- SpaceBIT – They wanted to launch several nanosatellites into orbit to provide a globally accessible blockchain and helped unbanked regions access financial services. They ran the conference circuit throughout late 2014, and early 2015 and the hype kept building, but the team never revealed any proof-of-concept or prototype. According to Bitcoinist, the reason for this disappearance was a new blockchain company called BlockVerify which had been engaging the team, and SpaceBIT was shelved.
- Gems – A social networking platform that pays users for watching ads on the app. They said it would disrupt social media as we know it, but a crowd sale of $111,000 turned out disappointing, and adoption seemed slow and small. The app doesn’t seem to be popular in countries where it is available and is the most popular in Uzbekistan.
- Dogecoin – What started as a joke, became a serious cryptocurrency backed by a passionate community, which became known for using it in charitable acts. It even survived two hard forks. However, when Dogecoin exchange Moolah went down and founder Alex Green disappeared, with everyone’s money, the coin crashed and the community disbanded.
- Paycoin – It was launched by notorious actors, Josh Garza, and GAW miners. The whitepaper was promising, but Paycoin was converted into a generic altcoin in a hurry to push it to the market faster. GAW failed to fulfill the promises made to investors – one of them being the infamous $20 Paycoin floor – and because trust and faith were lost. When the federal authorities launched an investigation into GAW and Josh Garza fled the US, and the coin crashed.
- DAO – The DAO token sale brought in over $168 million, making it the largest crowd-funded project. The excitement was high, but on June 18, an attacker exploited a vulnerability in the DAO smart contract, resulting in a loss of around $50 million. The news sent the price of the coin spiraling down.
These failures are not rare. In fact, they are quite common. A dead coin is a token or coin that has been abandoned, scammed, has a dead website, no nodes, dead social handles, low volume of transactions, or developers have walked away from the project. According to Coinopsy, there have been 264 cryptocurrencies that were active at the start of 2018 but died by the end of the year.