Thousands of cryptocurrencies are now successful in the market. But not all parts were successful. Many ideas have already failed in the crypto market. We feature failed cryptocurrencies that once held great potential or held great promise.
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Failure of cryptocurrencies – 1. OneCoin (ONE)
Failed cryptocurrencies are often coins that made big promises a few years ago, but ultimately turned out to be scams. The “CryptoQueen”, Ruja Ignatova, organized sparkling events where she presented the new “Bitcoin killer” OneCoin. But the cryptocurrency turned out to be a scam.
In the end, OneCoin turned out to be a Ponzi scheme, resulting in over $4 million in damages. Most investors put money into the system and never got a penny back. Ignatova disappeared in 2017 while an arrest warrant was issued for her.
Another famous cryptocurrency scam was BitConnect. At the end of the 2017 bull market, the coin reached its all-time high. It was one of the best performing cryptocurrencies on Coinmarketcap in 2017. Shortly after, it was worth almost nothing.
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Through aggressive marketing, BitConnect promised returns of 0.5% to 1% per day. Like OneCoin and other failing cryptocurrencies, BitConnect was a pyramid scheme where only early investors benefited massively and the rest lost everything.
Failure of Cryptocurrencies – 3. BoringCoin (ZZZ)
Meme coins have become an integral part of the crypto scene. Cryptocurrencies like Dogecoin and Shiba Inu have made massive gains and enriched many investors. However, many fun coins are also becoming failing cryptocurrencies.
An example of this is BoringCoin (ZZZ), which was seen as an alternative to the big promises of high profits in other cryptocurrencies. But while the idea was fun, it didn’t appeal to investors. In the same year, the play disappeared from the scene. At least the play didn’t knowingly hurt anyone.
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