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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.
Handling them is not the same as preventing them.
To simplify, if you depend on market X then hedging your bet means also profiting if market X collapses.
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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.
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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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.
Examples please.
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If there's no more gold in the gold mines, you would blame that on the shovel manufacturer?
The shovel manufacturer made a bad product decision to not pivot when the mines were becoming empty.
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not so much the board as Brian Armstrong himself. he seems to have a history of very dubious C-suite hires, including acquihiring Balaji's Earn.com for $100m and constantly talking up his impact when it turned out to be.. a shitty e-learning platform ( https://www.coinbase.com/learning-rewards ) (i know i sound negative about all this but if i'm mistaken about Earn please correct me)
Balaji pulled off a heck of a heist himself. Partner at A16Z, spin out some bizarre crypto oil-cooled mining company, pivot like 4-5 times, and then have Coinbase, the company with your VC partners on the board "acquire" your failed startup for 10 figures after it's already burned through over $100M of investor money. These dudes just begging the SEC to get involved in VC deals.
Full time employment is rigged. For everyone. Tech workers are just now waking up to the reality that they are the same disposable peasants like all the rest. Seeing this kind of compensation and thinking .. oh well that guy must have done hell of a job must be some kind of delusion.
And if the answer is "yes, but not just to this degree"...what about relatively speaking? If country X has GDP of Y...is the ratio of executive fleecing that happens in America comparable to any other country?