Coinbase’s chief product officer will leave with a $105M payday • Hacker News Board

Re: Coinbase’s chief product officer will leave with a $105M payday

#71

Post by captn3m0 » Wed, Jan 25, 2023, 4:46 PM UTC

jnwatson wrote: post #49

__derek__ wrote: post #26

Earlier quoted context omitted.

On the bright side, Coinbase launched a lot of high-value new products during the last two years that will help the company thrive and grow in the coming years.

Indistinguishable from parody... What would be an example of a new product that will help the company thrive?

Coinswitch, a crypto-exchange in India is now pivoting to wealth management:

> We have seven new non-crypto products in our 2023 roster, which includes fixed deposits, ETFs [exchange-traded funds], mutual funds, stocks, bonds and U.S. equities.

> The goal is to be the one-stop wealth-tech destination for every Indian. As we diversify into other asset classes, there are different business models we are experimenting with to check which is the best for customers. There are multiple partnerships in place since we are launching such large-scale assets onto our platform. [Editor’s note: CoinSwitch declined to give the names of partners or detail on licenses obtained to sell non-crypto products.]

> We started off with a mission to make money equal for all. Crypto was the starting point for us but we will continue to innovate towards being a wealth tech platform. We see crypto as an investment class that is offered alongside other assets, to help users build a diversified portfolio.

Ref: https://forkast.news/indias-coinswitch-exchange-looks-to-non...

Re: Coinbase’s chief product officer will leave with a $105M payday

#72

Post by qclibre22 » Wed, Jan 25, 2023, 4:47 PM UTC

protonbob wrote: post #44

SQueeeeeL wrote: post #32

Earlier quoted context omitted.

The literal collapse of an institution is a pretty A+ indicator of failure of leadership

Dang is Coinbase collapsing?

bitcoin is up 25% in a month : https://finance.yahoo.com/quote/BTC-USD?p=BTC-USD

Re: Coinbase’s chief product officer will leave with a $105M payday

#73

Post by jstx1 » Wed, Jan 25, 2023, 4:47 PM UTC

Forgeties79 wrote: post #48

jnwatson wrote: post #45

Earlier quoted context omitted.

Not necessarily. If your market evaporates, you can't really blame it on product.

>If your market evaporates, you can't really blame it on product. Come again?

It means that nobody could have prevented the crypto market collapse from the position of a Coinbase Chief Product Officer.

Re: Coinbase’s chief product officer will leave with a $105M payday

#74

Post by jacobsenscott » Wed, Jan 25, 2023, 4:47 PM UTC

par wrote: post #61

I wonder if Congress plans to do anything about executive compensation yet.

I don't know. Do you think a congressperson is more likely to listen to you, or someone with 100 million dollars?

Re: Coinbase’s chief product officer will leave with a $105M payday

#75

Post by NotYourLawyer » Wed, Jan 25, 2023, 4:48 PM UTC

par wrote: post #61

I wonder if Congress plans to do anything about executive compensation yet.

Yeah, I hate it when people exchange money for goods and services in a non-coercive, mutually agreed transaction. There oughta be a law!

Re: Coinbase’s chief product officer will leave with a $105M payday

#76

Post by Forgeties79 » Wed, Jan 25, 2023, 4:48 PM UTC

jstx1 wrote: post #73

Forgeties79 wrote: post #48

Earlier quoted context omitted.

>If your market evaporates, you can't really blame it on product. Come again?

It means that nobody could have prevented the crypto market collapse from the position of a Coinbase Chief Product Officer.

I mean...we've seen these massive boom and bust cycles over and over again. So yeah I do sort of expect the Chief Product Officer to have some clue how to handle them. It's not like it was out of the blue.

Re: Coinbase’s chief product officer will leave with a $105M payday

#77

Post by yreg » Wed, Jan 25, 2023, 4:48 PM UTC

swyx wrote: post #37

Headlines from last week: > It was announced on Jan. 10, 2022 that Coinbase would be slashing its workforce by about 20% (which translates to 950 employees) in an effort to reduce overall operating expenses by 25%. > This is the second round of layoffs for the crypto exchange, as they laid off 18% of the workforce last June as the crypto winter sets in and the space attempts to recover from the disastrous year. why e…

Because he got it as a compensation when they hired him? Now he is just selling his stake after he left.

Re: Coinbase’s chief product officer will leave with a $105M payday

#78

Post by solomatov » Wed, Jan 25, 2023, 4:49 PM UTC

As far as I see it, that was his employment contract. Good for him. Companies can't retroactively change employment contracts in case of contingencies, and that's very good for all of us.

(I am not a lawyer).

Re: Coinbase’s chief product officer will leave with a $105M payday

#79

Post by wpietri » Wed, Jan 25, 2023, 4:50 PM UTC

phillipcarter wrote: post #10

All I can say is, damn, props to him. Tricking the coinbase execs into giving him one of the highest paying packages for any product exec in history and delivering so little value in return is the kind of heist we should all aspire towards.

Fair point. I am generally opposed to crime, legal and otherwise. But stealing from the grifters not only has a certain moral justice to it, it might even be a net social positive.

Re: Coinbase’s chief product officer will leave with a $105M payday

#80

Post by Invictus0 » Wed, Jan 25, 2023, 4:50 PM UTC

insane_dreamer wrote: post #56

jnwatson wrote: post #45

Earlier quoted context omitted.

Not necessarily. If your market evaporates, you can't really blame it on product.

> you can't really blame it on product indeed you can

If there's no more gold in the gold mines, you would blame that on the shovel manufacturer?