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Coinbase is rescinding already-accepted job offers

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Re: Coinbase is rescinding already-accepted job offers

#251

Post by alphakilo »

formercoder wrote: post #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…

FWIW the 1 week every 4 months is on top of your vacation, not "encouraged vacation", but rather a company wide recharge week

I agree those who started in the 6 months after IPO got the short end of a stick. The current packages are based on 90 day moving average IIRC. At least the grants being yearly helps in this case

Re: Coinbase is rescinding already-accepted job offers

#252

Post by philjohn »

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…

Are they cash flow positive? They made a loss in the latest quarterly filing?

Re: Coinbase is rescinding already-accepted job offers

#253

Post by [deleted] »

bingohbangoh wrote: post #221
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…

This sentiment seems common on Hacker News but I'm not sure its wise. Companies that have high standards are far more interesting places to work at and with more interesting colleagues. They all require whiteboards and leet code. It's definitely true that not all companies that use these algorithm interviews are worth working for. But, at least in my experience, companies that don't require them at all are pretty awf…

[deleted]

Re: Coinbase is rescinding already-accepted job offers

#254

Post by xref »

1270018080 wrote: post #185
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…

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

Thousands upon thousands. There are a lot more companies in the world than FAANGs and SV unicorns.

Re: Coinbase is rescinding already-accepted job offers

#255

Post by lcvw »

blibble wrote: post #209
tasn wrote: post #200

Earlier quoted context omitted.

There is usually no notice period (or mandated severance in the US).

so you can just quit and walk out the door? strange country

Absolutely. You could just literally stop showing up one day, it is the company’s problem at that point. 2 weeks notice is expected, and giving less is considered a bit of a betrayal, but it’s perfectly legal. As much as like the idea of having the security of a contact, being forced to work honestly seems kind of strange to me.

Re: Coinbase is rescinding already-accepted job offers

#256

Post by alx__ »

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.

Unregulated assets != scam

Predatory con artist are taking advantage of the wild west

Regulation is coming, I'd assume Coinbase is sensing the headwinds change

Re: Coinbase is rescinding already-accepted job offers

#258

Post by duxup »

pclmulqdq wrote: post #212
duxup wrote: post #122

Earlier quoted context omitted.

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.

What is the severance offered?

I don’t know how you can determine what the minimum is without knowing the severance and etc.

Re: Coinbase is rescinding already-accepted job offers

#259

Post by fatbird »

oceanplexian wrote: post #229
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…

> So why are they doing this? My sense is they see what’s coming. I think this vastly overestimates how efficiently corporations are actually run. I've been in meetings with executives at several public companies. When the topic of adjusting HC or spending money comes up, usually those conversations happen in a ratio of 50% politics, 40% wild-ass opinion, and 10% data. And almost always, the "data" are completely che…

Seconding this. I work as a contractor at a Fortune 100, and have been there long enough, and am now highly enough ranked, that I see most of the decision pipeline from the C suite down to the intern I'm helping. The a-rationality of it is shocking. No one two steps above me really understands what our project does or how it makes money, only how it plays into the spreadsheets; and yet decisions come down from above that layer that have blistering consequences for us, with no apparent relation to our reality, but probably make a cell on a spreadsheet green instead of red.

Arguably, that's just how well things can work at this scale. A CEO of a company that large who can see all the way down to me would be a nano-manager who should be fired. But it's still incredibly frustrating to be implementing decisions that affect me (such as a hiring or spending freeze), knowing that it was decided blindly with respect to me.

As I near retirement, I'm starting to believe that any organization run substantially by spreadsheets alone is too large, meaning that profit is wasted on organizational overhead, and investors should be dismantling such companies into smaller ones.

Re: Coinbase is rescinding already-accepted job offers

#260

Post by davidgerard »

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.

It's the other way round. When NASDAQ sneezes, crypto catches a cold. I think because there's some tech investors who put a few percent into crypto, and when the market heads south you sell your frivolous rubbish (the crypto) first. And it takes very little actual-dollar volume to tank crypto

Same thing happened in March 2020, when investors panicked over COVID-19 and flew to US treasuries. Stocks went down, crypto went through the floor.

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