2018 bear market ends nearly 1000 crypto projects
In comparison to 2017, 2018 hasn’t been a great year for cryptocurrency projects. The bear market has mauled down close to 1000 of them according to the data from Deadcoins and Coinopsy. Out of these, most of them were regarded as either projects with a low adoption rate or outright scams!
During the same time last year, Bitcoin hung around the $15k mark and almost every other altcoin only saw upward facing graphs. But the bear market that started sometime during the beginning of 2018 has caused losses in hundreds of billions of dollars. This has also ended several crypto projects, out of which a few were genuine and ambitious ones, while a few others were nothing but scams.
Probably the biggest crypto Ponzi scheme of all time is Bitconnect. It was exposed in the month of January where the company offered unbelievable interests rates for crypto investments. Some of them included 60% interest in the first 6 months, and 120% in a year.
Along with Bitconnect, several ICOs and crypto projects have made it on the list compiled by Deadcoins. Approximately 800 crypto tokens introduced by ICOs have been abandoned and are considered as dead currencies. A dead coin is one that is either considered as a scam or has been pumped and dumped by its owner. Also, when the coin has no trading volume at all or has no transaction validating nodes.
The extent of scamming has gone so far ahead that the whitepapers are also being plagiarized. Wall Street Journal stated that at least 15% of all ICOs whitepapers are copied from previous ones. Looks like many of them tried to make a quick buck out of cryptocurrencies, but the bear market had different plans for them altogether.
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