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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%

#451

Post by 4ggr0 »

irl_chad wrote: post #439
4ggr0 wrote: post #292

Earlier quoted context omitted.

You're comparing someone having worked in crypto with a terrorist? If you have to go that far to make your argument make sense, maybe your argument is not all that solid.

I would never hire the CTO of FTX to work at my company either, because he was complicit in a major fraud. Please don’t argue in bad faith.

Well yeah, because the CTO of FTX was a c-level employee for one of the biggest financial scams.

Would you hire an FTX dev who didn't know about the things which happened behind closed curtains?

Re: Coinbase cuts staff by a further 20%

#452

Post by boring_twenties »

jasode wrote: post #221
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…

>Coinbase is a weird company, because it's got such an obvious comparable: CME Group. CME Group has about 3500 employees, [...] Firstly, I don't see how Coinbase needs as many people as CME. Coinbase isn't a direct comparable to CME because CME only does the exchange function. Coinbase combines several different types of financial institutions in the crypto space: + exchange : order matching engine of buy & sell -- a…

Coinbase doesn't offer margin.

Re: Coinbase cuts staff by a further 20%

#453

Post by hgsgm »

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…

Coinbase is so well run that it will probably outlive cryptocurrency trading, at least briefly.

Re: Coinbase cuts staff by a further 20%

#454

Post by RJIb8RBYxzAMX9u »

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.”

You know, I've never actually watched Silicon Valley, but I still recognized the quote because I've caught clips here and there on YouTube. I suppose now would be the time to binge-watch it.

Re: Coinbase cuts staff by a further 20%

#455

Post by hgsgm »

deepsun wrote: post #426
waylandsmithers wrote: post #276

Earlier quoted context omitted.

..."and as a result I have decided to step down and hand the company over to someone more capable of navigating today's challenges" /s I think we'd all like to imagine a world where company's are run like sea faring ships- the captain gets paid the most to be accountable for the whole operation, and when things go wrong must be the last one off the ship. To the point where any selfish behavior by the captain in an em…

Why CEO should step down while cutting staff? Staff got their money they agreed on. The ones to handle the burden are the ones who had skin in the game (aka stockholders). And stockholders can definitely decide for anyone to step down. The workers are actually in the best, safest, position here.

Stockholders have cash in the game. workers have skin in the game; they need foos and shelter.

Re: Coinbase cuts staff by a further 20%

#456

Post by hgsgm »

deadbeeves wrote: post #354
jefftk wrote: post #318

Earlier quoted context omitted.

The emergencies you're talking about in seafaring are situations where people might die. Conventions and rules appropriate for that kind of situation are very different than for lower stakes situations, and I don't think the analogy is very illuminating.

Right. In a situation where people may die, the leader must risk his own life to protect the lives of those under him. In a situation where people may lose their livelihoods, the leader should risk his own livelihood to protect the livelihoods of those under him. How is this analogy inappropriate?

Did you know that the military commander-in-chief and generals do not put their own lives in the fromt of the battle?

Re: Coinbase cuts staff by a further 20%

#457

Post by hgsgm »

danaris wrote: post #384
jefftk wrote: post #381

Earlier quoted context omitted.

Are you saying this Coinbase layoff will likely kill people?

I'm saying any large layoff has a decent chance of making some people homeless—either because they weren't making enough before to save money, or because they were riding an unrealistic expectation of growth (that the company and entire industry are often actively selling you) and bet too much on it (the latter being what I'd guess more likely in this case, based on my assumptions about the kind of money Coinbase wou…

By that theory, Coinbase already saved their lives since they'd be homeless if they weren't hired.

Re: Coinbase cuts staff by a further 20%

#460

Post by robertlagrant »

luckylion wrote: post #226
988747 wrote: post #77

Earlier quoted context omitted.

> 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. Fortunately, we do not have to rely on our beliefs here, we have an objective measure, which we call "money". If someone starts a company in their garage, and a decade later that company is worth few billions of dollars then that's the value this person brought to society - because pe…

> If someone starts a company in their garage, and a decade later that company is worth few billions of dollars then that's the value this person brought to society - because people willingly paid them those billions of dollars for their product/service. What was the value FTX or Theranos brought to society?

You'll note that when it goes wrong in each of those cases, we lock the perpetrators up in a box. And their company's value drops according to the new information.
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