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ConsenSys cuts: https://www.coindesk.com/more-staff-cuts-are-coming-at-ethereum-studio-consensys
Steemit Inc cuts: https://steemit.com/steem/@andestra/steemit-lays-off-70-of-workforce-hard-times-ahead
https://www.coindesk.com/ethereum-chat-startup-status-lays-off-25-of-staff
ConsenSys has been in the news lately for laying off employees, and most recently that number has risen to 60%. ConsenSys not the only company that has needed to layoff employees to stay afloat during this bear market. Steemit Inc.has needed to layoff 70% of its employees and Status has let go of 25% of its staff.
These companies are perfect examples of how unpreparedness can prove detrimental for the companies and those depending on them for employment. It doesn’t matter how promising these things called blockchain and cryptocurrencies are, the value of the coins and the companies tied to them will always be subjected to the markets that buy and sell them. And as markets always go, there will be bull runs and bear runs. As painful as it might be for those individuals feeling they could have done better to prepare for a situation like this, a company that finds itself in a similar position only proves itself to be lacking in future planning.
It makes me wonder how these other companies that are directly tied to cryptocurrencies are doing during this long winter but more importantly, what they are doing to survive despite the harsh decrease in overall crypto prices. Are they struggling in secret? Will a flood of companies announce layoffs right before the bulls return?
Since Joesph Lubin seems to be the most vocal of the previously mentioned struggling companies, I’ll continue to reference that situation. He mentioned again in an article published by coindesk.com, that ConsenSys needed to get back to that lean and gritty mindset that made them who they are. I can’t help but feel like they’ve been forced into that mindset thanks to a ten month bear market.
The fact of the matter is, anyone who is struggling right now is doing so thanks to either poor timing of entering the market or poor planning. Those who have experience with these markets were able to take profits at the top and take the necessary measures to ensure survival during the inevitable downturn.
Furthermore, it goes on to prove that those who survive times like these most likely have a strong sense of purpose in this space and feel that what they are providing is worth it, even if they might have to operate at a loss.
The companies who survive this bear market can be considered battle tested and should be respected for it. It may be sad to say this, but for those companies who won’t survive this time, it’s for the best. With cryptocurrencies being the new kid on the block, we need to be represented by solid companies and this is one way that they can prove it.
