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– TIMESTAMPS –
1:36 Shitcoin Criteria
2:34 Exchange Listings
4:30 Volume & Liquidity
6:20 Development Activity
7:56 Project Team
9:28 Token Even Needed?
10:50 Fake Partnerships?
12:13 Track Records
14:00 Previous use of Funds
16:40 Shills & Sockpuppets
⛓️ 🔗 Helpful Links & Sources 🔗 ⛓️
► Sirin Labs Raise: https://venturebeat.com/2017/12/27/sirin-labs-raises-157-8m-in-ico-to-accelerate-development-of-its-finney-blockchain-phones-and-pcs/
► Factom Bankruptcy: https://www.coindesk.com/blockchain-company-factom-files-chapter-11-bankruptcy
► Substratrum Burn: https://decrypt.co/9074/substratum-burns-through-13-million-in-ico-funds-in-two-years-lays-off-staff
1️⃣ Exchange Support 1️⃣
Most *reputable* exchanges don’t want to be associated with coins that they deem to be shit. By that I mean, they don’t want to have a lot of angry traders coming to them because they lost nearly all their money on some vaporware project.
It also creates certain problems for you buying the cryptocurrency. How can you feel really comfortable using some exchange that you have never really heard of.
2️⃣ Volume & Liquidity 2️⃣
The volume and liquidity of a token is important to study. Not only can it give you a broader indication of interest but it will also help you determine whether you will be able to easily buy or sell the cryptocurrency yourself.
The trading volume of a cryptocurency should be divided by volume. Any coin that has a 24-hour trading volume that is less than 5% is considered quite low.
3️⃣ Development 3️⃣
If they do make their code public in their repos then you will want to observe how much as been done over the past few months. You just want to see that there has been a regular stream of commits and discussions.
You will also want to take a look at the whether the project has been active in other spheres.
4️⃣ Project Team 4️⃣
Are the team who they claim they are? Can you confirm their credentials on their social platforms like Linkedin? Have they been involved in any questionable projects in the past? How long have they been involved in the blockchain space?
5️⃣ Do They Need a Token? 5️⃣
There are numerous examples of projects that have developed a cryptocurrency for something that really did not need one at all. Let us not forget that the future value of a utility token will come from it’s actual use.
If you really need people to transact in your network, why can’t they just use ETH? Why do they need to use your token?
6️⃣ Partnerships 6️⃣
And are these partnerships meaningful? Or are they merely a partnership for partnership sake? A simple collaboration or memorandum of understanding? Something that is concrete or nothing more than a simple meeting?
I have seen far too many projects that over hype a partnership that is either completely false or extremely misleading.
7️⃣ Track Record 7️⃣
Those projects that often change their focus and “reinvent” themselves every single year are most definitely ones to watch out for.
If their previous core use case is no longer a strong one, what is to say their new one is any better?
Consistency is also applicable when it comes to development. Do they often miss milestones and have some of these proposed milestones just vanished from the ether?
8️⃣ How They Spend Cash 8️⃣
Most legitimate projects with a foundation will have detailed reports as to where the funds are being allocated and spent on. If no such disclosures exist then it’s an immediate red flag.
For those projects that do disclose this, you need to ask yourself whether it falls in line with their Whitepaper budget allocation or whether it is at all justified.
9️⃣ Paid Shills / Sockpuppets 9️⃣
Those crypto projects that have to rely on paid shills to pump their coin or token should be viewed with immense suspicion. Why should they feel the need to create an artificial perception of demand? Does that mean that there is no real organic interest in the project?
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading Forex, cryptocurrencies and CFDs poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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