How to Unlock the Millions Stuck in Dead Coin Portfolios

Discussion in 'General Discussion' started by JVanL, Jul 2, 2019.

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  1. JVanL

    JVanL Hodls on dips

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    CoinJanitor, the first project in the space to suggest a method to unlock value in deadcoins and recycle it, has completed its first buyout.

    After months of intense negotiations with several different deadcoin developers, CoinJanitor’s team has struck a deal to acquire Globycoin. A CoinJanitor community member played a key role in establishing the channel of communication between Globycoin and CoinJanitor team members, showing how crucial community members are to the project.

    The buyout was completed on May 12th, 2019. Asset transfer from Globycoin to CoinJanitor was completed immediately following the buyout and now the CoinJanitor team is working to finalize the next phase of the buyout, which includes analysis of code, transaction data and meta data, Globycoin asset integration, and of course the coin swaps for Globycoin users.

    CoinJanitor also has a token swaps page where crypto users can list the deadcoins that they would like CoinJanitor to purchase. Project owners can also contact the CoinJanitor team through this page.

    CoinJanitor Completes Its First Buyout of Another Cryptocurrency • Newbium
     
  2. JVanL

    JVanL Hodls on dips

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    What Are Shitcoins And Why The Term Is Useless?
    People who are well acquainted with cryptocurrency, have heard the term “shitcoin” at least a few times. The meaning of the term, however, varies depending on who says it. Furthermore, there are enough people who use the term interchangeably with the term “deadcoin.” These two terms are radically different from each other and only one of them is objectively useful in the space. The other is a just a highly subjective expression, and here are the reasons why.
    The Key Differences Between Deadcoins and Shitcoins
    To make sense of why the term “deadcoin” can be highly objective, while the term “shitcoin” will always be highly subjective, we just have to look at the terms themselves. One describes a situation while the other is simply a derogatory term. Nevertheless, there is more to both terms than this simple distinction: To define what makes a coin die and become a deadcoin, we can come to an agreement on certain parameters that will allow us to categorize it as such. Agreeing on what makes a coin shit, is much more difficult. Shitcoins might still be useful to the people who support them, whereas deadcoins are useless or have very little use in general. The subjectivity of the term “shitcoin” can be used by anyone to demean other coins just because of subjective beliefs, but that doesn’t necessarily mean that these so called shitcoins are dead.
    Are All Shitcoins Deadcoins, or Are All Deadcoins Shitcoins?
    This leads us to the next issue: What can we do with the coins that we categorize as shitcoins, what can we do with those we categorize as deadcoins, and how the subjectivity affects the way we deal with them? Categorization is important. The fact that the terms “shitcoin” and “deadcoin” are used interchangeably, prevents us from categorizing the coins on top of adding useless subjectivity to the matter. Right now, the confusion is so deep that when we use the terms, we end up getting people who think that all shitcoins are deadcoins. This is not necessarily the case. Some shitcoins are indeed objectively dead, but others might not be, especially if you take a look at the activity behind those particular coins objectively. Not every deadcoin is a shitcoin either. We have to analyze each case and understand why they died in order to see if they ever had a shot at making it or they were just the result of wishful thinking. Nevertheless, that attempt at success, as objectively irrational as it might have been, doesn’t give us an automatic license to categorize the coin as a shitcoin either.
    What can we do With Shitcoins and Deadcoins?
    If it turns out that a coin is objectively dead, whether it is referred to as a shitcoin or not, doesn’t affect its situation either. It does taint the way we look at it, however. If we use the term “shitcoin,” then what can we do with it? It is hard to see what to do with a shitcoin, but it is easier to understand that a deadcoin might still hold some value in it. A deadcoin has elements we can recycle, like: Marketing assets – social media accounts, websites, logos and more. A user-base. Code, transaction data and meta data.
    This is Why we Shouldn’t Use the Term Shitcoin
    Considering these aspects of the shitcoin vs deadcoin debate, it should be clear that we ought to avoid the term “shitcoin” as much as we can. CoinJanitor refrains from using the term altogether, precisely because we do not want the burden that comes with it, but we want to unlock, add and create value in this space. Therefore, we deal only with deadcoins that we can objectively agree are in fact dead. We use the parameters set forth on our white paper to categorize coins and we operate according to the highest degree of objectivity possible. Hopefully, this will allow us to change the way we speak in the cryptocurrency space and nudge the enthusiasts around us to approach these issues objectively. In the meantime, we will continue working to recycle value that is locked in deadcoins. Our success in that endeavor will not only help us clean the space, offer hope to deadcoin holders and create positive externalities. It will also allow us to show the market that those deadcoins some refer to as shitcoins, have more value than most people think.
    What Is The Difference Between Shitcoins & Deadcoins? | CoinJanitor
     
  3. JVanL

    JVanL Hodls on dips

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    Unfortunately, there are too many scammers lurking around, using cryptocurrency to their advantage. It is impossible to blame a project for being cautious when CoinJanitor attempts a buyout approach. Nevertheless, some of these projects’ attempts to protect themselves, are outright egregious. We recently came across a dev of a potentially deadcoin project that resorted to false accusations in an attempt to turn our buyout approach into one of the reasons for the project’s failure.How Does

    CoinJanitor Operate?

    We will refrain from mentioning the deadcoin in question. We would also like to ask anyone who reads this who knows which coin we are talking about, to keep the name of the coin secret. CoinJanitor is committed to operating honestly, without employing hard ball tactics or otherwise strong-arming projects into selling, which is why we will not mention the coin’s name.Before we proceed to tell you exactly what happened and what CoinJanitor was falsely accused of, we must establish a few additional points about how we keep our operations honest and civil:

    * CoinJanitor buys out projects that agree to sell out of their own free will.

    * Our buyout approaches are polite and transparent. We do not issue threats or ultimatums. We don’t attempt to gain leverage on projects to force their devs’ hands.

    * We look for wholesale buyouts, which involves agreement from the dev team in a top to bottom approach.

    * There is a bounty available for people who establish a channel of communications between us and deadcoin devs, when a buyout is successful.

    * CoinJanitor does NOT engage in market making or market manipulations like pump and dumps on any coin, whether they are on the verge of dying or not. We believe that the market should be free from any such intervention.

    Dismissive Deadcoin DevelopersOur bounty program has been particularly useful in our effort to buyout deadcoins. The community knows this, so community members have taken the initiative to contact deadcoins they know of by themselves. One of our community members reached out to a coin that is in the process of dying according to our definition. The response he got from the developers of the project was quite blunt and dismissive, but we can understand why. Many – about 50% - of the deadcoin developers we have contacted dismiss our project without even considering the possibility of a buyout. Some are sarcastic and others think we are one of those scams that plague the space. We wouldn’t be writing this piece if the dev of said deadcoin would have dismissed the bounty hunter even if his response was obtuse. You can see the developer’s initial response to the approach from our community members:

    [​IMG]

    This kind of response is quite common. Once we get a response like this one, we desist and move on to the next deadcoin. There are plenty to buyout, so we have no reason to insist

    Deadcoin Developer Proceeds to Spread Lies About CoinJanitor

    That response is quite common in our business. Many deadcoin developers hold on to the coins they created as if they were precious beyond belief. Their emotional attachment is understandable, but it does not give them the green light to malign CoinJanitor and spread lies about our own project. The deadcoin developer from the conversation above, proceeded to do just that, using his Discord channel to lie about CoinJanitor to his community. He went even a step further, attempting to use our approach to scapegoat us for his project’s recent exchange delisting:

    [​IMG]

    The deadcoin dev continues to malign CoinJanitor, falsely warning people that we might approach them to buy their coins individually and claiming that the volume on SouthXchange is suspicious, two completely baseless and ridiculous accusations

    The Truth About CoinJanitor

    Given the asinine nature of the message this deadcoin dev posted on his Discord group, it is possible to see how much CoinJanitor can create upward pressure in the market. While it is obvious from this egregious reaction that our project hasn’t had enough exposure and is still misunderstood, we also understand that deadcoins or projects that are headed towards imminent failure, are likely to think that such a reaction is needed to save their project.Disingenuous Deadcoin DevWith that being said, this particular response exposes just how disingenuous a deadcoin dev can be when he or she tries to protect the project.It might also be an instance of extreme ignorance about how the space works mixed with classic hubristic behavior. Here is why this deadcoin dev exposed his ignorance or his dishonesty with his response:

    * Exchanges delist coins for a number of reasons, none of which involve pressure from other projects.

    * Profitability is the ultimate parameter which determines whether a coin will be delisted or not.

    * Maintaining low volume coins on an exchange is not profitable, especially if these coins have their own blockchain, because that requires running a client or a node on that project’s network, as well as other technical requirements that consume resources.

    * Exchanges also delist coins that are suspected of being scams, which could affect the exchange’s profitability in the long run if the scam is well-known and the exchange refuses to delist.

    CoinJanitor vs Deadcoin
    The deadcoin in question is a fork of an established, top cryptocurrency. This deadcoin failed to fulfill the purpose it was created for; it never gathered a critical mass of users either. Understanding this, it is easy to see that there are a few reasons why this deadcoin might have been delisted:

    * The deadcoin in question might have suffered from low volume trading.

    * Since the deadcoin forked away from an established coin, exchange teams must run a new client or even a node, while dedicating time to possible bugs and software updates. This is time consuming and expensive.

    * CoinJanitor is an ERC20 – which is probably the only fact that the deadcoin dev got right. Therefore, it is relatively cheap for an exchange to keep it listed.

    * The completion of its first buyout shows that CoinJanitor is on track to fulfilling its purpose.

    CoinJanitor Responds
    Clearly, if this deadcoin dev was having trouble keeping his project afloat, calling CoinJanitor a scam and issuing that warning, just helped him dig his own project’s grave. Nevertheless, we had to respond right there on that deadcoin’s discord channel, just below the warning, to make it clear to community members what CoinJanitor is really about. Marc proceeded to respond, but his response was deleted. When he tried to respond again, he was banned from the deadcoin’s Discord channel, but not before he got a screenshot of that deadcoin’s dev response:

    [​IMG]

    Needless to say, the member of our community who tried to establish contact with this deadcoin, was also banned from the Discord channel. Hopefully, he will not be deterred, and he will keep on reaching out to the deadcoin projects he knows. Success is just around the corner, and our bounty hunters, as well as all the members of the deadcoins we buyout, will get paid.

    CoinJanitor Will Always Uphold the Truth!
    Fostering our community by integrating more users through buy outs is not easy. Finding more buyouts is even more difficult. CoinJanitor and its community, however, are determined to keep the effort up. More deadcoins will come and our success will fly in the face of the people who malign us or try to use us as an excuse for their own failure by spreading lies about us. Anyone who attempts a stunt like the one this particular deadcoin dev tried to pull, will be exposed immediately!

    A BIG thank you to all of our community members who support our project and behave as good actors in the space even in the face of bad acting or FUD.

    We would like to end this piece by issuing a warning: Although we are refraining from mentioning the name of the deadcoin in question, if its devs or community leaders decide to keep on spreading lies about our project, we will name the coin and we will use every tool at our disposal to spread the word about their malicious deeds.
    Follow more CoinJanitor news and updates, and join the discussion with us on our Telegram or Twitter or just tell us which of your inactive tokens you want us to buy from you!

    Help spread the word and share this story everywhere. Fight the FUD and Let's Clean Crypto!


    • Tags
     
  4. JVanL

    JVanL Hodls on dips

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    We’re as excited for Altcoin Season as the next guy, but have we considered how many altcoins there are, or how many fail? When cryptocurrencies fail, they get added to a coffin titled “Dead Coins”. These coins become dead when there is no longer being traded and therefore lose value. The blockchain still remains, and plenty of investors, but that’s another story we’ll get to. We’re going to take an immersive look at 5 failed crypto coins of 2019 so far, spanning several industries and functions.


    Did you know that over 60% of launched ICOs end up as dead coins before they get listed or within their first year of operating. Plenty of factors can come into play, we’ve seen CEO’s drop out, exit scams, pyramid schemes, entire teams dropping off the face of the planet. The causes of death can be endless, but one thing is for sure - people lost money.


    Let’s take a look at 5 of the biggest Dead Coins this year so far:


    5. Dead Coin: OChain

    “A public, permissionless infrastructure cloud designed to host the next-generation of software and services”

    OChain has an impressive website, social channels, and created their ZCN crypto, but they have been labelled a scam, an exit scam. After raising $39 million, their front man quit within the first 6 months post ICO. With no mainnet and no working product, they have little to show their investors. Cited to have an incompetent CEO, the roadmap has been delayed for a year and the project has not lived up to the promises it made.


    4. Dead Coin: Sp8de

    “A blockchain-based platform for unbiased public randomness. The game of chance has changed: “traditional” interactive gaming systems and the nascent domain of decentralized gaming applications will now enjoy a myriad of new opportunities.”

    Sp8de (SPX) was dubbed a great project but just failed to keep it together. Evidently almost the entire team has left, and investors are unsure whether the project was poorly managed, or a scam from the beginning. After raising $5.3 million worth of Ether, investors have become despondent and the project has been declared deceased.


    3. Dead Coin: Plus Token

    “New Global revolution mobile wallet to store your crypto currency. Mobile wallet for Android and iOS”

    This South Korean crypto wallet has been accused of orchestrating an elaborate exit scam. After raising $3 million, investors soon realised the company was more of a Ponzi Scheme than the investment they were promised. The project also has some vague aspects to it, like the owner being “Mr Leo” and no evidence to support the “arbitrage bot” that will generate their ROIs. If you didn’t see the signs, you probably lost out on quite a chunk.


    2. Dead Coin: GreenPower

    “GreenPower is the global rewards currency you can collect and redeem at merchants around the world”

    GreenPower has been identified as a scam following their parent company’s Ponzi Scheme exposure. As DasCoin collapsed, GreenPower was thrown into the limelight and identified too to be a fraud. It seems that the same people are behind the two companies, so beware, and avoid with caution.

    1. Dead Coin: Sirinlabs Token

    “State-of-the-art, ultra-secure mobile device with an embedded cold storage wallet”

    This just blew the whole can of worms open. While not technically declared dead yet, SirinLabs is being labelled as a dead coin due to the class action lawsuits against them. The CEO behind this project has appeared in numerous court battles revolving around scams and fraudulent activity revolving around three ICOs; Stox ICO, the Sirin Labs ICO and the LeadCoin ICO. According to ICO-class-action , there are a total of 52 people interested in filing a new lawsuit against Sirin Labs.


    So what happens to all the investors that lost out on money, all the coins that currently have no value, and all the blockchains created but giving back nothing? Well, nothing. Until the fine folk behind CoinJanitor came to clean up the ecosystem. They offer investors a trade in of their dead coins for a JAN coin (the native cryptocurrency), and burn the dead coins, recycling value and making a more robust cryptosphere. With big weight partners supporting their efforts, CoinJanitor works with the likes of DeadCoin and Selfkey. CoinJanitor is cleaning crypto and recycling lost value by buying failed projects and dead coins.

    [​IMG]
     
  5. JVanL

    JVanL Hodls on dips

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    CoinJanitor is a project that buys out failed or inactive coins and tokens and pays users for their worthless bags of altcoins.


    For more info on how why we do this and how it works you can find more details about the CoinJanitor project on our website.


    But, if you just want to sell some of your bags and be able to get some bitcoin back for them then just read below:

    We want your worthless tokens

    We’ve setup a token swap page where you can tell us which coins or tokens you want us to buy. The process is simple:


    • Visit our token swaps page
    • Tell us the coin you want to sell
    • We’ll email you when we start buying it
    You get rid of the bag you were holding and get access to some valuable BTC instead or our native CoinJanitor $JAN token.


    So click here and let us buy your worthless tokens >>

    For more info on how this works or if you’d rather hold onto your altcoin bags for now, keep reading for more details about our token swaps.


    For any questions or more info you can visit the CoinJanitor website or follow us on Twitter or Telegram.


    CoinJanitor’s Token Swap Page


    Buying deadcoin projects wholesale is a complex task in which the retail holder is often times left out until the buyout is final. To overcome this, we have set up a page that gives individual deadcoin holders more agency. The buyout process will still be the same; CoinJanitor buys projects out at a wholesale level for reasons that we explained on our white paper. Nevertheless, the spark that ignites a buyout can come from an individual that suggests a coin to buy out or informs us about a deadcoin that we might have missed. That is why we created our Token Swap Page.


    Token Swap Page Features


    This page is simple and allows anyone to inform us about the deadcoins they hold. Anyone can come and fill in 3 fields to inform us about a deadcoin they hold:


    1. Email


    2. The name of the coin or ticker symbol


    3. The amount of that coin that person holds


    Our Token Swap Page protects the anonymity of anyone who chooses to submit a deadcoin. We only ask that the email address people use on this page is functional and that we can communicate with them through it.


    The Benefits of the Token Swap Page


    People who submit a deadcoin through the Token Swap Page must understand that the information they submit does not guarantee that CoinJanitor will buy that coin. It will take us a while to get to each coin that users submit through this page. Nevertheless, the information we gather through the Token Swap Page is incredibly useful for a variety of reasons:


    · It draws our attention to deadcoins that we might have missed on our data.


    · We can build a list of deadcoin holders which facilitates token swaps once we buyout the deadcoin in question.


    · Users have the power to suggest deadcoins for us to buy.


    Keep the Definition of a Deadcoin in Mind


    Our Token Swap Page is especially useful when individuals who submit information, can keep our definition of a deadcoin in mind. This elevates the quality of the data we get.


    Here is a reminder of our broad definition of a deadcoin:


    · A coin that is 2 years old or older.


    · The coin in question is not listed on exchanges.


    · Its market cap is smaller than $50,000 USD.


    · The coin is preferably a PoW coin or a coin that has its own blockchain. ERC20 tokens will be considered, but we prioritize PoW coins or coins that have their own blockchain.


    Now that you know what our Token Swap Page is all about and how to use it, we encourage you to use it and spread the word about it. Your contribution through this page is invaluable to the CoinJanitor project and will help us reach more deadcoins faster.


    So click here and let us buy your worthless tokens >>
     
  6. JVanL

    JVanL Hodls on dips

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    There are over 2,000 cryptocurrencies in existence today, the majority of which do not present active value for their holders. These cryptos that present no value are responsible for a large amount of investment in the crypto market. In figuring out how to unlock the millions stuck in dead coin portfolios, one must revisit what happened around the 2017 ICO era.

    How did Dead Coins come about?

    Many of the investors whose funds are stuck in dead coin portfolios are those who rushed into the ICO market between 2016 and 2018. Others may have been involved before then. Unfortunately, while the 2017 ICO era brought a lot of awareness to the crypto industry, it was also a window for some negative developments. The aftermath is the millions stuck in dead coin portfolios.

    Before this era, a number of projects had come into existence, even afterwards, more money has found its way into the crypto market. Placing this side-by-side with the number of dead coins being announced daily will give you an idea of the amount of wealth trapped in the crypto market.

    The Impact of Dead Coins to the Crypto Market

    The consequence of dead coins in the crypto market is enormous. It cuts across the investors themselves, and the market as a whole. These dead coins still have their data posted in the market and form part of the study tools for traders and investors. Therefore, beyond the risk borne by their direct investors, their influence on market analysis can be misleading.

    Take for instance the popular coin listing platform, CoinmarketCap. It has over 2,400 coins listed on it at the time of writing. Majority of the altcoins listed there do not have sustainable network activity. Yet, because they are yet to overcome certain thresholds, they are still recognized as active cryptos. In reality, many of them are gone, and just this close to becoming officially declared as dead coins.
    This development is why many people see cryptocurrency investments as a risky venture, especially with altcoins. Other factors include the lack of liquidity, dying communities and projects not finding necessary adoption. These factors leave investors stuck with tokens that they cannot get rid of.

    How to Derive Value from Dead Coins

    All that is about to become old news with the emergence of CoinJanitor’s rescue program. This is a program that is aimed at cleaning up the cryptocurrency market, and help to expose the true value of the market. For the crypto market to be sustained, there needs to be proper evaluation. This will be possible only when non-viable projects are removed from the ecosystem, thereby unlocking redundant assets.

    Although this exercise is aimed at providing a lasting solution to the industry, it also serves as a restoration process for investors with locked funds. Investors that have put money into blockchain projects that have failed to deliver on promises. This group appears to be stuck with digital tokens that presently offer them no value whatsoever.

    What CoinJanitor (https://www.coinjanitor.io) is doing is to help investors recover value by issuing them tokens from an active blockchain project. Tokens that have both immediate and sustainable value. The platform’s JAN tokens will be issued to victims of dead coins in exchange for the dead coins. This will enable CoinJanitor to burn the dead coins and clean up the crypto currency market.

    While this happens, the investor can either trade their newly issued JAN tokens for Bitcoin, Ethereum or any other major cryptocurrency. They can also keep the JAN tokens and enjoy its own value. What is more important is that the ultimate goals are achieved, which involves cleaning up the industry and restoring value for investors.

    This is how to unlock the millions stuck in dead coin portfolios!

    How to Unlock the Millions Stuck in Dead Coin Portfolios • Newbium
     
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