5 known cryptocurrency projects that failed miserably, you must know about one!

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Did you know it’s too much? 10,000 cryptocurrencies on the market now? Some aim to function as currency and eventually replace the dollar in your wallet. Some offer affordable loans in developing countries, and some even promise to change the internet as we know it.

Given all this, it’s not surprising that so many cryptocurrencies fail. Actually, more 2,000 Tokens dead Since the birth of bitcoin in 2009. According to Coinopsy, a site that tracks dead tokens, 6 tokens have already died this year. Indicates that tokens have failed or been dropped for many reasons, including:

  • Fraud and fraud (Fraud)
  • Inability to carry out business plans
  • interest loss
  • Personal problems faced by developers
  • Let’s take a look at five failed coins.

1.OneCoin (ONE)

Launched in 2014, OneCoin was one of the first cryptocurrency scams. Its founder, self-proclaimed “CryptoQueen” Ruja Ignatova has hosted flamboyant events around the world, including at Wembley Arena in England. There she presented OneCoin as a “bitcoin killer”.
Millions of investors would later find themselves scammed in what turned out to be a $4 billion Ponzi scheme that used money from new investors to pay back old investors. Ignatova disappeared in 2017, when the network finally tightened and police issued an arrest warrant.

2.BitConnect (BCC)

Launched in 2016, BitConnect is now a notorious fraud token. The coin hit an all-time high in December 2017 and was one of CoinMarketCap’s top-performing coins that year. But after a few months it was no longer worth anything.

Its aggressive marketing promised returns of 0.5% to 1% per day, along with other incentives. But like OneCoin, it was a pyramid scheme. The high returns it paid were funded by new investors, and when the platform crashed, people lost everything.

3. BoringCoin (ZZZ)

Launched in 2014, BoringCoin promised no drama, hype, and pumps and dumps. Like about 90-95% of fictitious currency tokens, it did not survive the year. According to Coinopsy, the coin died because it was a joke or was useless. Or maybe it was just too boring.

Also read Crypto Ethereum (ETH): Technical analysis, can it surpass $3000 before April?

4.GetGems (GEMZ)

GetGems was a social messaging app that allowed people to send and receive bitcoins. Users can earn more GEMZ by inviting their friends to join. Founded in 2015 by Daniel Peled, the company raised nearly $1 million through crowdfunding and direct investment, but eventually failed to secure it.

According to data from CoinMarketCap, its price reached $0.0579 in May 2017 before the coin stopped trading altogether.

5. NanoHealthCare Icon (NHCT)

We looked at some legacy cryptocurrencies, but a few newer tokens have already failed, including the NanoHealthCare Token. This India-based token was created by Manish Ranjan in 2018 to change the reality of healthcare. He wanted to use blockchain to impact lives by solving systemic health issues such as data security and high costs.

Unfortunately, the Twitter feed has not been updated since April 2020 and the website is no longer available. Coinopsy lists it as dead due to abandonment or lack of volume.

How to Avoid Buying Failed Cryptocurrencies?

There is no surefire way to avoid a failing cryptocurrency. All crypto investments involve risk, and even well-meaning developers with a long history of cryptocurrencies can overwork themselves. However, our E-book can help you identify cryptocurrencies with current issues.

💎 Find the best Gems with our Free Guide!

Learn how to analyze crypto like a pro while avoiding Red Flags and Scams to start or continue your adventure in the cryptocurrency world.

💎 Find the best Gems with our Free Guide!

Learn how to analyze crypto like a pro while avoiding Red Flags and Scams to start or continue your adventure in the cryptocurrency world.

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