TomiEx: How to Avoid a Shitcoin
- Many altcoins are pretending to be the next generation coin
Since Bitcoin was introduced in 2009 many altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin. Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin. Read this Term have emerged in the cryptomarket. Many of them are pretending to be the next generation coin that is faster in terms of transaction time or wider in terms of application. When approaching any coin an investor should always consider some of it’s features and how it could really be utilised.
Investors should always look at the efforts that are being made behind any coin to make sure that the specific coin could secure its future.
First, it should be done in terms of security. So, any coin that is pretending to be digital money that is intended to be used to buy something should be built and be functional without any delays, downtime, fraud resistant and is able to withstand any third-party interference. It is easier said than done. That is why there is so little digital money in the market like Ethereum and Bitcoin itself. These are the most popular coins which can be used to buy something in a real world too. Algorithms, unique blockchains, smart contracts and decentralized applications that enable for a separate virtual network to be built within the ecosystem would certainly be a bright indicator for likely success.
Then any investor should distinguish a coin that is a value token from others that represent a stake in a crypto project sometimes called a security token.
The latter is designed as a security, but at some point, they may expand beyond that. The Binance coin was distributed in 2017 via the initial coin offering (ICO Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Accompanying most major ICOs has been the prevalence of a whitepaper. A whitepaper serves as both a persuasive sales pitch, and in-depth report on a specific topic that presents a problem and provides a solution. Most marketers relied on whitepapers to educate their respective audience about a particular issue, or explain and promote a particular methodology that an ICO could potentially solve. The information enclosed in whitepapers have historically been met with skepticism.Why ICOs Have Fallen Out of FavorThis is due in large part to the early days of ICOs, as this practice was highly unregulated and extremely risky. Because there were no regulations delineating who could and could not hold an ICO, many bad actors or incompetent technologists saw the practice as an opportunity to grab a lot of fast cash.As a result, many investors have lost quite a lot of money – their tokens were either never returned to them, or the companies who issued the tokens failed within several months of the token’s official launch.Regulators around the world have cracked down on the practice, which has resulted in a slightly “cleaner” ICO space.However, ICOs have garnered a pretty bad reputation and are still regarded as generally untrustworthy. As such, other methods of fundraising, such as Initial Exchange Offerings (IEOs) and Security Token Offerings (STOs) have been born. An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Accompanying most major ICOs has been the prevalence of a whitepaper. A whitepaper serves as both a persuasive sales pitch, and in-depth report on a specific topic that presents a problem and provides a solution. Most marketers relied on whitepapers to educate their respective audience about a particular issue, or explain and promote a particular methodology that an ICO could potentially solve. The information enclosed in whitepapers have historically been met with skepticism.Why ICOs Have Fallen Out of FavorThis is due in large part to the early days of ICOs, as this practice was highly unregulated and extremely risky. Because there were no regulations delineating who could and could not hold an ICO, many bad actors or incompetent technologists saw the practice as an opportunity to grab a lot of fast cash.As a result, many investors have lost quite a lot of money – their tokens were either never returned to them, or the companies who issued the tokens failed within several months of the token’s official launch.Regulators around the world have cracked down on the practice, which has resulted in a slightly “cleaner” ICO space.However, ICOs have garnered a pretty bad reputation and are still regarded as generally untrustworthy. As such, other methods of fundraising, such as Initial Exchange Offerings (IEOs) and Security Token Offerings (STOs) have been born. Read this Term) to finance the Binance platform creation and upgrades, as well as the Binance ecosystem. And that’s where Binance passed its peers as it expanded to numerous applications, including payments within the Binance chain itself, travel bookings, entertainment, online and financial services. That has made the Binance coin the third largest cryptocurrency in the world, serving the world’s largest Cryptocurrency exchange. However, the main use of the Binance coin is to pay for transactions and trading fees on the Binance exchange. This coin has the largest community on Twitter, as it has 6.6 million followers, while Bitcoin on the second place has only 3.9 million.
Stablecoins makeup the other class of crypto assets that are backed by a reserve asset, which could be a reserve currency like the U.S. Dollar or the Euro, or some valuables like gold or silver.
Such coins are backed by a reserve of the given asset that is maintained by independent custodians and are regularly audited. Crypto-collateralized stablecoins are backed by a basket containing a large number of cryptocurrencies to avoid excessive volatility. Non-collateralized stablecoins are backed by the algorithm that increases or decreases supply according to the demand for this particular stablecoin. Stablecoins are usually treated as a major threat for central governments and their currencies as they are supposed to replace them at some point. That is why the Libra, that was introduced by Facebook, came under fire from U.S. lawmakers and was replaced by Diem that is not linked directly to Meta Platforms which incorporate Facebook’s social network. Thether, Binance USD, Dai, USD Coin, TerraUSD are bright examples of existing stablecoins. Such classes of assets are less vulnerable and are easily tracked though independent reserve custodians and regular audit, including the non-collateralized stablecoins.
To understand the popularity of the particular coin you may refer to the specialized websites that are tracking the cryptomarket. The overall capitalization and other metrics like active addresses, number of transactions, or mining activity could pinpoint the most demanded cryptos.
The last class of crypto assets are non-fungible tokens (NFT’s), which are actually quite different from any cryptocurrency that is fungible. Such NFT’s are rather a certificate that confirm the right of ownership. If the underlying asset is a real piece of art or a property then you can always refer to a particular market of such assets to understand the value of the underlying asset. But, in case of virtual underlying assets like virtual real estate or land or even a yacht, that market is only being shaped now. And it must be distinguished by the “region” or the surrounding virtual environment, or even a popular place for celebrities. And that value is hard to be justified. However, such assets may be quite promising and may rise in price in the future.
Some crypto assets, however, are created on the hype wave and are short-lived.
The Squid coin is a recent bright example of a scam that was inspired by Netflix’s Squid Game series and has nothing behind it.
Some other examples are trickier like Dogecoin or Shiba Inu. Such coins were driven primarily by one individual that is Elon Musk and are supported by his controversial statements, like a Dogecoin that would be accepted by Tesla. But Musk has previously promised that Tesla would accept Bitcoins but it never did. Sometimes the crowd has misinterpreted Musk’s massages or hyped on them as some coins like Starlink or Floki Inu. For example, in the beginning of November Musk’s tweet about Vikings on the Moon inspired Flocki enthusiasts to push the price to an all-time high, while the coin lost half of its value afterwards.
Michael Domar, CEO TomiEx exchange and TEX coinhttps://tomiex-tex.com/
Since Bitcoin was introduced in 2009 many altcoins Altcoins Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin. Altcoin is a term that describes any cryptocurrency that isn’t Bitcoin. Since Bitcoin’s inception there have been countless cryptos launched. Many of these have met varying levels of success, though several have risen to rival Bitcoin itself.Ether, XRP, Stellar, Monero, Ada, and Dash are a few examples of the more popular altcoins. There presently exist over 5,000 altcoins and this number seemingly grows constantly. The paramount altcoins as of May 2020 are Ethereum and Ripple.In terms of structure, altcoins can be different from the Bitcoin network in any number of ways. This is often the primary reason for the existence of altcoins themselves.Why Do So Many Altcoins Exist?While Bitcoin is both innovative and massively influential, it does possess some problems that developers are trying to fix with their own products. Over time there have been developed altcoins that makes faster transactions, while also altcoins that are less volatile, or altcoins that are more private, etc.Altcoins also can have different economic models and their methods of distribution can be different. Moreover, their programming languages can be different, and they can support the development of different kinds of applications. While many altcoins have been built with amazing technology and have amazing potential to change the world, many of them have been created as methods of grabbing quick cash, or even as jokes.However, some of the joke altcoins have still managed to gather a significant number of users and followers. The most prominent example of this trend is DogeCoin, a cryptocurrency inspired by the Doge meme. Additionally, other joke altcoins have also experienced large market cap, such as JesusCoin. Read this Term have emerged in the cryptomarket. Many of them are pretending to be the next generation coin that is faster in terms of transaction time or wider in terms of application. When approaching any coin an investor should always consider some of it’s features and how it could really be utilised.
Investors should always look at the efforts that are being made behind any coin to make sure that the specific coin could secure its future.
First, it should be done in terms of security. So, any coin that is pretending to be digital money that is intended to be used to buy something should be built and be functional without any delays, downtime, fraud resistant and is able to withstand any third-party interference. It is easier said than done. That is why there is so little digital money in the market like Ethereum and Bitcoin itself. These are the most popular coins which can be used to buy something in a real world too. Algorithms, unique blockchains, smart contracts and decentralized applications that enable for a separate virtual network to be built within the ecosystem would certainly be a bright indicator for likely success.
Then any investor should distinguish a coin that is a value token from others that represent a stake in a crypto project sometimes called a security token.
The latter is designed as a security, but at some point, they may expand beyond that. The Binance coin was distributed in 2017 via the initial coin offering (ICO Initial Coin Offering (ICO) An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Accompanying most major ICOs has been the prevalence of a whitepaper. A whitepaper serves as both a persuasive sales pitch, and in-depth report on a specific topic that presents a problem and provides a solution. Most marketers relied on whitepapers to educate their respective audience about a particular issue, or explain and promote a particular methodology that an ICO could potentially solve. The information enclosed in whitepapers have historically been met with skepticism.Why ICOs Have Fallen Out of FavorThis is due in large part to the early days of ICOs, as this practice was highly unregulated and extremely risky. Because there were no regulations delineating who could and could not hold an ICO, many bad actors or incompetent technologists saw the practice as an opportunity to grab a lot of fast cash.As a result, many investors have lost quite a lot of money – their tokens were either never returned to them, or the companies who issued the tokens failed within several months of the token’s official launch.Regulators around the world have cracked down on the practice, which has resulted in a slightly “cleaner” ICO space.However, ICOs have garnered a pretty bad reputation and are still regarded as generally untrustworthy. As such, other methods of fundraising, such as Initial Exchange Offerings (IEOs) and Security Token Offerings (STOs) have been born. An Initial Coin Offering (ICO) is a kind of crypto token sale that is used as a method of fundraising, similar to an Initial Public Offering (IPO), in which stocks are sold to raise money for a company.In order to launch an ICO, a company simply needs to create a website, issue a token, and set a time and date for the sale. Investors buy ICO tokens in exchange for another cryptocurrency, like Bitcoin or Ethereum; after a set amount of time, they receive the tokens they purchased in the sale.Accompanying most major ICOs has been the prevalence of a whitepaper. A whitepaper serves as both a persuasive sales pitch, and in-depth report on a specific topic that presents a problem and provides a solution. Most marketers relied on whitepapers to educate their respective audience about a particular issue, or explain and promote a particular methodology that an ICO could potentially solve. The information enclosed in whitepapers have historically been met with skepticism.Why ICOs Have Fallen Out of FavorThis is due in large part to the early days of ICOs, as this practice was highly unregulated and extremely risky. Because there were no regulations delineating who could and could not hold an ICO, many bad actors or incompetent technologists saw the practice as an opportunity to grab a lot of fast cash.As a result, many investors have lost quite a lot of money – their tokens were either never returned to them, or the companies who issued the tokens failed within several months of the token’s official launch.Regulators around the world have cracked down on the practice, which has resulted in a slightly “cleaner” ICO space.However, ICOs have garnered a pretty bad reputation and are still regarded as generally untrustworthy. As such, other methods of fundraising, such as Initial Exchange Offerings (IEOs) and Security Token Offerings (STOs) have been born. Read this Term) to finance the Binance platform creation and upgrades, as well as the Binance ecosystem. And that’s where Binance passed its peers as it expanded to numerous applications, including payments within the Binance chain itself, travel bookings, entertainment, online and financial services. That has made the Binance coin the third largest cryptocurrency in the world, serving the world’s largest Cryptocurrency exchange. However, the main use of the Binance coin is to pay for transactions and trading fees on the Binance exchange. This coin has the largest community on Twitter, as it has 6.6 million followers, while Bitcoin on the second place has only 3.9 million.
Stablecoins makeup the other class of crypto assets that are backed by a reserve asset, which could be a reserve currency like the U.S. Dollar or the Euro, or some valuables like gold or silver.
Such coins are backed by a reserve of the given asset that is maintained by independent custodians and are regularly audited. Crypto-collateralized stablecoins are backed by a basket containing a large number of cryptocurrencies to avoid excessive volatility. Non-collateralized stablecoins are backed by the algorithm that increases or decreases supply according to the demand for this particular stablecoin. Stablecoins are usually treated as a major threat for central governments and their currencies as they are supposed to replace them at some point. That is why the Libra, that was introduced by Facebook, came under fire from U.S. lawmakers and was replaced by Diem that is not linked directly to Meta Platforms which incorporate Facebook’s social network. Thether, Binance USD, Dai, USD Coin, TerraUSD are bright examples of existing stablecoins. Such classes of assets are less vulnerable and are easily tracked though independent reserve custodians and regular audit, including the non-collateralized stablecoins.
To understand the popularity of the particular coin you may refer to the specialized websites that are tracking the cryptomarket. The overall capitalization and other metrics like active addresses, number of transactions, or mining activity could pinpoint the most demanded cryptos.
The last class of crypto assets are non-fungible tokens (NFT’s), which are actually quite different from any cryptocurrency that is fungible. Such NFT’s are rather a certificate that confirm the right of ownership. If the underlying asset is a real piece of art or a property then you can always refer to a particular market of such assets to understand the value of the underlying asset. But, in case of virtual underlying assets like virtual real estate or land or even a yacht, that market is only being shaped now. And it must be distinguished by the “region” or the surrounding virtual environment, or even a popular place for celebrities. And that value is hard to be justified. However, such assets may be quite promising and may rise in price in the future.
Some crypto assets, however, are created on the hype wave and are short-lived.
The Squid coin is a recent bright example of a scam that was inspired by Netflix’s Squid Game series and has nothing behind it.
Some other examples are trickier like Dogecoin or Shiba Inu. Such coins were driven primarily by one individual that is Elon Musk and are supported by his controversial statements, like a Dogecoin that would be accepted by Tesla. But Musk has previously promised that Tesla would accept Bitcoins but it never did. Sometimes the crowd has misinterpreted Musk’s massages or hyped on them as some coins like Starlink or Floki Inu. For example, in the beginning of November Musk’s tweet about Vikings on the Moon inspired Flocki enthusiasts to push the price to an all-time high, while the coin lost half of its value afterwards.
Michael Domar, CEO TomiEx exchange and TEX coinhttps://tomiex-tex.com/