Would this be the Coinbase whose CEO just spent $133 million on a home? https://www.ibtimes.com/inside-coinbase-ceo-brian-armstrongs... Capitalism is a harsh mistress.
There's nothing wrong with people collectively giving someone money.
Coinbase lays off around 1,100 employees
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Re: Coinbase lays off around 1,100 employees
#12Earlier quoted context omitted.
> GDP in the United States is currently growing strongly Last quarter was -1.4% growth, so probably not growing strongly (but who knows, maybe just a blip...) https://www.wsj.com/articles/us-economy-gdp-growth-q1-116511...
And Q2 is anticipated to be +2.1%, based on late-Q2 analyses. One quarter of stochastic sign change does not get you a recession. A more pessimistic view gives +1% for Q2: https://www.atlantafed.org/-/media/documents/cqer/researchcq...
Atlanta FED GDPNow recently downgraded expectations: https://www.atlantafed.org/cqer/research/gdpnow
This is typically an accurate measure.
Re: Coinbase lays off around 1,100 employees
#13However, I did notice their prominent advertising at the NBA Finals...
Crypto is dead.
Re: Coinbase lays off around 1,100 employees
#14However, I did notice their prominent advertising at the NBA Finals...
Probably already committed money. Still a terrible look.
It must have been hard for them to come up with an ad over the last couple months that they knew would be relevant/accurate no matter what happened in the markets. I wonder if they had a different ad prepped and then subbed this one in because of what happened. It was a visually simple ad and presumably could have been created at the last minute.
Re: Coinbase lays off around 1,100 employees
#15I think if employees feel slighted by being fired, they're fooling themselves. The best mindset is that you could be gone tomorrow. It gives you clarity and purpose. It also happens to be the truth.
Coinbase was also extremely generous with severance. 12 weeks plus two for every one year at the company, I think. I've had the experience of being let go without notice and without severance.
Devs seem a little more grizzled this time around, so I think this mindset is slowly becoming the norm. College grads seem skittish, but they always are.
People keep pointing to Armstrong's $110M house like it's some sort of injustice. If you think billionaires should exist at all, then that's one of the least-bad injustices imaginable. It's probably true that no Armstrong, no Coinbase, and 10% of Coinbase is the prize.
EDIT: It's actually 14 weeks: https://blog.coinbase.com/a-message-from-coinbase-ceo-and-co...
Three and a half months of dev salary is pretty incredible.
Re: Coinbase lays off around 1,100 employees
#16I see they cut off access for staff before telling them. not an atypical move, but I wonder if they were actually able to revoke all access, given there's systems like Kubernetes where some auth. types can't be revoked once granted.
Re: Coinbase lays off around 1,100 employees
#17However, I did notice their prominent advertising at the NBA Finals...
Crypto is dead.
Bold claims like this is what make people look like idiots when things turn around.
With experience though, you can tell that people who make bold claims like this were always idiots gambling away their credibility, hoping the 50/50 lands in their favour.
Re: Coinbase lays off around 1,100 employees
#18Re: Coinbase lays off around 1,100 employees
#19Earlier quoted context omitted.
And Q2 is anticipated to be +2.1%, based on late-Q2 analyses. One quarter of stochastic sign change does not get you a recession. A more pessimistic view gives +1% for Q2: https://www.atlantafed.org/-/media/documents/cqer/researchcq...
Atlanta FED GDPNow recently downgraded expectations: https://www.atlantafed.org/cqer/research/gdpnow This is typically an accurate measure.
Sure. And if GDP goes negative, and if employment falls etc etc then people will start saying recession. I was just trying to answer the GPs question, not predict whether or not this is a recession!
By the way the official declaration by the U.S. bureaucracies of the onset of a recession typically lags the actual onset by a year or so.
Re: Coinbase lays off around 1,100 employees
#20Why they need these many people for an exchange is puzzling. I’m sure there are many things to do, but shouldn’t they grow their headcount organically and slowly?