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Coinbase cuts staff by a further 20%
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Re: Coinbase cuts staff by a further 20%
#522Re: Coinbase cuts staff by a further 20%
#523Earlier quoted context omitted.
Against? Is the role of the Fed not to dilute the national currency?
2020 and 2021 exist as years, the answer to your question is clearly negative, at least for certain time periods.
Years since 1970 with the inflation rate below the supposed 2% target:
2020
2019
2013-2016
2010
2009
2002
and 1986.
For a 52-year period, that's not too many years. Just a fifth.
If the Fed were genuinely targeting 2%, I'd expect half.
The geometric mean inflation rate of this period is 3.92%, almost double the stated target.
I used data from here: https://www.macrotrends.net/countries/USA/united-states/infl...
Re: Coinbase cuts staff by a further 20%
#524Earlier quoted context omitted.
it's not a question of you getting caught off-guard but a massive exchange being trapped now (what do they do?) I kinda feel for them because they tried to build a legit-looking exchange business unlike the famous scams, but now they are stuck and these losses are mind-bending
I feel the same about HOOD. I own some of their stock but every time I see them announce a new crypto product, investment, team, feature etc I cringe. They have coupled themselves and the success of their non crypto products tightly to the success of crypto and I wonder if there will come a time when they try to cut out crypto or if it's too late to do so. I'm holding because I'm hoping they can swing it, but it's be…
The Indian version of Robinhood - Zerodha - reported a profit of nearly $250M on revenues of $650M last year. It never raised venture funding and never sold any crypto.
Bootstrapped businesses have the best execution.
Re: Coinbase cuts staff by a further 20%
#525Earlier 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…
> 1) The anonymous/pseudo anonymous nature of the space is bizarre. I would have multiple voice-only meetings with people using aliases and avatars for all communications. To this day I only know some people as "Mango Man" or whatever. Meeting people who could just burn down an entire identity and start fresh when things go sideways is an indicator of the nature of the space. Most employees at Kraken don't know what…
> Most employees at Kraken don't know what the CTO looks like. He never turns the camera on during meetings and as far as I'm aware hasn't showed up to the in person events. He wrote most of the legacy backend.
> This was mostly a curiosity though. None of the other points apply to him. He was professional.
Call me "old school" but the CTO of a company valued at > $10B that manages who-knows-how-much in terms of customer assets shouldn't be able to do this. Frankly, it's ridiculous - can you imagine the CTO of Bank of America being an avatar/unknown? Seriously. Where is an adult to say "turn your camera on, show up to stuff, use your real name, or you're out"?!?!
Regarding the "sugar babies" and what-not - yes. Just another data point that demonstrates how ridiculously shady and so far beyond acceptable behavior, practice, and standards the space is.
Re: Coinbase cuts staff by a further 20%
#526Earlier quoted context omitted.
That's neither fair nor obvious. Inheritance makes providing value worth doing past the point of one's own comfort. Many people's work becomes most valuable in their latter years, and so we would want them to keep working and pass on wealth, as opposed to either stopping working or just splashing their money out on nonsense. The principle of being able to own things and work to one's own good, and the good of those w…
From the perspective of those born poor with little prospect of improving their station, I don’t see how it’s obvious that the people who inherited wealth are more deserving of the money than the people who got it by scamming. The legitimacy of the social contract that respects private ownership depends on the prospect of a good life for those who work for it. When people lose belief in that prospect, they have no re…
I don't think you can lump people unable to improve their lot into a homogenous group all unable to see what money is. Some will; some won't. And that doesn't make money something else than what it is.
I agree that as individual liberty is eroded, and it's easier to just become yet another BS cog in a giant BS machine, with no incentives to make anything better, then you can descend into something authoritarian that promises a better way, such as our previous attempts at socialism, but the way out isn't to reinforce (or repeat) incorrect assumptions about money. It's to campaign for more liberty and fairness.
Re: Coinbase cuts staff by a further 20%
#527Anyone 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…
This morning it shows the total loss (or gain) for all time in every view.
Re: Coinbase cuts staff by a further 20%
#528Earlier quoted context omitted.
Because the lightning network is garbage?
The protocol itself? Why do you think so?
1. All payments have to be routed across channels of arbitrary size across an arbitrary network. It's a small travelling salesman problem that only gets worse as the network increases in size.
2. It requires a transaction to L1 to open/close a channel. If 1B+ people used it the Bitcoin network itself couldn't cope with that. At 7tps it can handle a max of 220M transactions per year.
3. You need enough liquidity in all channels to your destination to send a payment. This is fine for micro transactions but it can't handle $1k+ transactions well at all.
4. You have to re-balance channels or they stop working.
5. You need some sort of watchtower / guardian node to prevent the other person from being able to steal your funds.
ZK-Rollups completely obsolete the lightning network. If Bitcoin did a hard fork to make them possible every single person would migrate to them. Lightning is not a long term solution, it's mostly a meme to throw back at people who say Bitcoin doesn't scale.
Re: Coinbase cuts staff by a further 20%
#529[dead]
Re: Coinbase cuts staff by a further 20%
#530Earlier quoted context omitted.
> Being involved in crypto related things is a huge red flag that the person is most likely deeply immoral, greedy and opportunistic ... This is a huge assumption to make about someone's character when all you know is that they were employed in $CRYPTO_COMPANY_X FROM $START_DATE TO $END_DATE. You are forever tarring someone you don't even know. If you are involved in recruitment it might be worth taking a look at tho…
If the companies didn't matter, why would you put them on your CV?
Because they matter to the people you're getting hired by. Are you for real?