Bag holders are in a strong denial but the harsh truth of crypto market is that 99% of the altcoins are going to cease to exist in the near-term future. Some of the preposterously incompetent and senseless projects even reached billion market caps but all of that is now history.
Nic Carter, reputed bitcoin analyst and commentator, took some time out to investigate what was the year of 2018 like for 15 different altcoins and compared their destiny with his prediction from the year before.
Two of the fifteen caught my eye because I wrote about them as well. Those are the ultimate shills Verge – XVG and Electroneum – ETN. If you’re not sure how you’ll weather the altcoin flood, check out MLMCompanies.org to see how you can make some extra money while you weather the coming storm.
By Nic’s methodology, Verge is declared as dead and Electroneum is still on the breadline. I’d say, give it another year and ETN is gone as well.
Nic had this to say about XVG:
Verge is/was a privacy coin which relied not on enhancing actual privacy at the blockchain level but rather by bolting Tor on to Bitcoin. It was heavily shilled on Twitter and Reddit last year, but the #VergeFam has gone quiet recently. Development and social media activity all but ceased when Verge was repeatedly 51% attacked earlier this year. The culprit was its unnecessarily complex five hash function Proof-of-Work algorithm, which led to it being much, much easier to exploit.
These weren’t small attacks either:
The official github hasn’t seen a commit since October. (Development may be happening elsewhere, but it doesn’t look lively at all.)
? Price change: $0.16 ➡️ ️️$0.00706
✅ Drawdown: 95.2%
✅ Developer status: apparently inactive
⚠️ Notable event: Verge was 51% attacked into oblivion.
⚖ Verdict: Verge was exploited on multiple occasions, with the developers unable to steel the protocol against those attacks. It has been essentially abandoned by developers and the #VergeFam has all but given up.
As for the “mobile mining wonder” Electroneum, Nic was surprised it is still wiggling away but the project is running on fumes, leftovers of its hype from 2017.
Electroneum is a fork of Monero which raised $39m in an ICO in October 2017. Like most ICOs, it’s a priori nonsense, but it did enjoy a brief moment in the sun as the development team (whose main expertise is online marketing) managed to drum up substantial hype, leading the asset to peak at a $900m market cap. In fact, one of my abiding memories of the late 2017 mania was sitting on a plane next to an earnest young fellow who informed me that his favorite cryptocurrency was Electroneum because you could mine it on your phone. Of course, this wasn’t actually mining, but rather an empty proof of time concept whereby you were allocated units of ETN just for having the app open.
It doesn’t take much to realize that ETN is hollow. This post goes into some further detail. It’s a generic ICOed fork of Monero with no distinguishing features by a team with no technical expertise. Some minimal development is ongoing, albeit at a very slow pace. The official forum hosted an Electroneum-themed halloween costume contest though, so that’s fun.
As much as I’d like to claim victory on this one, it hasn’t quite drawn down 95% and there is some development, so I guess I’ll take the L.
? Price change: $0.08 ➡️ $0.0075
❌ Drawdown: 91.0%
❌ Developer status: Ongoing, if minimal
⚠️ Notable event: The highlight of 2018 was the ETN team forcing every ICO investor into a KYC process.
⚖ ️Verdict: Electroneum is in a purgatory where it’s obviously a failed project but still piddling along until the SEC makes their way down the list and makes the team give all the money back.
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