SHITS EVERYWHERE - The Shitcoin Of All Shitcoins. Launched by Fartcoin DEV

Mickney · 2024-12-21T09:32:46Z

SHITS EVERYWHERE. The Shitcoin Of All Shitcoins. Launched by Fartcoin DEV. Run by community.

The shitcoin of all shitcoins, created by fartcoin dev 💩

What Is Shitcoin?

The term shitcoin refers to a cryptocurrency with little to no value or no immediate, discernible purpose. The word is a pejorative term often used to describe altcoins or cryptocurrencies developed after Bitcoin became popular.

The diminished value of a shitcoin is often due to failed investor interest because it failed to meet investor or creator expectations or didn't deliver on the promises made by the developers. As such, these currencies are considered to be bad investments.

Key Takeaways
❖ A shitcoin is a cryptocurrency with little to no value or digital currency that has no immediate, discernable purpose or value.
❖ The term is often used to describe valueless altcoins or cryptocurrencies developed after bitcoins became popular.
❖ Shitcoins are characterized by short-term price increases followed by nosedives caused by investors who want to capitalize on short-term gains.

How Shitcoins Work

Interest in cryptocurrencies increased substantially since bitcoins were introduced in 2009. Their success has drawn in businesses looking to take advantage of blockchain technology to create their own altcoins, which are virtual assets that piggyback off the basic design of Bitcoin. Developers typically announce how many tokens are ultimately made available—the supply of bitcoin is capped at 21 million, while ether supplies are capped at 18 million per year.

Setting a supply limit creates scarcity, as investors understand that additional tokens will not be created after a certain point. More tokens would theoretically dilute the value of their holdings, the same way a new stock issuance may reduce the value of a share of stock.

With the supply of an altcoin fixed, its value should depend on demand. But since most cryptocurrencies have limited practical use—buying and selling real-world goods and services using cryptocurrencies is not yet a common occurrence—their values are based on pure speculation. Therefore, a shitcoin is something people say is (or isn't) valuable simply because it exists.

Shitcoins are easy to identify because they follow a specific pattern. Although there may be some interest in a coin when it launches, its price remains relatively level. But the price increases exponentially over a short period of time as investors begin to jump on board. This is followed by a nosedive caused by investors who dump their coins at critical price points to capitalize on short-term gains.

It is unlikely that the development and marketing of altcoins that will one day be considered shitcoins will slow down substantially while interest in cryptocurrencies remains high. A quick look at cryptocurrency aggregators reveals that coins are added all the time, attempting to attract capital from unwary investors.