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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%

#391

Post by rchaud »

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

> 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

Maybe not down 70%, but certainly down a lot due to iOS privacy changes, which are being taken up by other platforms and browsers as well.

A big chunk of the negative sentiment however can be attributed to those ridiculous metaverse demos that they've spunked $15b of cash on.

Re: Coinbase cuts staff by a further 20%

#392

Post by insanitybit »

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

The overall tech meltdown, sure. The crypto meltdown, no, that was not surprising.

Re: Coinbase cuts staff by a further 20%

#393

Post by mikeyouse »

geerlingguy wrote: post #325
hardwaresofton wrote: post #289

Earlier quoted context omitted.

I don't see this discussed in enough HN threads. Everyone is quick to talk about FTX, Tether being a scam, etc but I rarely hear people discuss how the heck BTC is pegged at $16k this whole time, through it all.

Simple: fraud

Right.. "everyone talking about Tether being a scam" means people are talking about why the price is still at $16k.

Re: Coinbase cuts staff by a further 20%

#394

Post by [deleted] »

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?

[deleted]

Re: Coinbase cuts staff by a further 20%

#395

Post by rsynnott »

lkbm wrote: post #358
radicalbyte wrote: post #234

Earlier quoted context omitted.

If you were caught off-guard then you've been sitting in a massive bubble. There has been open distrust and hatred of cryptocurrencies since long before NFTs were a thing. I would argue that NFTs did more to spread the word that cryptocurrencies are a farce than they did to create "value" for those behind them.

I've seen hatred of crypto, constant insistence that it's 100% fraud, and claims that it's worthless and will collapse for many years now. In 2019, no one was saying it would crash in 2022; they were saying it would crash in 2019 or just "it will crash eventually" In 2020, they weren't saying it would crash in 2022, they were saying it would crash in 2020 or just "it will crash eventually" In 2021, they weren't sayin…

I mean, if it was easy to time when things would collapse, you could make a lot of money. But it is sometimes possible to point to something and say "that'll collapse, sooner or later, because it doesn't make any sense" where it isn't practical to predict the time of the collapse.

People started saying "yeah, there's a problem here" about the Irish property market in 2003 or so. Lots of people were saying "this will crash any day now". For years. Then between 2006 and 2010, prices halved, for broadly the reasons the doomsayers were saying (the global financial crisis was arguably a trigger, but doesn't explain the whole thing).

(Also, I would note that Bitcoin did crash in 2021, as well. And it's not like 2022 is likely to be the last crash, either).

Re: Coinbase cuts staff by a further 20%

#396

Post by acdha »

John23832 wrote: post #347
iLoveOncall wrote: post #297

Earlier quoted context omitted.

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.

I think there’s also something important about that period where you’re moving from only doing what other people instruct you to do towards making decisions and supporting them over time.

Re: Coinbase cuts staff by a further 20%

#397

Post by britneybitch »

drexlspivey wrote: post #315
britneybitch wrote: post #253

Earlier quoted context omitted.

Coinbase is technologically kind of a joke. Their matching engine is crap. They haven't even adopted bech32. They just do the bare minimum to keep things working for 99% of users, and for the unlucky 1% they follow the same customer support strategy as Google (aka automated emails but no actual humans). Unfortunately Coinbase is YC and they do a lot of marketing, so people who are just getting started tend to think t…

> They haven't even adopted bech32 What? They’ve been supporting segwit addresses for years

Afaik they support the backwards-compatible parts, but nothing new. I'm talking specifically about "Receive to P2WPKH/P2WSH" in this chart:

https://en.bitcoin.it/wiki/Bech32_adoption#Exchanges

Re: Coinbase cuts staff by a further 20%

#398

Post by msoad »

cs702 wrote: post #291

Despite numerous wrong turns and silly mistakes, Coinbase is looking more and more as the lonely survivor positioned to dominate crypto trading in the West. The company has lots of cash on hand in excess of corporate debt, almost no short-term corporate debt, customer assets backing all customer deposits, and as far as I can tell from a quick read of the latest quarterly report, a clean balance sheet with no red flag…

"Crypto Industry" only has investors. I have not seen an actual cryptocurrency user that says "I'm here to use this thing"

Re: Coinbase cuts staff by a further 20%

#399

Post by britneybitch »

seeingfurther wrote: post #364
britneybitch wrote: post #253

Earlier quoted context omitted.

Coinbase is technologically kind of a joke. Their matching engine is crap. They haven't even adopted bech32. They just do the bare minimum to keep things working for 99% of users, and for the unlucky 1% they follow the same customer support strategy as Google (aka automated emails but no actual humans). Unfortunately Coinbase is YC and they do a lot of marketing, so people who are just getting started tend to think t…

Counterpoint. After cobbling together a bunch of Coinbase products, we successfully use Coinbase to receive and send payments for our online marketplace in much the same way you would use a PayPal type service. The user experience is great and technologically there is no match. We literally could not do what we do with any other service. If Coinbase focused on payments they could dethrone the kings of the internation…

Fair enough. I was criticizing their consumer side and the exchange specifically. I don't know anything about their business products.

Re: Coinbase cuts staff by a further 20%

#400

Post by yunohn »

spaceman_2020 wrote: post #273
roflc0ptic wrote: post #255

Earlier quoted context omitted.

This is silly hyperbole. I was paying honest attention to crypto and I was continually surprised that it didn’t crash. Eventually I gave up and stopped guessing it was going to crash. Then it did :shrug:

Bitcoin has dropped about the same amount as Netflix, Meta and Tesla (~70-74%) It has significantly outperformed VC darlings like Peloton (-93%) and WeWork (-90%). You can't tell me that WeWork stock wasn't working on the greater fool theory any more than Bitcoin's price works on finding more bagholders. It's all a grift, some worse than others.

Equity/market are down generally, and some VC companies are frauds.

That doesn’t change the fact that crypto is zero/negative sum.

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