Ethereum and Consensys Co-Founder, Joe Lubin has been forced into submission by the recent fall in the price of Bitcoin and the cryptocurrency market as a whole.
He’s been made to rethink his strategies and refocus in preparation for a longer than an expected bear market with Bitcoin falling below the $4000 mark as per coinmarketcap.
According to Breakmag, Joe sent a letter to his 1000 staff members, outlining his plans for restructuring amid the increasingly “crowded” competitive blockchain space. He also talked about entering a new phase called “ConsenSys 2.0”, focusing primarily on increasing revenues, closing down underperforming projects. and act 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. We now find ourselves occupying a very competitive universe. We must recognize that what got us here will probably not get us there, wherever ‘there’ is.”
“In ConsenSys 1.0, we built a laboratory instrumented to prove the moon existed, using complex engineering and math and creative philosophical arguments. Now we need a streamlined rocket ship to get us there, since the actual proof, ultimately, is in the landing.
“We’re going to get a lot more rigorous in terms of milestones and timetables.”
Blockmanity’s Take
Even the giants of Blockchain are facing the brunt of the bear market. Layoffs might be around the corner. This might be the signs of a long crypto winter.
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