101–110 of 616 posts
Seems absurd that 18% can be laid off without an extended consultation period, proper notice, proper protocol of who should be laid off, etc. If any UK staff are affected, then I would talk to citizens' advice (or a solicitor if you can afford it) asap. Know your rights: https://www.gov.uk/redundancy-your-rights/consultation You’re entitled to a consultation with your employer if you’re being made redundant. This inv…
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…
There's no hiding on the blockchain. Monthly volume has gone down from a peak of nearly $5B in January to $372M in June so far.
It’s been pretty interesting watching YC backed Coinbase get absolutely crushed by FTX, which has a higher % of crypto trading volume despite having less than 10% of the headcount. Crypto is a zero sum game, and the old Paul Graham essays and other tired VC dogmas really only work in positive sum games. FTX was founded by traders which is valuable when the ultimate purpose of the crypto industry is to separate uninfo…
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
> 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…
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 Hiring freeze and rescinded offers. 3. 18% layoffs.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’s been pretty interesting watching YC backed Coinbase get absolutely crushed by FTX, which has a higher % of crypto trading volume despite having less than 10% of the headcount. Crypto is a zero sum game, and the old Paul Graham essays and other tired VC dogmas really only work in positive sum games. FTX was founded by traders which is valuable when the ultimate purpose of the crypto industry is to separate uninfo…
> Crypto is a zero sum game How come? The same network effects that work for social networks work here, as more people and businesses use crypto, it's value proposition raises quadratically.
Coinbase
“ We have now exceeded the limit of how many new employees we can integrate while growing our productivity. For the past few months, adding new employees has made us less efficient, not more. We have seen ourselves slow down considerably due to coordination headwinds, and difficulty fully integrating new team members.”
FTX
“ It’s a race–between how quickly new employees understand the company's culture, and how quickly people are hired. The faster you hire, the harder it is to keep everyone on the same page.…. we wanted to make sure we could actually integrate everyone we hired into FTX's working culture.”
Can't believe they are still airing the Long Live Crypto ad during the NBA playoffs. Just saw one last night.
Right before inflation takes off, “staples” stadium was renamed to “crypto.com” stadium - at once a comical metaphor and omen.
Earlier quoted context omitted.
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.
I thought crypto would collapse every year for the last 14 years, and I've been proven wrong every time. So I'm wondering why this time I'm right.
Just look at that whole GME saga. A mob of people attempted to short squeeze a bunch of hedge funds, but got carried away and kept pumping up the price long after all the short sellers had closed out their positions.
GME is still riding at 24x the price prior to the short squeeze began (and about double its all-time-high prior to the Reddit intervention). Who are they squeezing now?
It’s been pretty interesting watching YC backed Coinbase get absolutely crushed by FTX, which has a higher % of crypto trading volume despite having less than 10% of the headcount. Crypto is a zero sum game, and the old Paul Graham essays and other tired VC dogmas really only work in positive sum games. FTX was founded by traders which is valuable when the ultimate purpose of the crypto industry is to separate uninfo…
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