Can a cryptocurrency die? Here is the list of the 4 altcoins who died in 2018
2018 was a particularly challenging year for the entire virtual money sector that had to deal with the growing pessimism of investors, which then turned into a real sell-off.
Some cryptocurrencies (such as Bitcoin) recorded losses of over 80 percentage points, while other altcoins have even disappeared from circulation.
How a cryptocurrency dies
First of all it is worth to specify how many cryptocurrencies have never really seen the light because of projects shipwrecked by negligence, lack of commitment, lack of funds and so on.
In other cases, virtual currencies have been manipulated through pump and dump schemes. During the ICO small groups of investors have bought massive amounts of token reselling them at the first useful opportunity. This scheme caused the collapse of their valuation and killed the cryptocurrencies.
Other tokens, however, have disappeared due to “exit scam” , ie scams aimed at forging platforms and perhaps already known coins to attract investors by taking away large amounts of money.
What happens when a cryptocurrency dies
According to Finance Magnates, when it is declared the time of the death of a token really existed, for any kind of reason, it enters in all respects in the «cemetery of cryptocurrencies », deadcoin.com .
The list of deceased virtual coins now has more than 800 names. It is continuing 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 it has subtracted 32,000 investors as many as 660 million dollars. After promising monthly returns of 40%, the project promoter team disappeared into thin air.
#2 – BRIG
Another classic exit scam of 2018. A totally collapsed “SCAM coin” that has led to huge losses in investors’ portfolios.
#3 – Titanium
In this case, Robert A. Cohen, Head of the SEC’s Enforcement Division’s Cyber Unit, according to whom the ICO relied on a “blitz” of social media marketing that has deceived investors with purely fictitious claims to speak of the deceased cryptocurrency. of commercial prospects.
#4 – Hamster Marketplace
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 destined to increase.