Episode Summary

Today On Crypto Breakdown Joe Dewitt shares tips on how to identify non-utility coins.

• Bitcoin (BTC)
• Ethereum (ETH)
• Dogecoin (DOGE)

These are the main pillars of strong projects thatare worh investing in crypto space:

• Have an experienced developer team that is not anonymous
• Have a market cap > $5B
• Be listed on a blue chip exchange such as https://www.coinbase.com/

Questions? Ask at [email protected] and we will answer!

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

Unedited Transcript:

Hey everybody happy Tuesday. My name is Joe Dewitt, and this is the crypto breakdown. Taking a look over at the crypto market. Looks like everything is down this morning due to yet another announcement from China's national development and reform commission that said they plan to crack down on industrial scale Bitcoin.

This is nothing new as China always releases news about cracking down on Bitcoin. Although this could definitely be a cause for the plummet and price this morning, looking at Bitcoin price action. It has fallen about seven and a half percent heading down towards that 50 day. Moving average, we touched that and moved away from there as price quickly.

Ideally Bitcoin will bounce between this 64,050 8,000 zone for a retest on that 58,000 back up towards all time highs. Following in Bitcoin's footsteps, Ethereum is also taking a plummet down nine and a half percent today, and Ethereum has felt below key support. Targeting and that 50 day moving average, it would be nice to see a theory test that moving average and see a reversal there.

And the bears case Ethereum we'll test that moving average and fall below heading down towards that 3,200 levels. And taken a look at doge coin. Doge coin is 9% down today, and this might be the most unfortunate considering that doge coin was looking to a break out of this trend. And if dos coin targets this 15 cent area after falling below the 50 day moving average, that would not be a great sign for dose coin.

The bullish case here would see some. Green volume coming in and hop above that. Moving average to reclaim support on the bear. Stan price will continue to fall down towards that 15 cents support and ideally reverse off of. Up back towards the 25 cent area for a retest. And today, guys, I'm going to discuss what makes a fundamentally strong project and how to establish a shitcoin or a non utility coin.

So first to identify coins with utility, you want to look at the development group. So if the team and the developers are reputable and they have history working in the space, that is obviously a very good sign anonymous teams, you can stay away from. It's not always bad to have an anonymous team, but.

Most cases, they're staying anonymous for a reason because they don't want to be known or they plan on not making project that plans to stay around for long. It's also important to consider market cap, market cap of anything under probably 5 billion. It can be considered shit. Um, there are strong projects under 5 billion, but I mean, that is a very, very small market cap in the grand scheme of things and not just coins under 5 billion, but under 5 billion with no sense of utility.

Um, fundamentally strong projects will be able to host smart contracts, shit coins and weak projects will show no case of utility and they will display no sort of benefits. They will just be a token that you can. Now, this is very scary for investors because these types of tokens don't necessarily hold any value.

These values strictly come from buying the token and selling the token. If more people do not buy that token, you will not make any more money. Where on the other hand, strong fundamentally projects like theory them. The company could grow smart contract integration could continue to. And it would have a benefit on the company besides just the act of purchasing Ethereum.

And the last thing I'm going to mention is empty promises. If you were looking through a white paper of a project or its website, and there are jargon words and just rubbish or lies and things that you notice that do not seem right then that is clearly something to stay away from. Lots of cryptos, like to use buzzwords and confuse people with promises to lure in investing.

That is just something to consider and stay away from. The last thing I would say to look out for would be a check. The listed exchanges, usually reputable crypto's will be listed on blue-chip exchanges, not all the time, but very commonly. Um, if you are only able to find this token on some sort of weird swap swap exchange, then that is probably not the greatest.

Of course, it's not always the case. Some projects are new and growing, so they might just be listed on a swap, but it's always good to keep that factor in mind and that's all the time we have today. Guys. Thank you so much for tuning in. You can follow and subscribe to our podcast, which will be in the description below and feel free to follow me over on Twitter.

You guys can message me whatever you want, any questions, and I'll definitely get you. Have a great day

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