How Crypto Dream Broke in 4 Months
As a jargon popular among Chinese crypto enthusiasts, “one day in the crypto sphere is one year in the earthly world”, used to vividly explain that the fluctuation of a cryptocurrency in a single day might be greater than the one-year volatility of other assets in value.
A tech-savvy who used to work with Baidu (search engine giant) and Alibaba (e-commerce conglomerate) experienced the quicksilver changes of the crypto space simply in four months.
The anonymous man recently recounted his story of getting laid off by his crypto startup in the bearish market. Before stepping into the crypto sphere, he was a shining example of internet elite, directly joining Baidu as a product manager after graduating from a prestigious university and later acting as a senior manager in Alibaba.
This May he quit the job in an internet startup with the title of Senior Vice President which brought him an annual income of millions of Chinese yuan and some equity shares.
Though his annual income cut by one third after joining the blockchain company whose CEO is a big name with rich experiences in this sphere, he believes blockchain is the future after learning about the blockchain technology from a friend and dreamed to make billions in this career.
The firm was doing a project targeting the painpoints in crypto transaction, which wan lots of recognition. He was urged to recruit more employees for the company, and in a very short time, the team was built up.
As per the CEO’s plan, they would fundraise 30,000 ETH, and the project token would be listed on exchanges in three months; by then the token in his hand would have worth pretty much upon listing.
It is reasonable that in the sluggish sentiment, institutional investors refused to invest in projects even though they are good. At last, they only raised 1,500-odd ETH.
In the crypto winter, everyone suffers. A majority of projects will die and those with persistence will survive. But the CEO didn’t think so. Earlier this month, he asked some staff to leave without compensation payment.
The man, feeling guilty and discouraged in this game, left too, saying
“You can feel people in this space are unsettled. They’re eager for instant success but have little patience. Only a small number of teams put technology development before money raising. This is the reason why I left.”
“During the four months in the crypto circle, I met a lot of people, including some young men who easily pocketed in millions via ICO (initial coin offering), they have yet a lot to learn how to harness that wealth and how to do things.”