ETH Co-Founder Calls Cryptobottom of 2018, Introspects on ConsenSys Lay-Off

Dec 25, 2018 at 14:21 // News

Ethereum (ETH) co-founder, Joseph Lubin, calls “the Cryptobottom of 2018.” He said this via a tweet on December 21, 2018. Last week was so fertile for most cryptos since their prices registered a significant surge and majority broke their resistance levels that were set previously.

The bottom of cryptocurrency market is noticeable by extraordinary fear, disbelief and uncertainty, explicitly from crypto & blockchain media and social commentators, that Joseph alludes to as ‘our colleagues in the 4th & crypto-5th estates.’   


The founder of the ETH blockchain technology focused software company, ConsenSys, also clearly addressed his companies recently reported layoffs:   

“ConsenSys remains healthy and is engaging in a rebalancing of priorities and activities which started about nine months ago.”   

He noted that ConsenSys progresses investing in projects in its position as a distributed ledger technology (DLT) incubator and venture company and employing for internal projects which “remain essence to our forward looking-business.”   

Joseph raised a complaint about the “momentous of halseny and pre-emptive paranoia” as for conditions journalists & bloggers lack exact data for, real insight into, or knowing of.”   

While ending, Joseph repeated his optimism on the possible future of ConsenSys & ETH, noting:   

“The sky is not falling. From my perspective, the future looks very bright. […] Peaking [sic] into 2019, if you could see the landscape through my eyes, you’d have to wear shades.”   

ConsenSys is whirling startups it earlier backed, and few of these startups lack the financial support. The number of workers to be let go is 50 – 60% out of 1,200 ConsenSys’ human workers. ConsenSys
declared a reduction of more than 13 percent of mesh members.   


In comparison to major job cuts in different industries worldwide, the present decline in the crypto markets and guaranteeing job cuts in associated firms appear relatively non-malignant.   

In September 2018, Vitalik Buterin, ETH’s co-founder
said that there seems to be no possibility of crypto & blockchain tech industry will register ‘1,000-times development’ once more.   


On this matter, Vitalik noted:   

“Oh, I agree it was a bad to hire 500 people they couldn’t keep. That said, if that’s your angle, then the overlooked news here is that they’re getting *more* competent.”

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