There are different ways to throw a <a href="https://www.cryptoknowmics.com/crypto/cryptocurrency-classes-more-universities-and-colleges-to-offer-cryptocurrency-as-course/">cryptocurrency</a>. Bitcoin was used to make what is called a good launch, in contrast to cryptocurrencies that come from bifurcations or those launched through public sales. A Messari analysis states that the highest return on investment (ROI) so far this year is seen in the cryptocurrencies that, like bitcoin, had a good launch.

This Wednesday, September 4, Messari <a href="https://messari.io/c/research/messari-insights-year-to-date-returns-of-assets-by-launch-type">published</a> the investment returns, from the beginning of 2019 to date, of four categories of crypto coins by type of launch: good launch, hard bifurcations, public sale and those that are distributed only through private sales.

<img class="aligncenter" src="https://i.imgur.com/LEhLtMJ.png" alt="retorno de inversiÃ³n criptomonedas" />
Return on investment of cryptocurrencies by type of launch. Source Messari.
According to a study by Messari, called Study of monetary policies of cryptocurrencies, a good launch is "the case where there was no pre-mined, and the currency was minable from the beginning of the blockchain. Examples of this type include Bitcoin, Monero, and Dogecoin.

Within the sample studied by Messari, 12 cryptocurrencies are in this fair launch classification and register a 43% return on investment, from January 1, 2019, to date.

On the other hand, the cryptocurrencies are coming from what Messari calls the bifurcation of the accounting book, such as Bitcoin Cash or Ethereum Classic, whose average return on investment during the year is 21%. Messari describes as follows a distribution of cryptocurrencies that comes from a bifurcation.

The owners of the original active crypto receive proportional amounts of the new cryptocurrency created in the controversial forced bifurcation. Examples of this include Bitcoin Cash and Ethereum Classic. Sometimes the fork includes additional pre-mining or hidden mining to cover fork costs and future development expenses and equipment rewards. Examples of this include Bitcoin Gold and Bitcoin Diamond.

Study of monetary policies of cryptocurrencies. Messari.

In third place in this classification are the crypto coins that were put up for public sale during their initial offering. In this group, there are 50 of the 80 crypto coins studied by Messari, about 60%, and their average return on investment since the beginning of the year is 14%.

Finally, there is the group whose launch is the most restricted, although it groups 25% of the cryptocurrencies under Study. "Projects such as Polymath (POLY) and IoTeX (IOTX), which conducted a private sale, were the worst-performing group, only 2% in the year," says Messari.

In the graph below, Messari summarizes the distribution of the cryptocurrencies studied by type of launch.

<img class="aligncenter" src="https://miro.medium.com/max/681/0*aDED-RoMbucCEwas.png" />
Public and private sales predominate, followed by fair pitches. Source Messari.
The fair launches such as bitcoin, although they represent only 10% of the group of cryptocurrencies studied and obtained the highest return on investment, also fit into those defined as cryptocurrencies, according to Nic Carter's classification in his <a href="https://coinmetrics.io/papers/dissertation.pdf">work</a> A cross-sectional look at the governance of cryptoactives and the implications for investors, as opposed to the assets he calls protocol tokens and tokens that make no intrinsic use of protocol and have speculative uses.

Messari: cryptocurrencies such as bitcoin have higher return on investment

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Messari: cryptocurrencies such as bitcoin have higher return on investment

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