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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%

#441

Post by irl_chad »

Karsteski wrote: post #302
irl_chad wrote: post #290

Earlier quoted context omitted.

Which specific comments do you take issue with?

> I’m an immigrant in Ukraine. I love this country very much. Speak the language, understand the culture, etc. > After checking out your page, I’m absolutely appalled. I’ve forwarded this to a personal friend who works in the immigration department here. > Ukraine isn’t your playground to pimp women to men who aren’t successful with them in their own countries. > Btw you’ve probably seen me around Kyiv in bars/clubs/…

Yes, absolutely I would.

I don’t really go to clubs anymore, and I don’t enjoy my flashy stuff anymore either.

Otherwise I stand by those comments. They were made to a guy running a sex tourism business.

Re: Coinbase cuts staff by a further 20%

#442

Post by threadweaver34 »

ilamont wrote: post #218
dwighttk wrote: post #161

Anyone else notice that Coinbase changed its price trend in your assets from “beginning of time period to now” to “lowest point to now”? I haven’t been able to find a view that shows a downward trend since…

Not just crypto. I've noticed Fidelity removes default graphs from dashboards or changes the time period during major market corrections. Articles urging people not to panic sell also start appearing. Here's what they emailed customers on March 5, 2020: Historically, the economy and the stock market have bounced back and market gains made during economic expansions have far outpaced losses that occurred during recess…

> Articles urging people not to panic sell also start appearing.

Considering what people do and the track record of buy-and-hold, this is a responsible move.

Re: Coinbase cuts staff by a further 20%

#444

Post by dilyevsky »

ycombobreaker wrote: post #336
spaceman_2020 wrote: post #273

Earlier quoted context omitted.

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.

Peloton in particular was a beneficiary of the pandemic and lockdowns. With no ill will, I'm content to see their stock price drop if it is correlated with an improvement in the general state of the world. It's absolutely not informative to compare their returns to various crypto.

Peloton got massively mismanaged by its ceo.

Re: Coinbase cuts staff by a further 20%

#445

Post by Aperocky »

lkbm wrote: post #404
Aperocky wrote: post #377

Earlier quoted context omitted.

You are intentionally mixing up 2 types of prediction and belittling the one that's a more powerful driver than "it will crash on X date". "it will crash eventually" is more important, it results in people staying away/getting out of this market, for good. It's much more powerful than oh it's gonna crash on this or that date.

To be clear, this is the thread we're in: > > I think everyone was completely caught off-guard by the ferocity and pace of the crypto drawdown. > If you were caught off-guard then you've been sitting in a massive bubble. OP is saying people were caught off-guard by the specifics of the crash. That doesn't require being in a bubble, because there weren't any specific correct predictions that were distinguishable from…

They are very useful when the prediction resulted in not participating in this market at all.

For those who are in this market (as Coinbase is), they are useful in terms of planning and setting up a large reserve of rainy day funds - for less risky venture it may not be necessary, but for crypto it absolutely is. Unless plan B is to crash and burn which seems to be the MO for most crypto companies.

Re: Coinbase cuts staff by a further 20%

#446

Post by [deleted] »

msoad wrote: post #398
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"

[deleted]

Re: Coinbase cuts staff by a further 20%

#447

Post by spaceman_2020 »

robswc wrote: post #367
spaceman_2020 wrote: post #259

Earlier quoted context omitted.

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

You know, I really like this comment because its pretty true. I think a lot of people will say they say the signs... and I initially wanted to say that too. It happened so "slow" though and its crazy to think about how "good" it was pre-covid. I mean, things generally were going up and IMO, life felt more "stable" so a tech crash 2-3 years out just wouldn't be on the radar. I have always said (w/comments to back it u…

I saw the signs and I was convinced it was going to crash, and I even shorted it at 55kish. And it did crash.

Then out of the blue, for no real reason, it went up again, hitting another new high.

Point is: markets are completely irrational and predicting what they're going to do or not going to do is a futile exercise.

Re: Coinbase cuts staff by a further 20%

#448

Post by coffeebeqn »

kkielhofner wrote: post #310
jesuscript wrote: post #8

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.

I spent most of the last two years working on an NFT anti-fraud solution[0]. My two prior startups were (essentially) in telecom and healthcare. Coming from these well established, highly regulated, somewhat legacy industries to "crypto"/NFTs/web3 was a very interesting experience, to say the least. Users/potential customers for our solution ranged from creators to marketplaces to collectors/investors. Several very g…

func fraudDetect() if nft return true

Re: Coinbase cuts staff by a further 20%

#450

Post by kkielhofner »

coffeebeqn wrote: post #448
kkielhofner wrote: post #310

Earlier quoted context omitted.

I spent most of the last two years working on an NFT anti-fraud solution[0]. My two prior startups were (essentially) in telecom and healthcare. Coming from these well established, highly regulated, somewhat legacy industries to "crypto"/NFTs/web3 was a very interesting experience, to say the least. Users/potential customers for our solution ranged from creators to marketplaces to collectors/investors. Several very g…

func fraudDetect() if nft return true

At this point I can't say I disagree.

The genesis story is early 2021 I was talking to my sister (who is a respected digital artist) and she asked me about "these NFT things". Being technical I was of course aware of them. She then followed up with "Yeah, my friends and I have tried them but all of our stuff just ends up stolen anyway". Needless to say I was intrigued.

My general thinking was - this stuff is here, people are buying into it for whatever reasons, and the more I look the more fraud and shady stuff there is. Broadly speaking I tend to have a "harm reduction" mindset - everything from safe injection sites to crypto. For some things it just seems like people can't help themselves so once the "cat is out of the bag" there's value and nobility in making inherently risky things at least somewhat safer. I know there are plenty of people here on HN and elsewhere with the mindset of "they're idiots, they deserve to lose everything" and/or a desire to just watch the entire thing burn. I (clearly) have a more measured and nuanced take.

That said, my experience ended up being less like "safe injection sites" and more like "this entire space IS the cartel and there are few (if any) people doing any good whatsoever". As I noted I can't recall anything positive or beneficial in my time dealing with it. The impact on my mental health and general feeling of spitting in the ocean finally drove me out.

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