But when faced with the potential for massive token fundraising, bigger problems arise. While everyone expects startups to fail, the sheer amount of cash flooding these projects is a big problem. When a startup has too much fuel too quickly the resulting conflagration ends up consuming both the company and the founders, and there is little help for the investors.
These conflagrations happen everywhere and are a global phenomenon. ICO-funded startups currently use multi-level marketing tactics to build their business. Instead they should take a page from the the Kickstarter and Indiegogo framework. There, she touted OneCoin as a "Bitcoin Killer. Ignatova disappeared in when the net was finally closing in and police had filed a warrant for her arrest. Launched in , BitConnect is another now-infamous fraudulent coin.
The coin hit an all-time high in December and was one of CoinMarketCap's best performing coins that year. But just a few months, later it was worth nothing. Its aggressive marketing promised returns of 0. But like OneCoin, it was a pyramid scheme. The high returns it paid out were being funded by new investors, and when the platform collapsed, people lost everything.
Launched in , BoringCoin promised no drama, no hype, and no pump and dumps. Coinopsy lists the coin as dead because it's a joke or served no purpose. Or perhaps it was just too boring. GetGems was a social messaging app that allowed people to send and receive Bitcoin. Users could earn more GEMZ by inviting friends to sign up. We've looked at some of the older cryptocurrencies, but several newer coins have already failed, including NanoHealthCare Token.
The India-based token was created by Manish Ranjan in to change the reality of healthcare. It wanted to use blockchain to impact lives by solving systematic healthcare issues such as data security and high costs. Learn more and get started today with a special new member discount. Unfortunately, there've been no updates on its Twitter feed since April , and its website is no longer available.
Coinopsy lists it as dead due to being abandoned or having no volume.
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