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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

#841

Post by lightbendover »

zombiwoof wrote: post #822

the most ridiculous thing is: they tried to recruit me 8 months ago. it was all unicorn and rainbows and bullshit this is the future. so if just 8 months ago, the CEO who has a 110 MILLION DOLLARS house couldn't see 12 months into the future, and required 18% reduction in headcount because of some unforseen crypto winter, who really is at fault here? what a fool that CEO is, and glad I turned the job down and feel ba…

Can you please explain why you believe a CEO should be able to see into the future and correctly account for all of the interactions of the global economy? If you can't, I guess just complain about billionaires instead or something.

Re: Coinbase lays off around 1,100 employees

#842

Post by oarabbus_ »

ceres wrote: post #819
credit_guy wrote: post #799

Earlier quoted context omitted.

> Given that Gates is busy donating most of his cash to charity, there are counterexamples. A charity of your choice vs being taxed more. If you had a few billion dollars to spare, which option would you choose?

Why should so few individuals have outsized social, political and economic power over the whole country? Why not tax them more and let elected officials representatives decide how best to spend the money?

Let's rearrange that a bit.

>Why n̶o̶t̶ ̶t̶a̶x̶ ̶t̶h̶e̶m̶ ̶m̶o̶r̶e̶ ̶a̶n̶d̶ let elected officials representatives decide how best to spend the money?

>Why should so few individuals have outsized social, political and economic power over the whole country?

Regardless of which political party you root for I'd be shocked if your really thought elected representatives do a good job of spending money, especially to the point you think they should be given MUCH MORE money.

Re: Coinbase lays off around 1,100 employees

#843

Post by joering2 »

sytelus wrote: post #545
joering2 wrote: post #139

Earlier quoted context omitted.

you don't know cryptocurrency took a lot of lives?? https://twitter.com/JohnBrownlow/status/1524375188426702849

You can't attribute suicides of people investing in crypto to Armstrong. I think Armstrong had a great vision and ok execution (I would give grade D but not F). Overhiring was irresponsible. Out of control costs were unneccessory. But you have to understand that founders in this space have enormous pressure to grow, try new ideas and new products as they are constantly at risk by other players (Cashapp, Paypal etc).…

Do you even use Coinbase? Every time I login I am being swamp by flashy ads of just another shitcoin with big banner telling me that I can make a fortune. Most of these coins - if not all [the judgment is still out] are worthless and will never be more than 5% of what they are now, before they fell 99.99999%.

Whether Armstrong is pushing this shitcoins because he doesn't know better, or doesn't really care - its equally evil.

Re: Coinbase lays off around 1,100 employees

#844

Post by kortilla »

greycol wrote: post #703
Aeolun wrote: post #643

Earlier quoted context omitted.

I’m a firm believer in a maximum of like 50% tax on income. Anything more just feels like a punishment for working.

If you could push a button once an hour that gave $1,000 to you and $99,000 to the government you are saying you'd feel like you're being punished for pushing it? Let's not pretend that billionares are working 1.44 million hours a week to earn 18000 times what the janitor earns working two jobs in an 80 hour week. The quality of a billionaires 'work' is different than 'real work' so what you feel intuitevely about wo…

There is no button. That framing is dumb because it implies no risk and no alternative locations where capital can be applied with the same risk and lower taxation.

Re: Coinbase lays off around 1,100 employees

#845

Post by kortilla »

akoncius wrote: post #678
imdsm wrote: post #647

Earlier quoted context omitted.

A lot of people seem to be in the mindset that it'll never be them so it should never be anyone else. It's not just in the US, here in the Uk we have the same mindset too. A lot of people dislike/hate Elon Musk for example, and usually they focus on two things: his tweets, and his wealth. Conveniently forgetting that prior to his work at SpaceX and Tesla (which he's driven) reusable rockets weren't a thing and EVs we…

I think most of this sentiment comes not because of wealth in itself but how it was achieved. majority of billion dollar companies are associated with bad behaviour : anticompetitive practices, shady deals, government subsidies etc. amazon got billions in subsidies just for opening second headquarters. amazon is selling ripoffs of big brands. worker rights abuses. microsoft did many things to eliminate competition. l…

> amazon got billions in subsidies just for opening second headquarters

Because it’s going to spend far more there. Nearly all large commercial builds get similar deals in tax deferrals because having employment is still a big net win for the locality.

Re: Coinbase lays off around 1,100 employees

#846

Post by kortilla »

bmitc wrote: post #832
stevenjgarner wrote: post #604

Earlier quoted context omitted.

A wealth tax implies a tax on unrealized appreciated assets, which is beyond bizarre IMHO. So you buy a house for $500k somewhere. It surges in value to $1.2 million. You therefore have an unrealized capital gain of $700k. You are NEVER going to get that money until you sell it, and when you do you are going to pay a whopping amount of capital gain tax. But a wealth tax implies you pay that capital gain tax now. Okay…

> A wealth tax implies a tax on unrealized appreciated assets, which is beyond bizarre IMHO. No, it doesn't. For example, if I'm super rich and take out a loan using unrealized assets as collateral, then I could be taxed on the loan amount received. There are several such strategies that either force the sale of unrealized assets or tax other portions of the transactions when those unrealized assets are used as colla…

The loans have to be paid. No matter how many times you refi, there is a massive tax bill at the end.

Re: Coinbase lays off around 1,100 employees

#847

Post by MisterMower »

massysett wrote: post #794
Apocryphon wrote: post #617

Earlier quoted context omitted.

So you're saying all of those figures were more motivated by money rather than building something of value. Do you truly think they were more motivated by money than by glory, a competitive spirit, a desire for legacy?

Money is how they measure glory, its how the competition is scored, and it’s how they buy legacy. There are people who are not motivated by money, but they’re not billionaires. They’re professors, priests, politicians, etc. Pope Francis has achieved more glory and fame than nearly any billionaire CEO. Yes, the billions is hugely motivational to those who have them.

No post body was provided.

Re: Coinbase lays off around 1,100 employees

#848

Post by ineedasername »

boc wrote: post #588
sytelus wrote: post #503

I don't understand why Coinbase is feeling such a crunch. They are just middleman in buying and selling. Their advantage is supposed to be that they make money whether crypto goes up or down. How can they screw this up?

USDC. They see something really bad on their books that's separate from their core business. Just like how Lehman Brothers was a profitable bank that got shredded by one risky trading strategy. These stablecoins have been devoured one by one, and each time they fall more people start trying to get their money out. USDC will experience a run and it might not be survivable without liquidating user account holdings, whi…

USDC is, supposedly, fully collateralized by cash & equivalents. If true then the collateral should be well insulated from market conditions and there should be no reason to liquidate account holdings.

Re: Coinbase lays off around 1,100 employees

#849

Post by kortilla »

sdh wrote: post #683
stevenjgarner wrote: post #604

Earlier quoted context omitted.

A wealth tax implies a tax on unrealized appreciated assets, which is beyond bizarre IMHO. So you buy a house for $500k somewhere. It surges in value to $1.2 million. You therefore have an unrealized capital gain of $700k. You are NEVER going to get that money until you sell it, and when you do you are going to pay a whopping amount of capital gain tax. But a wealth tax implies you pay that capital gain tax now. Okay…

Maybe you're not aware how these "unrealized" capital gains (at scale) are indirectly realized in the form of loans taken against value of the asset. Massive wealth doesn't operate in income or even in typical capital gains advantages you're referring to. It operates at a scale where the value of the assets are so great, banks compete to give loans to them, which are not taxed like income. It's totally absurd to argu…

Those loans have to be repaid. They aren’t a gift ffs.

Re: Coinbase lays off around 1,100 employees

#850

Post by sytelus »

wly_cdgr wrote: post #740
sytelus wrote: post #530

Earlier quoted context omitted.

This is the most fundamental tenant of capitalism. The output is perpetually distributed according to initial risk taken, not according to amount of day-to-day work performed. The property of capital is that it keeps growing (more or less) effortlessly. So you just need to capture initial capital and pay employees only returns from capital , not the capital itself. Fun fact: Bill Gates has made vastly more money just…

What risk did he take, gimme a fucking break. Worst possible outcome for him was he has to settle for a $400k job at a FAANG after his startup fails. Boo fuckin hoo Of course he did enough to deserve some fuck you money, but hundreds of millions? Slap yourself, fool, cos you dreaming

You didn't do it because you didn't took risk in crypto.
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