At the beginning of the year, crypto currencies experienced an unprecedented boom, but there were numerous critics who warned against blind optimism. And the doubters and warners must have been right. For as quickly as many of them have risen in the share price, they have also fallen again or disappeared into oblivion.
Just a few months ago, events in the crypto currency scene turned upside down: Bitcoins experienced an almost absurd rise in share prices, and new so-called initial coin offerings (ICOs) were constantly taking place. The fantasy went through with many and many a one dreamt, contrary to all economic reason, of a perpetual rise in share prices.
But many economists warned of exaggerated euphoria, some even went as far as ex-PayPal CEO Bill Harris, who described Bitcoin and Co. as “the biggest scam of all time. Meanwhile, the crypto euphoria has vanished, Bitcoin, for example, has lost massively since its interim high of around 20,000 dollars, currently stands at around 6,600 dollars.
The CNBC page now compares crypto currencies with the dotcom bubble of 2000 (via derStandard). The list of “dead” currencies now contains 800 entries. ICOs have recently been enormously popular with startups as a type of investment, and investors can buy a product in the form of a crypto currency instead of traditional investments. Another way to reduce this is by using the machine or tool, where we wrote a review of cryptosuite for everyone here to read. Otherwise, please read on.
ICOs are in themselves a perfectly legitimate way of financing, but the problem is that they have also attracted many fraudsters. For example, scammers collected around two million dollars from the currency called Giza and simply ran away with the money.
Many a crypto currency was also simply a joke, in which the creators never claimed that they wanted to deliver something. Many have simply not managed to deliver the promised product or service.
A website called Dead Coins collects such dead currencies, this list includes all crypto currencies that are available for less than a cent and are therefore considered worthless. And it is to be feared that this list will continue to grow.