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Coinbase cuts staff by a further 20%
261–270 of 533 posts
Re: Coinbase cuts staff by a further 20%
#262Earlier quoted context omitted.
I don't know how you equate "speculative value" with "valid projects". Bitcoin has value because people are long on crypto. "Long" has an end date - just because it's 50 years instead of 10 years doesn't mean it's not coming.
If there's less crypto being issued than fiat, and demand were constant as a % of people's wealth (which I admit is a big if), then crypto is bound to go up. There is no end date to government currency debasement.
Well yes - but the assumption is that demand will drop as more people realize crypto has no long term viability as real financial infrastructure.
Re: Coinbase cuts staff by a further 20%
#263Earlier quoted context omitted.
> We're building the mobile-native web3 marketplace, starting with NFTs. https://web3isgoinggreat.com/ Feels like more technology looking for a problem, fortunately for humanity the wide interest in such things seems to be waning.
And what do you do that's so noble?
I write software used to operate power stations, so that people can power their homes etc. You seem to confuse nobility with utility. Crypto is a solution looking for a problem. The ponzi seems to struggle to maintain the volume required for 'growth'.
Thanks for the 'whataboutism' though.
Re: Coinbase cuts staff by a further 20%
#264Re: Coinbase cuts staff by a further 20%
#265Coinbase 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…
What do all those people even do?
Re: Coinbase cuts staff by a further 20%
#266Earlier quoted context omitted.
That is what I’m seeing.
Can you post a screenshot? The charts for me go back to "all time".
No, but right now my current balance is X
The trend says it is up about .5X in the past year
Right below that is the peak 1year ago which is about 3X
Trend should be -2X
Going to the 1D view it looks like it may be fixed, but the other views are showing bad numbers.
Re: Coinbase cuts staff by a further 20%
#267Earlier quoted context omitted.
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…
I think everyone was completely caught off-guard by the ferocity and pace of the crypto drawdown. Volumes have atrophied completely . It's not a cooling of retail interest vis-a-vis the stock market, but complete apathy and/or hatred. See the volume data for OpenSea as an example.
Timing the drawdown was difficult, but the whole thing was incredibly bubbly. If there's no fundamentals, only a desire to eventually sell out to a greater fool, the drop can be hard.
Plus there's also the "Lehman Brothers moment" provided by FTX. People are learning what "counterparty risk" is. If you're not daytrading, then suddenly it's worth considering moving your crypto off the exchange and assuming the custody risk yourself.
Re: Coinbase cuts staff by a further 20%
#268First I was thinking, "hey maybe the recent downturn in crypto will weed out the most obvious nonsense" But now I see #1 story on Coindesk "Shiba Inu-Themed BONK Tokens Are Yielding Nearly 1,000%" So I guess we are not there yet
To put this politely: crypto’s growth model heavily depends on those “quirky” projects to attract new users, drive trade volume, and bring in cash.
Re: Coinbase cuts staff by a further 20%
#269Earlier quoted context omitted.
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 j…
Yeah, the right number is probably somewhere between 10 and 4500.
Re: Coinbase cuts staff by a further 20%
#270Coinbase 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…
Why should a company make a profit? It's all about managing cash flows.