No working product, in development, over-valued and over-shilled.
Basically coins with no long term viability – pretty much “hype” coins. Just to be clear, you can (and people do) make a killing on shit coins – but they are more for volatility trading then hodling.
They are generally created by opportunists, have vague whitepapers full of buzzwords and bounty programs or other viral marketing methods to try to push sales.
BCash, XVG and many other useless coins in top 30 but you can still make money out of them if you know when to get out.
A coin that doesn’t provide any new features. It a copy of bitcoin comes out, it’s a shitcoin. No need for it.
A lot of these shitcoins just try to solve issues which have already been solved. Some actually have zero tech behind them lol
Back in November/December, McAffe tweets about Verge (probably got his $105,000.00 for that). Hype starts building up. Verge had a “Wraith Protocol” update coming up on a set date. Dev didn’t keep true to his word and postponned it. When it finally came out, it wasn’t anything impressive. Dev made a post asking about paying taxes related to cryptos/coinbase. A few hours after said post, he started a “Give Verge to our pool so we can reveal big news on day XX/YY!!!1” Didn’t get enough money, some company matched the donation value so he would reveal it anyway. Didn’t reveal it. Postponned to April 16th. Two days ago, their Blockchain was hacked. Dev pushed a “fix” and said everything was fine. Wasn’t, as hacker still mined free XVG. Now Dev pushed another “fix”. It was a hardfork. He didn’t know it was a hardfork. Let me repeat that. The Dev. Didn’t. Know. He. Pushed. A. Hard. Fork.
Why is it a shit coin? Because there is always a literal shit storm around it. Hacks, McAfee, XVG Whale, cult following, a public ledger on a privacy coin… I made money on XVG, and now I’ve moved on. It offers nothing unique, and has been surrounded by nothing but drama.
Pre-announcing announcements, dodgy white paper and partnerships with flimsy companies which others have tracked back to being Justin Suns own side projects.
Also announcements that are never confirmed or made on medium and then the article disappears. Overhyping things like a “opening a San Francisco office” which is just a rented desk at hero city in San Mateo. Formerly invested in tron, made a little money, I sold quickly.
Website looks like a 12 year old made it. They supposedly have elite programmers from alibaba but had issues with session data on their login screen and sometimes the verification email wouldn’t even send. Add that to the fact they have zero partnerships with any companies anyone has heard of and tron only increased in price significantly once since January and you have a pump and dumpnshit coin in the works.
Their white paper read like something Trump would say: we’re going to have all the things, the best things, the things you’re gonna love. And then the things you already love we’re gonna make better things because you deserve the best things
The CEO obviously tries to pump the price of the coin… before they even have anything tangible done. The TRX coin is just an empty coin that does nothing and run on the Ethereum network until June when they launched their own mainnet.
Why would the head guy care about the price of the coin before the coin even does anything yet? He should be more focused on making his product actually do something and bring lasting value and worth to the coin, instead of senseless hype.
Put up or shut up is what Justin Sun needs to do.
A serious project has to solve a real problem. When someone has an idea, and they are serious about it, they do their research thouroughly and they lay out a plan. They write up a whitepaper giving a full rundown of what problem they are solving, how they will solve it, and how this compares to what else is on the market.
You don’t pad your whitepaper with copy-pasted text you stole from others.
Plagiarism is the very definition of a shitcoin. That’s literally the kind of coin we are talking about when we use that word.
Aside from everything you’ve already mentioned, Verge partnered with Voice Life, Inc, which was created by a serial con artist. Voice Life is basically two people, but it’s mostly Frank Robert Smith, who has run private stock scams in the past. Somehow, he’s been able to get away with it. But this time, there’s cryptocurrency involved. This gives him more income opportunity than just selling fake stock alone.
This man, with no scientific background, claims to be able to charge cell phones wirelessly, from the sky, lol. That technology simply doesn’t exist. If it did, it would be revolutionary, and everyone would already know about it. There’s no way in hell that one or two con artists have developed anything close to that.
It’s hard to believe that Verge (Justin) doesn’t know that this alleged technology is a scam, although I guess it’s possible that he was conned by Frank Robert Smith and David Lee Lark. That just doesn’t seem likely to me though.