[2018-12-23]Ethereum Co-Founder Calls ‘the Cryptobottom of 2018’

[anamie]

Ethereum Co-Founder Calls ‘the Cryptobottom of 2018’

Joseph Lubin, co-founder of major cryptocurrency Ethereum (ETH), declared that he is “calling the cryptobottom of 2018” in a tweet Dec. 21.
According to Lubin, the crypto market’s bottom “is marked by an epic amount of fear, uncertainty, and doubt,” specifically from industry media and social commentators, which he refers to as “our friends in the 4th and crypto-5th estates.”
Continuing in a Twitter thread, the founder of Ethereum blockchain-focused software firm ConsenSys then evidently addressed his firms recently reported major layoffs:
“ConsenSys remains healthy and is engaging in a rebalancing of priorities and activities which started about nine months ago.”
He stated that Consensys continues investing in projects — in its role as a blockchain tech incubator and venture firm — and hiring for internal projects that “remain core to our forward looking-business.”
In the same thread, Lubin complained about “an epic amount of conjecture and preemptive paranoia” concerning “situations journalists and bloggers don't have real data for, actual insight into, or understanding of.”

Readmore: https://cointelegraph.com/news/ethereum-co-founder-calls-the-cryptobottom-of-2018

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[buwaytress]

Wasn't it Lubin as well or some other guy whining about journalists not making the effort to gather more information or find credible statistics... and then a couple of journalists popped up to show how he ignored their past questions?

That aside, a bit petty to blame bloggers and journalists for spreading FUD, it's a bit rich to hear these industry figures look for scapegoats when these same bloggers and journalists were merely repeating what's been said. If they're responsible for the bear, they were just as much responsible for the bull.

[hatshepsut93]

Why should it matter to a developer? They are supposed to keep working on their project regardless of the price, because they are the people who are "in for the tech, not for the profits". Or maybe it only applies to honest projects like Bitcoin and Monero, while ETH is just an elaborate cash-grabbing scheme?

[BitHodler]

Why should it matter to a developer? They are supposed to keep working on their project regardless of the price, because they are the people who are "in for the tech, not for the profits". Or maybe it only applies to honest projects like Bitcoin and Monero, while ETH is just an elaborate cash-grabbing scheme?

I understand your way of thinking, and it absolutely makes sense, but it all comes down to the finances, and thus the prices of crypto. It's factual information that the bear market lead to less developer activity.

Most of the projects pay people in crypto based on the fiat rates, which means that the lower the price is, the more crypto you have to add in order to make sure your developers still get $5000 on a monthly basis.

I don't see how Ethereum is a cash grabbing scheme. The Ethereum ecosystem is much larger and more diversified, so it's not weird or surprising that the price matters. Bitcoin's ecosystem is more solid because it's way more simple.

[Betwrong]

Why should it matter to a developer? They are supposed to keep working on their project regardless of the price, because they are the people who are "in for the tech, not for the profits". Or maybe it only applies to honest projects like Bitcoin and Monero, while ETH is just an elaborate cash-grabbing scheme?

I understand your way of thinking, and it absolutely makes sense, but it all comes down to the finances, and thus the prices of crypto. It's factual information that the bear market lead to less developer activity.

Most of the projects pay people in crypto based on the fiat rates, which means that the lower the price is, the more crypto you have to add in order to make sure your developers still get $5000 on a monthly basis.

I don't see how Ethereum is a cash grabbing scheme. The Ethereum ecosystem is much larger and more diversified, so it's not weird or surprising that the price matters. Bitcoin's ecosystem is more solid because it's way more simple.

I was going to say the same thing regarding the price. No one can be "in for the tech" only. People have families to support, and even if they don't, they need to eat themselves and also pay bills etc. I mean, of course there are rich people who theoretically could do it for the sake of the idea, but in most cases they don't have enough brains for that.

Regarding the Lubin's whining, I can't understand it at all. Below is a quote from the ConsenSys official site:

Our projects address every part of the Ethereum ecosystem, including: crucial infrastructure projects, developer tools, core integration components, services, B2C dapps, enterprise solutions, and many more platforms and applications. We have a robust education arm training developers and educating the ecosystem, a Social Impact group accelerating humanitarian efforts, and a media platform publishing news and thought pieces about the ecosystem.

They have their own team for the job, and if it's not effective enough, there's no one to blame except for themselves.

[Harlot]

With all the misinformation being shown to us I don't think you can blame all of them to news providers as even the sources who's their news are coming from are also partly to blame. Yes we can always see that news providers sometimes recycle their news or even post an article that is misleading or filled with misinformation but news sources sometimes fail to provide substantial information to be relayed to the public leading news providers on a guessing game for their articles, don't get me wrong but what news providers are doing can also be called irresponsible journalism.

[btyco]

I guess he was right, ethereum is pumping now so the bottom was around $80. The price has doubled since then so good times for ethereum hodlers. If anyone bought at $80 you have doubled your fortune!

[figmentofmyass]

Why should it matter to a developer? They are supposed to keep working on their project regardless of the price, because they are the people who are "in for the tech, not for the profits". Or maybe it only applies to honest projects like Bitcoin and Monero, while ETH is just an elaborate cash-grabbing scheme?

i'm not sure how involved he is with ETH development at this point. i mostly know his name because he is founder/CEO of ConsenSys. so he's definitely got a vested interest in a return of the bull market. they're burning through capital very quickly and just laid off a bunch of their staff.

some tidbits about ConsenSys from an article published this month:

ConsenSys, the ethereum production studio, is letting go of 13 percent of its staff, according to a company announcement published Thursday and confirmed to CoinDesk by company officials.

A profile published this week in Forbes estimated the company’s annual burn rate at over $100 million.

[veleten]

I guess he was right, ethereum is pumping now so the bottom was around $80. The price has doubled since then so good times for ethereum hodlers. If anyone bought at $80 you have doubled your fortune!

he is not wrong on this one, a week has passed and so far the price is stable around 4000$
etherium is showing some signs of recovery too , not double from 80$ though, but "solid" 120$ 
the ones that have bought it at 700$ or so might disagree with the solid definition, haha
 

[Buttermellow]

Well as what others have told that cryptocurrency is one of a major scam in the whole world. This might be true because bitcoin is already on its bottom or the down trend and it may end. Just take some time to consider how risky it is now for cryptocurrency where after the fall down it will then reach to a crash and could not be able to come back.

[gentlemand]

Note he called the crypto bottom of 2018, not the crypto bottom of this entire bubble cycle.

I don't think we've reached our bottom yet, let alone given it a friendly series of squeezes until it lets out a squeal of delight.

[1Referee]

etherium is showing some signs of recovery too , not double from 80$ though, but "solid" 120$ 
the ones that have bought it at 700$ or so might disagree with the solid definition, haha

It not that there are tons of Ether bagholders. Most of the people who bought in near the top bought Ether just as a way to pay for the tokens, which explains the insane run it had back then. It were solely the ICO's responsible for that, which explains why there is so much dumping, it was basically free money for the ICO's.

Only a very small percentage was kept by people just to pay for gass because everything you do there requires a fee in Ether. Based on the ICO they invested in, and when they cashed out, they either did horribly well or horribly bad.

Ethereum without ICO demand is a platform doomed to fail.

[erikoy]

Note he called the crypto bottom of 2018, not the crypto bottom of this entire bubble cycle.

I don't think we've reached our bottom yet, let alone given it a friendly series of squeezes until it lets out a squeal of delight.

Probably the bottom is all about the crash. Anyway, it seems that the ETH founder has some knowledge about bitcoin bubble cycle and this might be a message to all investors that downtrend is already ending and another cycle of good market will going to start. I just visitited the coinmarketcap.com website and shows some positive market price increase.