2016.
It has been based on a platform on loans where promised you will be able to get up to 40%, the price of the token which has reached a value of $476, and also with its crazy capitalization, has exceeded $2.1 billion at the beginning of 2018.
Well, at the beginning of that month everything changed in an instant where they all deceived investors and closed the coin asset. Until the price for a token plunged drastically
- PAPPAY
The second one is not foreign to us which is like Shitcoin as well which has been operating conventionally.
To be able to start this asset in this cryptocurrency can only be claimed to be made which is to function as a means of payment and has also offered many investors to have a very passive profit of up to 5% for each transaction on the asset.
Actually, what we can think clearly is that to get a 5% profit on each transaction, we shouldn't be able to understand that and have also reminded us that there will definitely be something wrong with what he promised.
Just logic. Only with daily transactions, how is it possible for someone who has played and also understands it is easy to play, where we also know that every investor in this shitcoin can very easily get an income of up to 150% of his own passive profit per month. .
Obviously for such a large profit, and also very unrealistic for those who have the sole goal of attracting new investors. That's a great way for those looking for investors.
- ppt
The last one is ppt which we know that It is also a shitcoin which has been trading at an initial price of $1.90 during its launch and we know it hit an ATH high of $74.85 in just over two months.
It's crazy not for that where only two months can be that high the coin. And also we know that this Coin which has made investors also suffered a huge loss of around 98%. The market value is currently very low.
Describe at least two examples of Shitcoins that have been successful and are currently maintaining them. (Other than Dogecoin or Shibainu.)
1.Dogelon Mars
The first one is a funny token meme that we know usually where he has the logo on a dog which has also been built on a network called Ethereum.
For this coin itself has been in many markets for a long time we know, that's why so many investors who already have it for a trust because it doesn't look like a scam, but this should also be wary of yes.
2. SAMOYEDCOIN
This second one is one of the most successful shitcoins in today's crypto market.
It has also been created as a joke coin and later embedded in a Solana ecosystem to be able to help as many people as possible enter new people into Solana itself.
Do a historical analysis of the price of one of the cryptocurrencies you selected for the previous question. (Use screenshots.)
In order for us to use this coin analysis, the moving average exponential is added to the price chart of the crypto asset which we can see on the chart itself.
From the screenshot, we can see that the market is in a drastic downward trend after reaching its highest point. This is what is called a one where investors are waiting for these tokens to arrive at a certain value for them to be able to take back their profits from the outstanding market.
Based on your previous analysis, what do you think the evolution of cryptocurrency prices will be for this year? Be creative when explaining.
From a chart that we saw earlier where a downward trend was occurring at the beginning of this year. This token has been built on the Solana network, where later when the solona token rises drastically, this token will certainly follow in solona's footsteps. So solona has to work hard first so that this token can also rise again
Conclusion
I am very grateful to the professor @nane15, who has provided a lot of useful lessons for this, I can also avoid the occurrence of shitcoins in the future
Thanks For Visiting My Post
Best Regards
@kinghearts
About Me
