I propose to the Litecoin team to be the first in solving the problem of deadcoins: those that had an ICO and went bankrupt with no chance of coming back ever (website is dead, coin trades so low, volume is inexistent, etc.). This left thousands of investors with worthless digital assets and trapped value.
We should either use part of Litecoin’s reserves or modify the algorithm to generate another million of Litecoins or so. Those coins will be used for giving users a second chance. This is how it works:
User has deadcoins and burns them / takes them out of market (sent to an unspendable address)
In exchange, they receive litecoin based on the value they burnt.
Keep in mind this is not a cryptocurrency exchange. This is a total willingness of the user to get rid of shi_coin for a second chance, that chance being Litecoin which is a cryptocurrency of the future that people can rely on. A cryptocurrency which did not make promises but instead delivered a real product. This is a market that exists and is formed of both “bedroom” investors and cryptowhales.
Ideally we don’t kill projects that still have a future but only those that are really abandoned. Perhaps a board of decisions which would take care of such issues can be formed.
More than happy to help. What do you guys think?
This idea is currently done by CoinJanitor ( https://www.coinjanitor.io/ ) which is failing at executing it. They are not trusted and they don’t have the necessary resources. Litecoin has the power to do that so why not doing it? This also assumes that Litecoin will take a leading position in this problem as other cryptocurrencies may follow. If we don’t do it, others will do.
Those that don’t believe in this are those that never invested in failed ICOs or have no clue about the ICO boom.