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Honest question from a total outsider: What is the difference between a "shitcoin" and a "legitimate token"? And who gets to decide that?
by elevader 5y ago
Honest question from a total outsider: What is the difference between a "shitcoin" and a "legitimate token"? And who gets to decide that?
- ijonas 5y agoBitcoiners.
- cryptica 5y agoI've met founders who launched shitcoins which raised a lot of money who acknowledged with no sense of irony that their own token was a shitcoin. But in general, a shitcoin is a poorly designed project (or just a clone of an existing project) where the founder sells a lot of their tokens and quits immediately after the initial ITO/ICO sale.
- norswap 5y agoYou decide for yourself, but generally shitcoins are regarded as forks without any technical innovation who are not credibly trying to solve any problem or try out a new idea - just make money. They're often meme-themed (though not always, and there are many legitimate projects that are meme-themed).