Already been discussed yesterday https://news.ycombinator.com/item?id=31600505
It is no different than been fired I don't understand the noise it is making
Coinbase is rescinding already-accepted job offers
121–130 of 461 posts
Re: Coinbase is rescinding already-accepted job offers
#122"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…
It sounds like they are offering severance and etc.
That’s more than most jobs.
Re: Coinbase is rescinding already-accepted job offers
#123Earlier quoted context omitted.
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 anyth…
Growing tulips isn’t any more of an “investment” than buying tulips… Regardless of whether or not it’s profitable, it’s a speculative endeavour.
Re: Coinbase is rescinding already-accepted job offers
#124Coinbase 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 next wirecard?
Re: Coinbase is rescinding already-accepted job offers
#125Earlier 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."
This is meaningful and deserves more prominent placement. If you’re going to rug pull someone paying out $10k+ certainly takes some of the sting out.
I would love to have an offer rescinded with pay. If the company’s prospects are really that dim I wouldn’t want to join anyway. Getting a cash bonus to go somewhere else is even better.
Re: Coinbase is rescinding already-accepted job offers
#126Since 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.
They will probably do both. Bubble companies have been hiring for fun and “growth” for years. According to their website they have 4900+ employees!
Re: Coinbase is rescinding already-accepted job offers
#127Earlier quoted context omitted.
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.
At least (unlike bitcoin), holders of this stock have received the odd dividend now and again.
Re: Coinbase is rescinding already-accepted job offers
#128Earlier quoted context omitted.
How do you do it humanly? If it were me I’d rather get an email
When I was an underboss in a firm that was going down, I just told people. Informally, in person. I wasn't supposed to, but they were putting two and two together themselves, and it would have been wrong to leave them with an inaccurate idea of how the firm was doing. Don't hire me if you need me to lie to your staff.
I’ve been surprised at the times companies have wanted me to lie about something, not the lies themselves, but more just how blatant are.
Whatever I don’t usually expect business to be honorable or empathic, but don’t be surprised if I start lying to you too.
Re: Coinbase is rescinding already-accepted job offers
#129Earlier 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.
Yah. I think distributed ledgers are here to stay, as are some tokens of stored value. But I don't think the insane bidding up of many tokens will ever happen again.
It'll happen again. It will just be a new set of coins/tokens, with new promises of new utility, and a new set of gullible people being takem advantage of. The sad part is schemes of the sort damage the image of actual future usefulness of blockchain technology. For now the crypto winter sets in, until the next thaw.
Re: Coinbase is rescinding already-accepted job offers
#130Earlier quoted context omitted.
When I was an underboss in a firm that was going down, I just told people. Informally, in person. I wasn't supposed to, but they were putting two and two together themselves, and it would have been wrong to leave them with an inaccurate idea of how the firm was doing. Don't hire me if you need me to lie to your staff.
This is literally my only request from management. If you know I'm going to lose my job don't wait until my last day to tell me. Give me some time to set up other options.
You should always have other options. You shouldn’t wait until you’re about to be laid off. I can honestly say there isn’t a single day since 2008 (I’ve been working a lot longer) that if the company I was working for laid me off that I wouldn’t be prepared to look for another job the same day.
That means an updated resume, career document of accomplishments and talking points, an active network and “fuck you money” in the bank. If you live in any major city in the US, and are a software developer with experience, you should be making in the upper quintile of income for your area. There is usually no excuse not to have savings.