Can a cryptocurrency die? Here is the list of 4 altcoins who died in 2018
2018 was a particularly challenging year for the entire virtual money sector that had to face the growing pessimism investors, which then turned into a real sale.
Some cryptocurrencies (like Bitcoin) have recorded losses of over 80 percentage points, while others altcoins have even disappeared from circulation.
How a cryptocurrency dies
First of all, it is worth specifying how many cryptocurrencies they have never really saw the light because of projects shipwrecked due to negligence, lack of commitment, lack of funds and so on.
In other cases, virtual currencies have been manipulated pump and landfill schemes. During ICO, small groups of investors bought large amounts of tokens and sold them back at the earliest opportunity. This scheme caused the collapse of their evaluation and killed the cryptocurrencies.
Other tokens, however, have disappeared due to "Exit scam" , ie scams aimed at forging platforms and coins perhaps already known to attract investors by removing large amounts of money.
What happens when a cryptocurrency dies
According to Finance Magnates, when it is stated that the moment of the death of a token has really existed, for any kind of reason, it enters to all effects in the «cemetery of cryptocurrencies " deadcoin.com .
The list of virtual coins deceased now has more than 800 names. It continues to grow with the evolution of the market. Only in 2018 4 cryptocurrencies disappeared, or rather 4 altcoins.
# 1 – Pincoin
Known as the biggest ICO scam in history. Together with Ifan he subtracted 32,000 investors up to 660 million dollars. After promising monthly returns of 40%, the project promoter team disappeared into thin air.
2 – BRIG
Another classic scam at the 2018 exit. A completely destroyed "SCAM coin" that led to huge losses in investor portfolios.
3 – Titanium
In this case, Robert A. Cohen, head of the Cyber Unit of the SEC & # 39; s Enforcement Division, according to which ICO was based on a "blitz" of social media marketing that has deceived investors with statements purely fictitious to talk about the deceased cryptocurrency. of commercial prospects.
# 4 – Hamsters market
It has not yet been clarified if it was a scam or if the death of the cryptocurrency was determined by the disintegration of its team of developers.
"They focused more on the ICO than on the construction of the product",
said a CryptoInsider report.
Those just mentioned are just some of the altcoins that have recently left the market. The list of deceased cryptocurrencies, however, seems set to increase.