111–120 of 391 posts
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The literal collapse of an institution is a pretty A+ indicator of failure of leadership
Dang is Coinbase collapsing?
Probably the same type that associates tech debt with “company is on the decline” despite strong revenue.
I bet the 950 people let go a few weeks ago and the 1,100 let go back in June must love hearing this news.
A needed dip in the bubble and all of the sudden HN goes from market capitalist to left leaning. This person sold their stock, the time for employees to complain was when he was given this equity a couple of years ago.
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> If the product hadn't been successful, it would have been worth nothing. It's not a mystery at all. The stock is down -84.99% from IPO, seems like so far (accordingly shareholders and the financial market), the product is indeed not very successful because if it was, the price would go up, not down. So he did a poor job, and now when sold his part of it, he got $105M.
> So he did a poor job Or (at least partially) the surrounding market conditions have changed into unfavorable conditions for a company like Coinbase Should a product officer be judged on whether the economy/financial markets change their mind on the value of risky things like crypto? Plus the FTX thing most likely isn't a product officer's fault
Yes, absolutely. The whole point of product management is to find sustainable locations in the product space to create lasting value.
People have been warning for years that the rise of crypto was unsustainable, a grift supported by locating dumb people with dollars to cash out the people who had large supplies of magic beans to sell them.
It's not like FTX was an outlier. FTX was the largest and most spectacular failure so far. But it's part of a rich tradition of crime, grift, and plain old collapse going back at least to Mt Gox in 2014. And it's part of a large network of other failures and soon-to-be failures: https://www.mollywhite.net/etc/ftx-contagion
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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 w…
Now they're ending with a mission to make money equal for wealthy people.
The same, really. The DeFi revolution in 2 phrases.
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Dang is Coinbase collapsing?
Collapsing is a strong word, but their very tightly tied to whatever the crypto market is doing..which is not good at the moment.
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.
He's walking with around a sixth of all money raised by the company [1] Might as well treat the execs and all VCs involved to a luxurious "fuck you" dinner! [1] https://www.crunchbase.com/organization/coinbase/company_fin...
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The literal collapse of an institution is a pretty A+ indicator of failure of leadership
Not necessarily. If your market evaporates, you can't really blame it on product.
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.
I think he beats this.