While Lazarus was a name that has become a name synonymous with coming back from the dead, Bitcoin is making this biblical figure look like an amateur. The major cryptocurrency has, according to research, been officially designated as ‘dead' within media circles more than 90 times. This research is from the news site and information portal 99bitcoinsshows.
It is within this site's dedicated ‘Bitcoin obituaries' segment that it keeps a ledger on the number of times that media outlets, from mainstream to small scale, have claimed that BTC has officially failed. Overall, it has accrued a list one hundred claims from last year alone, especially as the BTC/USD pairing trended downwards from its initially high points of $20,000 as of December 2017, to the low points of under $3,000 at the end of 2018.
Along with this number of ‘deaths', the site has officially kept an ongoing ledger of the number of altcoins that have disappeared from the cryptocurrency investment sites over the same span of time. While the reasoning behind these disappearances are numerous, the number that have vanished from the market is even more surprising – Over 1,000.
This comes from the information database – Dead Coins – which specifies the various reasons behind each of these altcoins and why they ceased operating; which ranged from hacks, various scams, or others that were the subject of pump and dumps, along with parodical altcoins which served merely as an elaborate joke.
Along with its existing log, users can also submit a claim for a new coin to be added to the ‘dead' list.
In total, there is a large number of these altcoins which we will not see return, simply because of their lack of function, utility, or just the fact that they're purely for comic value. This number, according to Dead Coins, has hit 934, with a number of these cryptos reaching a market cap of 2,073. This is made clear thanks to data from CoinMarketCap.
So what is it that prevents Bitcoin from entering this veritable digital graveyard of altcoins? Well, it's the belief of one of the Bitcoin developers, Jimmy Song, that the cryptos unique decentralized setup is what will keep it separated from more vulnerable altcoins.
“In Bitcoin, entrepreneurs decide what innovations will happen with their money and effort. In altcoins, central committees decide what innovations will happen,” he wrote in a blog post.
Upon a further examination of this list of Dead Coins demonstrates that there is not exactly a consensus on the occupants of this list, with some arguing that there are coins on the list that deserve a higher level of explanation as to why they're there.
An example of this is the notorious crypto scam, OneCoin, which was derided by a number of governments as a form of Ponzi scheme, and is listed under the Dead Scams thread of the website. This position is followed by a comment which calls for more evidence and facts to be provided for why it is there.
This news of a large number of dead coins and scams coincides with a recent publication by the Wall Street Journal, which uncovered that there are hundreds of white papers for cryptocurrencies which demonstrate fraudulent activities, as well as highly inflated rates of return, and even plagiarism from other, more successful cryptos.