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Over 800 Cryptocurrencies Dead Six Months After Bitcoin Reaches its Peak

Written by:
C Costigan
Published on:
Jul/02/2018

Over 800 cryptocurrencies are now dead and worth less than one cent as bitcoin comes off its peak price of near $20,000 from December by 70%.

New digital tokens are created through initial coin offerings but some of these projects have been scams and many have not materialized into real products, CNBC reports.

The current instability involving cryptocurrencies has been likened to some of the companies that crashed during the dotcom boom back in 2000.

From CNBC:

ICOs are incredibly risky investments and there is a lot of fraud in the space. Earlier this year, CNBC reported on a scam ICO called Giza. The fake start-up ended up running off with $2 million of investor money. Still, many advocates see a future for ICOs as an alternative to initial public offerings and venture capital funding.

Cryptocurrencies have come under a lot of pressure but there's still optimism that regulators could look more favorably towards them and that could boost participation in the market. Arthur Hayes, CEO of cryptocurrency exchange BitMEX, told CNBC's "Fast Money" on Friday that bitcoin could climb to $50,000 by the end of the year.

- Aaron Goldstein, Gambling911.com

Business/Financial News

California Fintech, Founders Settle SEC Crypto Fraud Claims

California Fintech, Founders Settle SEC Crypto Fraud Claims

The SEC said in filings in Los Angeles federal court on Wednesday that Uulala Inc and founders Oscar Garcia and Matthew Loughran raised $9 million from investors between 2017 and 2019 through an unregistered initial coin offering.

Bitcoin Ecosystem Rallies to Repel Doomed Re-Org Attacks

Bitcoin Ecosystem Rallies to Repel Doomed Re-Org Attacks

The attacks work like this: a miner accumulates hash power and creates a chain of competing BSV blocks in secret, which contain transactions written to benefit the attacker, such as by double-spending BSV by appearing to deposit it into an exchange wallet.

What Do Broken Down McDonald's Milkshake Machines Have to Do With a Bitcoin Mastercard Conspiracy?

If franchisees want to switch solutions, the only option that the parent corporation allows is to switch to a software “upgrade” called “Powerhouse Dynamics,” which is owned by the parent company of Taylor, so you can't really escape the system.  Enter Mastercard's similar setup with Bitcoin.

The Crypto Beat - July 28, 2021: Bitcoin Crosses Over $40K Again

The Crypto Beat - July 28, 2021: Bitcoin Crosses Over $40K Again

Plus EU’s ban on anonymous digital currency transfers—a deep dive....cryptocurrency won't be so anonymous any more. 

Bloomberg: DOJ Probing Tether of Bank Fraud

Bloomberg: DOJ Probing Tether of Bank Fraud

A U.S. probe into Tether, a digital token widely used to trade Bitcoin, is looking into whether executives behind the digital token committed bank fraud, a potential criminal case that would have broad implications for the cryptocurrency market, according to a report filed by Bloomberg News Monday morning.

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