MDL Talent Hub is Sustainable.
Development 10 December 2018
MDL Talent Hub is Sustainable.
This post is meant to address concerns about MDL Talent Hub Core Group’s viability these days, especially now that we are seeing such scary market prices. We have heard that many shitcoins and weak projects have terminated their businesses and many people associated with other cryptocurrencies are announcing major reductions in staff.
Throughout 2018, the crypto markets have experienced an unprecedented collapse and ALL altcoins have been particularly affected.
This bear market has been notable in several regards, including the persistence, duration, and both absolute and relative magnitude of the declines. Few could have predicted the severity of the market downturn. There are many causes for the dramatic erosion of the markets, including the overextensions of 2017, failure to live up to the adoption expectations, and rampant scams permeating the market.
Recently, we have been witnessing the most severe breakdown of market confidence across the industry, affecting all of us and lives of people we work with.
There is little doubt, the severity of financial losses will accelerate the demise of many poorly conceived projects — ones with weak business models, questionable market value, illegal origins, eroding treasury funds, or nefarious intentions.
We have already heard that many projects are closing doors, staff is being fired and the rats are leaving the boats in groups. For every project we hear about, there are probably many that are shutting down quietly, running on fumes, or burning through distressed ICO funds.
Naturally, we are also hearing concerns about MDL Talent Hub Core Group’s ability to continue supporting MDL development and bring this amazing project forward.
In short, MDL Talent Hub Group is not at risk of shutting down anytime soon. YES, we have done a significant cuts in staffing levels, we also noticed that many of those who we believed to be our friends, on this turbulent market, have already left the ship.
Our project changed the management team, we now have a new CEO (Thomas Modeneis) and we are going to clean up all the partners and advisors that have left us alone in the dark during these difficult times. One thing is for sure, the bear market helped us to identify who is legit and loyal, and who is just here for the money and the lambos. Make no mistake, we won’t keep the blood suckers around any more.
The good news is that we have a significant buffer in place to withstand the impact of the market bottom, whenever that comes.
When MDL gained major attention in March 2018, we did not expand the team in line with the market excitement.
Instead we restrained ourselves to incremental growth and fixed expenses. We kept a very restrained approach, and therefore we are able to withstand this 94% market drop this year without substantial impact.
In addition to the buffer, the most important developers (those who care deeply about the project) have agreed to reduce or eliminate compensation while continuing their work on the project.
While not everyone on the team is in a position to offer, many have proactively requested a reduction or elimination of their compensation to protect the project.
Combined, these actions will allow MDL to operate at nearly full capacity for an extended period even at depressed prices.
Of course, we are not immune to economic realities. We had to cut off the entire Marketing department, cut back on translations for less prominent languages, cut benefits, and eliminate support for some sub-projects.
Nevertheless, our development team is delivering like never before: we have delivered the Android Mobile Wallet in several languages, available on Google Play now, our updated Desktop wallet with new features like encryption and advanced send is about to be released, our MDL.live platform is currently having 250 registered and active users, and most of the other measures the MDL network is succeeding. November metrics were solid. Wallet downloads reached a level that we have never seen before.
With so many exciting developments, we are about to get partnered with WeWork Labs recently for an amazing incubator program. We’ve continued signing up models, singers and dancers from all around the world, and have started to move upmarket to corporate operations. Much more is in the works to drive transactions and use.
Despite the frustration of the disconnect between price and adoption trends, the team remains focused on delivery.
We have an amazing group of passionate, energetic, skilled, and committed individuals that care deeply about MDL, its mission, and its success. And they care about the team, with many reducing their compensation to enable us to keep the team operating at full capacity. MDL is simply not staffed with mercenaries available to the highest bidder. Our team members are actually coming together to support each other rather than disbanding like many other projects.
We know that the path forward involves some pain, but we will pull through by focusing on delivery and supporting one another. We are transparent to our community and we feel that having a significantly smaller team that cares is prudent. We are sure that in the future we will be able to reward the individuals that are sacrificing today to enable the next phase of products and growth under these constrained market conditions.
Hopefully, this post provides some insight into how the team is doing and how much confidence we have in MDL Talent Hub to pull through this period. Things are not chaotic. We are not obsessing over price changes. We are not panicked. Instead, we are focused on the work at hand and delivering value to the network. This focus on goals and not price is deeply ingrained in the culture of MDL.
Folks, we will eventually hit a market bottom. Hopefully, we already have. At that point, MDL will still have a team working hard to improve the product and delivery market-first innovations. We are not going anywhere, and neither are many of my colleagues, no matter what happens.
MDL Talent Hub will still have a robust community of users and partners and we will still retain the competitive advantage that it has today.
In the meantime, we’re all headed back to work. Thank you for your support and trust!
MDL Talent Hub Management Team.