Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Coinbase cuts staff by a further 20%

coinbase.com

Post reply on HN
Print view View original

101–110 of 533 posts

Re: Coinbase cuts staff by a further 20%

#101

Post by pifm_guy »

SunlightEdge wrote: post #46

I lost a little bit of money investing in crypto on Coinbase (I put about £500 in which shrank to £200 - over the course of past 2 years and for past year I mostly have just had money in sterling - the market looked terrible) I finally decided yesterday to cash out of coinbase yesterday - they charged me £3 to withdraw my money!! In the scheme of things I didn't lose that much money - not really. But personally I can…

All the whales and insiders thank you for your donation of £303 to their net worth.

Re: Coinbase cuts staff by a further 20%

#102

Post by consumer451 »

pifm_guy wrote: post #93
shawabawa3 wrote: post #2

Sorry 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...

Does that cover legal/regulatory/compliance?

Re: Coinbase cuts staff by a further 20%

#103

Post by [deleted] »

swyx wrote: post #88
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

[deleted]

Re: Coinbase cuts staff by a further 20%

#104

Post by Sas_cedric »

SunlightEdge wrote: post #46

I lost a little bit of money investing in crypto on Coinbase (I put about £500 in which shrank to £200 - over the course of past 2 years and for past year I mostly have just had money in sterling - the market looked terrible) I finally decided yesterday to cash out of coinbase yesterday - they charged me £3 to withdraw my money!! In the scheme of things I didn't lose that much money - not really. But personally I can…

[flagged]

Re: Coinbase cuts staff by a further 20%

#105

Post by jesuscript »

SilverBirch wrote: post #87

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 peopl…

My best guess is that raising funding helps raise the valuation, especially as they approach IPO. So raise money for the sake of raising the valuation.

You don’t really need the money, but you got it. What are you going to do with it to appease the investors? Well you gotta act like you are doing something with it, especially something that shows growth.

Hire more. Hire more because we imagine more. Keep imagining until imagining doesn’t work anymore. Then fire, and say sorry. Hopefully you sold enough equity at the ridiculous ipo price.

Sorry, but not sorry.

Re: Coinbase cuts staff by a further 20%

#106

Post by guelo »

988747 wrote: post #77
Lalabadie wrote: post #56

Earlier quoted context omitted.

I think we're past believing that our top .1% is bringing value that's worth billions of times more than the rest of the population. They're all hoarding wealth and offloading risk on others, it's just that in comparison, the crypto-rich are not (yet?) a social class with an army of lobbyists on its payroll.

> I think we're past believing that our top .1% is bringing value that's worth billions of times more than the rest of the population. Fortunately, we do not have to rely on our beliefs here, we have an objective measure, which we call "money". If someone starts a company in their garage, and a decade later that company is worth few billions of dollars then that's the value this person brought to society - because pe…

Parasitic rents and many other market distortions/extortions exist.

Re: Coinbase cuts staff by a further 20%

#107

Post by ourmandave »

ejb999 wrote: post #60
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?

I'd probably have the same opinion if the resume I got was from someone who worked in the porn industry (developing websites/infrastructure etc) - yea, it is a lot of the same technologies I would be using in a non-porn company, but like it or not, it does give you a bit of insight into someones personality based on the types of jobs they choose to pursue.

I've heard porn sites are at the front edge of a lot of web innovation because of scale, etc.

And they're not running a ponzi casino, pump-n-dump sh*tcoin platform, or bullshit Web3 scam.

Re: Coinbase cuts staff by a further 20%

#108

Post by Sas_cedric »

lnxg33k1 wrote: post #52
SunlightEdge wrote: post #46

I lost a little bit of money investing in crypto on Coinbase (I put about £500 in which shrank to £200 - over the course of past 2 years and for past year I mostly have just had money in sterling - the market looked terrible) I finally decided yesterday to cash out of coinbase yesterday - they charged me £3 to withdraw my money!! In the scheme of things I didn't lose that much money - not really. But personally I can…

I bought some bitc on coinbase in 2015/2016? Around the time that it spiked to 30k and gained some money, but even back then I parted ways with Coinbase anyway, it seemed like a scam made just for them to earn money without risks, like even their quote of a BTC is higher price when you buy and much lower when you sell, and that for me was the breaking point

[flagged]

Re: Coinbase cuts staff by a further 20%

#109

Post by cj »

etchalon wrote: post #75
cj wrote: post #28

Earlier quoted context omitted.

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.

Generally speaking, if the current pilot has ran your plane into a mountain twice, you probably want a new pilot.

(Genuinely curious) how did he fly Coinbase into a mountain?

(Other than the layoffs which are happening across the board at nearly all big tech)

Post reply on HN