A year marked by downturn and recorded cryptobottom. Will 2019 be great, read on!

The crypto world was a little excited this week as it was hoping for better crypto prices. However, the other interesting story as reported by a series of Tweets and by Smartereum on 23 December 2018, was that of insights on ConsenSys lay-off.

Twitter Ethereum

Joseph Lubin, the founder of ConsenSys and the co-founder of Ethereum, spoke about the news. 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.”

Lubin wanted to emphasize the fluctuations that have plagued cryptocurrencies this year. However, Lubin stressed that factors like fear, uncertainty, and doubt are more from social commentators along with industry media.

We feel that the apprehension created over this year’s falling prices was more of hype rather than something to worry about. We advise you that cryptocurrencies are building on a solid foundation, you must brace yourselves from negative trends, knowing that negativity will not last.

To add to the people’s worries, Verge reported that ConsenSys, a blockchain software development company that focuses on the development of Ethereum, would be laying off around 50%-60% of its 1200 employees.

Cryptobottom and bear situation in the crypto market add to people’s woes. Layoff threat also looms, but will not last.

This news came in soon after ConsenSys announced a reduction of over 13% of core members, adding that they were refurbishing many departments in the company, including ConsenSys Solutions, Spokes and Hubs services.

Lubin further quoted, “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 vital to their ever expanding business. Lubin further added that the company has hired 15 individuals last week.

Lubin highlighted “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.”

We believe in being neutral to such developments. Time will uphold the caliber of digital coins and positive news will surge in 2019!