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This year was not good for the cryptocurrency space of 2017, at least for prices. While bitcoin, the top cryptocurrency jumped from $ 1,000 to a maximum of nearly $ 20,000, last year returned to just under $ 3,200 before recovering.
Most of the altcoins followed and crashed – some so severely fell more than 90% compared to historical highs, such as Ethereum ether. Some less known, however, ended up becoming extinct while the bear market took over some projects.
There are various reasons why a cryptocurrency ends up disappearing. Altcoins are relatively easy to create, which means that some were simple parodies, definitive scams or ended up not being good enough to survive. Some have even fallen prey to hackers who have ruined their blockchains. Websites like DeadCoins list all the projects that have gone down, now estimated at over 800.
Here are some of the best known tokens that have gone down to the bear market 2018, and probably will not do it back.
1 – BitConnect Coin
BitConnect was believed to be a Ponzi cryptocurrency scheme last year, as investors managed to earn 1% per day on their investments due to what the team behind the project claimed was a trading bot.
Several community members attempted to warn others that BitConnect did not seem sustainable, and at the start of this year the platform finally collapsed after being hit by cease and desisting letters from regulators in the United States, and in the midst of what he claimed to be attacking his platform.
After the platform collapsed, the BCC token crashed from over $ 400 to just under $ 10 in a few days, and then continued to fall on the few not-so-popular exchanges that still listed the token. In August of this year, the currency was removed from Trade Satoshi, the last commercial exchange. Since the time of his disappearance, the lawsuits against the promoters have been widely reported.
2 – FitCoin
FitCoin was an ERC-20 token launched last year that was supposed to be the cryptocurrency that would be used on a free credit card service that would have to work with different currencies while only charging a 1% transfer fee.
The team claimed that it would be possible to use the card on all card dealers who were ready to launch mobile apps to help users keep track of their balances. The currency is now listed as dead, as its website is inactive and its social media accounts have been deleted.
3 – Pincoin
Pincoin, unlike FitCoin, has not diminished due to a lack of development or interest, but because it has been one of the biggest initial deals in coin bidding (ICO) in history. The project raised a total of $ 660 million from 32,000 investors, only to deceive them at the end.
"The Vietnamese cryptocurrency company Modern Tech disappears with $ 660 million collected in an ICO for its Pincoin token, bringing out one of the biggest exit scams <- rare que nadie de mis amigos crypto haya tuiteado: P
– Mariano Amartino (@amartino) April 14, 2018
Reportedly, the company promised investors a 40% return on their investment a month, claiming to be overseen by the PIN Foundation. He even rewarded investors for bringing other investors to reach as many people as possible. After increasing their capital, the team behind the project simply disappeared.
4 – Titanium
Titanium is a cryptocurrency that ended after the US Securities and Exchange Commission (SEC) was involved in its ICO. According to the head of the SEC Enforcement Division's Cyber Unit, Robert Cohen, the Titanium ICO was based on "a social media marketing blitz that would have misled investors with purely fictitious claims."
According to allegations filed against the company, he lied about alleged business relationships he had with the US Federal Reserve and various large organizations, including PayPal, Verizon and The Walt Disney Company. Its ICO ended up being closed before it ended when regulators jumped to protect investors.
5 – LottoCoin
LottoCoin (LOT) is one of the oldest cryptocurrencies that ended up extinct this year. The cryptocurrency was launched in 2013, but this year its presence on social media has been discontinued and has stopped being traded in most of the cryptocurrency trade.
According to the available data, its website is still under development and has been built on its own blockchain. It is not clear who created the cryptocurrency. While it is still possible to buy and sell LOT on Cryptopia, its 24-hour trading volume of the LOT / LTC pair – the only one available for LottoCoin – was around $ 20.
Going forward
The cryptocurrencies listed above are just examples of some of the hundreds of coins that have died this year due to the bear market. Among these there were various scams, ICO failures and projects that did not go anywhere after going live.
Despite these failures, the most important cryptocurrencies such as bitcoin and Ethereum ether are still growing. Since CryptoGlobe has recently covered the bitcoin scaling solution, the Lightning Network has continued to follow the bearish trend and recently saw an artist selling art for a millionthis.
As for the ether, according to Consensys, the strong number shows that it is not going anywhere. Currently, 94% of decentralized applications (dApps) are deployed on the Ethereum platform and are still processing around 15 million transactions per month.
In fact, the number of ATMs for cryptocurrency has doubled this year to 4,000. These machines support the best encrypted ones like bitcoin, litecoin, ether, bitcoin money and privacy-centric coins like dash and monero.
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