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There is no doubt that 2018 was a very difficult year for investors and enthusiasts of cryptography. It could go down as one of the worst years ever experienced in the crypt.
The the cryptography market has lost nearly $ 700 billion from the beginning of the year due to several reasons, including fraudulent projects, missed promises and investors who have lost confidence in the markets.
According to the data of DeadCoins is CoinopsyApproximately 1000 cryptocurrency-related projects failed in 2018 and died. While this may seem like a bad thing, the opposite could not be more true.
Fraudulent and poor cryptographic projects
The hyperbolic bull race and the 2017 ICA maniac phase led to the creation of numerous fraudulent digital currency schemes and shoddy cryptocurrency projects. One of these examples is BitConnect, which is one of the greatest crypto-ponzi schemes of all time.
One way in which the industry classifies a cryptographic project as dead concluding the founders has abandoned the project, has been to fraud, has no trading volumes or transaction validation nodes and / or its website is dead.
One of the most complete sources of information on inactive cryptos is DeadCoins, which shows that at least 934 digital currencies are now dead. Another popular source of information for cryptocurrencies is Coinopsy, which has declared 483 digital currency projects as deaths.
Types of dead coins
An interesting feature of the Coinopsy website is their categorization of dead cryptocurrencies such as ICO Dead Coins, Joke Dead Coins, Abandoned Dead Coins and Scam Dead Coins.
ICO Dead Coins
According to Coinopsy, there are 113 ICO death coins. Digital currencies in this category have launched a ICO but they failed to deliver a product or any project updates related to ongoing development. The coins used in pump-and-dump schemes or other forms of market manipulation are in this category.
Joke Dead Coins
Coinopsy has listed 9 Joke Dead Coins even though there are plenty of other still-healthy "coins". Dead Joke Coins are digital currencies created just for fun or joking. A famous example is Dogecoin (DOGE), which is doing quite well for a joke coin.
Death coins abandoned
Coinopsy listed 148 abandoned death coins. These types of coins fall into this category if they are eliminated from all exchanges, lose traction, have no knots, portfolio problems, no community, etc.
Scam Dead Coins
Coinopsy has listed 86 Scam Dead Coins. The encrypted files listed here had the sole intention of cheating their users or investors. A famous example is BitConnect, which once had an amazing value of $ 442 per coin and had a market capitalization of over $ 2 billion.
Conclusion
Around 2019 and beyond, we can only hope that traders and investors have learned from their mistakes and mistakes of others about the many encryption projects out there.
However, Ponzi schemes have been around for hundreds of years and as long as people remain greedy, there will be those who fall victim to their scams.
A new run of cryptocurrencies will undoubtedly bring new digital currencies to life which will eventually die. For those who are still involved in the crypt when the next race occurs, they will have a competitive advantage as they look back and remember the criptos who died in 2018.
Have you invested in dead encryption projects? Let us know in the comments section below.
