Jobs in the crypto world are the catalyst for an imminent transformation of society. Now is the time to join the front lines, says Diwaker GuptaChief Technology Officer at Hiro.
If you work in tech, chances are some of your colleagues or managers have left their position for jobs in crypto.
Most Silicon Valley companies have suspended their recruiting campaigns as burnout continues to take its toll. This epidemic of workplace stress probably stems from the fact that many employees disagree with their bosses about plans to return to work. Indeed, most people prefer to have more flexibility where they work. Not to mention the stock market decline that exacerbated the situation.
Crypto Jobs and Bear Market
Let’s start with the most important thing: when the market fell, major crypto firms suspended hiring while others announced layoffs. However, many crypto companies (including Hiro) continue to recruit. In general, companies that are in the start-up or pre-launch phase will be less affected by the macroeconomic environment. More advanced companies, especially those listed on the stock exchange, will come under much more pressure.
The bear market is indeed the perfect time to roll up your sleeves and focus on development. During bull markets, we are often distracted by the hype and the quest for profit. Bear markets can also eliminate bad players i.e. those who abuse crypto or those who want to make a quick profit.
Those with a long-term vision, ie strong, focused teams, stay on their feet. This is because crypto is cyclical, just like the general economy. And, just like today’s Big Tech that was born after the dotcom bubble, many of tomorrow’s major crypto companies will be born during this bear market.
Crypto Jobs: Why You Should Apply Now
Before entering the crypto world, I worked at Dropbox, a Silicon Valley company, where I headed the engineering and artificial intelligence division. I joined Web3 tools company Hiro. So I often get questions about work in the crypto world. Here are three reasons why now is a great time for techies to join a crypto firm, even amid the market correction.
1. You will work in an innovative sector
In my 10 years working in Silicon Valley, I have never felt that innovation was happening in my area. The San Francisco Bay Area has been a driving force for innovation in recent decades. But over the past five to ten years, several factors have eliminated its benefits. This may be partly due to cultural reasons.
Indeed, most startups and companies in Silicon Valley start to resemble each other after a certain point. They fit the typical script of a growth-oriented Series A company. The careers being built in Silicon Valley are the same: “I did development at Uber, so I’m going to do Growth Hacking at Lyft or Cruise”. People eventually fall into these typical patterns.
Within the crypto industry there is a lot of experimentation and of course a lot of bad ideas, but it is a natural process of innovation. Best of all, this innovation is coming at a pace I’ve never experienced before. If you’re the type of person who likes to feel like you’re on the edge, where creativity, problem solving, and experimentation reign supreme, then you’re a great candidate for a crypto job.
2. You will reap the rewards of your labor
Some believe that traditional businesses are safer and the most predictable path to success. However, for most people, the financial gain will not be much unless they are lucky.
I joined Dropbox in 2015, and in 2018 the company went public at a price that exceeded expectations. Most employees have not benefited from the sale. I had a pretty big team there, so you might think I took advantage of the IPO. However, venture capital money only drives up valuations. Dropbox employees earned limited inventory units (RSUs) that were priced higher than the price of Dropbox stock. I lost most of my shares. If someone gets shares, he must also remain in his position in order to use them.
Then there are extreme cases, such as what happened to employees of payment company Bolt Financial. The company, valued at $11 billion, made loans to some employees at the value of the stock it had distributed to them. But when valuation collapsed, it laid off a third of its staff. Therefore, laid-off workers who had taken out loans had to repay them within 90 days.
What I take from my experience and that of others is that the financial gain of technical workers, even in a traditionally successful business, is dependent on many factors beyond their control. Therefore, you can get lucky anywhere, including crypto companies. At Hiro, the tokens we offer to employees instead of shares have no lock-up period and are already liquid.
3. You could have a rewarding experience
As techies, we have to recognize that we’re lucky to work in an industry where it’s worst-case scenario to come home with a good salary and an interesting story. Compared to other industries, this worst-case scenario turns out to be positive. Considering all this, I think it’s better to capitalize on the positives rather than hedge against the negatives.
For me, the benefit of joining the crypto industry was the experimental aspect. Like most tech players, I had the reassurance that I could always go back to Google, Meta, Microsoft, or some classic Silicon Valley startup.
Ask yourself this question: what do you have to lose by working in crypto? If crypto has even a 1% chance of changing the way the world or the internet works, why not be on the front lines? Seize the opportunity.
About the author
Diwaker Gupta is Chief Technology Officer at Hiro. He is passionate about using technology to create meaningful and positive impact projects. Hiro is a company built for and by developers. His name is inspired by the hacker “Hiro Protagonist” from Neal Stephenson’s novel Snow Cash.
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