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Coinbase Announces 18% Layoffs
601–610 of 616 posts
Re: Coinbase Announces 18% Layoffs
#602Earlier quoted context omitted.
It is not generous everywhere. In the Netherlands you get 1/6 salary for every 6 months, so only two months salary if you’ve been at the company for six years .
talk to your laywer. there is probably some mistake in your paperwork or something that's not so clear or maybe the wrong people were left out/included in the process. European work laws can be complicated and not all hr people are on top of everything. Helped me a lot a few years back and got me from "you are fired without severance" to "you are paid for six more months, you don't have to come in and here is half a…
I haven't been laid off myself, fortunately, just relaying the information that was given by the company I worked for. That is the standard policy and is quite different from "months of work enshrined in law" as the parent comment suggested.
Re: Coinbase Announces 18% Layoffs
#603It’s been pretty interesting watching YC backed Coinbase get absolutely crushed by FTX, which has a higher % of crypto trading volume despite having less than 10% of the headcount. Crypto is a zero sum game, and the old Paul Graham essays and other tired VC dogmas really only work in positive sum games. FTX was founded by traders which is valuable when the ultimate purpose of the crypto industry is to separate uninfo…
Alameda is the single scariest entity in crypto. They're absolutely brutal. I exit every trade once it becomes apparent that Alameda is in. If I was a VC firm, however, I would back anything SBF was doing. He's a genius when it comes to making money.
Not sure I understand your comment. If they are so good why would you exit the trade?
Re: Coinbase Announces 18% Layoffs
#604Earlier quoted context omitted.
FTX is in deep with Tether. I expect they'll pull some tricks out of their collective hats to avoid a complete collapse.
Pulling tricks needs a new sucker pipeline. But sucker pipelines will dry up as old suckers get burned and money is generally drying up due to interest rates.
Don't need new suckers if you're running the largest money counterfeiting operation in human history.
Re: Coinbase Announces 18% Layoffs
#605> If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realize that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you. Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensu…
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…
This is why I prefer being laid off through email.
I don't need to cry in front of my boss.
Re: Coinbase Announces 18% Layoffs
#606Earlier quoted context omitted.
In this episode of Coinbase they learn that authentication and authorization are two different things :D I was similarly shocked that the only control plane they had to limit access to sensitive information was literally terminating everything. They don't have any kind of access control that would allow them to keep an employee in their system but limit their access. How exactly are they running a "finance company" i…
Email is often "production data" -- it contains personal data, IP, business relationship information and so on. Sending an email from an @coinbase.com is certainly a production action. It is only fairly recently that locking people out of the office didn't implicitly remove their access to email, memos, letters and so on.
This is true, but most institutions like Coinbase don’t have customers email employees.
Customers email something like “support@domain.com” and that routes to a ticketing system (eg Zendesk), not to people.
And, the vast majority of employees don’t directly interact with customers either.
Well designed controls deliberately keep PII data out of general purpose systems like email, drive sharing, dev ticketing, etc
I agree that the remote move introduces new risks, but those should be minimized by the existing controls in place.
Re: Coinbase Announces 18% Layoffs
#607Earlier 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?
Most people there would probably come into work between 8 and 9am. Even if the phones were deactivated before then, most might not even have noticed (those that did notice might have had a premonition, but what are you going to do about it on your commute?).
Re: Coinbase Announces 18% Layoffs
#608> If you are affected, you will receive this notification in your personal email, because we made the decision to cut access to Coinbase systems for affected employees. I realize that removal of access will feel sudden and unexpected, and this is not the experience I wanted for you. Given the number of employees who have access to sensitive customer information, it was unfortunately the only practical choice, to ensu…
Pretty standard to not let terminated employees hang around. It feels cold but it’s just the way it has to be. Sone places will even do this when an employee submits a resignation on good terms. Just a way for the company to cover themselves.
At one place I've worked at the company policy was to hand you laptop and badge in at 3pm in the afternoon. I had a scheduled meeting/shadowing a installation after handover scheduled at 2pm (due to timezone differences), but it had to pushed back till 5pm, so I kept my badge and laptop over the weekend and I've returned it on Monday morning.
So not only I hanged around, I also made sure that my replacements had all the information they need and I saw that they can fulfill my duties :)
Granted, it was me who gave in his resignation, but it was nice to see that the trust didn't erode during this leaving process.
Re: Coinbase Announces 18% Layoffs
#609Earlier quoted context omitted.
How is it different? If you are on paid leave, you are not supposed to do any work. For security reasons your access can and should be restricted for this period.
The only context in which you can be technically still employed but be refused access to your work tools is if you are suspended for a grave mistake. Abuse this at your own risk, as the employee isn't paid in the mean time and will very likely get tribunal-happy. Any other concept (paid leave, maternity leave, vacation leave, * leave) means you are still an employee of the company and the company is legally obligated…
Can you refer to a specific regulation or legal precedent proving this point in clear words?
This does sound non-sensical to me. If someone is not working, there should not be any entitlement to access.
To give you an example: let’s say a factory is temporarily closed due to lack of supply materials or modernization and workers are put on paid leave. Are those workers allowed to visit their workplace to access their tools? If not, why digital workers should have this privilege when they are on paid leave?
Re: Coinbase Announces 18% Layoffs
#610Earlier quoted context omitted.
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.
2 months is a much better deal than getting fired on the spot.
At best you find a new job, at worse you have time to cut back on your spending