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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.
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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 Ok, I'll admit it, billionaires should not exist at all, there should be a heavy wealth tax that makes it hard to become a billionaire. Will a CEO work less hard if he (and his peers) can only ever gain $100M in net worth before a wealt…
There are plenty of people in the world who would think that anything over $500/month is way more than enough for one person. Should your compensation be reduced to that amount? Does someone earning more than you hurt you? Also… do billionaires employ people? Do you want their employees to have their jobs seized from them when the johny555 tax goes into effect?
Disclaimer: I live in a 3rd world country and my salary is 1/3 of what the standard US salary is.
YES, I do believe that everybody's compensation (including mine) who are in the top 10% of the population should be decreased/limited. Provided that their living costs are adjusted so that the $500/month get you similar standard of living to other nice places (say, Chile, Mexico, Spain, Portugal, etc).
The top 10% of the population hold 70% of the total wealth. That's just crazy and unsustainable. How the 90% of the population haven't turned on us is just sheer luck and a political, security system that is rigged in our favor.
I would be happy to be part of a "pay cut initiative" for all the top 10% earners, if it meant equalizing opportunities for everybody. I had the opportunity to grow up and be friends with poor people who just did not have the chance to succeed, so I don't believe the "poor people are just lazy" narrative. There's good hard working people that just never had a chance. Similarly how there is bad rich people that just want to leech from others.
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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 Ok, I'll admit it, billionaires should not exist at all, there should be a heavy wealth tax that makes it hard to become a billionaire. Will a CEO work less hard if he (and his peers) can only ever gain $100M in net worth before a wealt…
Billionaires are highly correlated with millionaires, which don't seem to be beyond the pale for critics of wealth inequality. Countries with billionaires rank much higher on quality of life than those without. It hurts to see Bezos and Musk in yachts but the side effect of their wealth is companies like Amazon and Tesla that have a net positive effect on society in terms of products and employment.
Citation needed.
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There are plenty of people in the world who would think that anything over $500/month is way more than enough for one person. Should your compensation be reduced to that amount? Does someone earning more than you hurt you? Also… do billionaires employ people? Do you want their employees to have their jobs seized from them when the johny555 tax goes into effect?
You can put a wealth tax on billionaires without putting taxes on poverty level workers ($500/month in the US). You're making bizarre nonsensical arguments here--slippery slope, strawman, etc.
So how do you decide who's scale to use?
I 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 griz…
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 Ok, I'll admit it, billionaires should not exist at all, there should be a heavy wealth tax that makes it hard to become a billionaire. Will a CEO work less hard if he (and his peers) can only ever gain $100M in net worth before a wealt…
Earlier quoted context omitted.
There are plenty of people in the world who would think that anything over $500/month is way more than enough for one person. Should your compensation be reduced to that amount? Does someone earning more than you hurt you? Also… do billionaires employ people? Do you want their employees to have their jobs seized from them when the johny555 tax goes into effect?
You can put a wealth tax on billionaires without putting taxes on poverty level workers ($500/month in the US). You're making bizarre nonsensical arguments here--slippery slope, strawman, etc.
There has to be a better solution.
Hence , I don’t see what 5K people can be doing at coinbase since some startups in Europe are doing the same with like 100 people...
It’s been known for years : startups overhire and lay-off when recession comes up.
With the “nazi revolution” in the 50’ , most startups rely exclusively on “Social Darwinism” , to solve problems or improve products , by having them fight internally and let the best ideas come to executives. Of course only employees who know how to navigate corporate politics are able to reach them and win those fights..
Those 1000 were not part of it, but they will have no problem finding another position somewhere else.
I 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 griz…
Obviously Armstrong was never going to give a dime of his personal net worth to an employee, much less a former one, but there are such a thing as optics and public opinion. The juxtaposition of that purchase with layoffs at his company just doesn't look good.
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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.
I'm struggling to find a good analogy to these crypto boom/bust cycles, where the market continues to survive/thrive after the busts. The closest I can come up with is real estate, but there is a core underlying value in real estate in that people need space to live/work/shop/whatever -- so when speculative bubbles burst, there is pretty significant underlying demand. I have a hard time drawing that parallel the cryp…
Look at where hold 'em is now. It still exists, of course, but you don't see poker tournaments broadcast live on ESPN anymore. It's not even a very popular livestreaming category. It definitely went through a boom, then huge bust, and then a slide into... not really irrelevancy, just kind of a continued existence.
IMO, crypto is headed for the same fate. It will still be fun for a subset of people to gamble on altcoins, to pump and dump and run schemes of dubious legality. And just like I wouldn't count out a poker resurgence sometime in the next decade, I wouldn't count out another crypto spike in the future. People never stop loving easy money.