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I don't care about crypto but I could see myself working at Coinbase because I'm interested in how market making works?
Coinbase cuts staff by a further 20%
91–100 of 533 posts
Re: Coinbase cuts staff by a further 20%
#92Earlier quoted context omitted.
There’s a lot of us that work in industries we have no affinity to. Lots of good devs in crypto, porn, society ruining media, society ruining social media, defense, war, and just out right saas scams.
Not that I particularly liked GP’s comment, but this I take issue with. You’ve always got a choice to not join a company, and you’ve got a choice to start your career deciding not to work in particular areas. I’ve always been clear with myself that I’d never work in defence for example.
You have a choice if you have a choice. Choice is a luxury.
Re: Coinbase cuts staff by a further 20%
#93Sorry a slight error in the title. Operating costs reduced by 25%, but it's actually roughly a 20% reduction in workforce (950 employees out of ~4700)
Coinbase has 4700 employees!?!
Like a team of 5 software engineers, and a customer support team of 10, and 1 boss ought to cover it...
Re: Coinbase cuts staff by a further 20%
#94Earlier quoted context omitted.
Unless he resigns along with the people he lets go, there is no accountability.
Would that really be desirable for the 80% who remain? More than likely, any career CEO who would be brought in to replace him would likely continue staffing cuts, not reverse them.
He could forgoe 75% of his compensation though, and I doubt he will, because not actually accountable.
Re: Coinbase cuts staff by a further 20%
#95[flagged]
> seeing crypto on a resume means the engineer is a true believer in viability of crypto,
So if I previously worked on windows apps it means I believe that Microsoft is a fantastic company and Windows is the future of computing? :)
Re: Coinbase cuts staff by a further 20%
#96They 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?
It’s indicative of a very inexperienced staff or one that is desperate for interviewers, presumably because they are binge hiring. There are places that go out of their way to get very junior people interviewing early on purpose but in those cases there is usually someone more senior also involved.
For most places though it means they were throwing whoever they could find at the interviews.
Re: Coinbase cuts staff by a further 20%
#97Earlier quoted context omitted.
I hate crypto as much as the next guy, but that's nonsense, sorry. You are filtering out possibly good people. There are still, even now in 2023, so much jobs that are crypto-related, and people still need something to eat. If you are a Rust developer, you pretty much need to do blockchain stuff, as most of the Rust jobs are related to that. And so on.
> If you are a Rust developer, you pretty much need to do blockchain stuff, as most of the Rust jobs are related to that. And so on. I'm not a Rust developer, but I must admit I'm kinda surprised by this statement. Let me do my own research.
It tracks with what I've seen in NYC. “Most” might be a slight exaggeration, but not by much.
(I'm hoping to put a tiny dent in that by growing our non-crypto Rust team over the next couple of years. And I won't hold anyone's former means of putting bread on the table against them ;))
Re: Coinbase cuts staff by a further 20%
#98Coinbase 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 peopl…
About profit, in their SEC fillings, seems like their long position in BTC isn't going well...
Re: Coinbase cuts staff by a further 20%
#99Earlier quoted context omitted.
I hate crypto as much as the next guy, but that's nonsense, sorry. You are filtering out possibly good people. There are still, even now in 2023, so much jobs that are crypto-related, and people still need something to eat. If you are a Rust developer, you pretty much need to do blockchain stuff, as most of the Rust jobs are related to that. And so on.
> If you are a Rust developer, you pretty much need to do blockchain stuff, as most of the Rust jobs are related to that. And so on. I'm not a Rust developer, but I must admit I'm kinda surprised by this statement. Let me do my own research.
It's very frustrating... but true. See here for the Haskell equivalent,
https://www.stephendiehl.com/posts/crypto.html
Looking for Rust jobs on LinkedIn used to yield mostly postings in crypto. That may not be the case anymore with the downturn, my guess is that there are just fewer rust jobs now that the crypto ones are gone.
I think the reason is simply that crypto companies didn't have the clout or stability of big tech and also the sector has a poor reputation amongst engineers so they pick hip languages to compensate. Like "Yes I know, working in crypto is terrible but did you think about how you could write Rust everyday instead of Java??"
Re: Coinbase cuts staff by a further 20%
#100Earlier quoted context omitted.
There’s a lot of us that work in industries we have no affinity to. Lots of good devs in crypto, porn, society ruining media, society ruining social media, defense, war, and just out right saas scams.
Not that I particularly liked GP’s comment, but this I take issue with. You’ve always got a choice to not join a company, and you’ve got a choice to start your career deciding not to work in particular areas. I’ve always been clear with myself that I’d never work in defence for example.
Candidly, how do you review this prior of yours against the realities brought forward by the war in Ukraine?