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

Re: Coinbase is rescinding already-accepted job offers

#51

Post by fullshark » Sat, Jun 04, 2022, 4:21 PM UTC

grey-area wrote: post #40

dlivingston wrote: post #34

Earlier quoted context omitted.

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.

Arguably retail investors aren't actually investors either, but savers, speculating on whatever assets they buy having value when they need their dollar value.

Re: Coinbase is rescinding already-accepted job offers

#52

Post by tootie » Sat, Jun 04, 2022, 4:22 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.

The fundamental unit of value backing crypto is mania.

Re: Coinbase is rescinding already-accepted job offers

#53

Post by dehrmann » Sat, Jun 04, 2022, 4:24 PM UTC

Since this is essentially a coward's layoff, you might as well do a real layoff. It's hard to believe that they needed to cut back enough to not bring on a ~month's worth of hires, but not so much they they should do real layoffs.

Re: Coinbase is rescinding already-accepted job offers

#54

Post by dehrmann » Sat, Jun 04, 2022, 4:25 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.

How are those beanie babies doing?

Re: Coinbase is rescinding already-accepted job offers

#55

Post by baby » Sat, Jun 04, 2022, 4:26 PM UTC

toddmorey wrote: post #17

"While we did not make this decision lightly..." Yes but you aren't doing it humanely, either. I've been through the dot com crash and several hard economic downturns. It really puts your company's humanity on full display. It's the real test. Preserving cash flow is important. But you also have to do things carefully, openly, and with genuine care for the people who've believed in your vision. People will respect th…

How do you do it humanly? If it were me I’d rather get an email

Re: Coinbase is rescinding already-accepted job offers

#56

Post by baby » Sat, Jun 04, 2022, 4:27 PM UTC

paulryanrogers wrote: post #38

AviationAtom wrote: post #32

Earlier quoted context omitted.

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.

Yet everyone will tell you that the stock market only goes up

Re: Coinbase is rescinding already-accepted job offers

#57

Post by weird-eye-issue » Sat, Jun 04, 2022, 4:27 PM UTC

baby wrote: post #55

toddmorey wrote: post #17

"While we did not make this decision lightly..." Yes but you aren't doing it humanely, either. I've been through the dot com crash and several hard economic downturns. It really puts your company's humanity on full display. It's the real test. Preserving cash flow is important. But you also have to do things carefully, openly, and with genuine care for the people who've believed in your vision. People will respect th…

How do you do it humanly? If it were me I’d rather get an email

Yeah this is 2022. Just email me. Saves us both awkward conversations that isn't going to change anything.

Re: Coinbase is rescinding already-accepted job offers

#58

Post by opportune » Sat, Jun 04, 2022, 4:28 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.

Still waiting on the next gold rush to unload all my shovels

Re: Coinbase is rescinding already-accepted job offers

#59

Post by baby » Sat, Jun 04, 2022, 4:28 PM UTC

cato_the_elder wrote: post #45

Aren't a lot of job offers accepted by email these days? So what's the problem with rescinding them by email? This is not like firing someone who has a established relationship with a company and might see his coworkers as friends etc. over email.

Agree. That would be an awkward VC or phone call

Re: Coinbase is rescinding already-accepted job offers

#60

Post by kevinpet » Sat, Jun 04, 2022, 4:29 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.

One month severance is perfectly reasonable. They're under no obligation to make sure people are in a better position than they were before, and if someone walked away from options, etc at a previous company that's their business. One month is enough time to find a job if you aren't choosy.

You have to draw the line somewhere. When the economy goes south, guess what? People will be out of work. I don't know why white collar workers seem to think they need to be isolated from all bad events.