Fri. Dec 31st, 2021
    Crypto Projects, Blockchains

    When talking about cryptocurrencies, the discussion centers on whether the project was successful or not. Although, as the old saying goes, ‘not all that glitters is gold,’ many crypto projects have been hyped but failed.

    Cryptocurrency projects endeavor to gain many users and create strong communities to ensure their success. Most of them follow the idea behind Metcalfe’s Law, which alludes that ‘the value of a communication network is proportional to the square of the numbers of its users.’ Although the law holds in the case of Bitcoin and Ethereum, it doesn’t apply to all crypto projects.

    Since the emergence of Bitcoin, we’ve had many other crypto projects that have been launched. Many of them have become successful, and quite a number have failed. The non-successful ones mainly come with a lot of hype, celebration, and fanfare, only to fade away as people avoid them because they lack longevity.

    In some cases, developers have launched crypto projects that plagiarize past successful projects. As a result, investors ignore them since they are not innovative projects, but a copy-paste of the previous projects. Others have launched projects and promoted with fake ICOs, which later turned out to be a big scam.

    Examples of Famous Hyped Crypto Projects That Failed

    With the hype in mind, it’s not a surprise why many crypto projects have failed. Here is a list of 5 such projects that totally failed irrespective of being promising.

    PayСoin

    PayCoin is a cryptocurrency launched by GAW and Josh Garza. Their vast knowledge in the market made the entire project the most acclaimed in the crypto world. However, the cryptocurrency was hyped to entice many users, which later jeopardized its security. Subsequently, investors lost confidence in PayCoin when the hyped promises by the initiators failed to actualize. As a result, the project failed, despite being a large capped cryptocurrency.

    OneCoin (ONE)

    By mentioning its name, every crypto enthusiast recalls Ruja Ignatova, who traveled across the globe to publicize this cryptocurrency. Do you remember her famous event at Wembley Arena in the U.K., where she dubbed OneCoin as the “Bitcoin Killer?”

    Unfortunately, many investors were lured by the hype and invested billions of dollars in this crypto project, which ended up being a scam — a Ponzi scheme to be specific. As a result, the project eventually failed, and many lost their hard-earned money.

    SpaceBIT

    No one can tell precisely what happened to the SpaceBIT project. But, despite the hype the project had, it’s believed that SpaceBIT developers had innovative ideas — to make digital currencies available globally. They even invested in nano-satellites to support SpaceBIT infrastructure.

    But, despite the innovative ideas and efforts the team behind this project had to guarantee its success, the cryptocurrency failed. Slowly, news about SpaceBIT ceased streaming in, and that’s how it ended up being forgotten.

    NanoHealthCare Token (NHCT)

    India is ranked 10th in the Asia-Pacific region in terms of healthcare. However, it’s known to offer improved healthcare services, and many people worldwide visit the country for advanced treatment, especially those ailing from chronic diseases, such as cancer, among others.  

    The NHCT, an Indian token, was launched to reform India’s healthcare by utilizing blockchain to solve coherent issues in healthcare, for instance, to reduce the high cost of treatment and enhance patients’ data security. However, the project lacked investors to back it up irrespective of the positive hype, and the developers later abandoned it — it failed utterly.

    BitConnect (BCC)

    BCC was launched in 2016 and was highly hyped with inflated return on investment promises. As usual, investors jumped in and heavily adopted the project, enabling the coin to create ATH in December 2017. Investors were promised between 0.5% – 1% returns daily, coupled with other incentives. Unfortunately, the project ended up being a scam as the promised returns became unsustainable to pay investors. As a result, many investors lost money as the project failed.

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    It’s imperative to look beyond the hype and evaluate the idea behind every crypto project. Many hyped crypto projects lack significant substance beyond their landing pages and whitepapers. Remember, not all that glitter is gold. Don’t be swept by the ‘wind’ — hype. Instead, do your own research.

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