Ethereum (ETH) Co-founder Joseph Lubin Calls A Crypto Market Bottom
ConsenSys Remains Healthy, Ethereum Is Accelerating
Just days after reports arose that ConsenSys, the distributed startup that focuses on bolstering the Ethereum (ETH) ecosystem, was poised to lay off 50% of its staffers, firm founder Joseph Lubin has explained that contrary to community sentiment, all is well in the company’s camps.
In a flurry of tweets issued on Friday morning, Lubin, who once roomed with Mike Novogratz (CEO of Galaxy Digital), made it clear that his firm is far from dead in the water.
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.
The Ethereum co-founder stated that ConsenSys, headquartered in New York and backed by Lubin’s personal war chest, isn’t poised to fold. Far from in fact. Lubin explained that the “conjecture and preemptive paranoia” that the media has thrown at him and his firm don’t hold credence, as ConsenSys “remains healthy and is engaging in a rebalancing of priorities.” This shift, as made clear by the startup head, began nine months ago, when 2018’s bear market was just in its nascency.
Lubin accentuated that this shift wasn’t direct catalyzed by the bear market, but rather, the firm’s vision for ConsenSys 2.0, which will require some “spokes” to be spun off. The Princeton graduate did note that he isn’t excommunicating non-pertinent spokes entirely, explaining that ConsenSys’ top brass is actively trying to determine how to facilitate these “projects going forward.”
For projects that are core to ConsenSys’s long-term efforts, like Truffle, MetaMask, and Infura (to name a few), the technology entrepreneur exclaimed that these spokes will continue to hire. He added that ” some within […] roles that have been eliminated” will find their way into new positions within the startup, making it more than apparent that the reports citing a rumored 50% layoff aren’t correct.
Lubin even quipped that “the sky isn’t falling,” subsequently drawing attention to the fact that he’s bullish on core Ethereum development, which continues to accelerate, coupled with the “continued maturation of the token economy.” He, like Circle CEO Jeremy Allaire, believes that in the coming years, tokens, whether utility- or security-focused, that have bonafide use cases will continue to launch en bloc.
“I Am Calling The Crypto Bottom Of 2018/2019”
In closing, the Canadian technology entrepreneur claimed that the unprecedented (“epic”) amount of fear, uncertainty, and doubt (FUD) from “our friends in the 4th and crypto-5th estate” indicates that a bottom for 2018/2019 is likely in. This is far from a baseless claim, as there have been a number of prominent startups, personalities, and analysts that have thrown in the towel in recent months.
As reported by Ethereum World News previously, decentralized social media platform Steemit purged 70% of its employees, while Ethereum Classic’s ETCDEV folded entirely. Moreover, mainstream media have also begun to bash Bitcoin (BTC) incessantly, with Bloomberg Opinion, for one, regularly beating the dead horse that crypto is, in fact, in the midst of a bubble.
This, in the eyes of Lubin and countless others, indicates that yes, the crypto market at large is finally catching its breath after prices were depressed for nearly a year’s time.