This entire cryptocurrency space has been buzzing this week, since the price of all the coins has made a great comeback, with many having broken their newly established grounds for resistance. Apart from the price, the other story that drew the attention of the entire market was the dismissal of ConsenSys.
Earlier this week, Verge reported that ConsenSys, a blockchain software development company focused on developing Ethereum, would license around 50% -60% of 1,200 employees. This news came in the bright days after ConsenSys announced a reduction of more than 13% of network members, adding that they are "streamlining" many departments of the company, including the ConsenSys Solutions, Spokes and Hub services.
Nonetheless, Joseph Lubin, founder of ConsenSys and co-founder of Ethereum, spoke about the news in a series of tweets. Prior to this, the co-founder of Ethereum talked about the current price performance of the cryptocurrency market and defined the fund for 2018. He said:
"I am calling the criptobottom of 2018. This fund is marked by an epic amount of fear, uncertainty and doubt on the part of our friends in the seals of the 4th and the crypto-fifth."
This was followed by Lubin claiming to have witnessed a "rather typical melody: the alarmed, the eulogy and the gay", among the "chattering class of recent weeks in response to @ConsenSys 2.0".
"ConsenSys remains healthy and is engaged in a rebalancing of priorities and activities started about nine months ago, we are creating transitions for some projects that we consider unsuitable for ConsenSys 2.0 vision as they did in ConsenSys 1.0, and we are working on how to continue to support these projects in the future as we sketch the plans for a pupil ConsenSys Network. "
He went on to say that ConsenSys will not stop investing in external projects and that it will hire for their internal projects that are "core" for their "forward-looking" business. Lubin added that the company hired 15 people last week who have job descriptions for which they are currently hiring.
"Some inside ConsenSys whose roles have been eliminated recently are trying to play other roles in ConsenSys, which is a rebalancing of our activities and workforce".
Vitalik Buterin, the co-founder of Ethereum, said:
"Expand up to 1100 people, reduce to 600, keeping the 6/11 that are more productive: OMG consensys is dead! Expand up to 600 without restricting, announce every phase of the expansion: wow, the company is thriving! Lulz ".
Riccardo Spagni, chief developer of Monero, said:
"Expand up to 1100 people, reduce to 600, keeping the 6/11 that are more productive: they have no idea how to manage the capital, the capacity plan or take in. Expand up to 600 without contraction, announces each phase of the expansion: wow, clearly competent and experienced leadership. "
To this, Buterin said:
"Oh, I agree that it was bad to hire 500 people who could not keep up." That said, if this is your point of view, the underrated news here is that they are becoming * more * competent "
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