171–180 of 533 posts
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...
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> 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...
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> They literally had people with 1-2 years of experience conducting interviews last I remember. What's the problem with that?
That little experience makes it hard to judge applicant quality well and means they probably aren’t answering questions accurately. It’s a dead tell of a company which has a shortage of experienced staff and is growing too quickly — very strongly reminiscent of the dotcom bubble where people had the same “number go up!” mentality & some would openly say they were just looking busy until the IPO.
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If anything the downturn will create even more nonsense, as people try to keep the money flowing in. If you think of crypto writ large as a sort of accidental self-organising distributed Ponzi scheme (which isn't unreasonable), then this is exactly what you'd expect; traditionally towards the end they get weirder and weirder, as people need money coming in by whatever means.
Precisely, it will just get weirder and more extreme until it explodes. These are all spasms of a dying organism. The addiction is so massive though that there will be some kind of backlash or a shift to something else. It's like when the authorities cracked down on money laundering through banks, for every one they killed four new ones sprang up.
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That’s an interesting point. But I still wouldn’t include crypto on my resume - instead, leave a gap in the resume, and if the hiring manager asks, explain. It reminds me of how I see a lot of applicants to LinkedIn job posts with people who list their work history all the way back, past their time in the industry. Eg McDonald’s cashier. You may think that has a positive effect (has experience talking to customers, c…
Both these points are unfair to junior developers. Suppose your first job out of college was in crypto? Yeah a mistake, but it shouldn't blacken your entire career, especially if you learned some non-crypto skills in the process. And if it's your first job you need something else in your resume to show you have some non-tech skills and responsibilities. Nothing wrong with cashier in McDonalds, it shows you can work i…
If you’re a junior developer, and you want to make good money at it, you no longer have hobbies or a life (don’t worry, you get them back when you get good). Instead, all your free time is now dedicated to hobby projects & studying. Of course, only a small % of junior developers want/are capable of that lifestyle (the 10x engineers), and if you’re not one, you’ll just have to suffer making only 80k a year + benefits as a regular junior.
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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 un…
This is no different to other tech companies and startups that have over hired during the low interest hype and have aggressively raised money. It is essentially the VC hype cycle and are meant to dump their holdings on retail once the stock is publicly listed. We're all just see how tech startups and other companies are getting slaughtered over market conditions and NOW need to cut costs, spend less, hire less and t…
Well, in a sense that's exactly what low interest rates were supposed to accomplish: get people in the economy to spend.
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…
>Coinbase loses $1 for every $1 of revenue. Huh, I would call that ~$2 lost for every $1 of revenue.
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…
> They're meant to be a disruptive start up they should be lean. When has this ever been a thing? They raised tons of money in huge valuations and used it to hire a boatload of people. Tale as old as time. Agree with the rest of your post though, it’s unclear what their endgame was/is to get into the black.