Welcome To The Cryptocurrency Graveyard Where Over 1000 Projects Rest In Peace!
It's no secret that the world of cryptocurrency and blockchain technology has its own share of pitfalls and failed projects just like the real world where many projects fail. Some of them however are also scams.
Two websites DeadCoins and Coinopsy are build a list of projects from this space which have failed. Projects listed on these two websites have various reasons for failing.
The list is being actively updated to include more projects as they hit rock bottom.
While I understand that low volumes doesn't necessarily mean the end of the road for a project in this space. It does however signify the issue of some ICO project being unable to list themselves on a major exchange that gives the project a boost in trading volumes and more importantly "visibility."
Techcrunch feel that, "ICO-funded startups currently use multi-level marketing tactics to build their business. Instead they should take a page from the the Kickstarter and Indiegogo framework. These crowd-funding platforms have made trust an art."
It's true that ICOs are the rage in the world of cryptocurrencies but not every project manages to get a proof-of-concept working that allows them to establish themselves. People usually end up burning their fingers investing in ICOs expecting 10x gain when they list on exchanges.
However, majority of projects have failed to deliver on their promises while some like Bitconnect have been MLM-ponzi type of scams.
But that's the current scenario in an industry that is growing very fast. I would expect to see the number double up in the next few years.
Meanwhile, check out these two websites and lemme know what you think in the comments below.
If you like my work kindly resteem it to your friends. You may also continue reading my recent posts which might interest you:
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Extinction is the rule. Survival is the exception. The dead coins are all a natural part of the evolution of digital currencies.
Eventually, with each iteration, we'll get really good at creating and using digital currency.
tittycoin isn't dying, is it???
These are my same numbers. For professional reasons I analyze a lot of ICOs (from the technology point of view) or even very well known cryptocurrencies and, simply, they do not exist, have no contact with reality, don't know the market in which they operate, have no idea of domain specific regulatory issues, or are clearly frauds. In the next two years we'll see a 90% death rate.
@firepower right sir,.in the world of cryptocurrency, countless new projects pop up every day. While a lot of them look strong, and even experience success, many others end up going nowhere. In fact, a lot of these projects end up being outright failures.
That's a great resource to gain a little perspective :) Very sobering, and might help over-excited people who want to go all in on "the next Bitcoin"!! :D
yeah @firepower many projects have failed. I have seen many such projects. Many of the team showed there big dreams and the sad thing was that their Roadmap also failed. So its quite risky to investing in ICO's. But thanks for sharing these two websites ☺
@firepower Thank you for sharing those two website. I was also caught in one of the deadcoin rather I would say a shit coin. I could search that coin in deadcoins.com as well as a scam coin.
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You have a minor grammatical mistake in the following sentence:
It should be its own instead of it's own.Everyone is free to issue his own ICO. There is no control on it, and this is good. But fake ICOs should be traced and blacklisted so that they may not harm somebody's hard earned money.