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Coinbase is rescinding already-accepted job offers

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Re: Coinbase is rescinding already-accepted job offers

#131
post #102

Earlier quoted context omitted.

> I think distributed ledgers are here to stay What exactly makes you think that? As far as I can tell, it's still unclear if distributed ledgers are really effective tools for much of anything. What real problems have they solved?

It's quite useful for buying drugs.

Don't hear of as many murder for hire plots involving it these days though

Re: Coinbase is rescinding already-accepted job offers

#132

"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…

> not sloppy or careless execution

Isn't hiring excessively sloppy? In tech when times are good, everyone's desperately throwing warm bodies in chairs. I'm sure many have thought to themselves, "I'm glad I'm getting paid, but is my job really that necessary? Do we need a six-person Button Component Team?"

Re: Coinbase is rescinding already-accepted job offers

#133
post #69

It's nice that they are offering 1 months severance, but still, it's got to be crushing to have an offer rescinded like this.

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…

COBRA is actually a terrible deal if you had a nice plan. You could pay a third to get a decent marketplace plan in most places

Re: Coinbase is rescinding already-accepted job offers

#134
post #121

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

It's a bait-and-switch. People left their jobs for new opportunities that were taken from them.

Re: Coinbase is rescinding already-accepted job offers

#135
post #69

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.

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…

No credit decision is based on a gap in your employment.

Re: Coinbase is rescinding already-accepted job offers

#136
I spoke with Coinbase at a time where I was trying to get away from a job where I worked 70-100 hour weeks. I would always tell recruiters I was seeking better WLB as I didn’t want a company that would have a problem with that attitude. I was told by multiple people that late nights should be expected and Coinbase was not a 40 hour per week company. Further - there are 4 weeks a year where the company shuts down and everyone is “encouraged” to take their vacation during those times. Personally I like to select the weeks that I am off work. The comp was good but I ended up at Google making the same money with great WLB. My equity has been hit far less hard by recent market turmoil as well. Can’t even imagine getting a 6 figure equity package and having it devalue 70% and then grinding long hours.

Re: Coinbase is rescinding already-accepted job offers

#137
post #89

LinkedIn should set up a code of practice that bans this. Rescind offers? Then you can't advertise on LinkedIn for the next 5 years, and we won't host your job posts either. That would change the calculations at these companies and make the jobs marketplace better, at little cost to LinkedIn.

LinkedIn (a subsidiary of Microsoft Corporation) has the worst "activity feed" algorithm I have ever seen. It is a dopamine-poking, engagement-optimizing mess. So I have very little confidence they would do anything for ethical reasons over money.

This would not need to be for ethical reasons. If LinkedIn can vouch for the companies on its platform, that gives it a competitive advantage.

Re: Coinbase is rescinding already-accepted job offers

#139

"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…

The worst part is that Coinbase's interviews are difficult. If I'd spent months studying, rejecting other (good faith) offers, and then had this happen I'd not only be in a bad spot (without a job entering a recession) but I'd be furious at the inequality of input and output.

I've been interviewing for the past month and I made a rule that I won't be doing any algorithm interviews. I didn't have time to study; some friends questioned whether this was a good idea or not. I ended up submitting code samples when recruiters or managers would try to go through that kind of phone screening. Not only am I interviewing at better quality firms, but it's not nearly as stressful.

Anecdotally there is a high correlation between firms that tell me they're freezing hiring, etc and algorithm interviews.

Re: Coinbase is rescinding already-accepted job offers

#140

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.

at this point there’s so much investment and attention dedicated to it that it will be willed into continued relevancy as much as anything happening organicly
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