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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%

#131

Post by SunlightEdge »

pifm_guy wrote: post #101
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.

Lol. I probably shouldn't but I find this quite funny.

Re: Coinbase cuts staff by a further 20%

#132

Post by jl6 »

Lalabadie wrote: post #56
robertlagrant wrote: post #19

Earlier quoted context omitted.

They don't see the difference in mechanisms. Getting rich through pump and dump vs getting rich through making or doing something people find valuable.

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.

Average wealth of the top 0.1% in the US is ~$50m. Average wealth overall is ~$100k. So it’s not billions of times more, it’s ~thousands of times more.

Most high net worth individuals keep their wealth in stocks and shares. This is not what hoarding means.

The comparison to crypto scams is absurd.

Re: Coinbase cuts staff by a further 20%

#133

Post by lawgimenez »

monkey_monkey wrote: post #81
irl_chad wrote: post #37

Earlier quoted context omitted.

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"

And who doesn't eat trash food like McDonalds. I just had McDonalds, what a coincidence.

Re: Coinbase cuts staff by a further 20%

#134

Post by recuter »

MattPalmer1086 wrote: post #123
recuter wrote: post #55

Earlier quoted context omitted.

Aren't you discriminating at people such as himself with such a statement?

How is observing someone discriminating against people in an odd way discrimination?

"I guess people such as yourself always find a way to justify such things"

What do you mean you people?

Re: Coinbase cuts staff by a further 20%

#135

Post by college_physics »

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…

Is there something in market-making technology (or otherwise) that sets them apart from any other modern exchange? Could they pivot into trading pork bellies (or tokens thereof)?

Re: Coinbase cuts staff by a further 20%

#136

Post by WrtCdEvrydy »

shp0ngle wrote: post #63
marban wrote: post #42

Earlier quoted context omitted.

Bonk happened within a week so you might say that rug pulls have at least gotten more efficient...

I am not sure if BONK already rugpulled. There are too many tokens with Elon Musk and Shiba Inu, and they are all interchangeable.

I could swear the owner claimed he had gambled the cash but maybe I'm wrong.

Re: Coinbase cuts staff by a further 20%

#137

Post by hardware2win »

Oddskar wrote: post #126
hardware2win wrote: post #18

Earlier quoted context omitted.

Thats irrational Especially when crypto paid very well

You have to ask yourself "why did it pay very well?" For every person who made money on crypto there was someone that lost as well.

Hmm, how about naive VCs?

Re: Coinbase cuts staff by a further 20%

#138

Post by Beldin »

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…

Alternatively, you could let people pay whatever they want for the product. That would also give you a very accurate and objective measure of how people value the product.

What? You don't think the two measures would converge? In either case, the one with more market power would use that to improve their side of the bargain? Who'd've thunk...

Re: Coinbase cuts staff by a further 20%

#140

Post by nicky0 »

consumer451 wrote: post #102
pifm_guy wrote: post #93

Earlier quoted context omitted.

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?

I guess they need the other 4684 employees for legal and compliance.
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