I used to trade a lot especially in 2017-2018. I started thinking I would crash the markets and make millions with my 1000 euro initial deposit. In fact I was the most noob trader and didn't know what I was doing. I was buying into pump 'n dumps, buying altcoins at the top and selling the bottom. Eventually, I learned a few things (the wrong way) and basically, I didn't lose my money just was because Bitcoin went parabolic and reached $20,000 while cryptocurrencies became the main trend of that time in mainstream media.
At the beginning of 2018, everything was pumping like crazy. I remember sending 3 litecoins on Cryptopia and buying every silly coin I could find. The next day they had all doubled and two days later doubled again! Every trade was a certain bet. I remember trading coins I've never heard of like Earth, Dotcoin, 1337, (seriously I've completely forgotten all the rest). I was buying into the hype, buying rumors, buying the news, and trading all day at home and at work. Still, it was obvious the bubble was going to burst at some point soon. I was lucky to follow certain people that were giving warnings about what was going to happen. I also studied past Bitcoin bubble charts to know it was time to get out but honestly I was lucky as I was gambling too much and had never traded before.
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The Bitcoin and altcoin bubble popped and a two-year bear market started that ended with Bitcoin 75% lower and all altcoins losing at least 90% from their all-time-highs. This created many ridiculous and hilarious charts of doom which can be better described as meme-charts as their patterns are totally illogical and scammy.
Without further ado, I bring you the top 5 of these ridiculous altcoin charts starting with our beloved scam, Bitconnect.
Number 5: Bitconnect
The perfect chart to explain how a global Ponzi cryptocurrency works. Coinmarketcap had this famous Ponzi listed and promoting its links. They managed to reach close to 3Billion market cap and the whole community was in fear about the effect of a potential Ponzi collapse. The Ponzi eventually exit scammed leaving 99,99% of the people involved with no funds and 0,001% with a million and more. Famous youtube promoters of this Ponzi tried to conceal evidence of their participation in Bitconnect promotional activities, some by deleting videos (Trevon James) and others by completely disappearing off the face of the earth (Crypto Nick).
Fun fact: Bitconnect's ticker was BCC. Back in the summer 2017 Bitcoin was having the famous Segwit fork and the chain was going to split into two different sides. The Bitcoin Cash side originally picked BCC as the ticker of the coin for exchanges and indexes but they changed to BCH once they found out it was already being used by another coin!
Source: Coinmarketcap
Bitconnect is officially dead and not traded anywhere right now. The last exchange to delist it was the now defunctTradeSatoshi in September 2018. It used to be traded on their own exchange (BCC), HitBTC, and Livecoin.
Number 4: Bytecoin
This coin pumped and dumped an amazing three times between May '17 - May '18. The third time the hype was because of the BINANCE listing, which didn't last long as just a few months later it got delisted without Binance giving a reason for their decision. CZ's reply when asked about this:
“we are not perfect, our review don’t unveil everything sometimes. We learn and improve.”
Source: Coinmarketcap
At that point, Bytecoin was ranked as a top-30 cryptocurrency according to its market cap. Bytecoin is now trading on Poloniex, HitBTC, and a few smaller exchanges.
Number 3: DeepBrain Chain
Fried my brain. This coin is not traded on some random low volume exchange where devs and a few of their friends pumped and dumped. It is being traded in the usual suspects: Huobi, Kucoin, and a few more unknown exchanges. The Chart of Doom:
Source: Twitter-Tradingview
Number 2: Ripple-XRP
This is the zoomed out chart of the 4th cryptocurrency according to market cap. There is no rationale behind buying XRP all this time. I get it some bought extremely high because they were fooled that XRP will be used by every bank in the world, it will be the standard of transactions, etc. Still, look at the chart.
Source: Coinmarketcap
I'm not convinced at all that XRP has bottomed out, in fact, it can easily go down another 80-95%.
Number 1: Egretia
The Ultimate pump 'n dump. I haven't seen anything so symmetrical as Egretia. Even the bouncing and support/resistance levels are identical. I remember watching the chart of this unknown project called Egretia pump like crazy for two-three months. This garbage coin trading on Huobi, OKEx, and KUCOIN makes it even worse.
Source: Coinmarketcap
This comment on their bitcointalk thread explains perfectly the use case of Egretia:
Bonus Chart - Bitcoin Logarithmic Chart from 2014
Just because I felt that the whole article didn't contain anything useful, here is a little bonus. Most people might have seen it already, so I leave it here for those who haven't.
Just one more year!
Thanks for reading!
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