December 4, 2020

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TOP4 Cryptocurrencies heading to the cemetery – Which projects fall into the depths of oblivion?

3 min read
TOP4 Cryptocurrencies heading to the cemetery - Which projects fall into the depths of oblivion?

Although the cryptocurrencies have been short-lived, several projects have managed to reach the summit and fall to the very bottom. Portals that specialize in ‘dead’ cryptocurrencies conducted a survey according to which approximately 1,000 different cryptocurrencies failed in 2018. Many of the crypto projects were scams organized as ICO projects and some did not withstand the bear market in 2018. Let’s look at those that have fallen to the bottom but still do not give up and want to get back to the top.

 

TOP4 Cryptocurrencies heading to the cemetery - Which projects fall into the depths of oblivion?
cointelegraph

 

Emercoin

 

The project started in 2013, but appeared on the list of popular exchanges in 2014. The cryptocurrency Emercoin was designed for payment on the Internet. Currently, Emercoin serves only as a means of payment. In other words, it is the currency to buy goods such as games, clothes, programs, etc. But this did not offer buyers anything interesting or attractive options, so they sent it to the depths of oblivion.

 

At the time of its greatest glory, one coin cost over $ 10 and reached a market capitalization of $ 413 million. However, developers argue that in the near future Emercoin will become a unique platform that will protect websites, copyrights, etc. We will see what it brings us and whether it can return back to the top cryptocurrencies.

 

NEM

 

New Economy Movement is a cryptocurrency launched in March 2015. The uniqueness of NEM was in the fact that its development was based on the original open source code. NEM is used for instant transfers and payments worldwide with minimum fees.

 

NEM became a very popular cryptocurrency and now is still in the TOP 30 cryptocurrencies. But the reputation of cryptocurrency has been tarnished by the Japanese exchange theft. Coincheck officially reported total losses of $ 58 billion ($ 123.5 million). Since then, NEM has traded at around $ 0.5.

 

BitConnect

 

BitConnect is considered a fraudulent project, even one of the largest in cryptocurrency history. The founders of BitConnect were accused of creating an extensive financial pyramid. The reason for this accusation was the BitConnect loan program. The project promised significant bonuses for deposits at Bitcoin. According to dissatisfied users, the remuneration mechanism did not work. This led the community to suspect that the project was a financial pyramid based on a multi-level Ponzi scheme.

 

After BitConnect’s violent invasion to the TOP 10 cryptocurrency list, with a $ 2 billion capitalization shortly after its launch in January 2017, the project began to collapse. The Texas and North Carolina regulators forced the founders to cancel the project and that made the BitConnect token worthless.

 

Bitcoin Diamond

 

Bitcoin Diamond was created in November 2017 due to separation from Bitcoin after block 495866. The purpose of the cryptocurrency is the same as the original Bitcoin. As a means of payment, which is suitable for online purchases. Bitcoin Diamond differs from the original Bitcoin in several key areas. The block size was increased to 8 MB, eight times larger than the original Bitcoin. A new encryption method has been implemented that addresses trust issues. Increase the speed of each block, reduce delays in committing transactions and their costs.

 

The project plan was that by early 2020, Bitcoin Diamond should outperform Bitcoin. However, the development plan left a lot of uncertainty and fell from $ 85 to $ 0.63 instead of chasing his rival. But in 2018 there was fraud, using a website related to cryptocurrencies. On the portal, customers were asked to enter a password and their BCD tokens were subsequently stolen.

 

Summary

 

All of these cryptocurrencies were in “hype” at the time of their ATH, as well as some projects today. Despite their dark past, they try to go back, but they can’t erase what happened. Therefore, keep in mind that at any time something can happen that sends your favorite cryptocurrency to the bottom.

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