#spankchain

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Adult-oriented cryptocurrency SpankChain has announced SpankPay, a payment processing solution that supports both cryptocurrency as well as fiat. SpankPay offers insanely low transaction fees and is chargeback resistant! SpankPay has also announced SkyPrivate as their 1st integration partner!

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The bear market didn't last in February only. It reminded of itself every next month, cutting open wounds wider. Naturally, this affected not only regular crypto traders but cryptocurrency developing teams as well. The latest victim is the team behind popular altcoin Ethereum Classic. In a post, the group admits that it lacks the financial resources to continue operations and is forced to shut down. It also claims to have done everything possible in obtaining short-term capital but ultimately failed. Unfortunately, the number of bankrupt cryptocurrency and blockchain startups rises by the hour. On one hand this is not surprising at all having in mind how much of them emerged out of thin air last year but on the other hand, already a handful of legitimate projects ceased operations including Civil, SpankChain, and last week STEEM also revealed that it is cutting staff due to the lack of funds. Moreover, Steemit shared a lengthy blog post giving in-house information regarding the recent changes it has to take. The founder and CEO of Steemit wrote last week: “Given the weakness of the cryptocurrency market, the fiat returns on our automated selling of STEEM diminishing, and the growing costs of running full Steem nodes, we have been forced to layoff close to 70% of the team.“ In other words, it is always easier to blame the bear market a not your unsustainable business model. SpankChain made the news earlier this year when it announced that it focuses entirely on adult performers. Its tokenized platform was advertised as the first one to pay porn and erotic actors the royalties they deserve. In fact, it did so at least according to a press release stating performers have received close to $72,000 in royalties. However, just a couple of days later, the company made eight employees redundant. Civil, which was not lost for words when promoting its platform also had to quietly shut up. Once pretending to save journalism, Civil did not manage to raise funds through its initial coin offering nor to secure funds from investors. But it's not just small and medium-scale businesses tasting it. ConsesSys' Joseph Lubin admitted that the company doesn't utilize a sustainable business model. The moral of the story is – blockchain is overhyped. At least for now. Read the full article

SpankChain Models In Accepting Crypto for Performances Adult entertainment site SpankChain has stated that it has paid out roughly $74,000 in cryptocurrency to 31 webcam models since April.

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