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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#151

Post by Y-bar »

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…

Never heard this happen (Scandinavia) other than in the cases where an employee clearly breached laws or company policy. Standard procedure here is that you as a salaried employee will be guaranteed 1-2-3 months (depending on your contract) of notice.

Edit with example: https://www.arbeidstilsynet.no/en/working-conditions/dismiss...

> An employee may usually remain in the post as long as negotiations or legal proceedings are in progress, provided the courts have not decided otherwise.

> [...]

> The employer may summarily dismiss an employee if he or she is guilty of a gross breach of duty or other serious breach of the contract of employment. The employee has no right to remain in his post while the matter is being considered, unless the court has decided otherwise.

Re: Coinbase Announces 18% Layoffs

#152

Post by kodah »

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…

I've worked on security products as a SWE and as a SRE over critical systems, I've never seen this kind of behavior. This says a lot about the relationship Bryan and his team have with the people that work with them, imo.

Edit: not sure what's up with the current iteration of the HN crowd, but downvote is not equal to "I disagree".

Re: Coinbase Announces 18% Layoffs

#153

Post by Tarrosion »

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…

With the caveat that I'm approximately as crypto-skeptical as they come, (a) the interview snippet in that video sounds like SBF describing how a hypothetical could work, not his actual business - though it's hard to tell with all the interruptions from the host yelling "Ponzi!"; (b) the interview snippet in the video doesn't even obviously sound like a Ponzi scheme, but more like an exploration of collective actions and collective beliefs, which is...not unrelated to how regular money works?

Re: Coinbase Announces 18% Layoffs

#154

Post by xnorswap »

PhoenixReborn wrote: post #101
xnorswap wrote: post #96

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…

I suspect most of the layoffs are in the US, where no such protections apply.

I suspect you're right, but Coinbase does have a reasonably large London office from their job postings. If anyone there is affected it is important they know their rights.

I have worked for US companies going through a mass redundancy where they just avoided any UK based redundancies to avoid the headache.

I also value making clear to US-based readers that such protections are important and do make a difference to how companies behave. If readers don't like living in a world where they fear very immediately being cut from their job then they should know there is a different world out there and they should lobby their representatives for change.

Re: Coinbase Announces 18% Layoffs

#155

Post by Namari »

synu wrote: post #137
a_chris wrote: post #131

Earlier quoted context omitted.

This is absolutely untrue. In Europe we work several days/weeks after the layoff notice. You can fire people from the night to the morning only in US

In Europe you have to keep paying the person, but it's not uncommon for them to be told not to come in anymore.

true, they call it gardening leave

Re: Coinbase Announces 18% Layoffs

#156

Post by olalonde »

blowski wrote: post #97
togaen wrote: post #77

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.

Crypto has had worse crashes in the last 14 years. What do you mean by you are right this time?

Re: Coinbase Announces 18% Layoffs

#157

Post by bad416f1f5a2 »

Maxious wrote: post #116
PhoenixReborn wrote: post #101

Earlier quoted context omitted.

I suspect most of the layoffs are in the US, where no such protections apply.

> California’s Worker Adjustment and Retraining Notification (WARN Act). Under this Act, the right of employers to lay workers off for reasons bordering on business necessity is curtailed. Employers who plan to lay 50 or more employees off within a 30-day period must give them a 60-day notice before taking such actions.

I'm not sure about California, but the federal WARN act and many state laws have an exemption for "unforeseen business circumstances" – a hole big enough to drive a truck through.

Re: Coinbase Announces 18% Layoffs

#158

Post by parasubvert »

coldcode wrote: post #130
nojito wrote: post #12

>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…

As a public company, are they not required to plan layoffs in advance? i.e. does the WARN act not apply here?

I think this is too small of a layoff for WARN to kick in. It has to be 33%+ at a given site/factory.

And generally if it’s in question they’ll just give people 8+ weeks or more severance. Here Coinbase is giving 14 or more…

Re: Coinbase Announces 18% Layoffs

#159

Post by NikolaNovak »

a_chris wrote: post #131
nemo44x wrote: post #72

Earlier quoted context omitted.

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.

This is absolutely untrue. In Europe we work several days/weeks after the layoff notice. You can fire people from the night to the morning only in US

We may be mixing things up.

You can definitely be paid laid off employee for a period of time, while having your access revoked. They're completely orthogonal. Depends on role, company, situation. It's an assessment and tradeoff - is it worth / do I need the next two weeks of work and KT from this person, vs the risk of having access.

The notion of revoking security access to limit risk is definitely not a US thing.

Re: Coinbase Announces 18% Layoffs

#160

Post by xhrpost »

greatpostman wrote: post #44
hftthrowaway22 wrote: post #26

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

Wow, you aren't kidding

https://dailyhodl.com/2022/05/28/top-coinbase-executives-hav...

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