Joseph Lubin, Ethereum Founder, Announced Cryptobottom in 2018

Last Modified:12 May 2020 12:04:13
Joseph Lubin, Ethereum Founder, Announced Cryptobottom in 2018

Joseph Lubin, the founder of Ethereum cryptocurrency, wrote in his twitter on December 21 that he would announce cryptobottom in 2018. According to him, cryptobottom is followed by a big horror and doubt especially from the media industry and interpreters of the society. He introduced these two classes as “our friends in the fourth and fifth cryptocurrency estates”.

In this series of twits, ConsenSys, Ethereum Blockchain-based software company founder, pointed out that his company has laid off many of its staff. He said that ConsenSys continues working and is now balancing priorities and activities it has started six months ago. He announced that ConsenSys, as a Blockchain technology-based company, is still investing on projects related to its field and employs people appropriate to the organization purposes for its internal projects.

In the same tweet, Lubin showed his disapproval because of a great deal of cynicism and hunched the media offer without real statistics and a correct understanding of the condition. Moreover, he said that he felt optimistic about ConsenSys and Ethereum future and he believed in this company’s very bright future 2019.

ConsenSys laid off 60% of its employees

A little before, there has been written in the reports that ConsenSys would lay off to 60% of its employees; namely, more than half of 1200 employees who work there. Furthermore, it is going to transfer some of its projects and startups to the outside of the company while some of them lack any financial support. According to the source publishing this news, ConsenSys wishes to change its incubator to a more traditional investment section.

Cryptocurrencies market status compared to other industries

Cointelegraph has recently reported that in comparison to other important jobs suffering from layoffs in various international industries, cryptocurrencies market, and its associated jobs are still benign. Cryptocurrency market has been compared with that of the 1990s and internet emergence. In the Internet market, too, after some years of rising growth, some companies were forced to announce their termination. Those companies which remained started cryptocurrency and Blockchain market then. Internet-related companies being closed in the 1990s and the beginning of 2000, left more 80000 unemployed. Comparing cryptocurrency and the greatest layoff in the history, it can be seen that cryptocurrency market still has benign status.

In September, the other Ethereum founder, Vitalik Buterim, announced that there is no hope for Blockchain market to have 1000 times growth again. Despite all these controversial statements the fact that which Ethereum founder is nearer to reality is something to be proved in the future.