If you were to poll your average person on the street they probably wouldn’t even know what a cryptocurrency was. It is a fancy sounding word that simply does not touch the lives of all that many people necessarily. As such, it is interesting to see how many of these cryptocurrencies are failing almost as soon as they get off the ground.
Some who firmly believe in this form of economic exchange are almost cult-like in their belief in the system. They can generate a lot of hype for any particular newcomer to the scene, but sometimes that hype does not hold up. You can ask the people behind Spacebit about this.
Spacebit was supposed to be the world’s first decentralized space community. This means that the company wanted to literally put satellites into space to create a connected blockchain and avoid the middle man of banks and currency regulators. It was very exciting for some who believed that this plan might just work, but it soon became obvious that this was yet another hype story. The company failed to show any real concrete plans for how they would do what they said they were going to do and the world is still waiting. The original announcement was in 2014, so I wouldn’t hold my breath on this one.
DogeCoin was meant to be a joke but then started to turn into something real. Just about as soon as this happened it turned into a scam as the exchange website went down and the creator of the currency ran off with everyone’s money. Basically, he just waited until there was enough real currency on his website to then go ahead and abandon ship. That left a lot of people holding an empty bag.
DAO token was the worst failure of them all. It started in April 2016 with an outrageous amount of hype surrounding it. It was able to raise nearly $200 million in real US dollars as a result of people buying up the tokens in large quantities. However, a hacker got into the system and quickly took advantage of its weaknesses to steal around $50 million dollars themselves. That sent everyone into a panic and they began to sell their DAO token for whatever they could get for it. The currency soon became practically worthless as no one could trust that they wouldn’t just get hacked again.
What to Look forward to
The dark light cast by some of these failing coins shouldn’t be extended to all cryptocurrencies, as there is plenty of promise in the community. One coin that is making waves due to the blockchain technology behind it, strong management, and a crypto consumer platform already in place is OneCoin.