Coinbase had over 5k employees?!!! WTF. What were they all doing?
And they still didn't have ability to provide statements!
Coinbase lays off around 1,100 employees
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Re: Coinbase lays off around 1,100 employees
#512Earlier quoted context omitted.
It's a complete relic from the WWII era.
It's a relic from the days when Americans only wanted "upstanding citizens" to get subsidized healthcare.
It actually came about due to labor shortages during WWII. So many people were drafted into the military or voluntarily joining that employers were having trouble finding enough workers.
To prevent this from leading to rampant inflation the US passed laws that regulated wages and prices, such as the Emergency Price Control Act of 1942 and the Stabilization Act of 1942.
Insurance and pension benefits were not counted as wages, and so employers that could no longer legally raise wages to get people people to come work for them instead started offering health coverage.
Americans, who before this had largely been on their own when it came to healthcare, liked this, and so even after the wage controls ended unions bargained to keep those benefits and over the next decade or two expand them to include vision and dental benefits.
By the early '60s it was clear that there was a serious problem inherent in this. Employer sponsored health insurance had become that basis for nearly the entire American healthcare system. People who then left that system such as when they retired often found they could not afford to buy their own insurance. And so Medicare and Medicaid were created to try to handle people who could not get employer provided health insurance.
We almost got major healthcare reform in the early '70s. Senator Kennedy proposed a single-payer system that would be available to every American. President Nixon proposed a system that pretty close to the ACA (aka Obamacare). Then Watergate happened and pushed healthcare reform to the back burner were it sat for around 40 years.
Re: Coinbase lays off around 1,100 employees
#513Would 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.
You'll be happy to learn that no one is confiscating the private assets of those who have been laid off. Also, its $133M, but let's be honest it's really like $110M for the land and then a $20M mansion on it.
Since this is Coinbase we're talking about, I assume the last $3M went to fees.
Re: Coinbase lays off around 1,100 employees
#514I 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…
>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. sorry but this reads like you drank the whole bowl of US corporate kool-aid. the insecurity and stress the comes from not knowing if you'll have a job tomorrow in literal insanity. 14 weeks severance shouldn't be seen an…
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Re: Coinbase lays off around 1,100 employees
#515Earlier quoted context omitted.
Thats completely true, tho a peasent was working for his master a lot less than we currently do for our masters. When we get 3days work week and 4 days of „time for my stuff” we can go back to discussing that.
The peasant was working for their master a lot less because if the master asked for more, the peasant would literally starve to death, because he wouldn't have enough hours in the day to work for himself. The ruling class will happily soak up all spare productive capacity - and as the amount of work necessary to keep someone clothed, sheltered, and fed went down, that spare productive capacity grows, and more of it f…
Ok now how really it did look in history:
Landlord was lending land to peasents - rich peasents, because bottom cast did not even have a chance to talk to landlord.
For the land peasents got, they had to work for the landlord specific number of days in a week. For some time it was 1-2-3-4-5 days per week. Most common was 3 days.
Thing is - the peasent was not obligated to do that work himself. He could have sent a son, family member or even hire someone.
That way it was super easy to keep his agreement with the landlord while mostly focus on his own farm.
Who had it terrible were bottom, poor peasents that worked for other peasents.
They did not have their own land and were at mercy of their “master peasents”.
They most likely had to work whole week or 5-6 days.
They were more of a slave than a peasent tbh, but its a hard disregarded truth.
Current middle class in our times could be translated to “master peasents” back in time. Slave peasents would be the slave-wage ppl.
When I discuss or compare medival peasents to current corporation workers I always compare master peasents to corposlaves.
And master peasents had it super better than corposlaves do now.
Re: Coinbase lays off around 1,100 employees
#516Earlier quoted context omitted.
Don’t mistake the legal statutory minimums with normal practice.
Are you suggesting that European countries regularly offer severances to all employees that exceed what is legally required? Can you provide a source?
Yes, anecdotally, no recent evidence, though expect to gather some in the next year or two.
The last time my company laid people off it have very generous severance packages, way above the legally required 1/3 months depending on duration of employment.
Re: Coinbase lays off around 1,100 employees
#517Earlier quoted context omitted.
>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. sorry but this reads like you drank the whole bowl of US corporate kool-aid. the insecurity and stress the comes from not knowing if you'll have a job tomorrow in literal insanity. 14 weeks severance shouldn't be seen an…
It does seem insane to me that healthcare is tied to employment.. that's just crazy
It's not. You can buy (and deduct) it on healthcare.gov. Ask any self employed person.
You're also paying it out of your salary with employer. There's no such thing as "employer match."
Re: Coinbase lays off around 1,100 employees
#518I 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…
>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. sorry but this reads like you drank the whole bowl of US corporate kool-aid. the insecurity and stress the comes from not knowing if you'll have a job tomorrow in literal insanity. 14 weeks severance shouldn't be seen an…
You still have your career and can get another job somewhere else. If your whole industry has collapsed so you have no alternatives, then that's a risk to prepare for in your general life plans. The world doesn't owe you comfort and security but you can easily create it for yourself if that's what you want. Also, obviously don't work at a crypto startup if you want that either!
I've done this for myself. I can't be fired, and I have 3 different "career" directions I'm going in at the same time. I'm not a high flier in any of them, but at least one is bound to always be available. That's comfort and security.
Re: Coinbase lays off around 1,100 employees
#519Earlier quoted context omitted.
I mean the end state of crypto isn’t a very positive one. Either it will crash catastrophically or it will slowly fizzle out until the majority of people just forget about it. Either way, at some point virtually nobody will be using it.
As long as fiat currency keeps getting pumped out, people will want something else, more scarce, to hold their wealth in. That could be bonds, gold, stocks, real estate, or why not crypto? Crypto is easy to transfer.
Because it doesn't seem like Crypto is a good inflation hedge. If you're worried about inflation from unwise increases in the fiat money supply, then it seems like you want something with intrinsic value (real estate, other tangible assets, inflation protected bonds, etc), but crypto is the opposite of that. It's too volatile to be an actual currency so what is it exactly other than a purely speculative asset?
Re: Coinbase lays off around 1,100 employees
#520Earlier quoted context omitted.
Don’t mistake the legal statutory minimums with normal practice.
Are you suggesting that European countries regularly offer severances to all employees that exceed what is legally required? Can you provide a source?
I don’t know about Europe, but in e.g. Canada, employees are generally entitled to common law severance, which is significantly more than the statutory minimum severance. e.g. https://www.monkhouselaw.com/how-much-severance-pay-should-i...