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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%

#341

Post by ycombobreaker »

spaceman_2020 wrote: post #259
kingkawn wrote: post #231

Earlier quoted context omitted.

Absolutely nobody paying even a drop of honest attention was surprised by any part of the crypto drawdown

Absolutely everyone was surprised by the pace of the tech meltdown. It's not everyday that "blue chip" companies like Netflix and Meta and Tesla drop 60-70% within months. Meta crashed 73%. Tesla crashed 70%. Netflix crashed 72%. Everyone knew it was always going to come down, but if I were to tell you in September 2021 that Meta was going to trade 70% down within a year, you wouldn't have believed me

> if I were to tell you in September 2021 that Meta was going to trade 70% down within a year, you wouldn't have believed me

I would have probably asked "who is Meta?" at which point you explain you are a time traveler, and Facebook was to change their name in the next few months, too. After my initial laughter, I suppose I'd believe your whole story, because you can't make this stuff up. Next thing you'll tell me, Zuckerberg has legally changed his name to "The Cooler Mark".

Re: Coinbase cuts staff by a further 20%

#342

Post by forthefuture »

szpght wrote: post #307
forthefuture wrote: post #237

Earlier quoted context omitted.

Amazon was founded in 1994 and turned their first profit in 2001. A better example would be Uber, which ran negative until they had less than one year of runway remaining and then were somehow allowed to scam pedestrians into keeping their unprofitable taxi business solvent.

what do you mean by scam pedestrians?

Uber lost all of the money all of the original investors gave them, and sold that bag of dog shit to the public. Everyone who bought the IPO lost money.

Re: Coinbase cuts staff by a further 20%

#343

Post by shawabawa3 »

meragrin_ wrote: post #288
danrocks wrote: post #235

“ All Coinbase personnel will be given proper notice and terminated. But make no mistake. Though they're the ones leaving, it is I who must remain and bear the heavy burden of their failure.”

> their failure.” So he's heaping all of the blame on the terminated employees?

It's a quote from the TV show Silicon Valley

Re: Coinbase cuts staff by a further 20%

#344

Post by danuker »

_hcuq wrote: post #274

The one thing that surprises me in all this is that the BTC price has stayed at a stable 16k since mid October.

A lot of valuations show it's very cheap. Maybe hardcore believers start buying below this price.

https://hcburger.com/blog/powerlaw/index.html

https://twitter.com/DeFi_initiate/status/1576543256627724288...

Of course, being historically consistent is not mandatory. The models may break, especially now that we have higher interest rates.

Re: Coinbase cuts staff by a further 20%

#345

Post by hvs »

spaceman_2020 wrote: post #259
kingkawn wrote: post #231

Earlier quoted context omitted.

Absolutely nobody paying even a drop of honest attention was surprised by any part of the crypto drawdown

Absolutely everyone was surprised by the pace of the tech meltdown. It's not everyday that "blue chip" companies like Netflix and Meta and Tesla drop 60-70% within months. Meta crashed 73%. Tesla crashed 70%. Netflix crashed 72%. Everyone knew it was always going to come down, but if I were to tell you in September 2021 that Meta was going to trade 70% down within a year, you wouldn't have believed me

Sure I would. I've been through a couple of recessions now.

Re: Coinbase cuts staff by a further 20%

#346

Post by arbol »

mikelovenotwar wrote: post #313
arbol wrote: post #281

Earlier quoted context omitted.

You'll be familiar with generators then. A technology that also had next to no utility in the 1830s when it was invented, reaching commercial success in the 1870s. During this 40 year period, millions of dollars were spent promoting the field of commercial electricity at a time when the steam engine ruled. > Crypto is a solution looking for a problem I think this is short sighted and time will prove you wrong.

This comment completely fails to take into account the societal and technological changes that occurred during the period, including population growth and all that goes with it, suggesting that money spent promoting a better solution than was presently available is responsible for it's uptake. Do you have any evidence for anything you're saying?

Perhaps you are failing to take into account the societal and technological changes that are occurring in the present day. Hindsight is a wonderful thing.

> Do you have any evidence for anything you're saying?

The following history of the generator: https://www.mygenerator.com.au/history-of-the-generator

You might want to check out how web3 tech is used by energy companies to solve coordination problems within the grid. For example: https://www.energyweb.org/

A video discussion on the subject: https://www.youtube.com/watch?v=B3G00BD4zYs

Re: Coinbase cuts staff by a further 20%

#347

Post by John23832 »

iLoveOncall wrote: post #297
John23832 wrote: post #284

Earlier quoted context omitted.

In the emerging points of their business. Or “juniors” with some kind of valuable expertise to the interview. Not, “just graduated web dev boot camp and have a fleeting interest in web3” junior.

Which is not at all what we're talking about here since the original comment talks about people with one or two years of experience.

It’s was an exaggeration, but the point still stands. Two years experience is “just graduated” into the workforce. The lifespan of a worker is 30+ years.

Re: Coinbase cuts staff by a further 20%

#348

Post by dcolkitt »

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…

Two issues here with the comparison. First Coinbase isn't just an exchange in the sense that the CME is an exchange. Coinbase is an exchange, a clearinghouse, a custodian, a broker dealer, a prime brokerage, and a user platform. When you want to trade on CME, you don't just go to CME dot com, open an account with them, and have them hold your money. There's layers of other service providers, with CME itself basically being a B2B platform that also offloads much of the banking and custody to other institutions.

Second, Coinbase has ambitions beyond just being an exchange and that's driven a lot of hires. It runs Coinbase Ventures, Coinbase Cloud, an NFT platform, develops tooling (e.g. Coinbase Wallet), and contributes to crypto protocols. A lot of the recent hiring was driven by these "other bets".

Re: Coinbase cuts staff by a further 20%

#349

Post by [deleted] »

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

[deleted]

Re: Coinbase cuts staff by a further 20%

#350

Post by capableweb »

smt88 wrote: post #327
cableshaft wrote: post #320

Earlier quoted context omitted.

They've already survived two crypto winters as well before this one, so they've already had experience and gotten to see what works and what doesn't, and have structured their company accordingly. I think if any crypto company deserves to survive this crypto winter, they're probably the most deserving.

I doubt their past experience applies. This is far more than a winter.

"Crypto winter" doesn't refer to the fact that half of the world is in the "winter season" climate currently but rather a time-period (traditionally lasting longer than a climate "season") when cryptocurrencies prices are at a downturn.
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