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WHAT ARE SHITCOINS AND WHY IS THERE SO MUCH HYPE AROUND THEM RECENTLY?
(A Thread For 7 year olds
)
This thread will try to educate newbies on shitcoins so you know what youâre going into.
RETWEET FOR BEGINNERS
(A Thread For 7 year olds
)This thread will try to educate newbies on shitcoins so you know what youâre going into.
RETWEET FOR BEGINNERS
The name shitcoin to begin with is already a red flag but why is everyone talking about them?
What are Shitcoins?
Shitcoin has been used to refer to any cryptocurrency with little to no value or a coin that has no Use-Case or purpose. Their prices are based on speculation.
What are Shitcoins?
Shitcoin has been used to refer to any cryptocurrency with little to no value or a coin that has no Use-Case or purpose. Their prices are based on speculation.
In other words, a shitcoin is a cryptocurrency that will someday be totally worthless.
While shitcoins are considered worthless, that doesnât necessarily stop them from going âto the moonââ.
While shitcoins are considered worthless, that doesnât necessarily stop them from going âto the moonââ.
If youâve heard of MMM or Racksterli, then youâre not far from the definition of shitcoins. Itâs basically a Ponzi scheme.
Letâs simplify...
If 10 of us open a Bank Account without putting in any money, the account balance is Zero right?
Letâs simplify...
If 10 of us open a Bank Account without putting in any money, the account balance is Zero right?
Then we all decide to put 10k each in it. Now the Account is no longer worthless because we now have 100k. Now as a smart boy, while you people are sleeping Iâll remove 30k and 2 other persons will sharply wake up and remove 30k each too.
Now 10k is left in the bank for 7 people, well I donât know how you people will share it but may the best man win 
Now Iâve cashed out 30k from something worthless that doesnât make it any less worthless.
Now Iâve cashed out 30k from something worthless that doesnât make it any less worthless.
How do you know a Shitcoin?
-Shitcoins are characterized by short-term price increases followed by nosedives caused by investors who want to capitalize on short-term gains.
So yes an Investor, one rich man can decide to put $1million in a shitcoin so that the price will go up..
-Shitcoins are characterized by short-term price increases followed by nosedives caused by investors who want to capitalize on short-term gains.
So yes an Investor, one rich man can decide to put $1million in a shitcoin so that the price will go up..
and you with âOjukokoroâ will jump into it and take the price even higher. When itâs at a high that heâs satisfied with, he pulls everything out and everything comes crashing down on you especially the ones who joined late.
You can easily identify a Shitcoin because they follow a specific pattern. The price increases exponentially over a short period of time as investors begin to jump on board.
This is followed by a crash caused by investors who dump their coins to collect their short-term gains.
This is followed by a crash caused by investors who dump their coins to collect their short-term gains.
-Shitcoins barely do private sale or IDO.
-They do no Airdrop or the airdrop is equally worthless.
-They usually have so many decimals because like I said theyâre basically worthless.
The Pump comes from people like you and me putting in money.
-They do no Airdrop or the airdrop is equally worthless.
-They usually have so many decimals because like I said theyâre basically worthless.
The Pump comes from people like you and me putting in money.
All our money put together cannot take it $1 (So if youâre thinking #Safemoon to $1 is possible then I have a house to sell for you in Banana Island for 100k)
Quick take: Shitcoins are for short term profit. Theyâre not for hodling long term.
Quick take: Shitcoins are for short term profit. Theyâre not for hodling long term.
I do not advise any newbie to go into shitcoins but if you must, once your money has doubled, take out your Capital and a half and leave the remaining profits so you donât lose out âWHENâ it crashes.
Making money in Cryptocurrency is our next lesson, make sure to turn on Notifications.
