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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#71

Post by atlasunshrugged »

> 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.

Brutal. Not even the quintessential mass zoom call?

Re: Coinbase Announces 18% Layoffs

#72

Post by nemo44x »

Barrera wrote: post #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 ensu…

Pretty standard to not let terminated employees hang around. It feels cold but it’s just the way it has to be. Sone places will even do this when an employee submits a resignation on good terms. Just a way for the company to cover themselves.

Re: Coinbase Announces 18% Layoffs

#73

Post by onlyrealcuzzo »

seibelj wrote: post #17

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%?

IIUC, RSUs are printed out of thin air.

RSU pay - especially at higher levels - makes up >50% of total compensation.

If stock prices go up or down - you'll certainly make more or less money. But the effect on the company is minimal.

Revenue is what matters to be able to afford to pay the base salary and bonus.

Re: Coinbase Announces 18% Layoffs

#74

Post by dominotw »

Barrera wrote: post #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 ensu…

very typical.

Re: Coinbase Announces 18% Layoffs

#75

Post by greatpostman »

llamaimperative wrote: post #62
greatpostman wrote: post #44

Earlier quoted context omitted.

Yeah. FTX people clearly know a lot more about market making and how exchanges work. Makes coinbase look like amateurs. Coinbase hired their CPO with a 650 million dollar pay package. They should have spent that money on 2 - 5 million a year hft programmers and traders

What do you make of Sam Bankman-Fried describing his business as a literal Ponzi scheme on Odd Lots podcast? The commentary isn’t necessary to see the insanity but here’s fastest way to get to the relevant content: https://youtu.be/C6nAxiym9oc Edit: To clarify, though not sure how much a mitigation this is, yes SBF is describing much of the underlying activity he takes commission on as a Ponzi scheme. Sure, he’s not…

I listened to that, he even predicted the Luna crash in that interview. When that guy talks, it’s very clear he understands markets. Very different approach to Bryan Armstrong, who’s more of a Bitcoin “believer”. I think the blatant description of a ponzi scheme was a rare window into an insiders thoughts.

Re: Coinbase Announces 18% Layoffs

#76

Post by typeofhuman »

ohgodplsno wrote: post #8
jstx1 wrote: post #3

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?

It'll all be forgotten when they announce withdrawal freezes. Don't worry, it's for the Safety of the Network ™

Not your keys, not your coins. Don't keep your assets on an exchange.

Re: Coinbase Announces 18% Layoffs

#77

Post by togaen »

blowski wrote: post #53

Why has the crypto boom and bust lined up so closely with the COVID pandemic? Is it a coincidence or is there some underlying cause?

Of course: governments around the world flooded markets with stimulus cash and it all had to go somewhere. Now they are unwinding stimulus and it’s going away. Every reasonable observer has just been waiting for this to happen.

Re: Coinbase Announces 18% Layoffs

#78

Post by oneeyedpigeon »

chrisseaton wrote: post #37

> Coinbase has survived through four major crypto winters I don't understand - has crypto been around long enough to have winters? When were they?

If we're talking Bitcoin:

- Early 2014 ($1,000 -> $300)

- Late 2018/Early 2018 ($19,500 -> $6,800)

- April 2021 ($63,000 -> $35,000)

- Nov 2021-Now ($67,000-> $22,000)

Re: Coinbase Announces 18% Layoffs

#79

Post by I_am_tiberius »

senttoschool wrote: post #47

So when the CEO said "leave". He was trying his hardest to get get his employees to leave so he doesn't have to pay severance.

I don't think so. I assume that he asked people to leave because he wanted fewer people included in the layoff who actually care about the company.

Re: Coinbase Announces 18% Layoffs

#80

Post by onlyrealcuzzo »

endisneigh wrote: post #39
seibelj wrote: post #17

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%?

Google makes millions per employee, they’ll be fine until people stop buying ads and they stop making money.

Technically ~$1.6M per employee: https://csimarket.com/stocks/GOOG-Revenue-per-Employee.html
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