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The cryptic industry has the desire to eliminate from the long bear market. The latest victim is ETCDEV, an important Ethereum Classic development team launched in 2016.
Igor Artamonov, founder and chief technology officer of ETCDEV, announced that the group is closing due to lack of funds.
"As we know publicly, we have struggled to finance our operation in recent weeks," wrote Artamonov on Twitter, "partly due to the market crash, combined with a cash crisis in the company."
Unfortunately ETCDEV can not continue working in the current situation and must announce the arrest of our current activities pic.twitter.com/N6xWnpBNJJ
– ETCDEV (@etcdev) 3 December 2018
Artamonov noted that several attempts to find alternative sources of short-term funding proved futile.
The discomforting message comes a week after the Russian software developer complained that many startups stumble into cash collisions.
"As everyone knows, we are going through really difficult times," wrote Artamonov in the post of 27 November. "The markets are crashing and the start-ups are running out of money, which is a big problem for most companies in our space and this includes ETCDEV, of course."
Ethereum Classic: "Keep Calm and Build"
Six hours after Igor Artamonov's announcement, the Ethereum Classic verified Twitter account pointed out that just because ETCDEV went under it, it does not mean that Ethereum is going anywhere.
"Keep calm and build," Ethereum Classic urged.
Ethereum Classic is not ETCDEV
Ethereum Classic is IOHK, ETC Co-op, ETC Labs, ETCDEV and a litany of volunteers.
Keep calm and build. https://t.co/J4IYvC906j
– Ethereum Classic (@eth_classic) 3 December 2018
Like Bitcoin and other virtual currencies, Ethereum Classic suffered a massive sell-off amid the current cryptic crisis. This, in turn, has led to a devastating relapse in the nascent industry.
Just last week, Steemit – the decentralized social media platform – announced that it was firing 70% of its employees, as reported by CCN.
Ned Scott, founder and CEO of Steemit, said the upward projections of the company market at the start of this year have declined dramatically due to the recent accident.
"While we were building our team in the last few months, we had relied on fundamentally fund-higher projections for the market," Scott noted. "Since there is more, we have been forced to lay off more than 70% of our organization."
ConsenSys simplifies activities, reduces costs
Earlier this week, the Ethereum colossus, ConsenSys, announced it was restructuring as part of a move to streamline its business in the crypto-bear market, as reported by CCN.
In an entire letter addressed to employees, the CEO of ConsenSys Joseph Lubin – the co-founder of Ethereum – said that the group must reduce costs, eliminate underperforming projects and focus on creating tangible value with positive returns on investments.
"We have to maintain, and in some cases regain, the lean and gritty starting mentality that has made us what we are," Lubin wrote.
Ethenum Giant ConsenSys tightens the belt, Ax Ax Underperforming Projects https://t.co/ba5AFx73FB
– CCN (@CryptoCoinsNews) 3 December 2018
While the industry goes through an unexpected winter crypt, many bulls remain impassive, emphasizing that the market – like life itself – is cyclical. So everyone needs to calm down and get a grip.
Barry Silbert, the founder of the Digital Currency Group, said the dramatic fluctuations in the market are the inevitable growing pains that occur in every new industry.
Silbert: Price crypto does not tell the whole story
Silbert said that you have to reconsider the bubbles and corrections of the past to get a perspective, as reported by CCN.
"Now we are 5, 6, 7 times," he said. "The first couple of times you see your budget go down 80%, it's a little rough on your stomach, you get used to it the third or fourth time, so now let's consider this fantastic opportunity."
Silbert noted that the game breaks that are changing are taking place behind the scenes that are not reflected in the hourly changes in bitcoin prices.
"What's going on behind the scenes is that companies have been built to create an infrastructure that allows the inclusion of a new category of investors," said Silbert. "This is institutional investors, so behind the scenes no one has slowed down."
Shutterstock foreground image.
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