I just got this letter announcing that Peercover is through. Here it is, in full and verbatim:
Dear Peercover Partners,
In the short history of Peercover we have offered many innovative proofs of concept, and along the way have achieved some success. Peercover implemented the sole exchange for the direct trading of a wide variety of alts for xrp. Our outbound crypto bridge was second to none among the xrp gateways. We integrated a stock exchange, launched peer-to-peer insurance, spearheaded a new credit protocol at source, and invented turing complete contracts and autonomous corporations. Unfortunately we have faced some failures as well. Some of those were the missteps of youthful ambition and inexperience. But at bottom we failed to secure enough funding to hire and develop, despite our best efforts and failed to properly navigate the morally compromised world of crypto currency development. The promised release of funds frozen by our enemies in Google Wallet never came to fruition and we are left staring in bewilderment at illegal activities around us pertaining to espionage, theft, and technology manipulation. The company is not currently positioned for success and we are unable to pay the server bills from the little revenue that we are generating. It is for this reason that we regret to inform you that we will be shutting down Peercover, and will liquidate the IP, brand, and domains as well as aggressively pursue civil legal action against parties holding our funds and utilizing our intellectual property to repay small investments in Peercover. We plan to fragment the technologies we have built and spin off separate applications to make ends meet and feel morally obligated to do so to prevent the wrong people from riding our wake. We encourage all partners and users to withdraw crypto currency funds by June 28th, 2014, and we will provide support along the way. For those who are unable to withdraw by that date, we will be available by email (
love@peercover.com) to assist. We sincerely apologize for any damage we may have done and inconvenience that we may have caused. We hope to continue to work with the community in new and improved ways into the future. Thank you for all the support that has been shown along the way. It kept us working tirelessly to do good.
With sorrow,
Jared Mimms
This letter had me scratching my head a little: it struck me as a little arm-wavey. But, I don't know the backstory here.
Comments?
