Home News The cryptocurrency graveyard is getting more and more crowded

The cryptocurrency graveyard is getting more and more crowded

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Photo by Ana Teixeira on Unsplash

When buying cryptocurrencies, investors should know that there is a real risk that the asset will go to zero, especially if the project is centralized and created solely to enrich the creators.

The cryptocurrency market can be compared to an old west movie, where each individual must be very careful where they step into it. Entrepreneurship and free enterprise was key to the rise of the Wild West, but it was also known for its supposed savagery.

In the crypto world, some assets stood out and became known to the masses. Bitcoin, as digital gold with an immutable history, and Ethereum, as a broad application platform and smart contracts, are the best examples.

The return history of bitcoin (BTC) and ether (ETH) has naturally caught the eyes of countless investors around the world. In 6 years, BTC’s performance was 1700% in dollar terms, and ETH’s was 12,490%.

However, there is still a false sense of security and promises of enrichment surrounding cryptocurrencies in general, which could not be further from reality.

No asset, not even BTC and ETH, can have earnings promises in their narratives, simply because no one can predict the future. Bitconnect, Safemoon, HEX, LUNA and other similar projects all failed to deliver what most influencers around the project promised.

What matters at the end of the day are the fundamentals of each one; whether there is an interesting use case (in the present or possibly in the future) for you that digital currency can deliver. It’s no use thinking that cryptocurrency is a way to get rich easy and believing that these assets are safe tools for randomly multiplying capital.

Cryptocurrencies die all the time. At Cointimes, about 3 years ago, we explained how a cryptocurrency dies, and today the graveyard is getting bigger. Dead Coins, from 99bitcoins, lists 1719 forgotten coins, but others could already make up the list.

On the cryptocurrency data aggregator Coingolive, you can see several pages of coins that have dropped from 99% to 100% in quotation, even if they still have some volume.

See some of the most well-known cryptocurrencies that recently died:

  • Terra Luna Classic (LUNC) -100%
  • Sun Token (SUN) -99.99%
  • ARCS (ARX) -99.98%
  • Grin (GRIN) -99.98%
  • SmartCash (SMART) -99.97%
  • Internet Computer (ICP) -99.44%
  • Smooth Love Potion (SLP) -99.38%
  • Anchor Protocol (ANC) -99.38%

Note: the drop of more than 99% in the quote is not the only indicator of the end of a cryptocurrency, but also the decrease in the number of active users, the lack of liquidity and other factors. It is not even a sure sign of a coup, as the project may fail for other reasons.

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