The Ethereum-powered tipping service on Reddit, TipJar, has officially shut down this week. The Reddit service allowed users to send micropayments between themselves in ERC-20 tokens and Ether. The official TipJar website has not been shut down and it will be open until April 2020.
The official announcement stated that the main reason for the shutdown as the lack of activity. TipJar users were also urged to withdraw the funds they deposited as fast as possible.
The shutdown was imminent and came with very little warning. Many users shared their appreciation that the project gave a 6 month warning before the site went offline and users were unable to access their funds.
TipJar was unfortunately started in a rough period
TipJar’s developer mentioned that the initial interest in the project quickly dropped. Over the course of the last few years, the developer stated that he has been mostly playing server fees and no matter how small they are, at this point it just wasn’t worth it.
Earlier this year, the blockchain-based browser Brave, integrated a tipping option in both Reddit and Vimeo. Whether or not Brave knew about TipJar’s shutdown plans remains unclear at this point.
It seems that smaller crypto projects are experiencing a taste of the crypto winter.
Earlier this month, another crypto project announced that it is closing down. In the official statement, Coinexchange.io revealed that the reason for the untimely shutdown was financial difficulties and lack of trading volume.
It’s crazy to think that an exchange, which traded volumes of more than $700 000 per day and supported more than 500 altcoins is shutting down due to financial difficulties.
The crypto world is a very harsh place and only the strong will survive.
You can also check out:
- Latin American Banking Trojan Targeting Crypto in Latin America
- North Korean Cryptocurrency Rumored to be in Initial Stages
- Real Estate Tokenization Partnership Between Harbor and iCap Equity
- 40% of Millenials Fear Recession and Look Towards Crypto
- Money Printing Hasn’t Stopped: Sleepwalking Towards A New Crisis - Oct 22, 2019
- SIM Swap Victim at Crossroads After Failed Lawsuit Against AT&T - Oct 22, 2019
- Blockchain Voting Still Has to Improve Before Mass Adoption - Oct 21, 2019
- National Currency-Pegged Stablecoins Are an Option for Libra - Oct 21, 2019
- Cointelegraph Ban Enforced in Russia: No Explanationby Roskomnadzor - Oct 18, 2019
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.