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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#571

Post by boeingUH60 »

bogomipz wrote: post #490
tedivm wrote: post #417

Earlier quoted context omitted.

He just bought a house for $133,000,000. That's enough to give everyone who was laid off slightly a severance of more than $120,000. Somehow I'm expecting accountability to be significantly less than that.

I had to look this up after seeing that eye popping number. Apparently 9 figure homes is a thing amongst the billionaire class: https://www.dirt.com/gallery/moguls/finance/brian-armstrong-...

I'm a regular reader of high-end real estate blogs, so frequently see these types of purchases. I don't begrudge anyone for being wealthy (so far they made money legally and "ethically"), but I like imagining what I could alternatively do with such sums.

For example, look at this beautiful school campus in Russia - https://archive.ph/z5x01/26aa0da221582b152ab472fafafe811a483.... It was built at cost of $80 million [1].

But, somewhere across the world, someone spends way more than that on an individual home. It gets more real than that...Marc Andreessen (also a major Coinbase shareholder) spent $177 million on a Malibu manse, dropped $45 million on a second one, and $34 million on a third one [2]...Jeez

1- https://archive.ph/z5x01

2 - https://www.dirt.com/gallery/moguls/tech/marc-andreessen-hou...

Re: Coinbase Announces 18% Layoffs

#572

Post by q1w2 »

hhmc wrote: post #545
q1w2 wrote: post #369

Earlier quoted context omitted.

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.

What were they emailing themselves, IP?

All sorts of things. Sometimes it's code or documentation/guides they wrote that they believe they're entitled to... Sometimes it's personal things they kept on their work computer/account.... Sometimes it's contact lists... Sometimes it's strategy docs they authored... Sometimes it's password files (which often mix personal and work creds). Sometimes it's whatever-they-can-think-of that might be of value on the share drive...

It's just so incredibly common that I don't understand why any employer doesn't terminate access the instant someone is let go. When people they're in a state of stress just grab whatever they can think of.

Re: Coinbase Announces 18% Layoffs

#573

Post by ghaff »

999900000999 wrote: post #447
ghaff wrote: post #360

Earlier quoted context omitted.

>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…

I'd argue PIP is meant to give you a chance to find another job. For legal reasons most employers will only verify dates of employment. 2 months of so of PIP is more than enough to find a new role. This is another reason to not get too attached to any job. I come to work for money, not to feel apart of something. You WILL get fired if your in this industry. Hell, I've quit several jobs since the manager sucked. Deman…

>2 months of so of PIP is more than enough to find a new role.

I think a lot of people here underestimate the difficulty of landing a new job depending on your background, overall skill level, experience, and location.

Re: Coinbase Announces 18% Layoffs

#574

Post by Jasper_ »

UncleMeat wrote: post #208
NikolaNovak wrote: post #149

Earlier quoted context omitted.

Unfortunately it's common enough. It's harsh, it's cold, but ultimately for companies it's a real necessity. The explanation is blunt and correct - even a single malicious actor can enact HUGE devastating harm. It doesn't have to be hot wallet / cold storage. Source code, business plans, revenue & profit statements, SSH to servers, physical access to datacentre, client contact lists, etc etc... there's a myriad thing…

> 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…

However bad you think you feel, at least you still have a paycheck and don't have to scramble for employment in a market of hiring freezes across the board.

Those you're directly telling this message to don't have that comfort. Now is not the time to talk about how bad you think you have it. You might have a couple sleepless nights, they're going to have sleepless weeks.

Re: Coinbase Announces 18% Layoffs

#575

Post by Qub3d »

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?

That is a major plot point in Margin Call, which is a dramatization of the initial housing bubble crash of 08: https://youtu.be/zn2Xf9hAFcE?t=461

Re: Coinbase Announces 18% Layoffs

#576

Post by samhw »

Symbiote wrote: post #285
Y-bar wrote: post #151

Earlier quoted context omitted.

Never heard this happen (Scandinavia) other than in the cases where an employee clearly breached laws or company policy. Standard procedure here is that you as a salaried employee will be guaranteed 1-2-3 months (depending on your contract) of notice. Edit with example: https://www.arbeidstilsynet.no/en/working-conditions/dismiss... > An employee may usually remain in the post as long as negotiations or legal proceed…

Being paid for 1-3 months is entirely independent of whether they want you in the office or not. In Britain it's called gardening leave, and it's common in finance and other jobs with tight security. You are paid, but you stay and home and do some gardening. (Or, more likely, look for a new job.)

Yeah, I worked at a UK bank and was given gardening leave even when I left to start a (somewhat orthogonal) competitor. Actually, they didn't even insist that I served out my leave before starting work. It's an odd system.

Re: Coinbase Announces 18% Layoffs

#577

Post by 1123581321 »

rootusrootus wrote: post #381
ghaff wrote: post #360

Earlier quoted context omitted.

>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.

That’s a bad thing to do, unless his goal is to create an easy employment law settlement, in which case it’s kind of cool. :)

Re: Coinbase Announces 18% Layoffs

#578

Post by ohgodplsno »

Symbiote wrote: post #560
ohgodplsno wrote: post #526

Earlier quoted context omitted.

Doubly so if it's alienating and you require them to come to work, as it is considered harassment and mental abuse. you may however send the employee home with his full salary and no obligation to work. I know, worker protection is a crazy concept.

You started by quoting >> You can definitely be paid laid off employee for a period of time, while having your access revoked. and replying > In France, this is a breach of contract And now you write > you may however send the employee home with his full salary and no obligation to work Which was exactly the original claim! I'm not sure if you misread or misunderstood, but you have been arguing incorrectly in most of…

The core part of the problem is "you revoke his access". It's simple. You revoke someone's access, it is akin to firing, and it is illegal.

Send people home with their severence after the necessary period to inform the employee that they're getting fired, sure. But telling them out of the blue "Fuck off, don't come to work today, your access is revoked" is a breach of contract and is illegal.

So, no, you cannot be a paid laid off employee with no access. You're either employee, paid a salary and with access, or not an employee with your severance package and no access. There is no inbetween, and your lack of reading comprehension doesn't mean i misunderstood.

Re: Coinbase Announces 18% Layoffs

#579

Post by saint_angels »

Cederfjard wrote: post #556
saint_angels wrote: post #263

Earlier quoted context omitted.

I'm receiving part of my salary in USDT, and find it valuable. Traditional banking system doesn't work well for everyone.

What do you use the USDT for? Any type of spending?

I use it to receive money from another country and exchange for USD in a local exchange point. It may sound like a boring case, but if you find yourself in a foreign country without working bank cards, it might save your ass

Re: Coinbase Announces 18% Layoffs

#580

Post by spookthesunset »

lokar wrote: post #410
cdiddy2 wrote: post #345

Earlier quoted context omitted.

There are tons of people using it for its apolitical and censorship resistant nature. Afghanistan/Ukraine/Lebanon/Argentina/Venezuela/Nigeria/Turkey/Belarus/Mexico to name a few countries where it is very relevant and useful https://www.bbc.com/news/world-asia-60715707 https://www.financialinclusion.tech/

What percentage range (total value, transactions, etc) would you say counts as "tons"?

I'd guess it is around 1%? Maybe less? Certainly not more than 5%
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