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Over 1000 Coins Dead In 8 Years: Long Hash Report

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Arecent study has revealed how the crypto ecosystem is becoming free from a collection of coins affiliated with projects with little or no business proposition, market traction, and ready products, more commonly known as “shitcoins”. According to the study, more than 1000 cryptocurrencies are now dead!

There Are Top Coins, Shitcoins And Dead Coins

According to a recent report, an average of 1000 cryptocurrencies has become extinct within the crypto ecosystem in 8 years. The publication featured reports from at least 3 other coin rating websites which make use of various collections of metrics to identify the usability and market performances of more than 2600 existing cryptocurrencies and use the results of the same to categorize these coins along the lines of priorities ranging from ” Top” coins to “shitcoins” then to the extreme “dead coins”.

According to the survey,

Cointopsy currently lists 705, DeadCoins lists 1,779, and CoinMarketCap lists over 1,000 projects with less than USD $1,000 per day in trading volume, which certainly puts them in the category of “dying” if not “outright dead.”

dead crypto

The numbers of dead coins within 8 years came to be derived amid varying factors like period of project survival, daily trading volumes of coins and coin popularity. In terms of a period of survival, according to Cointopsy, many dead projects survived only about 12 months. Going by their supposed “start” and “end” date, abandoned projects, those which actually kick-off but eventually lost investor’s interest were reported to last longer. This kind of project, according to the survey lasted for about 18 months. Failed coins last 14 months while scamming coins, 12 months.Advertisement

Why There Are So Many Dead Coins?

The report lists a series of factors responsible for the death of cryptocurrencies. The most important being “death by abandonment”, other factors include outright scam projects. According to findings, some popular scam projects were perpetrated repeatedly by the same set of scammers presenting a couple of projects.

coin dead
Source: Longhash

A typical example, according to the survey was to bitcointalk forum members; named “Crunck” and someone named “Daniel Mendoza” is each named as having founded three different dead alleged scam projects on the list (although again, this data is curated from crowd-sourced suggestions and may not be accurate).

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The Plunge: Crypto Trader Bets $4 Million Long on Bitcoin (BTC) – Plus Ethereum, XRP, Ripple, Stellar, Tron Updates

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From a big bet on Bitcoin to the friendly competition between Ethereum and XRP, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin

A popular margin trader on the crypto exchange BitMEX says he’s taking a $4-million bet on Bitcoin.

The trader, known in the industry as Flood, tells his 72,800 followers on Twitter that he’s now long on BTC and took the multi million-dollar position when the leading crypto hit $8,105.

In the long term, a former Wall Street trader and vice president at JP Morgan Chase, Tone Vays, says Bitcoin remains in a descending channel. He’s looking for BTC to move as low as $5,000.

Vays has been consistently bearish on the king coin throughout 2019 and says he’s looking forward to becoming a bull.

“At the moment, I’m still looking for $5,000, but not necessarily this year. We have about a month and a half to go, maybe even less. I am looking for that $5,000, more like January or February to finally, finally say I am no longer a bear.

You can say that that happened a year later than it should have. But the low a year ago was $3,000. If the secondary low comes in at $4,500 to $5,000, I’ll be ok with that. I’d rather be a year late at approximately the same price and I’m perfectly fine with that.”

Ripple, XRP and Ethereum

The CEO of the Malta-based crypto exchange CoinField says he’s a fan of both Ethereum and XRP.

After saying XRP has “better technology” than Ethereum in a recent interview, Bob Ras took to Twitter to say he’s a fan of both networks.

“The fact that we’ve selected the XRP Ledger over Ethereum doesn’t mean Ether has weak technology! We needed to offer the fastest and most cost-efficient solution within [the] Sologenic ecosystem to move liquidity in additional to the basic smart contract capability. The choice was XRP.”

CoinField recently fired up a Ripple-approved validator on the XRP Ledger as it gears up to launch Sologenic.

The platform is designed to let people trade thousands of tokenized versions of stocks and ETFs against both XRP and a new token called SOLO.

Tron

Tron creator Justin Sun has issued one of his trademark pre-announcement announcements.

Sun is promising to reveal a new acquisition soon and says he’s already sealed the deal. Tron’s most noteworthy acquisition came in July of last year, when the company bought the decentralized file-sharing platform BitTorrent for more than $100 million.

Stellar

The Stellar Development Foundation says it’s gearing up to give away 3,000,000 of its native crypto asset XLM.

It will be handed to developers and entrepreneurs looking to build on the network.

The deadline to submit proposals is December 14th and the winners will be announced in January.

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Cryptocurrencies: The investment cycle stalls in the face of the shortcomings of the younger generations

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  • Mike Novogratz is looking for investors among Babyboomers due to the lack of possibilities of the younger generations.
  • It’s difficult for the last generation of the American dream to risk the savings.

The CryptoToday article has highlighted the presence of two new Bitcoin funds. The company in charge of the launch is Galaxy Digital, owned by the billionaire Mike Novogratz.

How to keep the digital assets market growing.

Novogratz is aware that the crypto ecosystem needs more fresh money to maintain growth levels and return on investment. He needs to find new segments of the population with the ability to invest part of their savings in the digital currency business.

The person chosen to lead this growth process is David Gross, a Wall Street sales veteran. Gross has proven experience in the financial world working at Credit Suisse, Lehman Brothers & Cumberland.

Novogratz has a clear idea of who he wants to conquer with his new funds and is the demographic group with the most spending power in the North American country, the babyboomers.

A generational problem

Babyboomers are fortunate to have benefited from market environments that have enabled their savings to reach retirement age with excellent returns. 

It is a reality that the Millenials are not in the position to start saving for retirement when the majority of them are paying their student loans until well into the thirties.

Gross’s goal will be to convince members of the babyboomers generation to commit between 2% and 3% of their savings in the digital coin segment.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Source:.fxstreet

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BTC, ETH, and XLM Price Analysis: Crypto Market Exhibiting Strong Selling Pressure

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US Crypto Lending Giant Entrusts Fireblock with Assets Worth $400 Mln.

Fidelity backed Fireblocks announced Tuesday that it will now secure the flow of digital assets for Celsius Network. With this enlisting, Fireblocks, the digital asset cybersecurity startup, is expected to witness explosive growth. And that is because Celsius has an active presence in over 150 jurisdictions across the globe.

Fidelity backed Fireblocks announced Tuesday that it will now secure the flow of digital assets for Celsius Network. With this enlisting, Fireblocks, the digital asset cybersecurity startup, is expected to witness explosive growth. And that is because Celsius has an active presence in over 150 jurisdictions across the globe.
As a crypto lending giant, Celcius saw an auspicious 2,165% growth in deposits in just one year. And is forging towards further growth.
Besides, it has already surpassed $4.25 billion crypto loan origination this month. However, by utilizing Fireblocks’ hot wallet solution, Celsius intends to lend out more. And that’s without compromising the security of the assets.

Moreover, Celsius uses a very complicated interest generation algorithm. It requires a constant movement of digital assets between hot and cold storage. Fireblocks’ enterprise-grade security will ensure the highest degree of security for this movement.

According to it, Celsius plans to utilize the console and robust APIs for the security of digital assets worth $400 million and 53,000 active wallets. Fireblocks’ security protocol uses MPC technology to eliminate the theft of private keys. And additionally prevents data leaks pertaining to credential/API keys and deposit addresses. In view of this update, the retail customers of the crypto lending platform will enjoy enhanced security for interest-earning accounts. And institutional customers will have faster and safer access to funds.

Celsius CEO Alex Mashinsky stated it will continue using Prime Trust and BitGo custodial services. However, with the increasing needs of constantly moving digital assets for its institutional clients, it is enlisting the services of Fireblocks. Accomplishments of Fireblock seem to have impressed Celsius. That said, Fireblocks is currently responsible for 1% of the total daily transaction volume of the top 10 digital assets.
Previously, we covered how Bakkt opened its custodial wallet services to any institutional client.

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