The success of cryptocurrencies is creating lots of heroes in a new space. Bitcoin (CCC:BTC-USD) blazed the trail of a new avenue for wealth. Ethereum (CCC:ETH-USD) is erecting a robust blockchain with massive potential for decentralized applications. Internet Computer (CCC:ICP-USD) is harnessing the best features of the Ethereum network and making them run at web speed. But at the same time, the husks of dead and failed cryptocurrencies are piling up in the blockchain graveyard. #FailedCryptoCoins is a trending Twitter joke, but it’s also a reminder that crypto investments are not always surefire successes.
A Canadian comedy group is behind the trending hashtag this morning. They are asking users to come up with imaginary crypto failures. People are running wild with ridiculous suggestions, some of which actually were real things like MarijuanaCoin.
The hashtag is allowing investors to reflect on the ridiculous joke crypto plays that failed to be what Dogecoin (CCC:DOGE-USD) is now. Others ruminate on cryptos that seemed legitimate, but flared out from scams or irresponsible owners. Let’s take a look at some notable #FailedCryptoCoins.
7 Dead Cryptos in the Graveyard
- Ethereum Plus is rolling over in its grave right now. The token was a response to Ethereum’s infamous hack in 2016 alongside Ethereum Classic (CCC:ETC-USD). But unlike ETC, Ethereum Plus turned out to be a scam. If only it would’ve kept its head on straight, it could be rocketing higher like Ethereum Classic now.
- Bitconnect is one of the most notable crypto scams ever, and its failure was so big, it became an internet meme. The coin was a digital version of the classic Ponzi scheme, and it defrauded investors of an estimated $250 million.
- Nyancoin set itself up for failure. The fact that meme culture moves so fast means that the longevity of the coin was already stunted. Although Nyancoin is still apparently in operation, with its own exchange launched just this month, it has lost luster since 2014.
- GetGems is an example of developers simply getting in over their heads. GetGems ended up raising some decent gains for investors, but it failed to meet white paper goals and ended up ceasing operations in 2017.
- Substratum was a popular topic on Reddit’s cryptocurrency board for a while. However, the crypto, while still active, is a shell of its former self. Gains remain unrealized and the value of the SUB token has tanked from $3 to just a fraction of a cent.
- Fairmoon is one of the most recent rug-pull crypto scams. Ironically, the coin’s downfall was its auditor: War on Rugs. The Twitter user who built a career on calling out rug-pull scams ended up draining the Fairmoon liquidity pool before running off with the money.
- Ethereum’s DAO token was the victim of one of the biggest blockchain hacks to date. The token, launched as a governance token for an Ethereum side project, ended up having a wallet bug that wasn’t fixed. A hacker exploited the bug to drain DAO tokens from the liquidity wallet. The hack resulted in the forking of many dozens of tokens from the Ethereum protocol, like Ethereum Plus and Ethereum Classic.