Nothing to see here, Schumpeter's gale [1] in action, actually good news for Bitcoin.
Coinbase Announces 18% Layoffs
51–60 of 616 posts
Re: Coinbase Announces 18% Layoffs
#52>If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realize that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you. Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensur…
Wow. The language is nice but the behavior is horrendous. Also illegal in many parts of the world: IDK if they have employees in Europe but if they do it will be a big mess.
Suddenly cutting off an employee from a company, with no way to even say goodbye to their former colleagues, is despicable. It really shows who you are. Let's hope they will have a hard time hiring back anyone in the future.
Edit: as pointed out in many comments in this thread, this is apparently "normal" in the US. Point taken. (But if it is, then it's a little strange that the CEO felt the need to justify it.)
Re: Coinbase Announces 18% Layoffs
#53Why has the crypto boom and bust lined up so closely with the COVID pandemic? Is it a coincidence or is there some underlying cause?
Re: Coinbase Announces 18% Layoffs
#54Earlier quoted context omitted.
We would still be below 2%. Interest Rate in the United States averaged 5.44 percent from 1971 until 2022.
Still waiting for the banks to raise my saving's interest rate to 70's level. ½ percent doesn't cut it.
Buy I Bonds. 9.62% https://www.treasurydirect.gov/indiv/research/indepth/ibonds...
Re: Coinbase Announces 18% Layoffs
#55To everyone: 2017 had the exact same pattern. Coinbase is suffering this time because they didn't learn at all the lessons that happened to the companies in 2017. For example, you will not see this happen with Kraken. This is normal, nothing to see here.
Coinbase has survived something like 4 downturns before, the previous ones on the same strategy that they are employing now. So not sure what lessons they are not applying, that others are?
Re: Coinbase Announces 18% Layoffs
#56how can anyone still trust this company as a prospective employee? I guess if they aren’t hiring it doesn’t matter but long term it’s not a good look
Re: Coinbase Announces 18% Layoffs
#57Anyone affected by this action and looking for work feel free to reach out. The folks I met from Coinbase are stellar and would love to work with you!
Re: Coinbase Announces 18% Layoffs
#58Earlier quoted context omitted.
>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?
They might actually do so this week if the news is to be believed https://www.cnbc.com/2022/06/13/markets-are-now-bracing-for-... https://www.cnbc.com/2022/06/13/fed-reportedly-may-hike-rate... edit to add second non-paywalled link
I was about to say that waiting till September might be not ideal when it comes to battling inflation.
Re: Coinbase Announces 18% Layoffs
#59Did coinbase pay employees in dollars or crypto? Paying employees in coinbase-coins sounds very attractive, and if there is any group of people who would want that it's employees of a crypto company...
Don't know if they still do it but ~8 years ago they were offering salary in bitcoin.
Re: Coinbase Announces 18% Layoffs
#60> If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realize that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you. Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensure not even a single person made a rash decision that harmed the business or themselves.
How typical is this? Is he really talking about the hot wallet and/or cold storage?
Those claiming that this is a "crypto" sentiment thing should consider the possibility that the front page of HN will be filled with stories like this from all over the economy within one month.