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RE: Chasing Chain Coin? A Word of Caution, Checking the Richlist, and Comparing it to Other Parabolic Moves
Nice post, I especially liked the charts. I'm fairly new to cryptos and I agree with you that it is better to look for the next coin to explode instead of putting money in the ones that just did; however I was wondering if you might have tips on how to spot such coins. I've been looking at many coins with low market caps to try to identify future winners, but so many seem unimpressive. Thanks!
Thanks for your comment @livewell . . yea, it's a task, that's for sure. But it's actually pretty fun now. After awhile of doing it, you'll start to develop a knack for it. This is what I typically do, especially if the coin is low volume and on less known exchanges like Cryptopia or Yobit:
I will read the Announcement page on bitcointalk.org . . every coin will have a thread where they basically announce their coin to the crypto world. A lot of real experienced (legendary or hero members) post in there too. If people are not positive about it, I move to the next coin.
Check the official website. That's a pretty big deal. Does it look professional? Does it read correctly?
Join the Slack of a coin, if it has one. Here is a post I wrote about how I use Slack. It's an app.
https://steemit.com/cryptocurrency/@shawnfishbit/why-i-use-the-app-slack-to-find-out-about-cryptocurrencies-and-how-it-could-help-you-too
I check coinmarketcap.com. I check the github. Is there active development? Or has no one worked on the code in 2 years? That's important. Dead coins can still be traded, but the ones I'm looking for are the solid ones that are relatively undiscovered.
Those are a few of the things I do . . . hope it helps you. Beware, it's a rabbit hole haha
Nice, these are awesome resources @shawnfishbit
I've been watching TerraCoin today, @livewell - any experience here?
Devs seem to be back on board, they definitely could use a rebrand / marketing push
Wow thank you for your thorough reply; that's super helpful and I will definitely use those tips! I'll send you a tip when I strike gold ;)