I wanted to talk about the ‘Walking Dead’ of cryptocurrency that continues to stink up our corner of the cyber-verse.
It goes without saying that said coins amble around aimlessly on the smaller exchanges – Crex24 has the record for dead coins I believe. I feel for the people who spend their time doing that, but also appreciate their efforts.
One might think, oh well, what do you expect? It’s Crex24. Same goes for exchanges like TradeOgre or Hotbit. Sure, they infest those places also, but Binance - the self-declared king of the exchanges – also has its fair share.
Considering how clear it is that the upcoming projects are deader than a Dodo, for Binance to keep them listed and to allow its unsuspecting users to buy them is very disappointing. Due diligence, or maybe keeping up with things, might not be CZ’s strong suit or the strong suit of the hundreds of people that presumably work for him.
As far as I’m aware, LOOM Network is the most recent Binance-listed coin to be sleeping with the fishes.
At least dead compared to what it was previously. LOOM has undergone a miraculous reincarnation from Zombie Battleground PoS shitcoin (or as they described themselves “a network of delegated proof of stake sidechains to power highly-scalable games and user-facing dApps”) to providing enterprise solutions for healthcare providers and government departments. I kid you not.
Before rising from the dead, they shut the Telegram group (with no warning and to the horror of the loyal community), their Reddit turned into tumbleweed central, the core team upped sticks and the blog was memory-holed for several weeks until Frankenstein AKA LOOM re-emerged from its cocoon as a “serious enterprise solution for healthcare providers and government departments.”
LOOM remains listed on what’s essentially the full laundry list of top tier exchanges, including Coinbase. And despite everything that has gone one, it still manages to have a market cap in excess of 16 million U.S. dollars.
With the stunningly-designed green alien zombie making up a key part of their branding, you got to wonder why the old LOOM didn’t stand the test of time. Few would have predicted its demise, right? I don’t give its latest iteration of LOOM more than a few months.
In a February 2020 Medium post they uploaded before disappearing, the author said (quote) “Things may be getting shaken up a bit, but make no mistake… we’re the same hard-working, code-slinging, meme-loving Loom Network that you’ve been following over the years. A MASSIVE THANKS TO YOU and the whole Loom Universe community! Here’s to a future filled with amazing things…”.
Unbelievably, or believably (this is crypto), LOOM had a market cap of over 400 million dollars just a couple of years ago. It’s doing over 50BTC of volume over the past 24 hours on Binance. Probably a good hint as to why CZ keeps it around.
Still listed on Binance - Bitcoin Diamond. The roadmap of the project promised that, by the beginning of 2020, Bitcoin Diamond should surpass Bitcoin (yeah,… BTC) in terms of its use cases. I’ll just stop there.
Another curious case is Lunyr (LUN), which is completely dead. It was supposed to be first decentralized encyclopedia on Ethereum where you get tokens for sharing and peer reviewing information. It’s beyond resuscitation. No social media updates, no communication on Discord or Telegram. Lunyr has almost 30,000 Twitter followers, but the tweets were quickly protected. The website is still there, but it’s a hollowed out shell of what it used to be.
Despite that, Lunyr is still listed on Binance. Maybe the 150BTC/day volume helps.
The next shiny cat turd is Nucleus Vision (NCASH). No BTC pair here, but it has an ETH pair on Binance. NCASH has a market cap of $870,000. That’s $870,000 too much.
This India-based dumpster fire declares itself an IoT & Blockchain-based contactless identification system. It says that using NCASH enables transactions across the retail ecosystem.
A blog post from a few months ago said that, along with brick and mortar stores, Nucleus Vision was entering and having “serious discussions with shopping malls and gas stations.” Yeah, gas stations. I’m personally waiting for the pump when that back street gas station in Mumbai signs on the dotted line to allow bemused truck drivers to pay in NCASH. Gonna melt your face off.
I took a look at NCASH’s GitHub. It’s probably the sorriest example of a GitHub I have ever seen. And I’ve seen plenty of bad ones. Not a single line of code published in over 500 days and most of what’s there is a joke. NCASH’s Twitter has over 55,000 followers. How many are real is anyone’s guess.
CZ, if by chance you are reading this: stop listing shitcoin scam projects. Delist dead ones. You make out you are this cool guy, happy go lucky, but you are allowing your customers to buy coins/tokens that are dead or flat-out scams. Clean house. Start listing some decent new projects. For free. And I might start using your exchange with more regularity again. I Might…
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