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Holders of stock markets are in a strong denial, but the harsh truth of the crypto-market is that 99% of altcoins will cease to exist in the near future. Some of the absurdly incompetent and senseless projects have even reached billions of market caps, but all this is now history.
Nic Carter, a noted bitcoin analyst and commentator, took a little time to investigate what was the year of 2018 as for 15 different altcoins and compared their fate with his prediction of the 39; previous year.
Two of the fifteen people caught my attention because I also wrote about them. Those are the last waste Verge – XVG and Electroneum – ETN.
With Nic's methodology, Verge is declared dead and Electroneum is still on the baseline. I would say give it another year and also ETN if it's gone.
Nic said this on XVG:
limit
Verge is / was a private currency that was not based on improving real privacy at the blockchain level, but rather starting Tor on Bitcoin. Last year it was heavily spit on Twitter and Reddit, but recently the #VergeFam has become quiet. Development and activity on social media ceased completely when Verge was repeatedly attacked at 51% at the beginning of this year. The culprit was his unnecessarily complex five hash functions Proof-of-Work algorithm, which has resulted in being much, much easier to exploit.
These were not even small attacks:
The official github has not seen a commit since October. (Development could happen elsewhere, but it does not seem lively at all).
📉 Price change: $ 0.16 ➡️ ️️ $ 0.00706
✅ Drawdown: 95.2%
✅ Developer status: apparently inactive
⚠️ Significant event: Verge was attacked at 51% in oblivion.
⚖ Verdict: Verge has been exploited on several occasions, with developers unable to reinforce the protocol against those attacks. It was basically abandoned by the developers and the #VergeFam almost gave up.
Electroneum
Regarding the "mining mobile wonder" Electroneum, Nic was surprised by the fact that he is still wriggling but the project is working on the fumes, the remains of his hype of 2017.
Electroneum is a fork of Monero who raised $ 39 million in an ICO in October 2017. Like most ICOs, it is first nonsense, but enjoyed a brief moment in the sun as the development team (whose main experience is online marketing) managed to give a strong slogan, bringing the assets to reach a $ 900m market peak . In fact, one of my enduring memories of late mania was sitting on a plane next to a serious young man who informed me that his favorite cryptocurrency was Electroneum because he could get it out on the phone. Obviously, this was not really a data mining process, but rather a blank time trial concept for which ETN units were allocated just to have the app open.
It does not take much to understand that ETN is empty. This post goes into further details. It is a generic ICOed fork by Monero without distinctive characteristics from a team without technical experience. Some minimal developments are underway, albeit at a very slow pace. The official forum hosted an Electroneum-themed Halloween costume contest, so it's fun.
As much as I would like to claim victory over this, it failed to lower 95% and there is no some development, so I suppose I'll take the L.
📉 Price change: $ 0.08 ➡️ $ 0.0075
❌ Drawdown: 91.0%
❌ Developer status: in progress, if minimum
⚠️ Significant event: the highlight of 2018 was the ETN team that forced every ICO investor to participate in a KYC process.
️ ️ Verdict: Electroneum is in a purgatory, where obviously it's a failed project, but it keeps counting down until the SEC comes down on the list and gets all the money back to the team.
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The opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
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