Over 800 Cryptocurrencies Are Now Dead as Bitcoin is 70% Off Its Record High

Broken representation of the Bitcoin virtual currency, placed on a monitor that displays stock graph and binary codes, are seen in this illustration picture, Dec. 21. PHOTO: Dado Ruvic/Reuters
  • Over 800 cryptocurrencies are now dead and worth less than one cent.
  • New digital tokens are created through initial coin offerings but some of these projects have been scams and many have not materialized into real products.
  • Bitcoin has fallen roughly 70 percent since its record high near $20,000 last year, adding to bearish sentiment around cryptocurrencies.

By Arjun Kharpal | 2 July 2018

CNBC — Cryptocurrency projects have been popping up left, right and center in the past 18 months, but over 800 of those are now dead, adding to comparisons between the current digital coin market and the dotcom bubble in 2000.

New digital tokens are created via a process known as an initial coin offering (ICO) where a start-up can issue a new coin which investors can buy. The investor doesn’t get an equity stake in the company, but the cryptocurrency that they buy can be used on the company’s product. People usually buy into an ICO because the coins are cheap and could offer big returns in the future.

There has been an explosion in ICOs. Companies raised $3.8 billion via ICOs in 2017, but in 2018 so far, this number has already shot up to $11.9 billion, according to CoinSchedule, a website that tracks the market.

However, hundreds of these projects are now dead because they were scams, a joke or the product hasn’t materialized. Dead Coins is a website that lists all the cryptocurrencies that fall into those categories. So far, it has identified just over 800 digital tokens that it considers dead. These coins are worthless and trade at less than 1 cent. […]

1 Comment on Over 800 Cryptocurrencies Are Now Dead as Bitcoin is 70% Off Its Record High

  1. Ahh, the Bitcoin. The choice of criminals, terrorists, and snowflakes. I was having a beer at the local brewpub and the manbunned bartender was telling a customer that it was the “wave of the future.” Since around the holidays Dec.,2017 to around Jan., 2018 the bitcoin has fallen from about 20k to 7.4k. Now if that was the Dow 30 that would be a monumental crash. The Bitcoin and other cryptos are nothing. They do nothing, produce nothing, no dividends, no numismatic or intrinsic value (because it doesn’t exist) and the creator of the bit is and remains anonymous.

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