Here is a demonstration of a Chrome Extension that I wrote. The user presses Ctrl + Left click on any Reddit username and a new tab will open and will contain and the user’s historical posts and comments.
There are a lot of websites that offer the same functionality but are actually not at all convenient to use because you need to copy the username, go on a new tab paste it and search for it. This Chrome extensions makes this task much easier.
Sometimes I would find an interesting post or comment and I would like to know more about the user, quickly. Or sometimes it was obviously that an account is used for promotional/marketing purposes so I wanted to know in which Subreddits it was used.
There are some limitations from the Reddit API itself since it only provides the latest 1000 comments and 1000 latest posts. If a user has more than those, we cannot get a complete overview but for they are enough for me.
For now I have decided to not develop it further as it suits my needs the way it works so I will just try to find another Idea.
Edit 12.04.2019: After a year of experience with shitcoins I want to add what I believe is the most important and reliable step in order to validate a shitcoin, if it has any future perspective.
The coin has to have complete marked cycles of Bull/Bear price fluctuations. For example see the BNB coin below. It has completed around 4 Market Cycles where the price goes Parabolic then returns to the medium and then it goes Parabolic again. This is the exact behavior I am looking for. Another example of similar market cycles is of course Bitcoin.
Now below follows the original article:
Let’s take as an example of the steps I take in order to check a coin, if it is worth investing in it or not.
First I would go to the golden source. Then I would pick an Exchange that I have already registered and I am accepted. I would take all coins from there put them in excel and start working down the list. It happens right now that my cursor is under a coin that is called CPC ( CPChain ) so let’s just check it.
First step – Check the Source
I will open first the Source Code and check if there is any activity there. If there is not any activity at all during the last couple of weeks that is immediately a red flag. A project that I would like to invest should be active. Even worst if there is not Source Code at all that would be a huge Red flag that will stick in the back of my head until I hopefully forget about this coin. Yes the project can be in an inception phase but I am not the type of person who would throw money into it so early.
In the best case that there is activity, I will just browse around inside the folders to check the quality of the work done. Many projects have code that they used only to implement their ICO and nothing more, well we do not want that right ?
Second Step – Check if they are doing a bounty program.
This is an even bigger red flag. If the coin has a bounty program, it means that the Team is paying people to promote the coin in various websites.
Check for example this image taken out of a bounty of some random coin. I do not know why the resolution is not that good – does not matter. So what they do is that they give money to people to promote this coin on Facebook, Twitter, Reddit, Linked , Telegram. Well isn’t that Fake news ?
Third step – Check the Documentation on their website
Do they have high quality explanations of the Projects goals ? Do you fall asleep after reading 3 minutes their Whitepaper ? Is the idea presented feasible ? There is a whole new branch of “Blockchain Marketing Managers” that they can make a paper look good. A well designed Website and a 50 pages whitepaper does not mean anything.
Fourth step – Check That they have an Alpha/Beta version
Or are you looking to build Castles in the air ? I prefer to have an Alpha/Beta version so that I can have something to play around with. And something that is not just a wallet. You cannot do much with a wallet anyway.
Fifth step – Check their Blockchain explorer
Check to see their number of transactions. Are you investing in a dead coin ? There are many of them out there. Keep in mind that many teams generate fake transactions so that it looks like that a coin is active while the opposite is the case.
These are the five main steps I usually follow. By the end I have a good idea if I want to continue looking into the coin. This phase is only the beginning, an initial review I would say. It would be time saving if we had someone to do this for us, however as you have seen there are fake news everywhere and the best way it to just do it yourself and your friends, if you have any.
The coin must have an active Github, check it from coinmarketcap or from here under the “Development” Tab
The coin must have a half working Alpha / Beta Release.
Go on Reddit and check the Subreddit of the specific coin. Check the users that are posting and their history. Use my chrome extension to check their posts/comments distribution. It should not be one-sided. There are people who make money promoting scam coins, you can do too, if that is how you roll.
Check the Telegram Group of the coin, if it is a boring channel that all they are talking about is promotions and post latest articles, get out
Talk with the Developers and the promoters you can tell a lot by people’s reaction and their motives once you talk to them.
The are professionals out there who specialize on “Blockchain Marketing”, namely they promote a vision, they produce a Whitepaper, they have a website they are on all social Media. And they do their work good, they can convince you 100 % and make you invest.