Stanley Cup Odds can be quite the success when you know what you’re doing, but when it comes to failed cryptocurrency attempts by developers, this may seem somewhat interesting to find out about only because many of us know cryptocurrencies to be a thriving market to consider exploring if you’re an investor looking for a worthwhile opportunity. Here are details of Top 5 Cryptocurrency Failures.
When we look at how cryptocurrency is generally perceived, there are a lot of ideas around it being bright and highly illustrious. But underneath all that, there’s a world of cryptocurrencies that barely make it past survival due to the harsh volatility surrounding the electronic currency market. In many cases, issues concerning bad publicity, unclear progression paths, security issues; and unethical behavior have had a huge impact on the survival of many of these cryptos. For more on this, keep reading.
Top 5 Cryptocurrency Failures
GetGems (Gems)
GetGems was launched in 2014 and right after landing on the market; there was a lot of promise going around about it focusing on invigorating the social media space to greater heights. Through the project alone, the cryptocurrency was able to raise a total of $111,000 from the support; that it was receiving for its growth on the market. But unfortunately, the cryptocurrency didn’t do well in gathering enough momentum to keep it going.
As an outsider looking in, it seems as though the crypto may have done quite a lot of overestimating in terms of its prospects. And despite it still running as a platform that offers its users an incentive for viewing their online ads; most of the initial objectives that it had put in place have dropped.
SpaceBIT
After being launched in 2014, SpaceBIT received a lot of publicity. This was because the development team running the crypto had made ambitious plans; and goals regarding the crypto by wanting to make the digital currency accessible to everyone and anyone in the world. This was so much so that they even went ahead to launch nano-satellites; that meant to act as supportive infrastructure for their great invention.
Though it did look as though the team had all the necessary details and tools to make the Cryptocurrency Failures a success; the project didn’t amount to anything beyond the actual launch of the crypto.
PayCoin
For a list of completely illustrious developments to ever hit the cryptocurrency market; PayCoin happens to be one of the cryptos to certainly take the lead in this regard. Initially, the cryptocurrency was launched by Josh Garza and GAW. Together, they had a great deal of knowledge and expertise in the market. But despite all this beneficial information and experience in this field; the project rushed since they wanted to market the crypto to interested users. But this somehow backfired because the security of the cryptocurrency was later compromised.
Despite experiencing one of the largest market caps, PayCoin came crashing down the most; when the promises that had made by the founders had failed to materialize.
Dogecoin
When Dogecoin was launched, there wasn’t any vigor or pump surrounding it at the time. Further investigation shows the founders of the cryptocurrency didn’t expect it to make it far anyway. Nevertheless, the cryptocurrency gradually started making its way on the market to a point; where it gained a bit of popularity and interest from many investors due to the charitable approach that it had taken on.
As time went on, the cryptocurrency started having a large user base and it even went as far as establishing its exchange; somewhere along the line. But the success of this project was unfortunately short-lived; when its founder made an unexpected move and shut down the exchange. Right after the collapse of the exchange, funds to the crypto disappeared, and Dogecoin came to an end.
Ethereum’s DAO
People had great expectations for Ethereum Decentralized Autonomous Organization (DAO) and according to research; its Cryptocurrency Failures has to be the most historic event to ever hit the market. Launched in 2016, the project was regarded as the culmination of dreams after receiving millions in investments. However, it didn’t take long for the project to fail after a successful invasion of the system; that left many investors at the mercy of attackers.