11 Bitcoin Startups That Went Bust in 2015

'Closed' sign

This year was a time of further consolidation for the bitcoin industry.

After what you might call a ‘Wild West’ period (when it seemed everyone with the urge was setting up their own bitcoin-based service), the space is now rapidly becoming more dominated by bigger, more professional outfits, often with serious funding to get them off to a solid start.

And while some big bitcoin names made the news this year for positive reasons, some firms had to report that they were closing down.

A variety of reasons brought about these failures, from increased competition, to a lack of cash or even, perhaps, fraudulent practices.

In 2015, around 11 bitcoin firms went belly up. Here’s our look at what happened:

GAW Miners

During 2015, GAW Miners fell into deeper and deeper trouble amid growing controversy over its mining operations and failed promises that it would honor a $20 price floor for its own cryptocurrency, paycoin.

Later staff exits and email leaks were the death groans of a company that had always courted controversy, and eventually it faded away mid year with a whimper rather than a bang.

In the months since, GAW has been the target of civil lawsuits from customers seeking to recoup losses, and worse, the US

Read more ... source: TheBitcoinNews