These Alt Coins Were Mostly Dead on Arrival

Written by:
Aaron Goldstein
Published on:

We've heard the names: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Dash, Litecoin.  But for each of these cryptocurrencies, about a dozen others have vanished.

In the online gambling space, cryptocurrencies make up to 70% of all transactions to and from sites operating in so-called "grey" areas.  These account for better than half the world, including the United States and, to a lesser degree, Canada.  Many European countries have become more stringent and regulated while cryptocurrencies have made it much easier to move money online in many Asian, African and some South America nations the likes of Argentina.

But Web gambling sites have mostly been cautious in adapting to the crypto market with the majority opting only to support Bitcoin (BTC) while others will limit to half a dozen of the better known cryptocurrencies like Litecoin and Etherium.

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Initial Coin Offerings, or ICOs, have come and gone and left a wake of despair in their path.  A vast majority of these were scams.  Others simply failed to take off.

Here are just a few of the altcoins that have since vanished recently.

Ethereum Plus - While not a scam per se, it has since been declared deceased.  This coin sold for 5 dollars now at.005 and no trading.

Niobio Cash - Brazilian coin scam.

A Nióbio Cash vem ganhando atenção por parte de muitos brasileiros, mesmo apostando em um antiquado modelo de centralização das decisões, nacionalismo e protecionismo ao invés de focar no indivíduo. É uma aposta que vai contra tudo que pregam as criptomoedas e a tecnologia blockchain.

Watch below in Portuguese

MFChain - Deemed a scam.  No updates or answers of community questions through social media or email since ICO was finished in December 2018, their website is broken and you can't register, no exchanges, they turned telegram channel into announcements only.

MNEX - Looks like they simply copied another coin's platform.

Etherdelta ICO - Caput!  From Reddit: "The official Etherdelta ICO is a scam. They were bought ONLY to make this useless ICO. The token has NO purpose at all and they will abandon the project after they got the money. Do NOT give these people your money."

GetGems - From DeadCoins:

The "First Social Currency Network" this coin was a Counterparty token that aimed to monetize social messaging. It was a rebranded Telegram messaging app with a crypto wallet integrated.

The scammer developers - Daniel Peled, Chen Eilat, David Allen - crowdfunded 2,633 BTC ($780K at the time) and they claimed the funds would be disbursed in phases after specific milestones were reached. They never reached the final development milestone: building a working "Attention Economy". However, they exit scammed by releasing all the funds anyway in May of 2016 and promptly abandoned the project in October of the same year.

Additionally, the app had a built in feature to cash out 1000 GEMZ for a $10 gift card to various merchants, such as Amazon. This was the only way to redeem the tokens for something of real-world value and theoretically would have set a floor on the USD value of the token. However, this feature was never working at any time in the application. It was always 'temporarily out-of-service'.

eXperience Points - DeadCoins noted: "The developer left with a huge premined coins, now the moderators of this coin want to swap the old chain to make money. If you asked some question in their discord, you got kicked and banned. Many people lost their coins in the webwallet. The development of the coin has stopped for a long time."

Go Network - ICO exit scammed after raising millions in ETH.

Folm Coin - Developers left the project, after they did masternode auction presale.

Oasis - From DeadCoin.com: “The owner turned this into an exit scam ICO and ran off with the money. This ICO is based in South Korea.”

DWS - From CoinMarketCap:

A very obvious and school example exit scam. They copied the whitepaper from QLC Chain and announced a so called partnership. 500.000.000 tokens were issued and 300.000.000 tokens were moved away from the genesis wallet and spread all over in large portions. Most wallets trace back to the exchanges.

Telegram community got promised airdrop that never came - they traded the token and dumped - they did 2 more pumps and disappeared. Their site is offline in the meantime, but the token is still trading on BitForex, Fcoin and on HitBTC

Sadly, there are several dozen more, too many to be mentioned here.

- Aaron Goldstein, Gambling911.com

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