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Creating new cryptocurrencies is becoming progressively easier. Simultaneously, the rapid rise of Bitcoin prices and those of other coins, have attracted more funds into cryptocurrency markets. This has accelerated the process of cryptocurrency creation that started years ago. While a lower barrier to creation is in itself a good thing, without the counterbalance of a threshold of utility this can lead to a dilution of resources and a weakened market over time.
Many of these new cryptocurrencies have legitimate goals to fulfill, and their creators along with their supporters, believe their coins can deliver. Nevertheless, most fail. Of the 4,500 or more cryptocurrencies that exist today, just a fraction are delivering true value to their users. Network effect is the main pillar of the value they deliver. Failed or dead coins either have negligible network effect or no network effect at all, despite the best intentions of their creators and their supporting community.
Their users have invested funds, development, time, marketing or other resources into these projects, which is now spent or trapped. On the other hand, markets lose resources that can be otherwise invested into leading cryptocurrencies that can achieve their stated goals and deliver increased value to their users. Keeping this problem in mind, the challenge is to restore value to the users of those failed or dead coins and recycle as much trapped value from other assets back into the community at large strengthening the leading cryptocurrencies.