Dear fans, contributors, friends,The overall market:
The past years have been a rollercoaster for us and today, we’d like to tell you this rollercoaster comes to an end: the Fissacoin project officially stops. Let us tell you why:
We started Fissacoin in December 2017, which we now know was the peak of the crypto- & ICO bubble. We started with a mission, a mission to change the festival payments scene once and for all. We put in hours and hours of coding, blood and tears and within two months we had a blockchain running with fully operational front- and backend. Something that many crypto projects are still missing as to this date.
But as we all know, the technology is just the beginning. In order to go from the project phase to the company phase, we needed funds. Therefore, we started an ICO on February 14th 2018. Despite the great success stories we heard from doubtful crypto projects, we didn’t make it that far. The ICO bubble had burst and – with hindsight – we were half a year late. Too bad, but still we are happy that we tried. Contributors trusted us with nearly 3.000 euro’s, an amount that was not enough but something that we are still really happy with. If we’d only knew that we were on the downwards sloping path already. Over a year later, we have come to the conclusion that we must be fair to ourselves and that’s why we stop the project. However internal mistakes have been made (as with any start-up), the main reason for stopping the project are external factors:
since the overall crypto market was setting record lows every month, this had a big impact on Fissacoin. Crypto was not hot anymore, liquidity was drying up and all that was said was ‘cons, frauds and cowboys’. Not too helpful at all;
Disappointing ICO fundraising:
because of the bearish market, we received only a fraction of the funds we hoped to receive. 3K instead of hundreds. We didn’t set a soft cap and wanted to make it work even without external funding, so we put it money from our own pockets. We put in thousands of euro’s for marketing, product development, etc.
due to the negative crypto association, partners were reluctant to come aboard. What also played a huge role, is that the festival industry is a small – often old-fashioned – industry that is difficult to get into.
Problems at exchanges:
last but definitely not least, a main contributor to the problems around getting Fissacoin up to speed were the problems with exchanges. Due to falling profits and less finance as a consequence, the listing of Fissacoin was halted over and over again, until some of them declared bankruptcy.
All of these external factors combined, we got into a circular argument we couldn’t get out of: in order to get the project up and running, we needed exchanges to list Fissacoin. But in order to be listed on ‘new’ exchanges (not the ones we partnered with and filed for bankruptcy), we needed cash, something we could only get by getting the project up and running again.
It was a long and heavy ride, but 18 months later we still do not regretting getting into this ride. We hope this explanation clarifies our point of view, although it will not give back the initial investment. High risk and high return they say, something that the overall cryptomarket has learned over the past years.
All the best,
The Fissacoin team
Ps: if we would be willing to run away with the investments, a so called exit-scam, 3k of external money wouldn’t suffice to last longer than a couple of days on the Bahama’s