In the world of cryptocurrency, countless new projects pop up every day. While a lot of them look strong, and even experience/have success, many others end up going nowhere.
Now I am not saying you shouldn't invest in cryptocurrency, on the contrary you should invest in cryptocurrency it can be a really good investement but you should also look back on the mistakes that were made and learn from it, picking your own cryptocurrency
Let us look back on some failed projects of cryptocurrency.
SpaceBIT was a really ambitious cryptocurrency projects to date. Branding themselves as “the first decentralized space company,” SpaceBIT announced its idea to the world in late 2014.The company wanted to launch several “nano-satellites” into space to provide a globally-accessible blockchain. This blockchain would be used for both bitcoin cold storage and helping unbanked regions access financial services.The media went wild with this announcement — Bitcoinist included. Throughout late 2014 and early 2015, the Cryptocurrency community followed SpaceBIT with great enthusiasm, waiting for updates about the project.In that same time period, the team behind SpaceBIT ran the conference circuit, doing multiple presentations and building hype even further.However, despite all the hype from the community, and all the talk from the team, SpaceBIT never revealed any kind of prototype or proof-of-concept. In fact, after the first couple months of 2015, we stopped hearing about SpaceBIT altogether.What was the reason for this disappearance? In short, the team behind SpaceBIT started a new blockchain company, BlockVerify. A source close to the original project told us that all efforts are currently focused on this new project, and that SpaceBIT has been totally shelved since March 2015.
Dogecoin started out as a joke, but quickly became a very serious cryptocurrency backed by a passionate community. In 2014, the community became known for using DOGE in charitable acts. Most notably, the community raised enough DOGE to send the Jamaican bobsled team to the 2014 Winter Olympics.The currency even survived and thrived through two hard forks.But, it all got ruined when Dogecoin exchange Moolah went down, with founder Alex Green running off with everyone’s money. After Green shut down the exchange and disappeared with its funds, DOGE crashed, and the community all but disbanded.Since then, Dogecoin has not been able to return to its former glory.
PayCoin was launched in fall 2014 by the notorious Josh Garza and GAW miners. The white paper for the coin seemed promising, calling for new variations of blockchain technology that would produce a new breed of cryptocurrency.However, Garza quickly converted PayCoin into a generic altcoin clone so he could push it onto the market faster. Apparently, scammers aren’t keen on waiting to steal your money.PayCoin had a huge launch, becoming one of the largest cryptocurrencies in the world by market capitalization. But the house of cards began falling. With GAW continually failing to follow through on its promises — one of them being the infamous $20 PayCoin floor — people began losing faith in the currency.With GAW totally shutting down in 2015, federal authorities launching an investigation of the company, and Garza fleeing the US, PayCoin hit rock bottom.The currency’s dedicated community attempted to pick up the pieces, hoping to redesign the coin to meet its white paper specifications. These efforts have so far been fruitless, the developers unable to overcome PayCoin’s tarnished reputation.
