In the cryptocurrency industry, there are thousands of altcoins on the market today. Of those projects, half or less are still actively maintained today, creating a massive amount of “shitcoins“. Now is a good time to recap how an altcoin turns into a shitcoin over the course of weeks, months, and years. This process is still ongoing today, as nearly nine in ten new projects fail around the clock.
Step 1: Creating Hype for no Reason
When it comes to the different altcoins launched over the past ten years, the ones which didn’t create media-levels of buzz and excitement are still standing today. There are some exceptions in this regard, albeit nearly everything which portrayed itself as the “Bitcoin killer” has either been abandoned, forgotten about, or simply ceased to exist altogether. As such, any altcoin project which has a strong marketing machine behind it should be scrutinized, as it will potentially turn into a shitcoin sooner or later.
The ICO industry is a great example in this regard. Nearly all projects…