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.
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Coinbase cuts staff by a further 20%
191–200 of 533 posts
Re: Coinbase cuts staff by a further 20%
#192They 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.
I interviewed at a place where 75% of the interviewers didn't show up.
The only dude who did, had started the day before...
Re: Coinbase cuts staff by a further 20%
#193Earlier 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.
You're missing the difference between ownership and money. People who make extremely useful companies own parts of them. They don't have that money in cash. The only thing they can do with that ownership is to sell it, which the market also seems a valuable thing. They have to constantly do valuable things to have money. They aren't like a government, which can lock you in a box for not paying them. Companies have to earn it.
Re: Coinbase cuts staff by a further 20%
#194>accountability rests with me as the CEO There it is. Rings incredibly hollow when the same line was trotted out just a few months ago with zero impact or meaning behind the statement, given it clearly didn't change anything.
I don't get why every CEO is cargo culting this line in layoff announcements. It plays extremely poorly because it's clear there's no accountability.
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Re: Coinbase cuts staff by a further 20%
#195Earlier quoted context omitted.
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)
That way over hired. The company missed the nft wave. And their expenses went out of control. A good ceo would have recognized during the first round of layoffs a deeper cut was necessary to bring the company to profitability.
Re: Coinbase cuts staff by a further 20%
#196Earlier quoted context omitted.
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.
But Bitcoin has "exploded" in the past, crashing 70%+ several times, yet each time it had a higher and higher floor. How do you explain this?
I actually thought the Russian invasion of Ukraine would result in more Bitcoin usage and the price going up again.
Re: Coinbase cuts staff by a further 20%
#197Earlier quoted context omitted.
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)?
exchanges have been around for almost a century now, so coinbase actually has a huge disadvantage in that they have no institutional stickiness or users, exchanges are built on trust and I would not want my money being routed through them if I was a client.
Just curious, which kind of exchanges do you mean that are 100 years young? The first stock exchange came to be >400 years ago and I guess there are currency or other exchanges that were there before.
(Sorry if I just seem to want to point out a mistake - your first sentence just sounds so specific that it just got me interested in what you mean.)
Re: Coinbase cuts staff by a further 20%
#198Coinbase 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…
There was a lot of hype and an expectation (IMO wishful thinking) that NFTs would have a very broad penetration in the society, for example replace physical collectibles. If that did turn out to be true, most people would require a lot of handholding for taxes, complex global regulation, etc. which the Coinbase would provide, as well as collecting the exchange fees.
Under this premise it is reasonable to hire up to build this framework if the investors are willing to foot the bill during the discovery phase. I am not saying this is prudent, just that it is a consistent story that they sold.
This is not unique to crypto: biotech startups are raising billions a pop in a Series B (not a joke) promising to use generative AI to find miracle drugs.
Re: Coinbase cuts staff by a further 20%
#199I think any company exploring ways to improve the financial system should be given plenty of space to do so, but I think the fundamental issue facing Coinbase, and all other crypto-based firms is: when will we see mainstream adoption of crypto as something other than asset speculation? Or, is speculation the only use-case for crypto? Sure we've had example use-cases for crypto as a value store and exchange medium, bu…
Don't forget that it's not only a "when we will see" but also a "whether we will see". Changes the economics significantly for investors.
Re: Coinbase cuts staff by a further 20%
#200Earlier 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...
support team of 10? they have 100 million users and sell a not-so-simple product to consumers who often don't understand what they're buying. https://www.businessofapps.com/data/coinbase-statistics/
businessofapps.com claims they only do 8M transactions per month, and have/had 4500 employees, so 8M transactions / 4.5K employees / 20 working days/month that's 88 transactions to post per day.
They don't need datacenters, quill pens and paper accounting could handle that 200 years ago with about 3 hours work per day.
Generally supermarket cashiers can do somewhat less than 30 transactions per hour, so I think its justified they should be able to do all the accounting manually in three hours.
The numbers do look a bit odd.