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Coinbase is rescinding already-accepted job offers

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Re: Coinbase is rescinding already-accepted job offers

#141

Post by bityard »

serf wrote: post #78
aaaaaaaaaaab wrote: post #18

Earlier 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…

Mining can be an investment, if you can stomach the volatility and have a plan to mitigate the risk. But buying a currency with the mere hope that it will go up is just speculation, pure and simple.

Re: Coinbase is rescinding already-accepted job offers

#142

Post by dghlsakjg »

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…

there actually is legal precedent that they are under obligation to not cause losses through lying. Promissory estoppel is the term and basically it means that if you incurred expenses or lost gains as a result of a false promise (like a rescinded job offer) the party making that false promise may have to make you whole.

So things like lost bonuses or options or moving expenses are very much something that Coinbase need worry about

Re: Coinbase is rescinding already-accepted job offers

#143

Post by erehweb »

duxup wrote: post #118
erehweb wrote: 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.

How would linked in even know with any certainty that such a thing happened? Recruiting may have had nothing to do with Linked in. I don’t expect them to police other companies this way for me.

How would LinkedIn know? In this case, everyone knows. In a more general case, a candidate could provide proof.

Coinbase has several jobs posted on LinkedIn.

I expect LinkedIn to filter out companies that are outright scams. Rescinding an offer is just one step above that.

Re: Coinbase is rescinding already-accepted job offers

#144

Post by granzymes »

prezjordan wrote: post #134
polote wrote: 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.

Would you prefer Coinbase wait until their start date to fire them, instead of rescinding the offer?

Re: Coinbase is rescinding already-accepted job offers

#145

Post by polote »

prezjordan wrote: post #134
polote wrote: 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.

Yes but it is the same result, you have to find a new job. And actually fired is probably even worse as you no longer have a job starting today

Re: Coinbase is rescinding already-accepted job offers

#146

Post by DonHopkins »

mlyle wrote: post #42
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.

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.

Paperclips are here to stay, but would you invest in a company that only makes paperclip maximizers?

https://www.lesswrong.com/tag/paperclip-maximizer

Re: Coinbase is rescinding already-accepted job offers

#147

Post by fleetwoodsnack »

weird-eye-issue wrote: post #57
baby wrote: post #55

Earlier quoted context omitted.

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.

Exit interviews are an opportunity for the formerly employed to air and address their grievances too. I think it precludes a (generally) necessary transfer of information when an email is sent en lieu of a substantive discussion.

As someone who’s been on both sides of the proverbial desk, I’ve come away frustrated but enlightened in some way almost every time.

Re: Coinbase is rescinding already-accepted job offers

#148

Post by fullshark »

chromejs10 wrote: post #91

Companies that are rescinding offers are just terribly managed companies. If you're in that bad of shape, then you should have done a hiring freeze months ago and there shouldn't have been any offers left to rescind (sure, there are odd ones where maybe they accepted 3 months early).

Not many companies expect or plan for their valuation to drop 75% in 6 months, that's gonna lead to tough choices. In the case of coinbase I'm guessing they're also seeing trade volume (and therefore future revenue) plummet and don't project it to increase anytime soon. Not sure this is evidence of a horribly managed company so much as a company dealing with a crisis and doing costly things to their reputation to manage it.

Re: Coinbase is rescinding already-accepted job offers

#149

Post by adw »

yojo wrote: post #125
cato_the_elder wrote: post #65

Earlier quoted context omitted.

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.

10k doesn’t cover search costs. What about health insurance, for example?

Re: Coinbase is rescinding already-accepted job offers

#150

Post by forgingahead »

carlivar wrote: post #119
erehweb wrote: 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.

Just block the news feed. Here's some ublock filters:

  www.linkedin.com##.eah-header-item.eah-menu-trigger.ember-view.artdeco-dropdown__trigger--placement-bottom.artdeco-dropdown__trigger
  www.linkedin.com###voyager-feed
  www.linkedin.com##.pv3.news-module
You won't be able to see individual updates/posts either, but just toggle off ublock when you do want to see someone's specific post. This has been huge for me to avoid all the virtue-signalling/pandering-to-the-Current-Thing crap that permeates the feed.
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