Choosing a CryptoCurrency!

Last updated 6 years ago

First published 15 February, 2018

A flow chart of how to choose a project.

Crypto flow chart

English Rating: Above 18 Shortest path: 5 nodes Longest path: 9 nodes Possible solutions: 13

useriboske lastiboske Consultant

How did you FIRST hear about this cryptocurrency? You were researching solutions to a problem and found this specific cryptocurrency as a potential solution.. You received an unsolicited email about the coin.. You heard about it on the radio/tv/open forum.
Is the coin listed on bitcointalk.org? In the announcement section? Yes. No.
Beware that a coin isn't listed on bitcointalk.org at all. All old-timers in the cryptoworld know that bitcointalk is THE place to announce your project. If the team doesn't know this, then beware. Bitcointalk is the wild wild west. If a project is scammy, it's likely to be discovered on bitcointalk.org. They are not on there for a reason. You've been warned.- A_Solo_Tripper.
Good. Are there recent posts and updates about the project on bitcointalk.org? Yes.. No..
This is great to hear! Skimming through the thread, are people asking various questions about the project? Yes. They are asking about how to mine it, who are the devs, troubleshooting, addressing concerns, etc. No. It's mainly about the price potential of the coin. .
So far, so good. Your discovered project is sounding good so far. There is still many unanswered questions that you need to ask. You are on the right track. .
Being that the thread is primarily about the future "gainz" for the coin, it sounds like a pump and dump coin, thus far. Check their website. In your judgement, if the team is more concerned with the price, and number of exchanges, rather than solving a problem, testing the coin, etc, you need to beware.- A_Solo_Tripper.
Uh oh. You need to findout what happened the project. Why no activity or recent posts about the project? Devs walked away from the project. Community lost interst.. Project has been re-named.. Project moved to a different website.. Discovered it was a scam on bitcointalk.org.
This is a red flag. If the devs walked away from it, and you're not a developer, steer clear of this project.- A_Solo_Tripper.
Many times a coin will start out with a lot of high hopes at the beginning. The once the product is actually launched, it is so far from the target, the community will lose interest. If the devs are still working on the project pro-bono, you may have found a gem. Many times if the devs have determination, they can rise from the ashes. I would research some more until you feel at ease about it.- A_Solo_Tripper.
Oftentimes projects are simply re-named. If the core of the project remained the same, this isn't a big deal. Still do some research.- A_Solo_Tripper.
You need to do some more research and be skeptical about this project. As good, solid projects usually don't abandon a bitcointalk thread for no good reason. It is possible that the devs scammed people out of money and had to hightail it out of town.- A_Solo_Tripper.
Stay AWAY!!- A_Solo_Tripper.
Was the email from a source that has earned your trust BEFORE receiving the email? No. Yes. I trusted them before they suggested this/these coins..
Likely a pump and dump. Or even worse, a scam. Stay away.- A_Solo_Tripper.
Why are they sharing valuable information with you for free? Do some research on the coin some more. Keep your eyes open for anything suspicious, as people do not offer sound advice for free.- A_Solo_Tripper.
Was it a commercial promoting the coin? Or during a show? A show. Commercial.
Beware, as someone is paying money to place that ad for the coin. The crypto team is likely looking for "early" investors to roip-off. Stand clear. - a_solo_tripper.
Do you trust the host? Yes.. No.
If you really trust the host of the show, and they are the one suggesting a coin, then it wouldn't hurt you to keep an open mind and do some more research about the coin.- a_solo_tripper.
Beware! The host is likely getting paid to promote this coin. Proceed with caution.- a_solo_tripper.