When Cryptocurrency attained new heights it skyrocketed human expectations. To be extremely honest there is no business more profitable and returning so far as Cryptocurrency is concerned.
And the fall is as abrupt as the rise. Somebody said it rightly, failures start out with the most glaring futures?
Cryptocurrency generates great hype and investing of large amounts of starting capital.
But it is not the end of the road. Cryptocurrency is still going strong. So if you are interested in investing in a Crypto, bank on Immediate Edge. It is one of the safest platforms to trade Cryptos.
This article is not intended to demotivate you from investing in Cryptocurrency but make you aware that Cryptocurrencies do Fail. Let’s discuss a few epic falls of Cryptocurrency.
Five Most Epic Cryptocurrency Fails
Let’s raise a pertinent question on Cryptocurrency Fails, that is why it Failed? Well, the exact reason can not be reached
But one can refer to certain factors and they include Bad Publicity, Security issues, unclear progression paths, and Unethical Behaviour.
So, we have often discussed the most profitable Cryptocurrencies but let’s discuss the most epic Cryptocurrency failures.
The journey of SpaceBIT was highly ambitious so far as Cryptocurrency projects are concerned. The company initiated with the claim to be “the first decentralized space company.
The company had a highly ambitious project of launching “nano-satellites” into space. The aim is to provide access to Blockchain globally.
This Blockchain would be used for Bitcoin cold storage and assisting the unbanked regions with access to financial services.
There is no doubt that the project was a mammoth one. But despite all the hype the company never revealed any kind of prototype or proof -of -concept. So someone rightly said, actions are much bigger than words. And that did not happen here.
2. GetGems (Gems)
Just like SpaceBit, the GetGems also entered with elevated ideas. They entered with a promise to strengthen the social media realm.
In order to make it happen, they undertook a project that went on to raise the sum of $11100 from the supporters. However, the Crypto failed to procure any momentum. Enough was not done on the practical ground. The project proved to be abortive.
Dogecoin started with a joke but quickly went on to become a very serious Cryptocurrency. In the year 2014, the company went on to become known for using DOGE in charitable acts.
The community procured enough DOGE to assist the Jamaican team in the 2014 Olympics. But all the publicity went in vain as Dogecoin exchange Moolah fell down drastically and the founder went short of money.
When it was observed there was nothing happening, Green was compelled to shut down the exchange. He disappeared with its funds. Consequently, DOGE crashed. Since then there is no returning back to the former glory.
Just like the other two payCoin also entered with a lot of trust and promises. The white paper for the coin seemed promising. It was calling for a new variation of Blockchain technology that would go on to produce a new breed of Cryptocurrency.
PayCoin had a big launch. They began by becoming one of the largest Cryptocurrencies in the market capitalization. But the downfall started soon after. The GAW continually failed on its promise and this made people lose faith in Cryptocurrency.
The Federal Agency, with the shutting down of the GWA, went on to launch an investigation of the company. But all efforts went fruitless and in vain.
5. Ethereum’s DAO
The failure of Crypto is probably the most heroic. But people had such great expectations about it. The DAO came into being in the year 2016.
They initiated with a great deal of promise. The project that they initiated backed people’s support and investment. But unfortunately, the project went on to lose track and was kissed to seas of failure.
Actually, the loss of $50m post successful invasion of the system tolled the death bell for Cryptocurrency.
The common thing for all the five examples was that they all began with a lot of promise but went on to fail in the later stages.
This might be because their planning of them was too high to be implemented. And they could not just keep up with the expectation.