Status ICO Generates Over $60 Million, Fails to Deliver, Triggers Ethereum Overload by jycloud9

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bitcoin · @jycloud9 · Jun 22 '17

$1.31

Status ICO Generates Over $60 Million, Fails to Deliver, Triggers Ethereum Overload

![image](https://img.esteem.ws/16my1b8fey.jpg)

A decentralized messaging app called Status — built on the Ethereum blockchain — raises over $60 million dollars during its initial coin offering campaign. However, as soon as the sale started the network became congested, and the Status team was unable to immediately provide everyone with their promised tokens. 

"The sale was planned to last until 4th of July, but the cap of 300,000 eth was quickly reached during a frenzy period which broke down ethereum’s network, creating much congestion, backlog and some shenanigans."


https://news.bitcoin.com/status-ico-generates-over-60-million-but-fails-to-deliver-meanwhile-ethereum-flounders/

👍 good-karma, garrettjgrubbs, feruz, esteemapp, bounties, steempoll, demo, tipping, mysteem

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@garrettjgrubbs · Jun 22 '17

Kickstarter all over again. And this is just the beginning. ICOs are basically startup businesses and the majority of startup businesses fail

👍 garrettjgrubbs

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@whd · Jun 22 '17

There are a lot things to do regarding ETH network performance before next icos...

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