In todays exciting episode of Crypto Curious, your hosts Tracey, Blake, and Craig discuss one of the more controversial topics in crypto - sh*tcoins. The term sh*tcoin is not only derogatory but also subjective, used by experienced crypto investors to insult any coin that they feel isn’t a good project. Because the crypto industry isn’t regulated and free for anybody to create whatever coin they want, there are a lot of coins that are either meaningless jokes or intentional scams. If you get ripped off by a scam coin, nobody is going to bail you out, so be very careful what you invest in.

Large crypto exchanges like Coinbase try to avoid listing scam coins, so a project listed on a large exchange is usually pretty safe. As Tracy points out, however, any coin can be listed on a decentralised exchange (DEX), so when it comes to a DEX, a listing doesn’t necessarily mean it’s safe. Always check out the team behind the project and read the coin’s whitepaper thoroughly to get an idea of a project’s viability. The whitepaper should be original, well-written, and scientifically accurate in its explanation of what the project does.

You can’t rely on Youtube influencers or supposedly ‘reliable’ celebrity endorsements - they are almost always paid for placements and provide no indication that the coin has any credibility. These often result in pump ‘n dump schemes, where a team aggressively promotes a coin and pushes the price up before dumping all the coins, cashing out, and skipping the country. This is known as a ‘rugpull’, and they happen all the time, leaving thousands of unhappy investors stuck sitting with worthless coins that nobody will buy.

Don’t be scared off though - this doesn’t mean that every new coin is a scam. Some coins that appear to start out as sh*tcoins often develop into viable altcoins, while some initially promising altcoins end up being nothing more than scams. Always do your own research, be careful who you take advice from, and never invest more money than you can afford to lose.

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The information provided in this article is for informational purposes only and should not be construed as financial advice. The information provided should not be relied upon for financial decisions. The author is not a financial advisor and is not qualified to provide financial advice.

The author does not endorse any of the products or services mentioned in this article and is not responsible for any losses or damages that may occur as a result of using the information provided in this article.

It is important to do your own research (DYOR) and understand the risks involved before investing in any cryptocurrency or other financial product. You should also consult with a financial advisor before making any investment decisions. Investing in cryptocurrencies is a high-risk investment. You should only invest money that you can afford to lose.