[2018-07-04]Bitcoin Impact: 800 Cryptocurrencies are Now Dead, Bitcoin drops 70%

[Vladdirescu87]

The bitcoin bubble at the end of last year saw a majority of new cryptocurrencies penetrate the market and actively compete for the mental focus of investors consumed majorly by global hype and the hope of becoming rich easily.

These Initial Coin Offerings (ICOs) collected money from green investors using less more that some code and a speculative white paper summarising the coin's covet. Notwithstanding bitcoin being the leading crypto having declined from more than $19,000 in December 2017 to more than $6,000 as per now, the enthusiasm for minor coins has also highly diminished.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/bitcoin-impact-800-cryptocurrencies-are-now-dead-bitcoin-drops-70-off-its-max-cap/

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[davis196]

800 altcoins might be dead,but their devs are waiting for the next big bull trend to create and pump another 800 coins.The 70% btc drop from it`s max cap isn`t something shocking.Back in 2013-2014 bitcoin price dropped from 1300 to 200 USD.This is more than a 70% drop.
The crowd doesn`t have the thing called "memory".There will be more bubbles and more pumped coins.

[richardsNY]

There was a moment BCash was worth over $3000 which is mind boggling. How retarded must someone be to buy such rubbish at that price? Roger & Co must have been dumping like crazy and have a good laugh at all the noobs that bought in. That coin isn't just straight premined, but there is also undetectable coin inflation people don't seem to think about, and on top of that, the poisonous individuals behind it had loads of Bitcoins already, which granted them even more BCash. Without Jihan and Roger BCash would be similar to BTG, a near worthless shitcoin...

[darkangel11]

These Initial Coin Offerings (ICOs) collected money from green investors

They collected money from greedy investors who weren't eager to do research and learn about the company that they're sending the money to. In most cases dev teams were fake, inexperienced, and knew they'll take the money and run on the first they when they announced their ICO. You don't give money to a stranger in the street who promises you huge gains, why would you pay it to an ICO pusher?

[Slow death]

I'm not understanding why they mention bitcoin drop and at the same time the failure of 800 altcoins? What does the fall of bitcoin have to do with the failure of 800 altcoins? do you mean that bitcoin is guilty of 800 altcoins creators having failed? This is absurd. What happens is as I said before, People have an idea and create an ICO, but people never implemented the idea in practice and sometimes not even a market study does. After collecting investor money, it is time to implement the project in practice is when altcoin creators face the real-life reality and fail. And we have the result we see. Lots of people complaining about the price on the altcoin thread, we have a lot of people complaining that the project team only goes traveling and post photos on social networks, but they do not show concrete results on the development of the project.

[maarx]

800 altcoins might be dead,but their devs are waiting for the next big bull trend to create and pump another 800 coins.The 70% btc drop from it`s max cap isn`t something shocking.Back in 2013-2014 bitcoin price dropped from 1300 to 200 USD.This is more than a 70% drop.
The crowd doesn`t have the thing called "memory".There will be more bubbles and more pumped coins.

What if this December lead to thousands of altcoins borne and raise with the support of bitcoin's growth. Fluctuations are crypto currencies nature and yes the investors and the devs know it. The teams just need to focus on developing their services they came up with. When the market sees the uniqueness, investors do fall investing on the coins. So blindly lets not blaim bitcoin's price drop did cause 800 altcoins to be dead or disappear. Its not the right decision.

[Kemarit]

Didn't read the whole thread but I don't understand what's bitcoin impact to those 800 crypto that died. They simply died because they don't have a purposed. They are designed to just pump-and-dump, devs and the people behind make tons of money, forgot about the coins and then move on the next project. And those who have invested is not a sound investor, don't buy the hype as we have been preaching, but noobs that's understand that so its their fault for not understand the whole situation and not blame bitcoin for their stupidity.