When settlers first came to what would later become the United States of America, there was no local money. The Massachusetts Bay Colony was the first to issue, in 1690, legal tender, and that tender immediately became a target of counterfeiters and criminals. For almost a century, there were literally over 800 different types of paper currency in circulation and almost all of them had virtually no support from the general population. However, regulations were put into place that helped currency evolve and, even though it still took more than 100 years for an established U.S. dollar to be recognized globally, money eventually became less chaotic.
The world is witnessing this same activity again, but this time it’s with digital currency and the progress from thousands of currencies to just a handful is shaping the future of finance once again. Looking at projects that have already made it to the dead coin pile show how far the Bitcoin ecosystem has come in a very short time.
Deadcoins.com is a website that tracks virtually all the failed crypto projects, whether its demise came about from being identified as a scam or simply because it perished. Alpha Technology, for example, introduced a digital currency that was an exact copy of another project, even down to the whitepaper. Given the ease with which blockchain data can now be verified, it never survived scrutiny and no exchange is willing to touch it. Monero Classic is another, described by the site as “an illusion created by Bitmain.”
Deadcoins adds, “The coin was offered at $22, now the coin has slowly but steadily dropped to 34 cents. Bitmain made sure to mine as much as possible so nobody else could, and lessened it slowly when the coin price went donw [sic].”
According to another site,