The cryptocurrency industry is in a state of purification in the middle of a long bear market. The latest victim of a protracted decline was ETCDEV startup, the core team Ethereum Classic, which began its work in 2016.
Igor Artamonov (Artamonov Igor), the founder and chief technologist of the Department ETCDEV, said that the group ceases its activities due to lack of funds.
As you know, the last few weeks we’ve been fighting for funding for our project. This is partly due to the crash of the market, partly because of the cash crisis in the company
– Artamonov wrote on Twitter.
Artamonov noted that several attempts to find alternative sources of short-term financing was in vain.
The message appeared a week after the Russian software developer complained that many startups have problems with the tools.
As everyone knows, we are experiencing very difficult times. Markets are destroyed and startups are spending money. This is a big problem for most companies in our space, and this, of course, did not pass ETCDEV,
– Artamonov wrote in a message on a Medium from 27 Nov.
Six hours after the announcement of Igor Artamonov verified account Ethereum Classic Twitter said that the closure will not affect ETCDEV really Ethereum Classic.
Keep calm and confidence
– calls on Ethereum Classic.
Like bitcoin and other virtual currencies, Ethereum Classic felt a massive devaluation via the current downtrend. In turn, this has led to devastating consequences in the whole cryptocurrency industry.
Last week Steemit – a decentralized social media platform – announced that it fired 70% of their employees.
Ned Scott (Ned Scott), founder and chief Executive officer of the company Steemit, said that bullish forecasts for the market performance of the company, which were compiled earlier this year, because of the market crash was false.
Although we have been increasing our team in recent months based on predictions of a higher market level. Since this is no longer, we were forced to dismiss over 70% of the employees of our organization
– said Scott.
In the beginning of this week the greatest team of developers of Ethereum – ConsenSys announced that it is restructuring as part of business optimization in a bear cryptocurrency market.
In a corporate letter to employees CEO of ConsenSys Joseph Lubin (Lubin Joseph), co-founder of Ethereum, noted that the group should cut costs, eliminate imperfect projects and focus on creating tangible value with a positive return on investment.
We must persist and, in some cases, to recover to the state of the startup, which made us who we are,
– wrote Lubin.
While the industry is going through hard times, many bulls remain optimistic, pointing to the fact that the market, like life itself, is cyclical. So everyone needs to calm down and control yourself.
Barry Silbert (Barry Silbert), the founder of Digital Currency Group, said that the dramatic market volatility is an inevitable phenomenon in the process of formation and growth of a new market.
Silbert said that it is necessary to look at the past bubbles and corrections in order to see the future.
We’ll get another 5, 6, 7 times through it. The first few times when your balance falls to 80% of you are shocked. On the third or fourth time you get used to it. And now it is seen as a fantastic opportunity
Silbert said that wonderful things occur under the outer layer, which are not reflected in the obsession of the market with daily movements of bitcoin.
Institutional investors are attracted to the space and this event will affect the process and transforms the industry.
What happens behind the scenes – created company for development of infrastructure that will enable a new category of investors, this, in my opinion, will happen in 2019. It is institutional investors. So backstage no one slows down,
Ted Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining The Koz Week, Ted Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella.