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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%

#491

Post by alfalfasprout »

noelsusman wrote: post #478
za3faran wrote: post #459

Earlier quoted context omitted.

High inflation, stock market, etc.

Neither of which has caused an economic downturn yet. The economy is doing just fine. Tech companies laying people off because money isn't free anymore is not an economic downturn.

Not sure what blanket you're hiding under but just because unemployment is low doesn't mean the economy is fine. Many companies are seeing a slowdown thanks to inflationary pressures in consumers. The stock market just tends to drop before earnings consistently drop and recover before earnings consistently recover.

High inflation necessitating high interest rates is not a healthy economy.

Re: Coinbase cuts staff by a further 20%

#492

Post by robswc »

spaceman_2020 wrote: post #447
robswc wrote: post #367

Earlier quoted context omitted.

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.

Yea, I understand that. I actually run a trading firm but I don't do "long term" bets like that. Also exactly for that reason.

Re: Coinbase cuts staff by a further 20%

#493

Post by bart_spoon »

jsnell wrote: post #306
dwighttk wrote: post #166

Earlier quoted context omitted.

>Coinbase loses $1 for every $1 of revenue. Huh, I would call that ~$2 lost for every $1 of revenue.

They spend $2 for every $1 of revenue. That means they lose $1 for every $1 of revenue.

Spend is loss. If they lost $1 for every $1 of revenue, they’d be breaking even. But they aren’t. They‘d have to double their revenue just to break even.

So yes, they lose $2 for every $1 earned.

Re: Coinbase cuts staff by a further 20%

#494

Post by RestlessMind »

pcthrowaway wrote: post #483
RestlessMind wrote: post #466

Earlier quoted context omitted.

> The supply of crypto isn't limited because people can just mint new chains. It is silly to lump all crypto coins in a single bucket. BTC is very different than DOGE or SHIB. I guess your parent post was about BTC supply being limited.

Interesting you say that, because it's actually very similar to Doge (though of course, dissimilar to Shib, because shib is an ERC20 token on Ethereum)

So you also think that The Starry Night in MOMA is worthless because you can buy a very similar one on Etsy for $65? https://www.etsy.com/listing/1317189452/starry-night-by-vinc...

Re: Coinbase cuts staff by a further 20%

#495

Post by [deleted] »

spaceman_2020 wrote: post #213
jesuscript wrote: post #105

Earlier 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.

[deleted]

Re: Coinbase cuts staff by a further 20%

#496

Post by quickthrowman »

rahen wrote: post #378
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.

You won't see this discussed on HN, there's an overall hostility toward Bitcoin. A few are interested or sometimes involved with it (whether with development or infrastructure) but don't bother enlightening the crowd since I think it's pretty hopeless here and they would be buried under downvotes. I wonder if that resentment would have been the same toward the Internet in 1997. You know, that useless thing for hacker…

> I wonder if that resentment would have been the same toward the Internet in 1997.

My grandparents had an AOL account in 1997.

Re: Coinbase cuts staff by a further 20%

#497

Post by [deleted] »

MrRadar wrote: post #480
def_true_false wrote: post #433

Earlier quoted context omitted.

HN userbase is older and more American than tech in general. It follows that they are more invested in the legacy financial system than most and don't even encounter the problems crypto tries to solve. Also sour grapes.

What are you talking about? America's financial system is the worst of the world's major economies from the perspective of people wanting to send money (to the point that the easiest way to send money between individuals is with paper checks, something that has virtually disappeared everywhere else). If anything, Bitcoin's promises of frictionless money transfer should have the most appeal to Americans since that's a…

[deleted]

Re: Coinbase cuts staff by a further 20%

#498

Post by [deleted] »

TekMol wrote: post #228
danrocks wrote: post #224

Earlier quoted context omitted.

Because the vast majority of crypto users only see it as a speculative vehicle and do not care about decentralized payments, I would guess.

But giving the tens of millions of Coinbase users a way to do cheap and fast microtransactions could change that. "Oh, you also have a lightning app? Cool, I'll send you the money this way."

[deleted]

Re: Coinbase cuts staff by a further 20%

#499

Post by WXLCKNO »

Sohcahtoa82 wrote: post #422
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 looking more and more as the lonely survivor positioned to dominate crypto trading in the West. Because it feels like they're the only ones that stay legit while also seeming to take security quite seriously. Everyone else is either a scammer or gets hacked, and I'm convinced at least half of the "hacks" are inside jobs.

Kraken has the same legitimacy imo.

Re: Coinbase cuts staff by a further 20%

#500

Post by sudosysgen »

monetus wrote: post #412
johnvanommen wrote: post #192

Earlier quoted context omitted.

> They literally had people with 1-2 years of experience conducting interviews last I remember. I interviewed at a place where 75% of the interviewers didn't show up. The only dude who did, had started the day before...

This sounds fascinating. What kind of software/industry?

I have friends who had the same experience for Goldman Sachs as a new grad Dev.
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