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Coinbase lays off around 1,100 employees

coindesk.com

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Re: Coinbase lays off around 1,100 employees

#301

Post by Johnny555 »

kordlessagain wrote: post #291
Johnny555 wrote: post #281

Earlier quoted context omitted.

Does that do something to the power relationships in the world? The fact that you're even asking that is a reason we shouldn't have billionaires -- world power relationships shouldn't be based on the wealth of individual citizens. For example, what did Musk really talk about when he met with the president of Brazil? Did he represent American interests, Amazon Inc's interests, or Elon Musk's interests?

So then you are also OK with gutting capitalism and limiting company's abilities to make mad profits? Because, you can't have one without the other.

I don't understand how a tax on personal wealth guts capitalism and limits a company's ability to make mad profits?

Re: Coinbase lays off around 1,100 employees

#302

Post by MisterBastahrd »

chrisseaton wrote: post #150
xtracto wrote: post #92

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? 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. Provide…

> The top 10% of the population hold 70% of the total wealth. That's just crazy and unsustainable. Been sustained so far throughout all of human history.

Might want to check your history books, because mine are full of failed empires and revolutions.

Re: Coinbase lays off around 1,100 employees

#303

Post by mrcheesebreeze »

tomcam wrote: post #62
Johnny555 wrote: post #45

Earlier quoted context omitted.

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?

No post body was provided.

Re: Coinbase lays off around 1,100 employees

#304

Post by dlp211 »

cute_boi wrote: post #245
FabHK wrote: post #224

Earlier quoted context omitted.

Why can you only vote/have sex/drink/gamble when you're 18 yrs? Why not at 12, why not at 30? The fact that there is a gray zone does not mean that no border must be drawn.

Well, there should be some objective parameters to determine such things. We can't vote/sex/drink/gamble because it is assumed that young people sucks. Maybe looking at the statistics government decided 18 years is good? I think if 12 year old can pass driving test then they should be allowed to drive. If 30 years can't pass, they must not be allowed to drive. So, how about we find objective paramters to determine wh…

You know it's this kind of stuff that actually makes the tax code so complicated, but because you insist:

An amount of wealth that would provide you a top %0.1 lifestyle if you were to retire today based on a standard 60/40 portfolio (to be adjusted every N years to reflect new data) and actuary tables.

It doesn't have to be this exact policy, but this isn't hard to think something like this up.

Re: Coinbase lays off around 1,100 employees

#305

Post by chrisseaton »

MisterBastahrd wrote: post #302
chrisseaton wrote: post #150

Earlier quoted context omitted.

> The top 10% of the population hold 70% of the total wealth. That's just crazy and unsustainable. Been sustained so far throughout all of human history.

Might want to check your history books, because mine are full of failed empires and revolutions.

When they failed... did wealth redistribute, or was the bulk immediately claimed by someone else? What examples of civilisations without unequal wealth distribution are you thinking of?

Re: Coinbase lays off around 1,100 employees

#306

Post by daenz »

uncomputation wrote: post #271
daenz wrote: post #242

Earlier quoted context omitted.

>Why shouldn’t those people be given money? They were given money: their compensation that they agreed and accepted as being fair payment for their labor.

Let’s be conservative and say Armstrong has just a net worth of the house he bought: 150,000,000. If the average employee’s salary is 150,000, Armstrong makes 1,000 times more than them. Does this seem fair? Does he deserve higher compensation for his entrepreneurial skills? Absolutely. But 1,000? It’s hard for us to imagine the scale of 1,000 times greater than something but it seems excessive (and remember, this is…

You ignored my response to your post completely and re-iterated the exact same point, so I don't think you are listening or actually care to hear what I think, because if you did, you would know that I already answered you.

Re: Coinbase lays off around 1,100 employees

#307

Post by myth_drannon »

pram wrote: post #121
subsubzero wrote: post #46

Earlier quoted context omitted.

Wow that severance is incredible! They reached out to me awhile ago but thought their whole platform being tied to crypto was extremely risky. Engineers need to save for bad times and have months and months of cash for downtimes as in 3-4 months there will be alot of people looking for jobs. Fun fact in 2009 I interviewed at google and the HM said that 500 people applied to the job I was interviewed at(onsite) and th…

I mean, that was Google. In 2010 I got a Linux admin job from a 30 minute call so it's not like employment was an impossibility.

Right, I got an incredible remote startup job in 2009 after two 30 minutes general phone interviews. It was my longest unemployment period ever of about 4 months. This time can't be as bad as 2008.

Re: Coinbase lays off around 1,100 employees

#308

Post by qbasic_forever »

eweise wrote: post #299
qbasic_forever wrote: post #290

Earlier quoted context omitted.

We already have this issue for our existing tax system. You have to declare your income and use a huge set of tax rules and laws to determine your AGI and appropriate tax bracket. Taxing billionaires changes nothing here other than deciding once your AGI has enough zeros you get more taxes applied.

In this case there is no income so nothing to tax. Yet I would be worth $50 million and some would cry that's its unfair, which I think is silly.

Then lobby to change the tax laws, just like folks are lobbying to add billionaire taxes. The billionaire tax has nothing to do with the rich having ways of hiding wealth or income, deferring losses, etc. to reduce their tax burden. You're making an argument that obfuscates and obscures the real argument here that billionaires should not exist as they serve no utility in a society besides absorbing resources.

Re: Coinbase lays off around 1,100 employees

#309

Post by lumost »

sillysaurusx wrote: post #15

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…

If there is a slight here, I suspect it's the belief that Coinbase was effectively a pump and dump on behalf of the founders and some investors - for which the employees were along for the ride.

That Armstrong liquidated a large position and moved it into real estate, plus the lackluster stock performance compared to what coinbase was likely promising employees leads to this feeling. For a while, coinbase was competing with the top firms in the world on Compensation - the employees probably missed out by joining.

But that's the breaks, I doubt many employees would have been happier if the founders and core investors in coinbase were taking a bath to.

Re: Coinbase lays off around 1,100 employees

#310

Post by tomcam »

philodelta wrote: post #198
tomcam wrote: post #67

Earlier quoted context omitted.

How much money should people be allowed to have?

I worry about the unaccounted soft power of someone with that much money. Through lobbying and market consolidation, the extremely wealthy hold disproportionate political and economic power. At least with corrupt politicians, in a liberal democracy there is some amount to which they are accountable to the people. The power of the wealthy is without account except through government action. laisse-faire capitalists li…

How much money should people be allowed to have?
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