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

Re: Coinbase is rescinding already-accepted job offers

#181

Post by Ferrotin » Sat, Jun 04, 2022, 5:40 PM UTC

rococode wrote: post #176

The cruelest part of this: https://twitter.com/TeamBlind/status/1532769735393169410 2 weeks ago they sent out emails saying "we will not be rescinding the offers of any employees who have already signed or have received an offer from us". They then proceeded to rescind offers from people who received this assurance. 2 weeks is long enough that people signed leases, resigned from jobs, moved cities. And yet it's also…

> And yet it's also short enough that Coinbase leadership was certainly already preparing to make this decision.

You don’t need any “preparation” to make this decision. Information changed, and a new course of action is taken.

Re: Coinbase is rescinding already-accepted job offers

#182

Post by polio » Sat, Jun 04, 2022, 5:40 PM UTC

smilebot wrote: post #114

Probably an unpopular opinion here but I think they handled it in a classy way. Severance and assistance with your job search? That’s very nice of them. Other companies like Meta rescinded too, I’m not sure if they offered severance. Maybe just a generic email?

Meta did not rescind at scale. I recall seeing one Canadian new grad who was under the impression she'd be able to work at the Toronto office but which was rescinded for whatever reason. They followed up and were able to re-make the offer, though.

Re: Coinbase is rescinding already-accepted job offers

#183

Post by exdsq » Sat, Jun 04, 2022, 5:42 PM UTC

humaniania wrote: post #159

kodah wrote: post #139

Earlier quoted context omitted.

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 f…

The cryptocurrency pyramid scam bubble popping is not indicative of a recession.

Are you suggesting we’re not entering a recession?

Re: Coinbase is rescinding already-accepted job offers

#184

Post by mathattack » Sat, Jun 04, 2022, 5:43 PM UTC

Let’s ask “Why are they doing this?” I will start by saying most indications are that the management is very rational.

Sometimes companies use downturns to get rid of people that they haven’t managed properly. It’s lazy, but cutting the bottom 10% in a layoff can be less short term work than performance reviews. They avoid the PR issues by saying “everyone is doing it.” This isn’t what Coinbase did.

If companies are cash flow negative and can’t get funding, they may reneg on offers too. This is what the banks did it 2008 and tech did in 2001. People see the burn and get it. The firms survive the reputations damage because they can say “we don’t want you to join if we are about to go under and we need to save cash.” This isn’t what Coinbase is doing.

Coinbase is still cash flow positive and has positive earnings. So why are they doing this? My sense is they see what’s coming. It’s either volume will shrink, leaving them unable to cover fixed costs, or some other seismic shift in crypto that will cost them a fortune. They are rational and have tremendous data on the crypto world. To me this is an incredibly bearish sign. But it’s also a very prudent sign on their part. (They feel the current risk is higher than future hiring challenges)

Please don’t take this as investment advice on COIN or crypto.

Re: Coinbase is rescinding already-accepted job offers

#185

Post by 1270018080 » Sat, Jun 04, 2022, 5:43 PM UTC

kodah wrote: post #139

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…

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 f…

Are there ANY companies that pay well and don't do algorithm interviews?

Re: Coinbase is rescinding already-accepted job offers

#186

Post by burnished » Sat, Jun 04, 2022, 5:46 PM UTC

DonHopkins wrote: post #146

mlyle wrote: post #42

Earlier quoted context omitted.

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

Be the paperclip maximizer, instead https://www.decisionproblem.com/paperclips/

Re: Coinbase is rescinding already-accepted job offers

#187

Post by hiq » Sat, Jun 04, 2022, 5:46 PM UTC

yieldcrv wrote: post #112

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…

> Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects. As you note, since it was a direct listing and not an IPO, there isn't really an analog to many other companies. My opinion about why they did a direct listing is because institutional investors didn't want to touch it, and that memetail traders (a portmanteau of meme and retail) are undiscerning…

> The other benefit of an IPO (to a trader looking for earliest exposure) is the stabilizing bid from the syndicate, a brief period of more legal market manipulation where a consortium props up the price.

Do you mean that you would have gotten the shares and would sell your shares at this point with a certain guarantee on the price, or something else?

Re: Coinbase is rescinding already-accepted job offers

#188

Post by blibble » Sat, Jun 04, 2022, 5:47 PM UTC

smilebot wrote: post #114

Probably an unpopular opinion here but I think they handled it in a classy way. Severance and assistance with your job search? That’s very nice of them. Other companies like Meta rescinded too, I’m not sure if they offered severance. Maybe just a generic email?

if you had a signed contract don't they have to pay their way out of the notice period regardless?

Re: Coinbase is rescinding already-accepted job offers

#189

Post by anonporridge » Sat, Jun 04, 2022, 5:47 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.

The problem for Coinbase, is that on the next boom cycle, a significant number of traditional stock exchanges will be slurping their milkshake.

Coinbase has only gotten as big as it is because they were effectively the most legit American exchange selling crypto. With Robinhood, Square, Paypal, and even legacy exchanges getting in the game, they won't have that advantage next time around.

Re: Coinbase is rescinding already-accepted job offers

#190

Post by hinkley » Sat, Jun 04, 2022, 5:48 PM UTC

rococode wrote: post #176

The cruelest part of this: https://twitter.com/TeamBlind/status/1532769735393169410 2 weeks ago they sent out emails saying "we will not be rescinding the offers of any employees who have already signed or have received an offer from us". They then proceeded to rescind offers from people who received this assurance. 2 weeks is long enough that people signed leases, resigned from jobs, moved cities. And yet it's also…

These are hallmarks of people being uncomfortable having difficult conversations. Either because they can’t, or they’ve been punished for trying by someone higher up.