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What is you ain't SHIT?
= You're nothing.
However, 'you ain't shit' isn't necessarily an insult. You can comfort someone by saying that they are not shit.
You ain't shit vs. You are shit is definitely not the same. 'Ain't' is a general negation vernacular term.
FuckBoy : I cheated on my girlfriend and I don't even feel guilty haha
GoodMan : Really? You ain't shit, dude! (insult)