Top Crypto Projects We Believed in that Are Now Dead Coins -Breaking
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The Top 10 Crypto Projects That We Believed In, But Are Now Dead Coins- Dead coins are cryptocurrencies which have been discontinued or do not exist anymore.
- A project that has less than $1,000 in trading volume within three months is considered abandoned by dead coin trackers
- OneCoin and BitCoin Killer turned out to have been a Ponzi scheme that robbed users of more than $4B
New projects are being launched every day, and the crypto market is expanding at an incredible rate. CoinMarketCap has data on over 13,300 projects, as at October 29, 2018. These projects are classified as “dead coins” and more than 2000 of them fall within this category.
How do you define dead coins?
A cryptocurrency known as dead coins can be described as cryptocurrencies that are no longer in existence. These projects were used to scam people, run out of cash, or have their developers run.
When every company decided to have an initial coin offer (ICO), the amount of lost coins soared. ICOs raised $4.9 billion in 2017 alone. However, 80% were scams.
There are many cryptocurrencies out there that offer no utility or value, but today we’ll be discussing some coins that have been popular since before they all disappeared.
Top Dead Coins
OneCoin was an offshore Ponzi scheme, promoted as a cryptocurrency in Bulgaria by OneCoin Ltd. Launched in 2014, OneCoin was promoted by the self-acclaimed “CryptoQueen,” Ruja Ignatova. OneCoin’s current value is $0.0008661.
OneCoin gained such a following because it was touted as a “ Killer.” The project involved using the money from new investors to pay returns to the existing ones. The Ponzi scheme cost users over $4Billion.
Gem Coin (GEM), is one of the most unique and infamous scams. He claimed that virtual gem coins, similar to NFTs, had been backed by real gemstones from his U.S. Fine Investment Arts, Inc. The founder also claimed that virtual gems can be traded via the USFIA platform.
The value of the virtual coins supposedly increased as the company’s gemstone sales increased. USFIA didn’t actually own any gem mines. Steve Chen, who was behind the scheme, was indicted for a $147 Million fraud. GEM trades now at $0.0003183, a drop from $0.06153.
Daniel Peled created GetGems in 2015. He was inspired by precious stones. Gems were not the only social messaging platform that GetGems offered. It allowed users to send and receive Bitcoins through a chat app.
GetGems raised $1million through direct and crowdfunding investments at its 2015 ICO. It failed to live up to its promises of reviving social media. The project lost its momentum and, even though it continues to operate today, many of its original objectives were abandoned.
PayCoin was an early crypto project and is another reliable dead coin. In 2014, crypto miners Josh Garza and GAW launched PayCoin as an upgrade to Bitcoin’s network. PayCoin reached a peak of $115million in market capital within its first 48 hours.
PayCoin was able to meet its promises quickly and get on the market in a hurry by producing a rush production. It also led to compromised security. It failed to meet expectations and ended up failing to materialize.
SpaceBIT continues to be one of most ambitious crypto projects. SpaceBIT’s founders made it a goal to send nano-satellites in space by 2014 to allow electronic currencies to be accessible across the globe. Without the necessary infrastructure, it was an ambitious futuristic endeavor.
BitConnect was launched in February 2016 and is known for being one of the most successful crypto Ponzi schemes in history. BitConnect was huge. BitConnect was a top-ten crypto within a matter of minutes after it launched. Its market capital reached more than $2B.
BitConnect was sold to investors as a decentralized digital currency and peer-to-peer protocol that allows people to invest their possessions in a non-government-related currency. BitConnect creators were indicted for defrauding investors worth more than $2B.
To The Flipside
- Despite the fact that there is an increasing number of Pay attention to cryptocurrency scamsPeople continue to fall for these people
- Between Q1 and Q3 2021, crypto-scams cost more than all of 2020.
What is the best way to spot a dead coin?
The chances of finding a dead cryptocurrency are increasing with the growth of crypto. What is the best way to spot a dead currency?
Mangel of funding
This may not be the best way to identify a coin that is dead, but it may help you to determine if the project has failed to raise enough money to continue development. Most projects that lack sufficient funding couldn’t offer enough lucrative profit margins for investors to be interested.
Negligible Trading Volumes
A project’s trade volume is an indicator of the investor interest. Low trading volumes are usually indicative of a lack of utility or trader interest. A project that has less than $1,000 of trading volume within three months is considered abandoned by dead coin trackers.
Scams and Joke Projects
Projects have launched in the age of meme currencies without any concrete plans or offering. These projects are sold to investors with the very common mantra “to the moon.”
Why you should care
While memes and the likes of are still rare, they account for more than 90%. Investors may be willing to support them early, if they are looking for big returns. Once it happens, the project is dead because there are no sustainable goals. The scammers were responsible for 80% of 2017 ICOs.
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