[2018-07-02] BILLIONS lost from rival cryptocurrencies as ‘DEAD LIST’ hits 800

[ruthbabe]

BITCOIN, Ethereum and Ripple could soon be the last coins standing with over 800 competing cryptocurrencies revealed to be “dead” according to a website collecting crypto scams and abandoned projects.

The bitcoin bubble at the end of 2017 saw thousands of new cryptocurrencies enter the market and compete for the attention of investors consumed by global hype and the prospect of getting rich quick.

These Initial Coin Offerings (ICO) hoovered up money from gullible investors using little more that some code and a speculative white paper outlining the coin’s ambition.

However with bitcoin, the leading cryptocurrency having plummeted from over $19,000 in December last year to just over $6,000 today, the enthusiasm for lesser-known coins has also dropped.

Deadcoin.com has been busy listing all the crypto scams, jokes and abandoned projects and the list has now hit 800 cryptocurrencies, considered ‘dead’ - trading at less than 1 cent.

More... https://www.express.co.uk/finance/city/982632/Bitcoin-price-latest-ripple-cryptocurrency-news-ethereum-dead-list-BTC-to-USD-XRP-news

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[hatshepsut93]

The main culprit in this shitcoin shitshow is Ethereum - at the early days scammers were making copycat coins and then pumped and dumped them, usually involving a premine. But Ethereum has changed that, now scammers don't need to create forks, they just make ERC20 token and sell it for ETH via ICO - the only work left is to make a site and whitepaper and promote their scam on social media. Perhaps in a few years people will be treating ICO's like people treat cloud mining and only the newest newbs will get involved in them.

[gentlemand]

The main culprit in this shitcoin shitshow is Ethereum - at the early days scammers were making copycat coins and then pumped and dumped them, usually involving a premine. But Ethereum has changed that, now scammers don't need to create forks, they just make ERC20 token and sell it for ETH via ICO - the only work left is to make a site and whitepaper and promote their scam on social media. Perhaps in a few years people will be treating ICO's like people treat cloud mining and only the newest newbs will get involved in them.

Have you not been checking the news?

The days of ICO mania are over. I'm sure plenty of their operators are going to get giant fines for taking the piss. Anyone thinking of doing it in future had better be as compliant as can be or give up on the idea completely.

As for these dead coins, I wonder. I'm sure more than a few have been cornered and tucked away for future pumps assuming they still sort of fuction. If there's anything this bubble has taught us, if the whiff of dollars is in the air a putrid Zebu will be pumped.

[richardsNY]

Ethereum doesn't need to do much in order to implode, it will happen through the following ways.

- Governments cracking down on ICO's.
- The ICO hype ending.
- Ethereum blockchain growing too large.
- Ethereum to lose the battle and see a rival take over.

The only question is.... which option will be the first to kick in?

In case of the latter, people don't care whatever platform is offering ICO's, the only thing they care about is buying into them and hoping to make a pretty penny. If EOS or whatever other rival takes over Ethereum, it will be business as usual for get rich quick noobs.

[hatshepsut93]

Have you not been checking the news?

The days of ICO mania are over. I'm sure plenty of their operators are going to get giant fines for taking the piss. Anyone thinking of doing it in future had better be as compliant as can be or give up on the idea completely.

Yeah, we'll probably won't see those multi-million ICO's anymore, but the smaller ones will still persist, they won't comply with any regulations because they are very blatant scams and they use fake profiles to not get prosecuted. There's still too much naive noobs around who think that ICO's will drive progress, just the discussions here on topics that cover some recent ICO/ICO ads bans by governments and companies.

Ethereum doesn't need to do much in order to implode, it will happen through the following ways.

- Governments cracking down on ICO's.
- The ICO hype ending.
- Ethereum blockchain growing too large.
- Ethereum to lose the battle and see a rival take over.

Number 3 is the most likely scenario, if it will fail to solve scaling in the next few years, it will severely decline, and at that point the devs might lose faith and switch to other projects. Ethereum will probably prevent this by becoming more centralized, since crypto community clearly doesn't care about it anymore.

[gentlemand]

Number 3 is the most likely scenario, if it will fail to solve scaling in the next few years, it will severely decline, and at that point the devs might lose faith and switch to other projects. Ethereum will probably prevent this by becoming more centralized, since crypto community clearly doesn't care about it anymore.

That gets my vote too.

Bitcoin has positioned itself as something that just needs to survive.

Ethereum bills itself around its utility, which doesn't seem all that. Someone is going to pop along with something that just works out of the box with far less security doubts and programming ball ache.

The question is whether pumpiness will overrule that. There are projects now which may well be superior but not enough balls are deep enough in them.

[stomachgrowls]

The main culprit in this shitcoin shitshow is Ethereum - at the early days scammers were making copycat coins and then pumped and dumped them, usually involving a premine. But Ethereum has changed that, now scammers don't need to create forks, they just make ERC20 token and sell it for ETH via ICO - the only work left is to make a site and whitepaper and promote their scam on social media. Perhaps in a few years people will be treating ICO's like people treat cloud mining and only the newest newbs will get involved in them.

We are really heading into that situation where ICO's would already have the reputation or get the impression similar to a cloud mining site which would really be an unpleasant thing to be heard about.
For those people who do have the knowledge on coding and programing do took advantage on such hype and this is a best spot to be a millionaire in a short span of time for its creator and to those people who do lost up money then most probably they do already have those negative impressions towards new projects.

[audaciousbeing]

BITCOIN, Ethereum and Ripple could soon be the last coins standing with over 800 competing cryptocurrencies revealed to be “dead” according to a website collecting crypto scams and abandoned projects.

The bitcoin bubble at the end of 2017 saw thousands of new cryptocurrencies enter the market and compete for the attention of investors consumed by global hype and the prospect of getting rich quick.

These Initial Coin Offerings (ICO) hoovered up money from gullible investors using little more that some code and a speculative white paper outlining the coin’s ambition.

However with bitcoin, the leading cryptocurrency having plummeted from over $19,000 in December last year to just over $6,000 today, the enthusiasm for lesser-known coins has also dropped.

Deadcoin.com has been busy listing all the crypto scams, jokes and abandoned projects and the list has now hit 800 cryptocurrencies, considered ‘dead’ - trading at less than 1 cent.

More... https://www.express.co.uk/finance/city/982632/Bitcoin-price-latest-ripple-cryptocurrency-news-ethereum-dead-list-BTC-to-USD-XRP-news

Those coins in the first place were never rivals because they were never in competition that aside, the list to me is not objective thereby being a benchmark of a dead project or abandoned because the compiler's subjectivism based on the way he sees things should also be put into consideration.

No doubt some project are outright scam courtesy the combined forces of those people who came to the crypto market to specifically scam supported by those who didn't bother to do their won research/due diligence before putting their money in whatever nicely designed project they felt appeal to them.

[buwaytress]

Have you not been checking the news?

The days of ICO mania are over. I'm sure plenty of their operators are going to get giant fines for taking the piss. Anyone thinking of doing it in future had better be as compliant as can be or give up on the idea completely.

As for these dead coins, I wonder. I'm sure more than a few have been cornered and tucked away for future pumps assuming they still sort of fuction. If there's anything this bubble has taught us, if the whiff of dollars is in the air a putrid Zebu will be pumped.

I'm not sure about that, my friend. Every ICO data collecting site I can find seems to suggest the opposite. There were already more ICOs launched in the first half of the year than the entirety of last year. Counting Telegram's ICO, even the amounts raised were bigger than 2017. Take out Telegram and yes, you see a dipping number, but that's mainly because dollar value has been dropping especially for alts (Bitcoin is only slightly the majority of crypto flowing into ICOs).

I actually thought myself this year would see the fall of ICOs. But I appear to be wrong. It seems we keep underestimating the ability of "crypto enthusiasts" to keep plugging away at schemes of quick riches.

[vit05]

The domain name is wrong. It is not Deadcoin.com, it is https://deadcoins.com/.

And mostly of coins listen there are stillborn projects. Ideas that was just invented to scam someone, as a joke or just a copy of another project. I still hope we could see more projects die, but the one on the list is not a great example. It would be great if Verge, BGold, Bdiamond and other stupidy forks that doesn't bring anything new could just disappear.