I've been thinking a bit on this idea - the idea of a cryptocurrency, this network of value going down to zero and if its even possible. I have one example: Bitconnect. <a href="https://coinmarketcap.com/currencies/bitconnect/" rel="nofollow">https://coinmarketcap.com/currencies/bitconnect/</a><p>This currency us a classic scam. They listed a 1% guaranteed daily interest on investment. Every notable and rationale person can take a look at bitconnect's offering and can see it's a scam/ponzi, or at least, something that's too good to be true.
The price peaked $400+ with a market cap of over 2 billion.<p>After regulatory intervention, the price dropped off a cliff. Of all the tokens to go to zero, one should expect an exposed scam token to be there. But that didn't happen. It dipped all the way down to around $8 and started recovering.
During the current dip in crypto market prices, bitconnect is still sitting at 2.63 with over 24million in market cap.<p>Why is this scam token not at zero?
There's something interesting at play here. Factors may include the reporting of market data, the markets themselves exchanging this token, and token hodlers who will not sell.<p>I wonder if there are other factors that's novel to crypto technology. Possibly something associated with the network effect of these crypto tokens, the proliferation and effects of memes, or the natural of decentralization.<p>It may simply be that something like this take time to go to zero. In any cases, it seems to be quite interesting the market dynamics of these tokens.