Coinbase is such a trash company...It's exec's running the company have no idea what they are doing. From a consumer standpoint it's been a nightmare...They basically locked my account for unknown reasons to me, then stated they can't disclose there reasoning. I then had to open multiple support cases and wait a month before being able to move USD back to my bank...
Coinbase Announces 18% Layoffs
361–370 of 616 posts
Re: Coinbase Announces 18% Layoffs
#362Are crypto assets held by Coinbase at risk if this continues? The old adage, store it on your own wallet, has its own disadvantages (like proving ownership more than 12 months and losing it).
Well, they say your assets are "...protected, secure, and yours" [1].
Does that statement really holds up when the company goes bankrupt? I personally don't think so
[1] https://help.coinbase.com/en/coinbase/top-of-mind/top-of-min...
Re: Coinbase Announces 18% Layoffs
#363Why has the crypto boom and bust lined up so closely with the COVID pandemic? Is it a coincidence or is there some underlying cause?
Apart from the good economical explanations other replies have brought up, there's also a link between crypto and Covid-19 via the rise of conspiracy theories.
Crypto is associated with some types of conspiratorial thinking: goldbug libertarians, ramblings about globalist bankers and George Soros, etc. The pandemic gave a boost to conspiracy theories overall, and crypto was a beneficiary.
Re: Coinbase Announces 18% Layoffs
#364Earlier quoted context omitted.
In the UK you have to provide employees with a consultation period, which is typically done while the employee is still carrying out their day-to-day jobs (dependent on the reason for the redundancy). I believe it is similar in other EU companies. See here: https://www.gov.uk/redundancy-your-rights/consultation Revoking access and not allowing users to complete their jobs would often be seen as a failure to consult (…
This assumes that the employee has been working for the company for more than 2 years. If it's less than that, they have no such protection and can be fired for any reason whatsoever.
> This assumes that the employee has been working for the company for more than 2 years. If it's less than that, they have no such protection and can be fired for any reason whatsoever.
There are some protections, but yes, they are much more limited (in particular, anything that would generally be classified as automatic unfair dismissal is still protected, for instance for whistleblowing, joining a trade union, firing someone for raising a health and safety concern or for going on maternity leave).
You will likely still want to capture and document the genuine reason under either performance, absence or conduct grounds in order to protect against any invalid claim that the dismissal was because of a protected reason if it was brought to tribunal (when in reality it wasn't).
Re: Coinbase Announces 18% Layoffs
#365> 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…
Extremely common in fintech and health care. It's the remote analog to being escorted out by security. I've worked for two health care companies and have had access removed the literal last minute of my last day. One, a large pharma co, used a policy update to remove my ability to log into the company laptop. Not a comment on the practice, only sharing experience.
Re: Coinbase Announces 18% Layoffs
#366Earlier 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
> You can fire people from the night to the morning only in US
And in most of the Europe and I'd guess also world during probation period (typically in Europe 1-3 months).
But yeah, you can't do that once probation period pass, then it's usually at least 1-3 months PAID resignation period. You can tell people not to come to work and still get salary though, but if they would still wanna come it could get very messy legally.
I had actually only fixed contracts during my EU jobs and either company told me they won't extend the contract or I told them I won't extend it, but they were happy to keep me working until very end.
Only in China during Microsoft layoff I was told I don't need to come to work, while getting compensation, but that was understandable considering me and other Israeli girl were only two people fighting against company trying to cheat us for our legal compensation and it came to me telling them whether they wanna leak certain data and me contact labor bureau about their illegal procedures.
Re: Coinbase Announces 18% Layoffs
#367> 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…
Par de course in finance (hedge funds etc.).
People just "disappear" overnight. Access cut. You've had nothing on your personal computer anyways (all work & data is on company machines, accessed through Remote Desktop).
Re: Coinbase Announces 18% Layoffs
#368To everyone: 2017 had the exact same pattern. Coinbase is suffering this time because they didn't learn at all the lessons that happened to the companies in 2017. For example, you will not see this happen with Kraken. This is normal, nothing to see here.
Why won't one see the same thing with Kraken?
It's already happened to them in 2017 and during my interview with them (after the 2017 crash), the interview was basically me interviewing them asking them what they're doing and it all checked out. Their biggest mistake was growing too fast and too much liquidity in crypto. All fixed now as far I can see from the public eye now
Re: Coinbase Announces 18% Layoffs
#369Earlier 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 was a well known thing at a company I worked for that was involved with government work. If you were leaving for another industry the last 2 weeks were for finishing up work and saying goodbye to your coworkers. If you were leaving for a competitor you were walked out within an hour of submitting your resignation and promised your 2 weeks pay. It was so well known that engineers would schedule vacations starting…
I usually terminate access immediately. It's just solid IT security practice.
I've seen WAY too many cases of employees email forwarding documents to their personal email the moment they are told they're being let go.
Before we started terminating access immediately, I'd estimate that roughly 25% of employees would email themselves at least something.
Re: Coinbase Announces 18% Layoffs
#370Earlier quoted context omitted.
> 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…
I've never laid people off, but I've fired them. It's hard to know what emotional tenor to put on it. On the one hand, of course you're right that upbeat positive optimistic is fake and maybe feels like it's more for you than them. On the other hand, being like, "this sucks and it's bad for you and I hated doing it" feels like kicking people when they're down, making them feel like it's even worse than it already is.…
>[Firing people is] a generally fraught situation.
It is, but it should not be. In the best world, it's impersonal. Sometimes it's not a good fit, period. The reason it's fraught is at least partly systemic. Having healthcare tied to the employer is particularly wrong. It makes severance (for any reason) akin to having life support turned off.
But also, ours is a culture that discourages employees from participating in the job market while employed - this is deeply hypocritical, especially as most employment is "at will", which means they can dump you whenever you want, and of course the employer is always active in the job market, happy to replace you with someone cheaper/better if they could. If you're already in the market, and have warm leads, this softens the blow considerably. The final thing worth mentioning is that a firing is a severance, and need not reflect poorly on you (except, perhaps, insofar as you didn't adequately anticipate it and quit in advance). On first principles I hate it when those in power tacitly accept the implication that if other, unrelated powerful people have punished you, you're bad. I'm not sure if this is actually believed, or just used as leverage to get a better deal, or both, but either way it's unfair. Hence the importance of privacy in such situations.