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Coinbase is rescinding already-accepted job offers

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Re: Coinbase is rescinding already-accepted job offers

#211

Post by granshaw »

jlund-molfese wrote: post #157
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…

How do you find the better-quality companies you apply to? Are you able to decline to answer algorithm questions when they're asked, and instead convince companies to accept code samples? There is https://github.com/poteto/hiring-without-whiteboards , but there aren't many larger companies on the list

Yeah avoiding LC interviews typically means missing out on most of the high paying companies, for some it’s worth it

Re: Coinbase is rescinding already-accepted job offers

#212

Post by pclmulqdq »

duxup wrote: post #122
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…

It sounds like they are offering severance and etc. That’s more than most jobs.

This is honestly a minimum to avoid getting sued. Otherwise an enterprising lawyer might be ready with some arguments about promissory estoppel.

Re: Coinbase is rescinding already-accepted job offers

#213

Post by doktorhladnjak »

lordnacho wrote: post #97
baby wrote: post #55

Earlier 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.

This can create its own chaos. Having been through layoffs where the news got out early and others where management mostly kept a lid on it, the outcome wasn’t better when some people knew early.

Those who were connected to the right bosses knew more than others. There were a couple leaders who already had new jobs lined up when the news became public while others were stuck scrambling. There was a lot of anger and resentment compared to other layoffs I’d been through.

On the other hand, there were layoffs more of the form of directors making “objective” decisions without the bottom two layers of management knowing much of anything beyond that layoffs were probably going to happen. There was more shock. People had a bad time still but there wasn’t the same toxicity to it.

Re: Coinbase is rescinding already-accepted job offers

#214

Post by yossarian1408 »

cyanydeez wrote: post #207
mathattack wrote: post #184

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…

Coinbase is based on a scam market economy. Eventually the snake has no more tail to eat.

A flawed ideal maybe, but you can't say it's a scam.

Re: Coinbase is rescinding already-accepted job offers

#215

Post by Sparyjerry »

teaearlgraycold wrote: post #81
baby wrote: post #55

Earlier quoted context omitted.

How do you do it humanly? If it were me I’d rather get an email

Take the hit. I worked for a series B startup employing around 100 people at the start of the pandemic. Because of the pandemic the business was entirely shut down for 6 months. And was barely operational for longer still. Not a single person was let go. Now, this requires you to run your business responsibly from the start. If you’re already on the edge of your runway you either cut back or die. But if you have the…

The pandemic had "paycheck protection program" or PPP and a second round of this called PPP2 also. This program payed out billions to employers to keep employees, rather than let them go on unemployment, which would have been less productive to the country and maybe even cost the government more in those $600 per week in unemployment, per person. I seriously doubt any startup could otherwise have kept their employees thanks to their 'war chest.' Normally startups don't have a war chest at all.

Re: Coinbase is rescinding already-accepted job offers

#216

Post by rvz »

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 is no different than been fired I don't understand the noise it is making

Exactly. Not sure what the fuss is all about other than these companies not caring about you.

I've seen worse and Fast straight up shut down [0] after assuming that the VCs will just bankroll them despite Fast making little to no money for years with an extremely inflated valuation in the multi-billions.

I think lots of people have also forgotten the change of policy that Tesla, Meta, Apple, and Google said about the 'Working from Home' option in the job description. Before it was 'we're 100% remote', then it was 'you can go remote but you'll get a paycut if you do', then it was 'back to the office by spring 2022' and now some employees who are back at the office are also having their benefits cut.

With any company, 'nothing' is guaranteed. Once again these companies DO NOT care about YOU.

[0] https://www.axios.com/2022/04/06/fast-checkout-startup-colla...

Re: Coinbase is rescinding already-accepted job offers

#217

Post by bathtub365 »

jes wrote: post #194
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…

> I'd be furious at the inequality of input and output Stranger here. Just want to suggest that getting furious over things outside of your control, or the world not being as you would like it to be, is optional. If you don't like being enraged, you can quit that pattern with some practice in learning to notice your emotions as they come and go, and then learning to interrupt the chain of events that leads to the sta…

It’s ok to be mad at a company if they fuck you over by rescinding a signed offer.

Re: Coinbase is rescinding already-accepted job offers

#218

Post by dixie_land »

I wonder how many excitedly gave their current boss a middle finger after getting that 7 figure offer from coinbase.

I know for a fact you can go back to the same team (and same level) in many FAANG companies without even interviewing. If you left on good terms that is.

Re: Coinbase is rescinding already-accepted job offers

#219

Post by bingohbangoh »

mathattack wrote: post #184

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…

Jim Chanos, who famously shorted Enron and failed shorting Tesla, has been shorting Coinbase. He noted that Coinbase is making ~4% on AUM while Charles Schwab makes maybe ~0.5%. Surely this must come down.

Re: Coinbase is rescinding already-accepted job offers

#220

Post by onemiketwelve »

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…

Isn't this a promissory estoppel?
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