‘The Cryptobottom of 2018’ is called by one of Ethereum founders

On December 21, one of the founders of cryptocoin Ethereum Joseph Lubin tweeted that he was “calling the cryptobottom of 2018”. Lubin says that both media that works in the crypto industry and representatives of social media portals called by him distant friends of the crypto world describe cryptocurrency bottom as fearful, uncertain and doubtful. […]

By - January 2, 2019
Ethereum Co-Founder Calls the Cryptobottom of 2018

On December 21, one of the founders of cryptocoin Ethereum Joseph Lubin tweeted that he was “calling the cryptobottom of 2018”.

Lubin says that both media that works in the crypto industry and representatives of social media portals called by him distant friends of the crypto world describe cryptocurrency bottom as fearful, uncertain and doubtful.

Being a founder of ConsenSys, a firm that develops blockchain software for the currency, he could not help explaining the current situation of multiple layoffs characteristic of the company.
He called the firm healthy and told that it had been changing its main priorities and activities for over 9 months already.

He confirmed the fact that Consensys went on to invest in projects connected with blockchain technology and venture and hire new staff for the core projects as well.

Lubin also added a complaint that such people as journalists and bloggers increase the amount of paranoia in the society as they write about information without any data backup and having no understanding of.

In conclusion, Lubin shared his optimistic viewpoint about ConsenSys and Ethereum future. He called it bright and said that sky was not falling. At the same time, he believes that in 2019 the situation will change for better and everyone would “see the landscape” through his eyes.

According to the reports made recently, ConcenSys has left some of its projects without financial support. Moreover, the company has started a staff layoff plan in to fire over 50% of the employees.

Another report says that the following bottom in the crypto bottom can be hardly compared with the job cuts made in other industries. It means that such layoffs in crypto companies can be called benign.

It is worth mentioning that Vitalik Buterin, another co-founder of Ethereum, supposed that the chances that crypto market can ever else grow by 1,000% are almost absent.

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