Ethereum, Ripple, and most of Bitcoin could soon stand among the list of the last set of cryptocoins amidst the 800 others which have been marked as “Dead” as per the sources of a website that collect abandoned projects and crypto scams. The latter half of 2017 saw the entry of thousands of latest cryptocurrencies amidst bitcoin bubble which was designed to compete for attention by the investors who were immersed in the global hype along with a prospecting tool for getting rich soon.
These ICOs (Initial Coin Offerings) gathered money from the gullible investors with the use of a bit more than some coding tricks with a speculative outlining of the white paper with an ambitious prospect. However, the scenario for leading cryptocurrency, Bitcoin, has been worsening since December 2018 where the price has dropped from $19,000 to a staggering low of $6,000. This all-time low has also led to a decline in the demand for the lesser-known cryptocurrencies.
Deadcoin.com is a website that collects data from the crypto world and has now been listing all jokes, crypto scams, and several abandoned projects. This list has managed to cross the mark of 800 cryptocurrencies which have been marked dead with a trading scenario that is way below 1 cent value.
The list of these dead coins has “Detector” token amidst them which has been listed by the site having no tweets or communications for more than 8 months. SIPS or SipsCo managed to last just 10 days before its death on coin exchange. Another cryptocurrency Bchconnect has been termed as “Lending Scamcoin”.
The “Useless Ethereum” which currently holds the value of $0.013425 was launched like a joke to see how naïve investors are and how they are willing to put their money into an overly hyped platform without even taking a look at the consequences. It is similar to giving your hard earned money to a person without a background check over the internet.
Despite the initial warnings, the coin received a launch capital of $30,000 with market capitalization close to $53,240 as per reports by CoinMarketCap. Another report suggests that more than $1 billion capital raised through these coins would be lost as these currencies have been marked dead.
ICO market has brought forth significant fraud along with ample hype to fool people into investing in currencies that were bound to fail. More than 80% of the ICOs were considered fraud, while 10 percent of these lacked substance while failing shortly after the money was raised. As per the reports, more than 11% of the total projects have either gone silent or failed in the process.