Bitcoin Bear Market Forces Ethereum Cofounder To Make Changes

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The fall in the price of bitcoins, ethereum, and Ripple's XRP (as well as the wider cryptocurrency market) over the last month to the end of the crusher.

Ethereum cofounder and & nbsp;ConsenSys chief executive Joseph Lubin (who last month predicted blockchain technology would cause a radical overhaul of society) has said he's planning to restructure ConsenSys to protect it against the recent downturn that saw bitcoins record of more than 40% in a matter of weeks. & nbsp;

Eterum is a member of the group that has received a $ 5,000 billion from the cryptocurrency market as investors long-expected institutional investment into the sector.

Lubin's & nbsp; ConsenSys, and ethereum-based development& Nbsp;study, & nbsp; is now reorganizing, entering new phase Lubin calls ConsenSys 2.0, focusing on efficiency, accountability, and attention to revenue.

According to a letter from Lubin to ConsenSys employees, seen by Breaker magazine, underperforming ConsenSys & nbsp;projects will be axed and the arm of ConsenSys that oversees venture investment will become more like a traditional startup accelerator.

"We must retain, and in some cases regain, the lean and gritty startup mindset that made us who we are," Lubin said. "We now find ourselves occupying a very competitive universe. We must recognize that we will not be able to use it there, wherever 'there' is."

"In ConsenSys 1.0, we built a laboratory instrumented to test the moon existed, using complex engineering and mathematics and creative philosophical arguments, "Lubin added. "Now we need to streamline rocket ship to get us, since the actual proof, ultimately, is in the landing.

"We're going to get a lot more in terms of milestones and schedules."

Elsewhere, the bitcoin price collapse has seen other companies look to restructure and streamline their operations.

Steemit, a blockchain-powered social media platform, laid off 70% of the staff last month, while the adult entertainment industry oriented SpankChain was down to eight employees last month. In October, the UK's oldest bitcoin exchange Coinfloor & nbsp; axed around 40 employees.

Bitcoin and cryptocurrency miners have been forced to desperate measures to keep the computers running.

Others have stayed upbeat, however. & Nbsp;Bitcoin miner & nbsp; Argo Blockchain, a UK-listed company, yesterday sought to soothe shareholder unrest, tell the market demand for its products and services has remained robust despite the downturn. & nbsp;

The bitcoin price has gotten off to a bad start in December& Nbsp;after many had hoped the worst was behind it, with the cryptocurrency market recording & nbsp; its steepest monthly declines in years last month.

Bitcoin moved sharply down at the beginning of this week as it gave up the psychological $ 4,000 level that had appeared to support the price over the last week.

Bitcoin dropped as low as & nbsp; $ 3,790,& Nbsp;according to CoinDesk's bitcoin price tracker, back to & nbsp; near its last month-and renewing fears the rout that began in November.

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The fall in the price of the bitcoins, ethereum, and Ripple's XRP (as well as the wider cryptocurrency market) over the last month .

Ethereum cofounder and ConsenSys chief executive Joseph Lubin has said he's planning to restructure ConsenSys to protect it against the recent downturn that saw bitcoins record more than 40% in a matter of weeks.

50% since the early November, topping off a year that has wiped some $ 700 billion from the cryptocurrency market as investors get cold feet waiting for long-term investment in the sector.

Lubin's ConsenSys, and etherence-based development study, is now reorganizing, entering new phase Lubin calls ConsenSys 2.0, focusing on efficiency, accountability, and attention to revenue.

According to a letter from Lubin to ConsenSys employees, seen by Breaker magazine, underperforming ConsenSys projects will be axed and the arm of ConsenSys that oversees venture investment will become more like a traditional startup accelerator.

"We must retain," he said, "Lubin said." We now find ourselves occupying a very competitive universe. We must recognize that there is no use here, wherever there is.

"In ConsenSys 1.0, we built a laboratory instrumented to prove the moon, using" Lubin added. "Now we need to streamlined rocket ship to get us there, since the actual proof, ultimately, is in the landing.

"We're going to get more rigorous in terms of milestones and schedules."

Elsewhere, the bitcoin price collapse has seen other companies look to restructure and streamline their operations.

Steemit, a blockchain-powered social media platform, laid off 70% of the staff last month, while the adult entertainment industry oriented SpankChain was down to eight employees last month. In October, the UK's oldest bitcoin exchange Coinfloor axed around 40 employees.

Bitcoin and cryptocurrency miners have been forced to desperate measures to keep the computers running.

Others have stayed upbeat, however. Bitcoin miner Argo Blockchain, a UK-listed company, yesterday sought to share the unrest, the market demand for its products and services has remained robust despite the downturn.

The bitcoin price has gotten off to a bad start in December with the cryptocurrency market recording its steepest monthly declines in years last month.

Bitcoin moved sharply down at the beginning of this week as it gave up the psychological $ 4,000 level that had appeared to support the price over the last week.

Bitcoin dropped as low as $ 3,790, according to CoinDesk's bitcoin price tracker, back to near its last year-and renewing fears the rout that began in November.