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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#381

Post by rootusrootus »

ghaff wrote: post #360
mytailorisrich wrote: post #355

Earlier quoted context omitted.

Firing someone is the result of poor performance or unacceptable behaviour. In many jurisdictions (not in the US I suppose), before firing someone for poor performance they must be told that their performance is inadequate and be given a chance to improve. Bottom line, in general being fired is fully on the person being fired so no need to sugar-coat or to feel bad.

>In many jurisdictions (not in the US I suppose), before firing someone for poor performance they must be told that their performance is inadequate and be given a chance to improve. Performance Improvement Plans are a thing at larger companies. That said, once someone is on a PIP, the handwriting is almost certainly on the wall. I've also worked with people who were incredibly oblivious about the quality of their wor…

> once someone is on a PIP, the handwriting is almost certainly on the wall.

My current manager is particularly transparent about this (with other managers, at least). When he puts someone on a PIP, it is a formality. He deliberately chooses a redemption project that is impossible to achieve.

Edit: Jeez, guys, don't downvote -me- ;-). It's not my policy.

Re: Coinbase Announces 18% Layoffs

#382

Post by morelisp »

NikolaNovak wrote: post #297
boringg wrote: post #239

Earlier quoted context omitted.

A friend of mine's manager had to lay him off but the manager was the nicest guy and was basically in tears through the exit process. My friend essentially had to do the break up. We felt for the manager but also, keep your isht together. If you can't then you are putting that on the individual that you are letting go.

That's exactly the thing. Don't make it about you! How much of telling employee "this is bullshit, I could't sleep over this" is actually doing for them? Vs absolving yourself of guilt, having them like you, and making you look like the victim you definitely aren't? Respect and support and empathy and sincerity are the key, always. Deflecting blame and ranting are not long term helpful.

The proper responsibility of a concerned manager in this case is to make sure the person knows you have their back in terms of future references, petty resources (one guy I knew was on the hook for >$300 in reimbursements when laid off, as far as I know he never got them - another guy was forbidden to take his personal mouse/keyboard home with him), and similar things.

If a mid-level manager actually cares, and was any good at their job, the best thing they can do is to keep doing it for that person.

Re: Coinbase Announces 18% Layoffs

#383

Post by thaway2839 »

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…

Lol, so 18% of their employees have access to personal data.

Ok. I am very comfortable entrusting my data to this company.

Re: Coinbase Announces 18% Layoffs

#384

Post by ethanbond »

wickoff wrote: post #359
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 is pointing out that it is in fact a ponzi and explaining the mechanism. There are no regulations against letting people trade this type of ponzi so his company isn't doing anything illegal. I think the problem here is that people outside crypto take it more seriously than insiders.

I think people outside of crypto take it seriously because it’s getting to the scale where it will start negatively impacting non-participants or unknowing participants.

Re: Coinbase Announces 18% Layoffs

#385

Post by dvt »

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…

> his business as a literal Ponzi scheme

Imagine being this uninformed and wanting to seriously have a conversation about crypto and the underlying fundamentals. We get it, you hate crypto. Why even bother at this point?

Re: Coinbase Announces 18% Layoffs

#387

Post by i13e »

caminante wrote: post #349
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.

What do you have in mind for "real accountability?" He could've deflected responsibility or hid behind a proxy, which happens all the time. Now, he gets more judgment good/bad directed at him from shareholders, the board, and customers.

https://www.theblock.co/linked/96078/coinbase-ceo-brian-arms...

Taking a pay cut in addition to the layoffs would be a good start

Re: Coinbase Announces 18% Layoffs

#389

Post by hhmc »

cdiddy2 wrote: post #310
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

I(an american) was quitting a job at a UK company and tried to put in my 2 weeks notice, they said the standard was a 2 months notice for them and so I just kinda bumbled along for 2 months not doing much. Really odd practice

It's not odd at all really -- it just sounds like you weren't a perticularly key employee. For many roles, the extra time to ensure continuity and handover is very valuable.

Re: Coinbase Announces 18% Layoffs

#390

Post by gsibble »

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.

Well, Brian has lost billins in personal wealth. That's certainly something.
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