221–230 of 391 posts
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It's because he exploited wealthy people.
Always surprising to me how many peoples’ moral framework is essentially the Code of Hammurabi with a few layers of indirection.
AFAICT, peoples' moral leanings seem pretty consistent over history. (I could be wrong; I'm haven't studied that much history.)
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I hope rarity is not your only marker for value. Otherwise I do have a rag to sell you which I've been using for 5 years now. Totally unique, nothing else like that.
I'm not sure how to respond. I don't think being conniving is better than being smart, just sharing an observation. Do you disagree with the premise?
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dont forget how much google is still paying android founder's golden parachute after the many sexual accusations against him... I think he beats this.
yes, but "android founder." What great product innovation did this guy pioneer at CB? Any justification at all for a $100M payday?
The biggest news in this article is that coinbase is still worth over $10bn. The crypto scam looks dead but it's still moving.
Edit : it’s not fair, we do work. Like a real job, but it feels … ethereal
I'm always intrigued at people's carriers and where exactly the inflection point was. Looking at Surojit's career, it went something like this: BS in CS at Kharagput, something like a US T2 university MS in CS at Buffalo, something like a T2 univeristy, Spend some years at IBM and Oracle as a developer/senior developer 200k/year ? MIT Sloan MBA T1 world class PM/Senior PM at Symantec for a year 200-300k/year? Head of…
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.
This philosophy of praising exploitation is actually one of the things I liked least about America and one of the things I found most refreshing when I emigrated. It's pervasive through American society that pulling the wool over the eyes of shadowy entities (large corporations, the government etc...) is a virtue but every time it's done it pulls a lot of money out of the hands of people that could use it more and fu…
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This philosophy of praising exploitation is actually one of the things I liked least about America and one of the things I found most refreshing when I emigrated. It's pervasive through American society that pulling the wool over the eyes of shadowy entities (large corporations, the government etc...) is a virtue but every time it's done it pulls a lot of money out of the hands of people that could use it more and fu…
Generally I agree but this is crypto. Crypto is 100% zero-sum or negative-sum. The whole space is predicated on trying to take money from other participants rather than actually creating value. Creating at best the illusion of value is the goal. This guy nailed it. It's not like he took $100M from an orphanage or something.
* Locked out of traditional financial industry, more people of color are turning to cryptocurrency [0]
* Why the crypto crash hit black Americans hard [1]
To give these figures a bit of shape. This is like getting a smarties cake[3] and giving Surojit Chatterjee pretty much the entire cake for just a couple years work. Whereas the median worker gets, for working a lifetime of effort (~45 years) about a quarter of a single smartie.
I'm not saying that everyone should earn the same but rather I would question this gap which continues to grow. This sort of payout is not aspirational IMHO but rather a symbol of a deeply dysfunctional society.
[1] https://bfi.uchicago.edu/insight/research-summary/lifetime-e... [2] I made some crass assumptions on top of these figures to make it easier for me to calculate, but its representative. [3] https://i.pinimg.com/originals/72/e8/fb/72e8fbf7cf48f45db6d8...
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It's not that misleading. This isn't an early employee who held onto his shares. He joined less than two years ago. He got an insanely high compensation package.
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.
Imagine if they'd followed FTX and doubled down on perps and options.
