Freemit is shutting down

Freemit, the startup I launched with my friends Rich Svinkin and Paul Goudas, is shutting down. We have a great deal of nascent technology, a lot of good ideas, and some hope for bitcoin and the blockchain but we don’t have the money to move forward and we will not raise money on tech we do not believe in.

A startup’s energy source is cash and when that coal isn’t there the ship flounders. That’s what happened, purely and simply.

I’ll spare you the post-mortem for now but in the end we couldn’t find a tech team we could trust and that could produce what we asked of them. This was a failure on all our parts. Our first tech team worked mightily on product that worked but was not scalable. Our second tech team was self-interested and the tech did not work. You can read about it what we were planning here. Many of our ideas are showing up in other competing products. It’s amazingly frustrating when that happens but expected: they were good ideas.

In the end I’m disappointed and I’m very sad. Rich and I worked very hard and we built some amazing things. Creating something from nothing is something akin to magic and being able to do it with friends — friends both on the investor side and the co-working side — is further magic.

To the bitcoin community: Good luck. If you do not come together without insularity and infighting you will lose what you love.

To the 8,000+ beta users who signed up: I’m sorry. I’ll delete your emails.

To our investors: I’m sorry.

To my friends: I’m sorry.

To those that supported us, rooted for us, asked us how things were doing: Thank you. You were integral to this process.