With over 20,000 cryptocurrencies existing in the world today, there are countless projects out there that don’t survive long-term. These crypto projects are commonly referred to as “dead coins,” which simply refers to coins that no longer have any momentum.
The reason is not necessarily what the media likes to focus on : rug pull, exit scam etc.
Reality is more complex and here are a few reasons why a project dies, but the most common are:
- Not enough funds – there have been crypto projects out there that seemed promising and were created with all the right intentions, but they ended up not being able to raise the capital needed to follow through. In fact, most projects have this problem. Investors take note of the profit margins to see if they’re up to par. If not, they look right over these projects.
- Community Disengagement – with so many projects emerging in DeFi, it can be difficult to get the interest of enough people to reach escape velocity. Once a project has it, it has to keep it through the storm of other shiny objects competing for its investors’ attention. Sometimes the community gradually slips away, enticed by the promises of the next great thing.
- Low trading volumes – If a project ends up with less than $1,000 in trading volume for three straight months, it’s considered a dead coin. Low trading volumes generally mean that a project falls short of providing utility and/or interest from traders. It’s a sure-fire path to the dead coin vault.
Let’s look at a few of the top projects that seemed promising in the beginning but ultimately fell apart for one reason or another.
1. NanoHealthcare Token (NHCT)
The NanoHealthcare Token was created in India in an effort to reform the country’s healthcare system through the blockchain. The NHCT creators hoped to improve flaws in the system, reduce high costs and improve data security practices.
NHCT aimed to take a holistic approach to healthcare and improve it through the concept of “total health.” This involved them focusing on four major parameters – mental, physical, fitness and a well-balanced diet.
The coin experienced some hype but ultimately failed due to lack of investor interest. In turn, its developers abandoned the project.
2. Paycoin (PCI)
Paycoin was among the first crypto projects out there. Launched in 2014 by respectable miners Josh Garza and GAW, Paycoin was intended to improve the Bitcoin network. The founders were well versed in the DeFi world. Paycoin saw massive growth in the beginning. With a market capitalization of $115 million in 48 hours, it quickly gained popularity.
Ultimately, the project fell apart due to a lack of security that stemmed from rushing production efforts. The founders were unable to fulfill many of their promises, which led to the downward spiral of Paycoin.
SpaceBIT was on a mission to be known for its uniqueness. The project involved launching nanosatellites into space that made electronic currencies accessible everywhere. The SpaceBIT team hyped up the world and made it seem as if they had all the materials needed for the successful completion of the project. Ultimately, though, they never followed through. Lack of infrastructure was the primary factor that caused SpaceBIT to fall out of the sky.
4. Ring Financial
Ring Financial aimed to aggregate DeFi protocols, and it was intended to live on the Binance Smart Chain (BSC) to keep fees low for users. The project began with a 5.56% return per day offered in tokens. From November 4, 2021, to November 23, 2021, the project saw promising growth; it went from $1 to $250 in the short timeframe.
Then came the first strike in December. After the project was verified on BSCScan, it became more visible than ever. This left it more vulnerable to hackers, which is what led to Ring’s contract being exploited in December of 2021. The project survived this hit but faced harsh scrutiny from investors. Ultimately, people began losing confidence in the project despite the teams’ efforts to save it. The project did not recover after this.
5. GetGems (GEMZ)
GetGems was launched in 2015 following a similar-named project (that ultimately failed) named Gems. The founder was Daniel Peled, and his vision was to change the social media world as we know it.
GetGems was created as a social messaging app that allowed users to send and receive bitcoin. The project managed to raise $1 million initially through crowdfunding efforts along with direct investments.
The project ultimately failed after it did not follow through on promises to change the social media landscape.
Do you have a dead coin in your portfolio?
With the dawn of the crypto winter, it’s a possibility that you could have a dead coin floating around in your portfolio. Fortunately, there are some things to look out for when determining if a coin is legitimate or not.
First, put a mental red flag up if you see a coin that guarantees a return on investment. Avoid these at all costs. Also, coins that are worth investing in will generally be listed on a trusted trading platform, such as Binance or Coinbase.
Always remember to stay informed and make diligent decisions about your investments.
The Power of Using Correct Communications Skills
Effective communication at work can be transformative for individuals, teams, and businesses. We’re here to show you why communication is vital in the workplace and how to start building your and your team’s communication skills today.
Communication skills are, however, more than just verbal or written in nature and include several non-verbal cues such as kinesics, proxemics, and paralinguistics, in addition to human centricity and being able to communicate in a soft touch low feel world successfully.
It is about communicating positively with clarity, developing strong, active listening skills, being able to read other people’s behaviors, effectively managing conflict, navigating difficult conversations successfully, and being empathetic and adaptable.
Communication in the workplace is important because it boosts employee morale, engagement, productivity, and satisfaction. Communication is also vital for better team collaboration and cooperation. Ultimately, effective workplace communication helps drive better results for individuals, teams, and organizations.
To take it a step further, specifically as a manager, building good communication skills has profound short- and long-term benefits for your organization. Effective communicators can motivate their team to get more done with better results and fewer misunderstandings. And who doesn’t want fewer misunderstandings?
All of these things can contribute to the company’s success — and your success as a leader.
Not all work communication is made equal. We’ve all had the experience of sitting through a tedious, lengthy meeting with the thought, “This should have been an email.”
Different communication channels are ideal for different types of communication. Depending on the type of information conveyed, those other channels can enhance — or detract — from how it is received. Effective communicators will develop different skills and tools to match the type of communication needed.
1. Leadership communication
2. Upward communication
6. Customer communications
7. Informal interactions
Every year communication tops the list of skills in demand by employers. There’s a reason. Communication is what makes our professional and personal relationships go smoothly. It’s how we show care, catalyze change, and get things done.
That’s reason enough to improve — and keep improving — these critical skills. Luckily, we can all learn to communicate better.
Although presentation skills may not be used frequently by most of us, however, there are times when we do need this skill to present information to a group of people, either in a formal or informal setting.
The ability to write and convey effectively is the key to communication. This skill is not just limited to authors or journalists. A poorly written communication can be pretty frustrating for the reader and may also communicate the message inappropriately or incorrectly. Written skills are of great significance in a corporate setup, where communication occurs via email.
While we may not realize the importance of personal skills such as maintaining a healthy body and mind, they enhance communication. For instance, improving your self-esteem and building your confidence helps you feel more positive about yourself, including your ability to communicate effectively. If you have an in-depth understanding of yourself and a more relaxed and positive outlook toward life, you are more likely to be charming, which further aids the way you communicate. Lastly, good communication skill is also directly linked to assertiveness – standing up for what you truly believe in.
An individual who has the experience of such skills and has worked in this line to help many people to get the benefits from it is our inspiration for today’s article – Linda K Clemons. Linda has studied Marketing and is certified in Analytical Interviewing. Professionally she has achieved the titles of Top Sales Producer, Entrepreneur, Trainer, and Speaker.
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