The population of cryptocurrencies continues to increase almost on a daily basis. While new projects emerge with their coins, the previously created ones are in different stages of development.
Blockchains are created to solve specialized problems, and to do so, their underlying tokens are employed. In the process, the tokens are supposed to have increased demand and become elements of value.
Many tokens have not been able to live up to this expectation, as a result they lose value and fade into oblivion. The reasons for these failures vary and depend on what happens before, during or after they are distributed.
Some blockchain tokens are products of outright scams, while some are unable to compete with bigger projects that are already offering similar solutions. Others fail simply due to lack of capacity. In the end, these coins that depreciate to irrecoverable levels are classified as “deadcoins”. Here is a list of 10 deadcoins that you didn’t know about.
10. SwisscoinWith no data on its daily volume and no network activity, Swisscoin is regarded as one of the deadcoins in the cryptocurrency ecosystem.
Although some of the infrastructure used to operate Swisscoin are still in existence, many people in crypto space consider it as a scam coin due to lack of a genuine use case.
During its hay days, Swisscoin (SIC) was propagated more as a tool for networking. It was a ponzi scheme that sucked in as many ignorant users as it could. The people behind it took advantage of the crypto frenzy of 2016/2017 period, after which activities surrounding the coin dropped significantly.
At a price of $0.000104 and no network activity or trading volume of any kind, Swisscoin qualifies as one of the failed coins within the cryptocurrency space.
9. SpaceBitBy failing to deliver on the promise of using blockchain to launch nano-satellites into space, Spacebit joins the list of deadcoins. Despite becoming popular among crypto users between 2014 and 2015, the project never really came to life and anyone holding the coins at the moment does not really see any value in Spacebit.
8. EnigmaEnigma (ENG) is a crypto platform that’s trying to solve the problem of privacy on the blockchain by giving access to data storage and privacy while remaining scalable. Enigma aims to extend Ethereum Smart Contracts by introducing secret contracts.
Although not completely extinct, this project has struggled probably due to competition from similar projects that are offering better solutions in the industry.
The Enigma (ENG) token, having reached an all time high of $8.30 in January 2018, has struggled to bounce back from the market slump that followed. The coin currently trades below $0.5.
7. DAOThis is one failure that took the industry by storm. This product of Ethereum arrived with so much promise and expectations from the industry. This was reflected in the huge success recorded during the crowdfunding exercise by Ethereum.
A breach of the DAO protocol by hackers in 2016 lead to a massive sell-off, the aftermath of which caused a disagreement within the Ethereum community, and an eventual chain split. This gave rise to the two different versions of Ethereum that exist today, and the demise of the DAO.
6. ZestZest is a typical example of what most people regard as scamcoins. On the blockchain, there is absolutely no activity and its history has no data, this is based on information from CoinmarketCap (CMC).
On creation, users were able to generate ZEST through the process of mining and the last known price for Zest is $0.081716. The website is gone, and there is no network activity either for the coin. That is a classic example of a deadcoin.
5. Internet of Service TokenThe Internet of Service (IOST) project set out to solve the scalability problem within the blockchain industry. With so much promise for what appeared to be a genuine problem in the industry, the lack of activity on this project over a long period of time qualifies it as a deadcoin.
Even on the projects website, which is still live, data on all the key parameters that could qualify it as a living project are all in NIL. No network activity, no project.
4. PossCoinThe stats on PossCoin are some of the most ridiculous that you will find in the cryptocurrency marketplace. Here are a few that might interest you:
MarketCap - No Data
All time high - $0.00008142
24 hour Volume - No Data
Current price - $0.00000002
This is a classic description of an inactive coin, a failed coin or a deadcoin. With 30,059,347,897 of the 31,999,303,031 total supply of POSS already in circulation, holders of the coins are certain that no value exists in their holdings.
3. Linda Health CoinNot many people would have heard of this coin, or the project behind it either. LindaHealthCoin (LNDA) is supposed to be a cryptocurrency used to purchase a CryptoHealthInsurance offering an Artificial Intelligence Virtual Medical Assistant App. Today, it counts as one of the projects that did not make it out of the 2017/2018 ICO era.
Midway into the projects ICO, securities regulators in the U.S. state of Colorado issued a cease and desist order halting the initial coin offering (ICO) of Linda Health Coin (LNDA), which they deemed an unregistered security.
This is a hit that the project never recovered from.
2. CryptoCopyCryptoCopy set out to design a social trading and investing platform that will allow traders and investors in the crypto industry to copy the activities of other successful participants. The idea behind this creation was for “Copy” holders, which is the platform’s native coin, to implement it in accessing the platform for valuable information.
A post on BitcoinTalk described this project to have been reported as a scam by a number of users. Apparently, the Copy community went into oblivion shortly afterwards, confirming every suspicion of it being one of those deliberate exit scams in crypto.
1. BitConnectBitConnect failed after it was discovered to be operating a classical ponzi. It was an open source cryptocurrency that was connected to a high yield investment program. Many people were sucked in, especially those who did not have a proper understanding of cryptocurrencies. In the end, like every other ponzi scheme, it ran out of life and crashed. Leaving coin holders in the middle of nowhere.
ConclusionDeadcoins do exist, and as already indicated, the reasons for the demise of projects behind these coins vary. While there are outright scams and unserious projects, there are those who started out with genuine intentions, but could not cope with the demands of the industry.
Holders of deadcoins at the moment consider them of no value. However. The innovation by CoinJanitor has a goal of restoring value for industry participants that hold deadcoins in their portfolio.
Coinjanitor does not revive the projects, rather it swaps its JAN native tokens with the deadcoins that are held by industry participants. This happens when certain conditions are met by the project owners and the community of the deadcoin in question.
Coinjanitor retrieves these deadcoins in the swap and burns them, while the original holders are given fresh and viable JAN coins that introduces them to an active network with a lot of value. This system restores value for coin holder, and at the same time cleans up the industry while getting rid of coins that have no use.
https://coins.newbium.com/post/28199-the-greatest-fails-10-dead-coins-you-didn-t-know
