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How to spot coins NOT to invest in for a safer bet

All Cryptocurrencies

by COINS NEWS 193 Views

Hey fellow investors, from the plankton to the whale!

In the world of crypto we have this abbreviation "DYOR", which translates to "do your own research". But for some newcomers and beginners, it may not be as easy to find reliable resources, so this one's for you!

I'll list the general behaviors of the coins you should avoid in case you're looking forward to create a safe portfolio. This does not guarantee or promote a quick get-rich scheme at all, it's actually quite the opposite. After we've stated the facts, we'll look for entities that don't jump to a zillion overnight, but don't fall to the depth of hell even faster than that, either.

Enough with the introduction, here's what you should avoid:

  1. If a coin has weird developers, you better avoid that coin. The term "weird" translates to some billionaire or humanist dude who popped up overnight out of nowhere with thousands of cult-ish followers.

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  1. If a coin is being advertised in all the irrelevant places. Usually creators of scam coins invite people to advertise for them in hope of a yummy share. You know it's a scam when you see a crazily lucrative promise. "It's called SafeRocket FlyHigh SoarJob, so you could say it'll go up as high as a rocket!!!". Also, avoid DMs from individuals who claim to have become millionaires with the help of certain financial institutions.

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  1. If 90% of the comments in their subreddits or channels consist of people screaming "TO THE MOON!" and nothing technical or educational.

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  1. If the developers have kept 20% or so of the crypto to themselves ever since the initial release.

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  1. If the project has a shiny, hastily advancing and growing roadmap but no current evidence of having the tools or even knowledge to make it happen.

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  1. Anything with a very similar name to another coin (eg. BabyDoge), unless it's an official fork.

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  1. Some scam coins are also promoted by people on YouTube or have pump and dump discord channels. You should also avoid this kind of projects (honestly for some reason YouTube has turned into one of the worst crypto research tools. Get your info from elsewhere, like Reddit or encyclopedias). Thanks to u/RedIceBreaker for the tip.

That being said, here's a list of crypto worth considering and holding (according to me, but rather rational. Still no shilling intended and it's definitely not a financial advice):

The safest: Bitcoin (BTC), Ethereum (ETH)

The safer: Chainlink (LINK), Uniswap (UNI), Polkadot (DOT), Cardano (ADA), Solana (SOL), Stellar (XLM), Polygon (MATIC), VeChain (VET)

The safe: Monero (XMR), Cosmos (ATOM), Algorand (ALGO), Amp (AMP), IOTA (MIOTA), Hedera Hashgraph (HBAR), Elrond (EGLD), Kusama (KSM), Basic Attention Token (BAT)

We call the scam coins "Shitcoins". Avoid them at all costs if you're not a professional trader throwing in pocket money and hoping for it to multiply so that even if it goes down to zero you're unbothered.

Keep investing and HODLing!

submitted by /u/shardplugged
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