Ethereum [ETH]’s Joseph Lubin calls cryptobottom for 2018 and provides insight on ConsenSys lay-off

This whole cryptocurrency space was buzzing this week as the price of all the coins made a major comeback, with many breaking their recently set resistance grounds. Apart from the price, the other story that grasped the attention of the entire market was ConsenSys lay-off.

Earlier this week, Verge reported that ConsenSys, a blockchain software development company that focuses on the development of Ethereum, would be laying off around 50%-60% out of the 1200 employees. This news came in the light days after ConsenSys announced a reduction of over 13% of mesh members, adding that they are “streamlining” many departments in the company, including ConsenSys Solutions, Spokes and Hubs services.

Nonetheless, Joseph Lubin, the Founder of ConsenSys and the co-founder of Ethereum, spoke about the news in a series of Tweets. Prior to this, the co-founder of Ethereum spoke about the current price trend of the cryptocurrency market, and called the bottom for the year 2018. He stated:

“I am calling the cryptobottom of 2018. This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.”

This was followed by Lubin stating that he has witnessed a “rather typical tune: the alarmed, the eulogistic, and the gleeful”, among the “chattering class the past few weeks in response to @ConsenSys 2.0”.

Lubin said:

“ConsenSys remains healthy and is engaging in a rebalancing of priorities and activities which started about nine months ago. We are creating transitions for some projects that we believe don’t fit as well into the ConsenSys 2.0 vision as they did in ConsenSys 1.0, and we are working on ways to continue to support these projects going forward as we sketch plans for a ConsenSys alumni network.”

He went on to say that ConsenSys will not stop investing in external projects and that they will be hiring for their internal projects that are “core” to their “forward looking” business. Lubin added that the company has hired 15 individuals last week who have the job descriptions for they are currently hiring for.

“Some within ConsenSys whose roles have been eliminated recently are looking to fill other roles at ConsenSys. This is a rebalancing of our activities and workforce.”

Joseph Lubin's statement on ConsenSys 2.0 | Source: Twitter

Joseph Lubin’s statement on ConsenSys 2.0 | Source: Twitter

Vitalik Buterin, the co-founder of Ethereum said:

“Expand up to 1100 people, shrink to 600, keeping the 6/11ths that are most productive: OMG consensys is dead! Expand up to 600 with no shrinking, announce every step of the expansion: wow, the company is prospering! Lulz.”

Vitalik Buterin's clarification on his previous statement | Source: Twitter

Vitalik Buterin’s clarification on his previous statement | Source: Twitter

Riccardo Spagni, lead developer of Monero said:

“Expand up to 1100 people, shrink to 600, keeping the 6/11ths that are most productive: they have no idea how to manage capital, capacity plan, or hire. Expand up to 600 with no shrinking, announce every step of the expansion: wow, clearly competent & experienced leadership.”

To this, Buterin said:

“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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