Losing over $60 billion in valuation is an impressive feat, makes me wonder if that’s a record or something?
Dfinity
Coinbase is rescinding already-accepted job offers
61–70 of 461 posts
Re: Coinbase is rescinding already-accepted job offers
#62Coinbase 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.
Just like tulips!
Re: Coinbase is rescinding already-accepted job offers
#63Coinbase 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.
Every pyramid scheme eventually runs out of new suckers.
Re: Coinbase is rescinding already-accepted job offers
#64It's nice that they are offering 1 months severance, but still, it's got to be crushing to have an offer rescinded like this.
they must be offering different severance to different people, someone posted their email on blind and they were offered 2 months.
Re: Coinbase is rescinding already-accepted job offers
#65Aren'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.
I kind of agree, but to get an offer letter you surely must have had at least one telephone call or video conference, if not several hours of in–person interviews.
It seems that they are paying a severance package of two months of base pay to try to compensate for that. [1]
[1]: "The details surrounding the severance package are unclear, but some affected workers on Blind alleged they would receive two months worth of base pay; a representative from Coinbase did not provide further comment."
Re: Coinbase is rescinding already-accepted job offers
#66CRYPTO 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.
The irony is there's use cases for that waste heat.
- Utilities could use the extra boost of heat in winter
- producing potable water
The coin produced from these processes could then be used as tradable units. "Heat Coin" or "Fresh Water Coin" would ease the transaction of these resources.
Hence, we get to the root of the problem of any "Coin": it is inherently worthless without any real asset or unit of production to back it's value.
Re: Coinbase is rescinding already-accepted job offers
#67Is this legal in the US?
Re: Coinbase is rescinding already-accepted job offers
#68Earlier quoted context omitted.
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…
The article says they're paying out two months severance.
Re: Coinbase is rescinding already-accepted job offers
#69It's nice that they are offering 1 months severance, but still, it's got to be crushing to have an offer rescinded like this.
It's less nice and more that they're paying people to sign away their right to sue.
Imagine you've left your job, you probably don't want to go back there. You have to start a new job search. You're likely out more than one month's salary. Plus the intangibles of a job search while unemployed vs. employed.
Imagine you declined COBRA, or even with COBRA, you might end up with a period of being responsible for your own health insurance payments, too.
You have a gap in your employment record where you otherwise wouldn't have had one. That affects credit decisions.
Re: Coinbase is rescinding already-accepted job offers
#70Earlier quoted context omitted.
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
The stock market does two things crypto doesn't:
- generates consistent cash flows
- produces real economic value