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

Re: Coinbase is rescinding already-accepted job offers

#71

Post by GoOnThenDoTell » Sat, Jun 04, 2022, 4:34 PM UTC

kevinpet wrote: post #60

outside1234 wrote: post #14

Earlier 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 only way 1 month severance is acceptable is if it becomes acceptable to give zero days notice to your old job, so you can ensure that you actually do start the new job

Re: Coinbase is rescinding already-accepted job offers

#72

Post by BonoboIO » Sat, Jun 04, 2022, 4:34 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.

Like tulips.

Still waiting for the bull market there.

https://en.wikipedia.org/wiki/Tulip_mania

Re: Coinbase is rescinding already-accepted job offers

#73

Post by ceejayoz » Sat, Jun 04, 2022, 4:34 PM UTC

wozer wrote: post #67

Is this legal in the US?

Everywhere except maybe Montana, the only non-at-will state.

edit: Not even Montana. At-will for the first six months; fire for any legal reason. Protections kick in after that.

Re: Coinbase is rescinding already-accepted job offers

#74

Post by jcranmer » Sat, Jun 04, 2022, 4:35 PM UTC

baby wrote: post #56

paulryanrogers wrote: post #38

Earlier 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 Japanese stock market peaked December 29, 1989. It has yet to reach those heights again, 32 years later.

Re: Coinbase is rescinding already-accepted job offers

#75

Post by db48x » Sat, Jun 04, 2022, 4:37 PM UTC

cato_the_elder wrote: post #65

db48x wrote: post #50

Earlier quoted context omitted.

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."

Yea, apparently there are some compensating factors. Still, an email to tell you that they’re rescinding the offer is the easy way out; it avoids an awkward telephone call. It is easy to see why they went that route. I agree that it’s not the worst thing in the world though.

Re: Coinbase is rescinding already-accepted job offers

#76

Post by brokencode » Sat, Jun 04, 2022, 4:38 PM UTC

baby wrote: post #56

paulryanrogers wrote: post #38

Earlier 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 goes up because the world economy goes up, allowing companies to make more profit. Someday that might stop, but it’s been going strong since the industrial revolution.

Cryptocurrencies don’t have that kind of track record. They also provide dubious value to society at best currently.

Re: Coinbase is rescinding already-accepted job offers

#77

Post by onlyrealcuzzo » Sat, Jun 04, 2022, 4:38 PM UTC

dehrmann wrote: post #54

AviationAtom wrote: post #32

Earlier quoted context omitted.

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

How are those beanie babies doing?

Beanie babies and pokemon cards actually did quite well in this last mania.

Re: Coinbase is rescinding already-accepted job offers

#78

Post by serf » Sat, Jun 04, 2022, 4:38 PM UTC

aaaaaaaaaaab wrote: post #18

Overtonwindow wrote: post #15

Earlier quoted context omitted.

Might be a bubble, but I paid off my student loan and a car by investing in bitcoin. I’m certainly glad I ended up on the right side of the bubble.

Some people also win the lottery. But I would hardly call it a sound investment.

investment is a pretty strong term for what a lot of us did to make money at btc.

I made quite a bit of money by throwing my ex-gaming 4870x2 radeon machine into a closet for a year.

my investment was a few bucks in energy, and an old computer that was going to become e-waste, and a few minutes time.

I got lucky that at the time this was a feasible strategy before ASIC domination -- but this 'investment' wasn't anything like the rest of my portfolio by any means.

Re: Coinbase is rescinding already-accepted job offers

#79

Post by darawk » Sat, Jun 04, 2022, 4:38 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…

What would you have preferred they do here?

Re: Coinbase is rescinding already-accepted job offers

#80

Post by AlbertCory » Sat, Jun 04, 2022, 4:39 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…

Note that Ted Gioia (in his interview with Rick Beato) said the same thing about Spotify: insiders had no lockup period, so they dumped the stock right away.