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Coinbase cuts staff by a further 20%

coinbase.com

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Re: Coinbase cuts staff by a further 20%

#81

Post by monkey_monkey »

irl_chad wrote: post #37
guntherhermann wrote: post #13

Earlier quoted context omitted.

That seems needlessly ideological. If the engineer can do what you want of them what does it matter what their employment history is?

A lot is being demonstrated with it being on your resume: 1) enjoying the technical challenges of crypto is to me like a guilty pleasure. So do I, but I don’t tell the world about it (outside of this HN comment). 2) such a high % of the people involved in crypto are doing something shady or illegal. Personally I would bet that only a slim slim slim monitory of US crypto holders pay their taxes accurately. For any top…

Sure, but then again I wouldn't work for a company whose CEO thinks "irl_chad" is a cool name, and talks about being seen in Kyiv in "designer and an iced out Rolex"

Re: Coinbase cuts staff by a further 20%

#82

Post by pettycashstash2 »

irl_chad wrote: post #11

[flagged]

Thomas Edison interviewed candidates for research assistant positions, he offered them a bowl of soup. Why? He wanted to see whether they would add salt or pepper to the soup before they tasted it.

Those who did were automatically ruled out. Edison wanted people who didn't make assumptions, since assumptions tend to be innovation killers.

Re: Coinbase cuts staff by a further 20%

#83

Post by ushakov »

> I've made the difficult decision to reduce our operating expense(1) by about 25% Q/Q, which includes letting go of about 950 people

read that again

you're not an individual to corporations, just an expendable

can only imagine the joy shareholders get out of "cutting expenses", they get richer and you peasants lose jobs

Re: Coinbase cuts staff by a further 20%

#84

Post by jesuscript »

iLoveOncall wrote: post #66
jesuscript wrote: post #8

They literally had people with 1-2 years of experience conducting interviews last I remember. They were on an unhinged hiring spree before they ipo’d, so this was coming no matter what.

> They literally had people with 1-2 years of experience conducting interviews last I remember. What's the problem with that?

Really?

Re: Coinbase cuts staff by a further 20%

#85

Post by unity1001 »

irl_chad wrote: post #11

[flagged]

There is a definite case for distributed ledgers/databases and decentralization. It works. Its mass use case may not have been found yet, but that does not mean that it wont be found.

Dismissing crypto/blockchain is like dismissing user-generated content that lived in the forums on the fringes of the internet or in the comment sections of blogs. They were looked down and despised by the established mentality 20 years ago. In 10 years, user-generated content became the king.

...

Just like how others said - your behavior does not say 'big boy company'.

Re: Coinbase cuts staff by a further 20%

#86

Post by [deleted] »

iLoveOncall wrote: post #66
jesuscript wrote: post #8

They literally had people with 1-2 years of experience conducting interviews last I remember. They were on an unhinged hiring spree before they ipo’d, so this was coming no matter what.

> They literally had people with 1-2 years of experience conducting interviews last I remember. What's the problem with that?

[deleted]

Re: Coinbase cuts staff by a further 20%

#87

Post by SilverBirch »

Coinbase is a weird company, because it's got such an obvious comparable: CME Group. CME Group has about 3500 employees, did 1.2bn in revenue last quarter with 680m net income. Then you have coinbase now trimmming to about the same number 3500, 590m revenue and a net income loss of 550m. That's right, as far as I can see, Coinbase loses $1 for every $1 of revenue.

Firstly, I don't see how Coinbase needs as many people as CME. They're meant to be a disruptive start up they should be lean. Secondly, how the hell do they get those unit economics to work? It should be a trivial job, right. People pay you to trade, so how are they losing so much money!? Well, I guess hiring 4,500 people... I think the idea at this point that Coinbase can get their cost structure down to reasonable numbers making them profitable at lower revenue levels is challenging. It's very hard to put that genie back in the bottle.

Re: Coinbase cuts staff by a further 20%

#88

Post by swyx »

ushakov wrote: post #83

> I've made the difficult decision to reduce our operating expense(1) by about 25% Q/Q, which includes letting go of about 950 people read that again you're not an individual to corporations, just an expendable can only imagine the joy shareholders get out of "cutting expenses", they get richer and you peasants lose jobs

wrong:

expenses are on income statements

carry on

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