I decided to go digital dumpster diving into the list of top 1000 cryptocurrencies by market cap to see how many Bitcoins I could find. And look how many Bitcoin knockoffs, wannabes, Bitcoin forks, and tricksters there are. Talk about brand dilution!
The whole spectrum is represented here; from early altcoins trying to tinker with basic assumptions about consensus mechanisms or block discovery times, all the way to some that are simply intended to confuse unwary investors.
Here’s the list, sorted by market cap, along with a bit of commentary. They might be sorted in terms of appeal as well, as there are some real stinkers in this bunch!
|Coin / Token||Symbol||market cap|
Some have been around for a while like Bitcoin sCrypt, a fork back from the days when many altcoins were considered POW/POS experiments. In contrast, the newish Bitcoin fork called Bitcoin Cash or Bcash, currently has a ton of value and relatively strong transaction volume; I mentioned Bitcoin Cash last week, as it recently made a big move.
Another newish Bitcoin fork here is Bitcoin Diamond, a blockchain with a modified POW algorithm and a valuable sounding name. Not content with that, this blockchain claims to be improving transaction speed and privacy for users. Judging from their team, I’d say privacy mattered a lot to this group, but I have not investigated further.
Still others are ERC-20 tokens, riding on the Ethereum blockchain despite the monikers, like the self-styled open source Bitcoin called eBitcoin.
Bitconnect shouldn’t be listed here based on name alone, but the logo and symbol are confusing and I think it’s worthless so it was included.
No shortage of projects hoping to capitalize on Ethereum’s growing notoriety too. Of course, the largest is Ethereum Classic, which was the Ethereum fork that never rewrote history – allowing the DAO hack culprit to keep their gains on one blockchain at least.
Sometimes it seems to be opportunists finding a payday, like Ethereum Cash seemed to be. ETHGAS is interesting in that it sounds more like the real thing than any other despite being unrelated. And the most confusing of all (not on list) is the ERC-20 token called ERC20, that aims to be an index fund of twenty ERC-20 tokens, but only manages to give me a headache.
|Ethereum Classic (ETC)||$2,624,952,329|
|Ethereum Gold (ETG)||$474,424|
|Ethereum Dark (ETHD)||$282,522|
|Ethereum Cash (ECASH)||$274,239|
And lest you think the other popular ones were exempt, let me introduce you to a few knockoffs of Litecoin, Zcash wannabes and Dash soundalikes:
|ZCash Gold (ZCG)||$268,083|
|Litecoin Plus (LCP)||$213,970|
|LiteCoin Ultra (LTCU)||$24,618|
In particular I think Dashcoin is the most confusing name in this bunch. Keep in mind that this coin was named before Dash re-branded itself from its former name, “Darkcoin”.
As an aside, for those considering what naming schemes are likely to be most profitable: “original_name GOLD” seems to be a solid choice bound to rank in the top few for a given coin.