Coinbase is rescinding already-accepted job offers • Hacker News Board

Re: Coinbase is rescinding already-accepted job offers

#31

Post by ratsmack » Sat, Jun 04, 2022, 4:11 PM UTC

deeptote wrote: post #13

CRYPTO IS A FUCKING SCAM There are so many proper applications of blockchain that could improve humanity and provide value to customers and instead these shitheads create NFTs. "But the US dollar is fiat" they will say, "what's the difference?!" Gee, I dunno, the fact that the US Government backs it? All central banks use it? It's the reserve currency of the world? Any currency that isn't backed by a government or wa…

The US Dollar is tightly coupled with assets, and tangible goods and services that provide a substantial portion of its stability. Bitcoin, however, is based on burning through terawatts of electrical power in order to "prove work" and actually produce nothing but waste heat.

Re: Coinbase is rescinding already-accepted job offers

#32

Post by AviationAtom » Sat, Jun 04, 2022, 4:12 PM UTC

carlivar wrote: post #7

Coinbase tried to recruit me last summer. I politely told the recruiter that I felt it was all bubble speculation mania. Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects. I guess I was right? Not trying to brag or anything. Just a tip to everyone job hunting I guess. Watch what executives do (not what they say). Well, and human history of speculati…

Crypto has boom and bust cycles. It will be back again, and mania will happen again.

Re: Coinbase is rescinding already-accepted job offers

#33

Post by latenightcoding » Sat, Jun 04, 2022, 4:12 PM UTC

deeptote wrote: post #13

CRYPTO IS A FUCKING SCAM There are so many proper applications of blockchain that could improve humanity and provide value to customers and instead these shitheads create NFTs. "But the US dollar is fiat" they will say, "what's the difference?!" Gee, I dunno, the fact that the US Government backs it? All central banks use it? It's the reserve currency of the world? Any currency that isn't backed by a government or wa…

there are clearly not many “proper applications of blockchain that could improve humanity” people have been trying very hard to find them.

Re: Coinbase is rescinding already-accepted job offers

#34

Post by dlivingston » Sat, Jun 04, 2022, 4:13 PM UTC

deeptote wrote: post #13

CRYPTO IS A FUCKING SCAM There are so many proper applications of blockchain that could improve humanity and provide value to customers and instead these shitheads create NFTs. "But the US dollar is fiat" they will say, "what's the difference?!" Gee, I dunno, the fact that the US Government backs it? All central banks use it? It's the reserve currency of the world? Any currency that isn't backed by a government or wa…

I think of crypto as a class of stock, instead of currency. Speculative valuation based on investor confidence.

Yes, it’s not backed by a real asset, so crypto is truly a sister to Monopoly money, but I don’t see an issue with investing as long as you recognize what crypto is and what it isn’t.

Re: Coinbase is rescinding already-accepted job offers

#35

Post by heretogetout » Sat, Jun 04, 2022, 4:13 PM UTC

outside1234 wrote: post #14

x86_64Ubuntu wrote: post #3

It's nice that they are offering 1 months severance, but still, it's got to be crushing to have an offer rescinded like this.

1 month is no where near enough. Folks probably left money on the table at the previous job to join Coinbase and now are going to be at a significant disadvantage negotiating for their next position.

Some folks may have spouses or partners change jobs at the same time in preparation for a move. Coinbase should have paid a lot more than 1 month.

And what is this nonsense about paying severance in cash? Do they believe in crypto or do they not?

Re: Coinbase is rescinding already-accepted job offers

#36

Post by _jal » Sat, Jun 04, 2022, 4:13 PM UTC

carlivar wrote: post #7

Coinbase tried to recruit me last summer. I politely told the recruiter that I felt it was all bubble speculation mania. Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects. I guess I was right? Not trying to brag or anything. Just a tip to everyone job hunting I guess. Watch what executives do (not what they say). Well, and human history of speculati…

I told them something similar (didn't know about the CFO, I don't care enough to pay attention).

I'm also amused by the headhunter I heard from who apparently was trying to specialize in whatevercoin/NFT/etc. startups. I politely told him I would entertain any non-"web3" plays, and he started telling me how I was making the worst career choice of my life and turning away money, etc.

Wonder how he feels about his career right now.

I will admit to a little schadenfreude, but more generally it just saddens me. Idiot greed is eternal, I know, it is just a bit depressing to watch the destructive nonsense play out.

Re: Coinbase is rescinding already-accepted job offers

#37

Post by tyrfing » Sat, Jun 04, 2022, 4:14 PM UTC

loceng wrote: post #8

umeshunni wrote: post #5

Earlier quoted context omitted.

Not by a long shot: https://www.cnbc.com/2022/02/03/facebooks-232billion-drop-in...

If looking at % of the whole, and not the amount, Coinbase looks to be the winner here? https://companiesmarketcap.com/coinbase/marketcap/ https://companiesmarketcap.com/facebook/marketcap/

It's pretty similar to other big 2021 IPOs. Rivian, Robinhood, UIPath, etc. The ones doing well are only down 50-60%.

Now, these companies have pretty good access to capital, and retail getting ripped off is no problem. The interesting part of this glacier is the pre-IPO ecosystem that is bleeding money and trying to avoid similar markdowns.

Re: Coinbase is rescinding already-accepted job offers

#38

Post by paulryanrogers » Sat, Jun 04, 2022, 4:15 PM UTC

AviationAtom wrote: post #32

carlivar wrote: post #7

Coinbase tried to recruit me last summer. I politely told the recruiter that I felt it was all bubble speculation mania. Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects. I guess I was right? Not trying to brag or anything. Just a tip to everyone job hunting I guess. Watch what executives do (not what they say). Well, and human history of speculati…

Crypto has boom and bust cycles. It will be back again, and mania will happen again.

Past booms are no guarantee of future booms. Fundamentals of crypto don't appear sound to me. So I wouldn't put much stock in them.

Re: Coinbase is rescinding already-accepted job offers

#39

Post by omginternets » Sat, Jun 04, 2022, 4:15 PM UTC

deeptote wrote: post #13

CRYPTO IS A FUCKING SCAM There are so many proper applications of blockchain that could improve humanity and provide value to customers and instead these shitheads create NFTs. "But the US dollar is fiat" they will say, "what's the difference?!" Gee, I dunno, the fact that the US Government backs it? All central banks use it? It's the reserve currency of the world? Any currency that isn't backed by a government or wa…

> There are so many proper applications of blockchain that could improve humanity and provide value to customers and instead these shitheads create NFTs.

I wholeheartedly agree. I can’t wait until “web3” moves past the whole fintech thing and people start realizing the true value of Web3 technologies: the fact that you no longer need a third party to mediate interactions between individual users on the internet.

Re: Coinbase is rescinding already-accepted job offers

#40

Post by grey-area » Sat, Jun 04, 2022, 4:16 PM UTC

dlivingston wrote: post #34

deeptote wrote: post #13

CRYPTO IS A FUCKING SCAM There are so many proper applications of blockchain that could improve humanity and provide value to customers and instead these shitheads create NFTs. "But the US dollar is fiat" they will say, "what's the difference?!" Gee, I dunno, the fact that the US Government backs it? All central banks use it? It's the reserve currency of the world? Any currency that isn't backed by a government or wa…

I think of crypto as a class of stock, instead of currency. Speculative valuation based on investor confidence. Yes, it’s not backed by a real asset, so crypto is truly a sister to Monopoly money, but I don’t see an issue with investing as long as you recognize what crypto is and what it isn’t.

You are not describing investing but speculating. Yes there is a difference.