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Bear market victims: 5 altcoins who did not survive in 2018

Bear market victims: 5 altcoins who did not survive in 2018
Bear market victims: 5 altcoins who did not survive in 2018

This year has not been as good for the cryptocurrency of 2017, at least in terms of prices. If Bitcoin rose from $ 1,000 to $ 20,000 last year, it returned to the $ 3200 level, after which it began to recover.

Most of the altcoins followed the same path. The prices of some of them have fallen by more than 90%, compared to the historical maximum: for example, a similar fate occurred at the Ethereum. However, this year there have not been any of the pawns that are not well known, which have not managed to resist the bear market.

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The cryptocurrencies disappear (or "die") for various reasons. Altcoins are easy enough to create, and this means that some of them will inevitably be nothing but parodies, definitive scams or simply can not survive due to imperfect features. Some Altcoins were the victims of hackers who destroyed their blockchains. Websites like DeadCoins keep track of all "dead" coins. According to their estimates, there are now more than 800 of these assets.

Below is a list of the most famous tokens that have ceased to exist under the bear market conditions 2018. The chances of them coming back to life are small.

1. BitConnect currency

Last year a stable opinion was formed that BitConnect is a financial pyramid because investors have had the opportunity to get a daily profit of 1%, thanks to what the team of the project defined trading bots.

Many community members tried to warn participants, saying that BitConnect did not seem to be a stable project, and at the start of this year the platform really crashed after US regulators demanded that it cease operations , and also because of alleged attacks on the site.

After closing the platform, the price of the BCC token fell from over $ 400 to $ 10 in a few days. Subsequently, the token was traded only on some little known exchanges.

In August of this year, the last trade that included him in his quotation, Trade Satoshi, freed the currency. After the token collapse, the media repeatedly brought lawsuits against its promoters.

2. FitCoin

FitCoin, the standard ERC-20 token, launched last year, was designed as a cryptocurrency designed for use on a free credit card service that had to work with a certain number of cryptocurrencies, with a commission of transfer of only 1%.

The project team said that customers would be able to use the card in transactions with any credit card accepting the merchant and announced plans to launch a mobile application designed to help users keep track of their balances. accounts. Now the currency is dead, its website and accounts in social networks are closed.

3. Pincoin

Pincoin, unlike FitCoin, "died" not because of defects in development or lack of interest, but because it turned out to be one of the most extensive scams in the history of ICO. The project received $ 660 million from 32,000 investors and appropriated these funds.

The company promised investors a profit of 40% per month and awarded for the attraction of new members. After collecting the funds, the team members simply ran away.

4. Titanium

Titanium ceased to exist after its Securities and Exchange Commission (SEC) took an interest in its ICO. According to SEC official Robert Cohen, the ICO of this project was based on "deceptive advertising in social networks".

The company lied about its trade links with the US Federal Reserve, PayPal, Verizon and the Walt Disney Company. ICO did not have time to complete due to the intervention of regulators who closed the project.

5. LottoCoin

LottoCoin (LOT) is one of the oldest cryptocurrencies that has ceased to exist this year. It was launched in 2013, but this year its social network accounts are closed and trading on most trades has stopped.

The creators of a cryptocurrency that worked on his blockchain are unknown. Unlike other currencies, its website is preserved, and on the Cryptopia website it is still possible to buy and sell the LOT token, but the intraday trading volume in the LOT / LTC pair (the only one available for LottoCoin) is about $ 20.

The aforementioned cryptocurrencies are just a few examples of the hundreds of coins that left the market in the outgoing year.

Despite numerous failures, leading cryptocurrencies, such as Bitcoin and Ethereum, continue to hold positions to a greater or lesser extent. Currently, 94% of all decentralized applications (dApp) operate on the Ethereum platform, which still processes up to 15 million transactions per month.

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