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Layoffs Hit Gumroad as the E-Commerce Startup Restructures

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Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#11
I remember when Gumroad was announced on Hacker News 4-5 years ago as a little weekend project.

"Over this past weekend I had the idea to build a sort of link shortener but with a payment system built-in... I think it has some potential. What do you guys think?"

https://news.ycombinator.com/item?id=2406614

Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#12

The company had 22 employees as of earlier this year, and it has been in the process of laying off all but what is expected to be around 3 of its staff. Normally, when I hear the words "layoff" and "restructure", I think 15% of the company, not 'basically everyone.' That's a bummer, and I expect this won't be the last time we hear this story this year. I hope the frontend engineers making $75,000-$125,000[1] for a sh…

That's from 2013. No way they were paying sub $100k today.

Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#13

The company had 22 employees as of earlier this year, and it has been in the process of laying off all but what is expected to be around 3 of its staff. Normally, when I hear the words "layoff" and "restructure", I think 15% of the company, not 'basically everyone.' That's a bummer, and I expect this won't be the last time we hear this story this year. I hope the frontend engineers making $75,000-$125,000[1] for a sh…

That's from 2013. No way they were paying sub $100k today.

How about middle of 2014, then? "$95k-$125k"

https://web.archive.org/web/20140707172338/https://angel.co/...

Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#14

The company had 22 employees as of earlier this year, and it has been in the process of laying off all but what is expected to be around 3 of its staff. Normally, when I hear the words "layoff" and "restructure", I think 15% of the company, not 'basically everyone.' That's a bummer, and I expect this won't be the last time we hear this story this year. I hope the frontend engineers making $75,000-$125,000[1] for a sh…

$75,000 isn't market wages for a developer?

Not in SF, where the median rent is now $4,225/month, or $50,700/year. Realistically, you can't even expect to take home $50,700 on a gross income of $75k.

http://blog.sfgate.com/ontheblock/2015/06/02/san-franciscos-...

Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#15
post #11

I remember when Gumroad was announced on Hacker News 4-5 years ago as a little weekend project. "Over this past weekend I had the idea to build a sort of link shortener but with a payment system built-in... I think it has some potential. What do you guys think?" https://news.ycombinator.com/item?id=2406614

[deleted]

Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#16
post #11

I remember when Gumroad was announced on Hacker News 4-5 years ago as a little weekend project. "Over this past weekend I had the idea to build a sort of link shortener but with a payment system built-in... I think it has some potential. What do you guys think?" https://news.ycombinator.com/item?id=2406614

It was April 4th 2011. There's an entertaining sub-thread about Bitcoin in that discussion https://news.ycombinator.com/item?id=2407053

At the current ~$0.70 / bitcoin...

I can't imagine bitcoins in their current implementation gaining traction as a form of payment with 'regular folks'...

Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#17
post #11

I remember when Gumroad was announced on Hacker News 4-5 years ago as a little weekend project. "Over this past weekend I had the idea to build a sort of link shortener but with a payment system built-in... I think it has some potential. What do you guys think?" https://news.ycombinator.com/item?id=2406614

It was April 4th 2011. There's an entertaining sub-thread about Bitcoin in that discussion https://news.ycombinator.com/item?id=2407053 At the current ~$0.70 / bitcoin... I can't imagine bitcoins in their current implementation gaining traction as a form of payment with 'regular folks'...

And four years later at $400/bitcoin, that's still true.

Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#18
post #11

I remember when Gumroad was announced on Hacker News 4-5 years ago as a little weekend project. "Over this past weekend I had the idea to build a sort of link shortener but with a payment system built-in... I think it has some potential. What do you guys think?" https://news.ycombinator.com/item?id=2406614

It was April 4th 2011. There's an entertaining sub-thread about Bitcoin in that discussion https://news.ycombinator.com/item?id=2407053 At the current ~$0.70 / bitcoin... I can't imagine bitcoins in their current implementation gaining traction as a form of payment with 'regular folks'...

at this time I would still say thats an accurate statement.

Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#19

Earlier quoted context omitted.

$75,000 isn't market wages for a developer?

Not in SF, where the median rent is now $4,225/month, or $50,700/year. Realistically, you can't even expect to take home $50,700 on a gross income of $75k. http://blog.sfgate.com/ontheblock/2015/06/02/san-franciscos-...

I've been thinking about this lately.

Why doesn't Google or Facebook just pack up one day and go to... say, Detroit? Buy a shitload of property there, and tell all their workers that in the course of the next 5 years they want to have presence in two places: this new place in Detroit, and the old place in the Valley. Whoever wants to stay in the valley can stay... and whoever wants to move to Detroit can come move to Detroit. Same pay.

It would win a lot of good will... and it makes sense. The engineers making $150k will actually live what living on $150k is supposed to feel like. It'll jumpstart the hell out of Detroit... etc. etc. Not necessarily Detroit (I just chose to say Detroit because property there is so much down the shit that you can buy a sizable portion of the city for a good few million).

Re: Layoffs Hit Gumroad as the E-Commerce Startup Restructures

#20

Earlier quoted context omitted.

$75,000 isn't market wages for a developer?

Not in SF, where the median rent is now $4,225/month, or $50,700/year. Realistically, you can't even expect to take home $50,700 on a gross income of $75k. http://blog.sfgate.com/ontheblock/2015/06/02/san-franciscos-...

Yikes! I thought NYC was bad.

...and yeah, I was thinking more in terms of national averages, not specific metropolitan areas.

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