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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#321

Post by CydeWeys »

rchaud wrote: post #245
t_mann wrote: post #171

Earlier quoted context omitted.

In finance it's pretty common practice (and in that sense Coinbase is similar to a broker). I remember stories about how half (?) the people working at UBS London came to work one morning to find that their badges didn't unlock the entrance gates anymore. And lots of stories like that in the years following the 2008 crash.

Wouldn't their Blackberries be remotely deactivated first?

Phones stop working for lots of reasons other than "I've been fired". I'd still show up to work. It'd be pretty bad if your phone indeed had just stopped working, and rather going in to get it fixed, you just assumed you were fired and then stopped going into work, thus actually getting fired for not showing up.

Re: Coinbase Announces 18% Layoffs

#322

Post by junofan »

FabHK wrote: post #166
golergka wrote: post #70

Earlier quoted context omitted.

> 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.

Gains from trading are zero sum - whatever anyone takes out (when selling), someone must put in (by buying). More specifically, it is a negative sum game, since exchanges and miners want their cut. So, the assertion that crypto as a whole is zero sum hinges on the assumption that for the vast majority of people, the utility of crypto comes from capital gains (buying and selling for a higher price), rather than, say,…

No. If I buy Monero on an exchange, I pay only the marginal buyer’s price. The ability to transact privately may, however, be worth much more to me than that price.

Re: Coinbase Announces 18% Layoffs

#323

Post by jakebasile »

andyjohnson0 wrote: post #293

What struck me about this announcement was that the CEO states a couple of times that he is accountable for the decision, but doesn't say what form that accountability takes. I try not to be cynical, but I suspect in this case that there will be no actual, real accountability.

It's his fault and the buck stops with him, but guess who is remaining employed?

Re: Coinbase Announces 18% Layoffs

#324

Post by willcipriano »

failedengineer wrote: post #299
willcipriano wrote: post #243

Earlier quoted context omitted.

One place I worked at briefly would call the cops and have them escourt you out if they thought there was any risk of "disruption or back talk" (their words). I decided not to work for assholes who lay off little old ladies and then to add insult to injury, call the cops on them.

"Pardon, Officer, but we're firing several employees today and would you like you to assist. We're concerned they might say bad things to us." "ON OUR WAY!" This is a disgusting scenario. I hope they weren't misusing on-duty police resources for this.

You could tell the cops weren't happy about it. These were women in their mid 50's and up who worked front desk jobs, not really a risk of violence.

All they wanted to do was go get their personal items and say goodbye to their peers. Some of them were forced to leave phones and purses behind and wait a week for them to be mailed to them.

It's one of those times in life where you see the mask slip off and realize who the people you've been dealing with actually are.

Re: Coinbase Announces 18% Layoffs

#325

Post by puranjay »

blocked_again wrote: post #284

Is there a single YC company which is doing good in public market? It seems like all YC companies are net loss making investment for the retail investors have they bought the stocks in IPO.

YC was peak funny money. I work extensively with startups and it was increasingly apparent in the last few years that the main objective of the startup was to raise funding, not to build product or deliver value.

The number of "unicorns" that will be around in a decade is likely in the low double digits at best.

Re: Coinbase Announces 18% Layoffs

#326

Post by antoniuschan99 »

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

Over here in North America is common. Been to so many companies last few years and it’s always escort out of building right away.

The one I remember most is how our coworkers coffee was still there for like a week. She had made it literally right before getting called in for the layoff!

Apparently main thing is they don’t want them to start a scene, talk shit about things, and cause issues with their computer access

Re: Coinbase Announces 18% Layoffs

#327

Post by kache_ »

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%?

I don't think you understand how much money google makes :P they might slow growth, but I really can't see them laying off people

Re: Coinbase Announces 18% Layoffs

#328

Post by watwut »

NikolaNovak wrote: post #306
watwut wrote: post #287

Earlier quoted context omitted.

He is not mixing things up. The idea that immediate revoking security access to everything is only way how to do things is definitely a US thing.

Nobody is saying it's the only way to do things. In USA it's not the only way to do things. It's not only done in USA (I worked in Canada and in Europe, never in USA). I'm Canadian, it's our national pastime to diss our neighbours to the South, but the notion that a laid off employee can be a high risk to the company knows no borders. Are we making a claim that those working on Rafale or Gripen get to keep messing wi…

Let me tell it differently. I have seen people fired or laid off and exactly one was taken away immediately. The exact same company fire also different people, without walking them out immediately via security.

I have heard of one more person fired that way - it was by American company and pretty much everyone else treated it as great injustice. Team members met with him in nearby pub pretty much right after.

Re: Coinbase Announces 18% Layoffs

#329

Post by refurb »

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

I’ve been laid off and it’s varied between 6 months notice and 2 weeks.

Note, whether you get walked out the door right away or later, in these types of job you get a severance package.

In my case where it was two weeks it was work 2 weeks, go home keep getting paid for another 30 days, then start your paid 60 day WARN period, then actually separate and receive severance of ~9 months pay plus heath insurance for 1 year.

Re: Coinbase Announces 18% Layoffs

#330

Post by lordgrenville »

graeme wrote: post #123
llamaimperative wrote: post #62

Earlier quoted context omitted.

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…

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…

Relevant to https://en.wikipedia.org/wiki/Nominative_determinism (which itself is a probably just https://en.wikipedia.org/wiki/Pareidolia).
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