Cryptocurrencies which have died

In 2017, the price of Bitcoin (BTC) attained nearly $20,000, and in December 2018, its speed dropped to $3,187 per token. Regardless, it’s a good price movement for a money, which was made from nothing about a decade back. Bitcoin still dominates the portfolios of most crypto investors and is now definitely the hottest cryptocurrency, meaning that its cost is not as likely to drops compared to the remainder of the marketplace. This is also suggested from the CoinMarketCap dominance graph. However, what about the remaining cryptocurrencies who have emerged over the last few years?

In 2018, CNBC reported that roughly 800 cryptocurrencies, that appeared as a consequence of first coin offering (ICO), is now known as”dead,” since they’re traded at a cost below $0.01. In 2019, this figure continued to rise.

Resources that focus in”dead” cryptocurrencies have established, like Deadcoins and Coinopsy, based on that, in 2018, roughly 1,000 unique cryptocurrencies failed. Most”dead” crypto jobs were scams arranged as ICOs and a few couldn’t endure the strain of this bearish market in late 2018. That’s the way Jay Richler, co-founder of all Coinopsy, clarified to Cointelegraph that the Massive number of unsuccessful coins recorded in Various exchanges:

“Many of those altcoins most likely to fail for several reasons, but the chief reason is going to be the absence of usefulness as well as the use case or overlapping with additional altcoin or their usage case is satisfied with BTC or other significant coins”

Bitconnect


BitConnect tops this list of”lifeless” coins, as it is believed to be a fraudulent scheme — one of the largest in the history of crypto.

One of the more prominent critics of the project was billionaire and well-known Bitcoin investor Mike Novogratz, who stated on Twitter that BitConnect really looks like a Ponzi scheme that hurts the image of the entire industry: “BitConnect actually appears to be a scam. An older school ponzi… poor actors harm the community. period.”

XEM


At the time, Coincheck suspended all operations with XEM and other altcoins. Meanwhile, unconfirmed reports were received that unknown attackers stole further $600 million worth of XEM from the exchange.

Shortly afterward, Coincheck representatives officially reported the total losses of 58 billion yen ($123.5 million). The exchange filed a statement with the Financial Services Agency of Japan (FSA) and local law enforcement agencies regarding the cyber attack. Also, representatives of Coincheck assured that they were studying ways to compensate users for the lost funds. Despite assurances from the Nem Foundation, the news of the Coincheck hack and the theft of such a large amount led to a sharp decline of XEM: The coin dropped sharply in a short period of time, and by February, its value was about $0.60 and is still floating around that level.

Price of XEM since its drop from all time high of $2.05
The XEM trading volumes are as follows

According to the latest Global Public Blockchain Technology Assessment Index of the CCID conducted by China, on which Cointelehraph reported, NEM retains the last spot in the index. The state-sponsored index evaluates projects based on their technology, application and innovation. Despite this, the NEM project continues to develop the much-anticipated Catapult blockchain engine that can power both private and public networks, which is set to launch toward the end of 2019.

Universa


The Russian-based project Universa attracted $28 million during its token sale in December 2017. The stated goal was to create a blockchain platform for business applications based on the high-speed Universa blockchain protocol, with a capacity of up to 22,000 transactions per second (TPS). An important fact for the promotion of the project was the partnership with Ernst & Young (EY) — and one of the top Russian banks, Alfa Bank — and has certainly strengthened Universa’s image as a domestic blockchain industry pioneer.

The founder of MGT Capital Investments and the creator of anti-virus software McAfee Security, John McAfee, became a member of the advisory committee of the Russian blockchain project, headed by businessman Alexander Borodich. McAfee spoke about this at the time on Twitter:

“I am very happy to become an adviser @Universa_news and construct McAfee Coin about the speediest blockchain. Combine the revolution/ICO now! universa.io.”

However, as soon as the markets cooled down, a conflict among the members of the project’s management became evident, which resulted in legal proceedings being filed following the accusations of damaging the business’s reputation among the top management of the project. But while the management of the company was figuring out their differences, the daily trading volume of tokens hardly managed to reach $42.000, the liquidity was almost absent and the HitBTC exchange delisted this cryptocurrency. Meanwhile, the project is very much alive and developing new ventures.

Bitcoin Diamond


Bitcoin Diamond (BCD) is a fork of Bitcoin. This cryptocurrency was created in November 2017 as a result of the separation of the mainchain of Bitcoin after block #495866. The purpose of the cryptocurrency is the same as the original Bitcoin, as a means of payment that is convenient for online purchases. The BCD token was credited to all Bitcoin token holders automatically after the fork. The accrual was carried out at a ratio of 1 BTC to 10 BCD. Thus, the maximum number of BCD tokens cannot exceed 210 million tokens, while 170 million tokens were released immediately and distributed among Bitcoin holders.

Bitcoin Diamond differs from the original Bitcoin in several key areas:

Block size was increased to 8 MB, eight times larger compared to Bitcoin.
A new encryption method was implemented, solving issues of confidentiality.
Increased speed of each block, reducing delays in confirming transactions and their costs.

The roadmap of the project promised that, by the beginning of 2020, Bitcoin Diamond should surpass Bitcoin in terms of its use cases. But the development plan has left a lot of uncertainties, with the main question being: When will work on the BCD token be competed?

As per Coin360, Bitcoin Diamond’s capitalization is currently at about $140.5 million, and also the price of the tokens from the present time of record has almost always been decreasing. In the time of this fork, BCD’s cost reached $85 per token. Presently, 1 coin prices in the area of $0.80, signaling a fall of nearly 100%. Important players at the crypto marketplace have voiced their concerns about the job — with Ledger, for Instance, saying the Bitcoin Diamond was included in fraudulent schemes in the end of 2017:

“SCAM WARNING — multiple sites claim to let you collect Bitcoin Diamond. They’ll steal your assets. Never enter your mnemonic into a third party website.”

According to the announcement , clients switched to sites associated with cryptocurrency, where they had been requested to put in a password, as well as their BCD tokens were stolen at a traditional instance of site cloning.

Emercoin


It might appear surprising that a traded token is on this record, but the Emercoin token could be credited as a failure on the planet of cryptocurrencies.

The project began in 2013, however, it seemed on the lists of most popular exchanges just in 2014. The Emercoin cryptocurrency has been conceived for a payment tool online. Currently, Emercoin token functions as a way of payment for products in addition to facilitating settlements in many tech solutions which derive from the native blockchain. However, this did not provide anything interesting or current attractive possibilities for buyers. On the other hand, the programmers are asserting that, in the not too distant future, Emercoin will grow to be a exceptional platform which will protect sites, copyright, etc..

Regardless of the attempts of the founders, Bittrex declared in the end of June 2019 the withdrawal of many apparently low-liquidity altcoins, such as the Emercoin token — EMC. In accordance with Coin360, the coin is in the 493 lineup, each the capitalization index.

Only the strong survive


However low the cost of a cryptocurrency falls, it could go much lower till it reaches zero, as was the case of BitConnect. Under the terms of a downward market trend, all degrees of service could be broken through to the way to complete depreciation. That’s the reason why investors should steer clear of low-liquidity devices, which don’t have a steady influx of cash, particularly when those tools start to fall. People who invest in it become a snare: Even when investors wish to market a falling crypto money, they can’t — because of the dearth of buyers — and must see their funds melt off. Richler Vanierwitz out of Coinopsy told Cointelegraph just how a few nonliquid coins may come to existence for Some Time, but then perish:

“We were working on uncovering a big scam around local wallet with cryptocurrencies. There were around 500 coins in the wallet, but over time owners of this coins lost 80-90% of funding on these coins, but they kept making more. Through the time the owners revived this coins as new ones and listed again in some exchanges and for a short time the cost of these coins grew again but soon died. So I would not recommend buying any revived coin. Some other coins just get removed from one exchange then few months later get on a new one. Many reasons of the fall.”

Peter Brand, a fiscal analyst and dealer, who accurately predicted an 80% fall in the cost of Bitcoin This past Year, takes a harsher position, stating that just a couple cryptocurrencies have a long time before them:

“Cryptos developed because of BTC. The cryptocurrency story is a Bitcoin story. It is difficult for me to specifically name those coins that will be worthless, but I genuinely believe that 99% will become worthless because their origination was driven by an attempt of a person, company or consortium to ride the coattails of Bitcoin. I believe that LTC and ETH have a good chance to retain value because of their already mass acceptance. On the other hand, I believe that niche coins (developed to address very specific purposes) and coins largely controlled (such as XRP) face an uphill journey.”