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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#201

Post by eganist »

kodah wrote: post #191
eganist wrote: post #186

Earlier quoted context omitted.

It's as old as time. Or at least as old as the first few times mass layoffs and networked employee devices co-existed. https://www.nytimes.com/2001/03/21/jobs/laid-off-and-locked-...

Some companies do it, sure, but I wouldn't call it normal or acceptable. In fact, it's kind sleezy.

Mass-scale layoffs it's almost guaranteed. When you're talking even a single percentage point of employees departing, it's more normal than you might expect.

Some companies even do it after an employee submits notice on their end (paying through the end of the term but disabling access earlier than expected, or even immediately), though this is far less common.

Re: Coinbase Announces 18% Layoffs

#202

Post by gruez »

graeme wrote: post #140
gruez wrote: post #87

Earlier quoted context omitted.

Does that say much? They're the biggest buyer because USDT is the biggest stablecoin.

Your logic is backwards. They don’t buy more Tether than other stables. (Well they do but that wasn’t the point) The point is they are Tether’s largest customer. They buy more Tether than anyone else.

I still don't see what the problem is. Their customers want USDT. They buy USDT so their customers can access it. Looking around on their site, it looks like they support USD alongside USDT, so it's not like they're strongarming their customers into using USDT. Calling that shady is like calling a stock broker shady because they're the largest buyers of [insert shady/overhyped company here].

Re: Coinbase Announces 18% Layoffs

#203

Post by rglullis »

gruez wrote: post #87
janmo wrote: post #46

Earlier quoted context omitted.

FTX's success is a bit questionable. They are the biggest buyer of USDT/Tether and shady things are probably going on there.

Does that say much? They're the biggest buyer because USDT is the biggest stablecoin.

Isn't that reversing the logic? If FTX bought more USDC than USDT, the scales would've changed.

Also, the fact that FTX has never called out Tether or at least pushed for a proper audit is indicative that they are more likely to be in the scam than merely buying from them because they believe to be solid.

Re: Coinbase Announces 18% Layoffs

#204

Post by patrec »

samwillis wrote: post #128
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…

To be honest this is the more concerning thing in that quoted statement: > "Given the number of employees who have access to sensitive customer information" Surly they should have very very few employs that have access to that type of information?

Not sure why you are being downvoted, I think in an industry that is rife with crime and theft of enormous sums you would indeed hope that some mature player like Coinbase restricts access to sensitive customer information to a really small part of their workforce.

Having said that, we're still talking about hundreds of people being laid off, so even with excellent access controls this step might be prudent -- e.g. even customer support staff would have access to some stuff that would be useful for social engineering, at the very least.

Re: Coinbase Announces 18% Layoffs

#205

Post by FabHK »

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?

Matt Levine's theory (regarding Robinhood mostly, but maybe applicable) is that people were bored (no sports to watch, can't go out, no cinema, no pubs), and so they started gambling on the markets. Additionally, many people reduced their spending (can't go out, no cinema, no pubs), and many of them retained their income or even augmented it (stimulus checks).

So, discretionary income and fewer choices on what to spend it?

Re: Coinbase Announces 18% Layoffs

#206

Post by netsharc »

togaen wrote: post #77
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.

The war is probably also a big cause of the crash...

Re: Coinbase Announces 18% Layoffs

#207

Post by jaywalk »

ceejayoz wrote: post #54
JKCalhoun wrote: post #41

Earlier quoted context omitted.

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...

Unfortunately limited to $10k per year, but at that rate everyone should be buying up to the limit.

Re: Coinbase Announces 18% Layoffs

#208

Post by UncleMeat »

NikolaNovak wrote: post #149
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…

Unfortunately it's common enough. It's harsh, it's cold, but ultimately for companies it's a real necessity. The explanation is blunt and correct - even a single malicious actor can enact HUGE devastating harm. It doesn't have to be hot wallet / cold storage. Source code, business plans, revenue & profit statements, SSH to servers, physical access to datacentre, client contact lists, etc etc... there's a myriad thing…

> Friendly, smiley, fake.

My father had to lay off a bunch of people in 2008. I am now a manager. He told me that if I am ever forced to do this to not ever do this crap to my team. Tell them that this is bullshit. Tell them that you are upset. Tell them that you haven't slept. Tell them that the are right to be mad, disappointed, and even to hate you for choosing their head to roll. Anything better than fake smiles and "I'm sure you'll land on your feet."

For me, I think I'd just quit if I was told to lay off people on my team. Maybe that's hard to do in the moment, since I'd also not want to lose my job in a major crisis, but it sounds awful.

Re: Coinbase Announces 18% Layoffs

#209

Post by wp381640 »

puranjay wrote: post #108
bottled_poe wrote: post #94

Earlier quoted context omitted.

Right before inflation takes off, “staples” stadium was renamed to “crypto.com” stadium - at once a comical metaphor and omen.

and Crypto.com laid off 5% of its workforce just yesterday

It's crazy how much of a marketing footprint they have considering they're only the 19/20th largest exchange

I think the chances of them seeing out their stadium sponsorship are near 0%

Re: Coinbase Announces 18% Layoffs

#210

Post by Melting_Harps »

bko wrote: post #179
graeme wrote: post #123

Earlier quoted context omitted.

He described defi yields as a literal ponzi. Sam Bankman Fried’s business is charging commissions to people in the ponzi and trading against them and he does a good job of that. As an aside, for those who like names as destiny, SBF’s is epic I.e. Bernie Madoff made off with their money Nuke Goldstein of Celsius nuked depositors money You get: Scam-Bankman Fried Or also Sam Bank-Man Fried (if they go bust) This sort o…

I want an exchange to be neutral. I don't want them to pick and choose the products I'm allowed to trade. Outright fraud should be avoided, but if someone wants to buy a shitcoin, they should be allowed to do so.

> I want an exchange to be neutral. I don't want them to pick and choose the products I'm allowed to trade. Outright fraud should be avoided, but if someone wants to buy a shitcoin, they should be allowed to do so.

BTC-e was the closest thing to that, and the FBI shut them down outside of their jurisdiction (RU).

To this day they were the only exchange trying to make people whole after the seizure, everyone else just exit scammed or has had their funds tied up in an asset seizure (MT gox via the Japanese Government).

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