Mark Mason
Well-known member
Research Shows that Over 1,000 Coins are Dead, but this Creative Destruction Benefits Consumers
Research by Coinopsy and Dead Coins, two digital currency tracking websites, shows that over 1,000 cryptocurrencies and ICOs are dead.
Qualifications to be a dead coin requires “lacking any development or future activity in their protocol”. The reasons for their deaths are wide reaching, but including “common exits scams, website closure, and abandoned code to deliberate pump and dump, malfunctioning wallets and alleged death of project developers”.
Interestingly, the failure rate is higher than normal for investments since a recent CB Insights report indicated that only 28% of blockchain companies could reach second round seed funding, whereas the normal is 46% for startups. Another report by Satis Group shows that only “8 percent of cryptocurrency projects make it to reputable exchanges after their ICO.” However, it also tends to be common knowledge that most startups and new businesses fail initially and that it typically takes many attempts before success, especially for innovative new technologies like cryptocurrencies.
Read more: https://www.dashforcenews.com/resea...this-creative-destruction-benefits-consumers/
Research by Coinopsy and Dead Coins, two digital currency tracking websites, shows that over 1,000 cryptocurrencies and ICOs are dead.
Qualifications to be a dead coin requires “lacking any development or future activity in their protocol”. The reasons for their deaths are wide reaching, but including “common exits scams, website closure, and abandoned code to deliberate pump and dump, malfunctioning wallets and alleged death of project developers”.
Interestingly, the failure rate is higher than normal for investments since a recent CB Insights report indicated that only 28% of blockchain companies could reach second round seed funding, whereas the normal is 46% for startups. Another report by Satis Group shows that only “8 percent of cryptocurrency projects make it to reputable exchanges after their ICO.” However, it also tends to be common knowledge that most startups and new businesses fail initially and that it typically takes many attempts before success, especially for innovative new technologies like cryptocurrencies.
Read more: https://www.dashforcenews.com/resea...this-creative-destruction-benefits-consumers/