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This is sad. This was avoidable. There’s no recession as far as the eye can see. There’s a crypto recession. Let’s go back to building real tech.
>There’s no recession as far as the eye can see. Back your pardon? The Fed is expected to raise the interest rate by 0.75% in September, IIRC. If that's not a recession on the horizon, then what is?
This is sad. This was avoidable. There’s no recession as far as the eye can see. There’s a crypto recession. Let’s go back to building real tech.
>There’s no recession as far as the eye can see. Back your pardon? The Fed is expected to raise the interest rate by 0.75% in September, IIRC. If that's not a recession on the horizon, then what is?
Can't believe they are still airing the Long Live Crypto ad during the NBA playoffs. Just saw one last night.
If we follow the weekly updates: 1. First a hiring "slowdown". 2. Hiring freeze and rescinded offers. 3. 18% layoffs. What's the reason behind announcing it in stages? Don't they receive much more negative publicity this way? Or are they really making decisions from one week for the next?
This is sad. This was avoidable. There’s no recession as far as the eye can see. There’s a crypto recession. Let’s go back to building real tech.
>There’s no recession as far as the eye can see. Back your pardon? The Fed is expected to raise the interest rate by 0.75% in September, IIRC. If that's not a recession on the horizon, then what is?
I don't understand - has crypto been around long enough to have winters? When were they?
If we follow the weekly updates: 1. First a hiring "slowdown". 2. Hiring freeze and rescinded offers. 3. 18% layoffs. What's the reason behind announcing it in stages? Don't they receive much more negative publicity this way? Or are they really making decisions from one week for the next?
Not so long ago, CNBC was still talking about the probability of a recession a quoting probability percentages less than 50%.
I think the reality is that 2-4 months ago, very few people thought things would get as bad as they are right now.
In an environment of extremely high unpredictability, sometimes week-by-week decision making is the only way to operate. Re: your point on publicity, I think they will get less negative publicity now that they're announcing layoffs after many other companies have already done the same
Crypto is clearly crashing but I’m more curious if a reckoning will hit FAANG, particularly Google. I know one person there who is the spouse of a good friend, and they make nearly 7 figures as a middle manager (although I’m unsure what happens with the stock declines and RSUs). Can these companies support legions of absurdly highly paid people? GOOG is down 25% this year, what will happen when it drops 50%?
It is fascinating just how quickly sentiments can change (both in the broader market but in crypto it seems to be exacerbated). That said, it's obvious that companies like these dramatically overhired and overspent on talent and were growing far beyond what the market could bear except in an extremely bull run subsidized by government largesse. Now that investors are losing their shirts on crypto and retail people wh…
“It is fascinating just how quickly sentiments can change” Sounds like a classic bubble that people have been warning about. Tulips all over again? https://www.cnbc.com/amp/2022/05/02/warren-buffett-wouldnt-s...