$Burny Coin (BURNY) – Why Does it Cost Nothing?

Ten years ago, it was hard to imagine that cryptocurrencies would change the world. There are thousands of cryptocurrencies as of June 2022. It is no secret that Bitcoin is the largest cryptocurrency in terms of market cap, but there are other exciting cryptocurrencies as well.

Some cryptocurrencies aim to work as currencies and eventually replace the U.S. dollars in your wallet. Other cryptocurrencies offer affordable loans in developing countries, etc.

Some of them have less lofty aims. For example, there is a $STOPELON coin designed to protect against the enormous influence Elon Musk’s tweets have on the crypto market. How exactly they plan to project the crypto market is unclear. But, speaking of Elon Musk, there is a host of pet coins that aim to duplicate Dogecoin’s success by simply being fun as well as meme-able.

However, some cryptocurrencies have already disappeared as they failed to cope with challenges. $Burny Coin is also at risk. It is a deflationary cryptocurrency that is an Ethereum token utilizing the ERC-20-based blockchain infrastructure.

BURNY is a social experiment as well as a financial case study aiming to measure the utility of a deflationary currency. There were initially 10,000,000 Burny in existence. It is noteworthy that each time a Burny is transferred, 5% of the transaction is destroyed. Furthermore, there will never be a newly minted Burny.

Does it make sense to buy Burny? The answer to this question is no. Open Google Search and type “BURNY,” “Burny Crypto,” or “How to buy Burny Coin.” The information about this cryptocurrency is very limited.

You won’t learn much about this cryptocurrency on the internet. Many cryptocurrencies failed to reach tangible results, and Burny is one of them.

Cryptocurrencies and risk factors

Many cryptocurrencies fail for various reasons. They fail or are abandoned for many reasons, including:

• Frauds as well as scams
• Failure to make business plans
• Loss of traction
• Personal problems faced by cryptocurrency developers

OneCoin (ONE) was launched several years ago in 2014. It was one of the early crypto frauds. OneCoin’s founder, the self-named ‘CryptoQueen,’ Ruja Ignatova, hosted glitzy events around the globe, including one in the U.K.’s Wembley Arena. There, Ruja Ignatova touted OneCoin as a ‘Bitcoin Killer.’

Many investors would later end up defrauded in what turned out to be a $4 billion Ponzi scheme. OneCoin used money from new investors to pay returns to the existing ones. She disappeared in 2017 when the net was finally closing in, and police had filed a warrant for her arrest.

Another cryptocurrency that attracted a lot of attention is BitConnect (BCC). It was launched in 2016. BitConnect reached its highest point in December 2017 and was one of CoinMarketCap’s best-performing coins that year. However, just a few months later, BitConnect was worth nothing.

Notably, its aggressive marketing promised returns of 0.5% to 1% per day, along with other incentives. Nevertheless, as in the case of OneCoin, BitConnect was a pyramid scheme. The high returns BitConnect paid out were being funded by new investors, and when the platform collapsed, people lost everything.

BoringCoin, GetGems, and NanoHealthCare Token

BoringCoin is another good example. Launched in 2014, it promised no drama, no hype, as well as no pump and dumps. Like the vast majority of joke coins, BoringCoin didn’t survive the year. This cryptocurrency is listed as dead because it is a joke or served no purpose, or perhaps BoringCoin was just too boring.

The situation regarding GetGems (GEMZ) is also quite interesting. Interestingly, it was a social messaging app that allowed people to send and receive Bitcoin. People could earn more GEMZ by inviting friends to sign up.

Daniel Peled founded GetGems in 2015. GetGems raised nearly $1 million through crowdfunding and direct investment, but in the end, GetGems couldn’t survive.

This cryptocurrency reached its best result in May 2017, when its price reached $0.0579, based on the information provided by CoinMarketCap, before the coin stopped trading completely.

We have looked at some of the older cryptocurrencies; however, several newer coins have already failed. One of them is NanoHealthCare Token. Manish Ranjan created NanoHealthCare Token in 2018. The purpose of the India-based token was to change the reality of healthcare.

NanoHealthCare Token wanted to use blockchain to change lives by solving systematic healthcare issues such as data security and high costs.

There have been no updates on its Twitter feed in a very long time, and its website is no longer available. Coinopsy lists NanoHealthCare Token as dead due to being abandoned or having no volume. Unsurprisingly, some people may find it hard to understand what Coinopsy is. It is the world’s first decentralized big data and machine learning network powered by a computing-centric blockchain.

Is it possible to identify such cryptocurrencies?

Unfortunately, there is no infallible way to identify such cryptocurrencies. People should keep in mind that all crypto investments carry risks, and even well-intentioned developers with a long background in cryptocurrency might make mistakes. Nevertheless, it is possible to minimize risk factors.

Ask yourself several questions about cryptocurrency. For instance, who are the founders? If you aren’t able to find out who is behind a coin you plan to invest in, that should serve as a wake-up call. Research the coin’s founders and make sure founders haven’t been involved in previous fraudulent activities.

Another critical question: What is the Plan? Obviously, you wouldn’t invest in a business that didn’t have a plan, so any cryptocurrency you invest money into needs to have a convincing business case.

What issue is it going to solve, and how will it do it? Don’t worry! You don’t have to become a crypto expert; however, try to understand how new coins will be mined and how the blockchain will be secured.

Important question number two: Is it a joke coin? They are great for memes as well as poking fun at some of the crazy aspects of this industry. Nevertheless, if you are trying to invest in the next Dogecoin, you are likely to be disappointed. A vast majority of joke coins fail entirely, and we still don’t know how the Dogecoin story will pan out.

Where is this coin listed? Sticking to coins that are listed on the major cryptocurrency exchanges gives you some degree of protection. Hopefully, these sites do vet the coins they list; however, top cryptocurrency exchanges will also bow to market pressure if a coin becomes very popular.