Winter is here, and with it the cold chills are taking away the luxury of secure jobs and constant employee # growth in a number of projects.
The focus this week in the media has been Consensys and its round of layoffs. (Here's an AMA
from one of the people let go).
It's always a bit scary how the media can pick a target it never had anything to say about, and then attack it like it. You can almost see the pleasure in the media's eyes of someone not being successful. I can understand it with Theranos, or Stox, but not with companies like Consensys.
Even if it does some things we might not appreciate, the role of Consensys in the ecosystem is undeniable. The boldness of it is stunning as well.
And course-correcting for a while is just absolutely fair. Who are we to say what they should have done during the bull market or how they should have run their firm?
But with this context, it is hard times for many projects like Consensys which have counted on a lot of funding, but whose commercial success is unlikely and in any case far off in the future.
Many are downsizing, some are even closing down dev efforts entirely. That being said, VCs deployed staggering amounts of capital, so I'm sure mostly everyone will be able to land on their feet thanks to some Silicon Valley cash, at least for the next few years (and then hopefully a new bull run can start!).
The team at Consensys responded to the critics with a piece detailing Ethereum by the numbers
, in which you they try to spread optimism about the ecosystem.
As someone very involved in it, it does seem that the pace of innovation, development and talent inflow is inversely correlated with the price action. The stuff we have now, is just another level from what we had at ETH's ATH.
Every day we have something that's more usable, more innovative and more importantly that can be improved upon in an exponentially increasing pace of innovation.
Suffice to say, we're very long Ethereum (we're not that clear on ETH instead).