Haveno temporarily suspends UI development, blames XMR bears

Haveno¹ has decided to temporarily suspend² the development of their platform’s user interface³, blaming the recent XMR bearish market move⁴ for completely destroying⁵ their funds:

The market value of XMR fell so low that we are forced to suspend the development of the user interface until Monero’s value will rise enough for us to be able to cover the entire development.

Although the team has clarified that only UI development will be suspended, and that the Haveno Core Team (HCT) will continue to work on the platform’s backend, the Monero community has reacted negatively⁶ to the news:

OSPEAD is still being developed regardless of any XMR/fiat exchange rate movements (Rucknium)⁷

I have little sympathy if someone knowingly takes a “gamble” on the price of XMR when such a gamble is unnecessary. (SamsungGalaxyPlayer)⁸

What they failed to mention was during the funding stage was ‘In the event the USD value of Monero drops - we’re downing tools’. (plowsof)⁹

The announcement also fueled a new discussion about Monero funding options (CCS¹⁰, MAGIC¹¹ and others) in -community¹².

It is currently unclear when Haveno UI development will resume, as no target price or ETA was specified.

To learn more about the associated CCS proposal¹³, consult the previous Monero Observer report³.

To support the project and interact with the Haveno community, donate to their general fund¹⁴ and join the dev rooms on Matrix/IRC¹⁵.

This is an ongoing story and the report will be updated when new information is available.

Update 22/6/16: progress update from the frontend team and new UI demo/screens available¹⁶’¹⁷’¹⁸.