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70 Percent of 2017-2018 ICOs Turn Out to Be Massive Bombs: Report

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30 percent of tokens nowhere to be found on cryptocurrency exchanges
70 Percent of 2017-2018 ICOs Turn Out to Be Massive Bombs: Report

A large number of ICOs have a reputation of worthless projects which do not have anything apart from a whitepaper. According to a new report by Diar, it is perfectly reflected in their price as tokens struggle to keep their initial price, while 30 percent of ICOs are not listed on a single exchange.   

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Going underwater

According to the abovementioned report, 70 percent of crypto tokens that didn’t make it to the top 100 currencies on CoinMarketCap fail to meet investors’ expectations, plunging below their initial value. At the same time, more than 30 percent of ICOs that were launched in 2017-2018 are not listed on any cryptocurrency exchange. Some developers behind these unlisted tokens even failed to provide the information about the distribution of token supply while raking in over $1 bln. Among these tokens, which have almost zero liquidly, there are some big-name projects in the likes of Bancor that raised a whopping $150 mln this February.     

As U.Today has already reported, over 800 ICOs have already gone bust in just 18 months. Meanwhile, it is widely speculated that the dwindling interest in ICOs is inextricably connected to the plunging Ethereum price.

Misleading numbers

While CoinMarketCap shows that the crypto market is currently valued at $207 mln, Diar states that a lion’s share of this sum is attributed to the top five biggest coins along with stablecoins. The total market cap of nearly 2,000 other coins listed on CMC doesn’t exceed $35 mln.

Another takeaway from this study is that a big number of ICOs that took place in 2017 are now worth less than $2.2 bln in total.

Top losers

The aforementioned Bancor quickly rose to prominence in 2017 after raising $150 mln in a matter of hours, but the “theft-resistant” decentralized exchange suffered from a major hack, which resulted in more than $12 being stolen. Another salient example is Sirin Labs that is yet to release the world’s first Blockchain phone in November. Despite raking in $158 mln and having Lionel Messi on as its brand ambassador, the company couldn’t stop its token price from tanking.

Top losers

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BitMart Exchange Teams Up with Paxful to Give Its Customers More Benefits

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Crypto trading firm BitMart spreads word about its new partnership with P2P exchange Paxful, both firms intend to gain more scalability and liquidity
BitMart Exchange Teams Up with Paxful to Give Its Customers More Benefits

BitMart has publicized its integration of Paxful’s Bitcoin trading service. This will enable clients of BitMart to get more payment features. Also, customers of Paxful will be able to use BitMart and trade its almost 200 crypto pairs.

Benefits of this collaboration

The reps of the firms state that this cooperation will allow improving customer experience by giving users more trading opportunities.

BitMart founder and CEO Sheldon Xia has mentioned that partnering with Paxful will enable the exchange to attract new customers who previously had no access to crypto trading.

BitMart started off two years ago. This crypto exchange is located in the Cayman Islands, but it operates branches in the US, South Korea, etc. The platform officially has nearly 700,000 clients, and its trading volume exceeds $70 mln per day.

The CEO also added that working on one team with Paxful will let users have a better choice of payment options – gift cards, bank transfers, etc.

About Paxful

Paxful is a decentralized marketplace where one trader can buy BTC directly from another. Users there add their adverts about selling BTC and mention the way they wish to be paid.

As soon as the buyer conducts a payment, he or she receives their Bitcoin from escrow directly into their Paxful storage space. Those who purchase pay no fees to the platform. It takes 1 percent of each deal from sellers.

The company reports it has one million active users from around the world on a daily basis.

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Litecoin (LTC) Now Supported by Coinbase Wallet, Users Ask to Add XRP

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Coinbase claims that this addition is an important step towards creating the leading cryptocurrency wallet on the market
Litecoin (LTC) Now Supported by Coinbase Wallet, Users Ask to Add XRP

Coinbase Wallet now allows its users to directly store Litecoin (LTC) in the app. Thus, the fifth biggest asset by market capitalization joins Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ethereum Classic (ETH) on the list of supported cryptocurrencies.
Litecoin (LTC) Now Supported by Coinbase Wallet, Users Ask to Add XRP

The rollout is coming in a few weeks

The blog post states that Coinbase Wallet users will be able to download an update with Litecoin support in a few weeks on the App Store or Google Play Store respectively. Litecoin support will be available from the get-go once the app is updated. You will simply have to choose the ‘Receive’ option on the main wallet page in order to deposit LTC to your wallet.

Coinbase keeps snubbing XRP

The announcement was flooded with tweets from users asking Coinbase to add XRP. Everyone’s favorite remittance and settlement token is nowhere to be found on the roster of supported digital coins.

However, XRP was added to Coinbase Custody in November 2018, so one shouldn’t exclude the possibility that the crypto behemoth will eventually fully embrace this asset.  

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Epic Games CEO Shows Support for EOS on Twitter

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Tim Sweeney fails to realize why everyone is freaking out about the rapidly growing size of the EOS Blockchain
Epic Games CEO Shows Support for EOS on Twitter

Epic Games CEO Tim Sweeney has recently defended EOS on Twitter. The fact that Sweeney, the man behind such hit games as Fortnite and Bulletstorm, is interested in the fourth biggest currency by market capitalization is undeniably good news for adoption.

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4 TB, 50 TB, 100 TB…

The EOS Blockchain is constantly growing bigger, and that seems concerning to many of its users. Bitcoin has a chain size of 200 GB while being around for more than a decade. Ethereum Blockchain, which was launched three and a half years ago, is at 140 GB. Meanwhile, there is a world of difference when it comes to EOS — its Blockchain has grown to 4 TB in only eight months due to its very fast speed. If EOS-based dApps see mainstream adoption, the chain will grow exponentially. That will create many challenges that pertain to storage solutions.

Not a serious issue

However, Sweeney believes that these concerns are unreasonable. In his latest tweet, he defended the EOS network by claiming that it’s completely normal for a global transaction ledger to require that amount of data. Shelling out $300 for an 8 TB hard drive every 16 months or so wouldn’t be a problem.

Back in January, there were numerous rumors that Epic Games had teamed up with Monero (XMR).  Sweeney swiftly denied the partnership, claiming that Fortnite's foray into crypto was ‘accidental.’

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Should Warren Buffett Invest in Bitcoin (BTC)? Anthony Pompliano Definitely Thinks So

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There is a ‘snowball in hell’ possibility that Warren Buffett, an ardent Bitcoin hater, will actually invest in Bitcoin
Should Warren Buffett Invest in Bitcoin (BTC)? Anthony Pompliano Definitely Thinks So

It’s been more than three years since Warren Buffett’s last big acquisition (which he likes to call ‘elephants’). As the 89-year-old billionaire is mulling over his next big buy, crypto evangelist Anthony Pompliano suggests that he could purchase Bitcoin (BTC).

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Warren Buffett's Berkshire Hathaway has a whopping $116 bln to spend, but he simply cannot find the company that would fit the set of his criteria. While Buffett is on the hunt for his next big target, Pompliano claims that Bitcoin would be his best bet. The number one cryptocurrency, according to Pompliano, will be able to generate more profit than all of Buffett’s investments for the next decade.

Wishful thinking

Pompliano’s comment was most definitely sarcastic given that the Oracle of Omaha is a well-known Bitcoin hater. Back in May, after the crypto bubble popped, Buffett called Bitcoin ‘rat poison squared.’ He also claimed that BTC is an asset that ‘doesn’t produce anything.’ Buffett’s vitriolic comments didn’t go unnoticed — as reported by U.Today, Genesis Mining trolled the billionaire with pro-Bitcoin billboards outside of his office.

Wishful thinking

Pantera Capital’s Dan Morehead also wasn’t a fan of the ‘rat poison’ remark, calling banks and credit card companies the rats.

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University of Michigan Eyes Continuing to Invest in Andreessen Horowitz’s Digital Asset Fund

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The University of Michigan, with its spare finances of around $12 bln, may keep its collaboration with the A16z crypto investment firm
University of Michigan Eyes Continuing to Invest in Andreessen Horowitz’s Digital Asset Fund

The university began investing into the A16z fund set up by the Andreessen Horowitz company last summer when it transferred $300 mln into its management. At the moment, the university is considering a change to invest some more. The amount of funds assigned for this purpose has not been disclosed.

Crypto fund for institutional investors

In summer last year, the top financial company Andreessen Horowitz set up a branch to invest in technologies based on crypto assets. Other media outlets reported that Yale University also took part.

Chris Dixon from Andreessen Horowitz mentioned back then that the company intends to invest into the crypto industry on a regular basis, even if the market situation worsens. He even insisted that no crypto winter will stop them from doing it.

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Pension funds and universities are going for virtual coins

In autumn last year, the University of Michigan’s spare capital reached the amount of $12 mln. The employee in charge of investments, Erik Lundberg, back then said that this money can be used to increase the present endowment in real terms.

Pension funds and endowment funds are now actively investing in the DLT and crypto spheres. A week ago, reports emerged in the media that several pension funds provided investments for the crypto fund set up by the Morgan Creek Capital venture company – adding up to a total of $40 mln.

The fund opened by Morgan Creek accepts money for investing from hospitals, insurance firms and universities.

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