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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#271

Post by xnorswap »

kaesar14 wrote: post #259
xnorswap wrote: post #154

Earlier quoted context omitted.

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 h…

Unfortunately that world also leads to overly bloated corporations that are never able to clean house.

Respectfully I disagree. Redundancy is entirely possible, it just has to be done fairly and in a manner that respects employees.

A 45 day consultation period when making over 100 employees redundant doesn't stop redundancies.

Which corporations do you consider bloated and unable to make employees redundant?

Re: Coinbase Announces 18% Layoffs

#272

Post by ivan_gammel »

ohgodplsno wrote: post #217
NikolaNovak wrote: post #159

Earlier quoted context omitted.

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.

>You can definitely be paid laid off employee for a period of time, while having your access revoked. In France, this is a breach of contract as you are not providing your employees with the means to work, and you can be sued for it if it is not done as a disciplinary measure (which you can also be sued for if not done in good faith) EDIT: my dudes stop trying to link legifrance articles to me, I have literally been…

Are you sure? This is a quite common practice for businesses to put the fired employees on paid leave until the contract is terminated, I would be really surprised if that would not be possible in France.

Article L1234-5 [1] of French Labor Code looks like it is possible.

* [1] https://www.legifrance.gouv.fr/codes/id/LEGISCTA000006195622...

Re: Coinbase Announces 18% Layoffs

#273

Post by santiagobasulto »

puranjay wrote: post #102
atlasunshrugged wrote: post #14

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…

Case in point: OpenSea's monthly volume: https://dune.com/rchen8/opensea 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.

I see the point and I agree with you. But let me point out 2 things for the sake of being scientifically correct:

  * we're just at the middle of the month
  * the price has dropped 4x, those charts are in USD
So comparing June (14 days) to Dec is not entirely fair.

Your point still stands.

Re: Coinbase Announces 18% Layoffs

#274

Post by Symbiote »

the_lonely_road wrote: post #175
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

Only in the US? What about Australia or Canada? What about China or Russia? You have no idea how hard it can be to fire a state or federal employee here in the US. I’m guessing there are regions or industries in Europe where it is easy to fire employees. The situation is so much more complex than US bad Europe good. Poorly constructed swipes like this are becoming more and more common and it’s disappointing.

Australia is at least a week: https://www.fairwork.gov.au/tools-and-resources/fact-sheets/...

Canada two weeks: https://www.canada.ca/en/employment-social-development/servi...

China, 30 days: https://china.acclime.com/guides/china-labour-law-hiring-fir...

Russia, two weeks: https://uk.practicallaw.thomsonreuters.com/5-503-4083?transi...

(Did you really think ex-communist countries would be good examples?)

Re: Coinbase Announces 18% Layoffs

#275

Post by xyzzyz »

ohgodplsno wrote: post #224
nemo44x wrote: post #188

Earlier quoted context omitted.

Did you see the severance the ex-employees are getting? It’s super generous and amounts to months of work. Id rather that than face the humiliation of having to come in for weeks to a company that has fired me. Flexible labor laws are also a major reason Americans are paid considerably more than euros.

Quoted post unavailable.

> Having to spend half your available income for things that are automatically taken on your salary in Europe is _the_ major reason Americans are paid considerably more, with "US tech companies and VCs have so much money they don't give a damn about salary" as a close second.

I don’t think you can name many things here that the American tech workers have to spend on, that are included in typical European social benefits package. For example, if you were thinking about healthcare, you would be very wrong, as American tech workers spend very small fraction of their pay on healthcare, smaller than a typical European tech worker.

Re: Coinbase Announces 18% Layoffs

#276

Post by sebzim4500 »

UncleMeat wrote: post #216
kgermino wrote: post #193

Earlier quoted context omitted.

Every tier 1 support rep needs to be able to pull up at least some of my account information. Sure IT and other internal teams shouldn't have direct access, but when your business is managing other people's accounts/money a lot of people will need to have access to customer data.

But you can still restrict that. Make it so every access must be tied to a specific open ticket. Don't just say "well, this person sometimes needs access to a specific customer's information so they can have permanent always-on access to all customer information."

How do you know it isn't? The only claim was that there are many employees with acess to 'sensitive customer information'. That would be the case even if the employees could only see customer information associated with tickets that they had been assigned.

Re: Coinbase Announces 18% Layoffs

#277

Post by elif »

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…

If Coinbase allowed you to pay in fake dollars I'm sure they would get more volume too.

Re: Coinbase Announces 18% Layoffs

#279

Post by jpadkins »

bottled_poe wrote: post #94
prescriptivist wrote: post #25

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.

reminds me of the phenomenon of a new record for tallest building in the world signals a major recession.

Re: Coinbase Announces 18% Layoffs

#280

Post by timmg »

puranjay wrote: post #102
atlasunshrugged wrote: post #14

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…

Case in point: OpenSea's monthly volume: https://dune.com/rchen8/opensea 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.

Those charts look way less dire than I would have expected. June isn't halfway through yet. So I'm not sure what to think of that.

But prior to June, they had been doing ~$200M in "fees" monthly -- fairly consistently, for almost a year. That's more of a "business" (and more stable) than I would have guessed.

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