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Binance lays off over 1k Employees

wsj.com

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Re: Binance lays off over 1k Employees

#21

Post by _yb2s »

WestCoastJustin wrote: post #3

> Binance had a global staff of 8,000 A 12.5% reduction. Also, they are way larger than I thought with 8k employees. I don't know what's involved with running an exchange but they must be into lots of things with that many folks.

I don't know if I'm just naive, but I'm always confused when I see such a high headcount for companies with such simple tech, the staff of Twitter (even after mass layoffs) confuses me also.

I feel like these companies are solving a relatively simple problem, and a single skilled engineer working full time could probably make and maintain a decent scalable solution.

Re: Binance lays off over 1k Employees

#22

Post by [deleted] »

_yb2s wrote: post #21
WestCoastJustin wrote: post #3

> Binance had a global staff of 8,000 A 12.5% reduction. Also, they are way larger than I thought with 8k employees. I don't know what's involved with running an exchange but they must be into lots of things with that many folks.

I don't know if I'm just naive, but I'm always confused when I see such a high headcount for companies with such simple tech, the staff of Twitter (even after mass layoffs) confuses me also. I feel like these companies are solving a relatively simple problem, and a single skilled engineer working full time could probably make and maintain a decent scalable solution.

[deleted]

Re: Binance lays off over 1k Employees

#23

Post by davidgerard »

benreesman wrote: post #17

I haven’t paid any serious attention to crypto-type markets in a while but historically BTC/USDT was a pretty good number to look at if you could only look at one and it’s (glances)…whoa back above 30k? That’s not like peak tulip or even close but historically like, high-ish I think. I don’t particularly feel like reading the entrails of the crypto chicken at the moment so I’m going to assume that the crypto market (…

number is one thing, but volume is through the floor

Re: Binance lays off over 1k Employees

#24

Post by CoastalCoder »

zeitgeistcowboy wrote: post #6

The article says a spokesperson said they "need to focus on talent density." Talent density is a new buzz word to me!

Man, that seems like a heck of a send-off for those employees.

There's no fig-leaf such as "they killed entire projects" or "they pivoted".

Just the spokesperson saying that, if you're one of the laid-off employees, it's because you lacked talent.

Not sure that's a company I'd want to work for.

Re: Binance lays off over 1k Employees

#25

Post by nonameiguess »

WinstonSmith84 wrote: post #18
slt2021 wrote: post #7

Earlier quoted context omitted.

are they bashing people they laid off, assuming that 1k people were less talented than the rest?

No offence, but that's usually how capitalism works, the least talented are the first to go - unless we're talking about Twitter and then it's about showing off at the office.

I highly doubt that's true. It may be what you want in an ideal world, but in reality, very few, if any, companies of this size have any internal ranking system that can accurately identify the 1000 least talented people company-wide. More likely, they're laying off the last 1000 hired if they want to optimize for losing the least institutional knowledge, the first 1000 hired if they want to optimize for immediate labor cost savings, or just laying off all the people that are part of teams working on projects that got scrapped, who happened to be in the wrong place at the wrong time.

Re: Binance lays off over 1k Employees

#26

Post by [deleted] »

benreesman wrote: post #17

I haven’t paid any serious attention to crypto-type markets in a while but historically BTC/USDT was a pretty good number to look at if you could only look at one and it’s (glances)…whoa back above 30k? That’s not like peak tulip or even close but historically like, high-ish I think. I don’t particularly feel like reading the entrails of the crypto chicken at the moment so I’m going to assume that the crypto market (…

[deleted]

Re: Binance lays off over 1k Employees

#27

Post by WinstonSmith84 »

WestCoastJustin wrote: post #3

> Binance had a global staff of 8,000 A 12.5% reduction. Also, they are way larger than I thought with 8k employees. I don't know what's involved with running an exchange but they must be into lots of things with that many folks.

There are dozens of protocols they need to integrate with and keep up to date. Plus, those protocols change constantly. And there are also new ones, and those which disappear... And then, there is their whole infrastructure.

The support must be massive too. And the legal aspect must also keep people busy from having to enforce various regulations to having to answer to various governments...

So let's take a comparison: - facebook: 50k employee. What has changed on Facebook for the last few years? So yes, there is probably some support, the content enforcement of course must keep a lot of people busy, but then?..

- snapchat: 5k employee. Well, for a social media platform which is not changing at all and actually losing in revenue, that's a big number

Re: Binance lays off over 1k Employees

#28

Post by adamredwoods »

WinstonSmith84 wrote: post #18
slt2021 wrote: post #7

Earlier quoted context omitted.

are they bashing people they laid off, assuming that 1k people were less talented than the rest?

No offence, but that's usually how capitalism works, the least talented are the first to go - unless we're talking about Twitter and then it's about showing off at the office.

Never in any layoff I've been a part of, have the least talented workers been let go first. It's usually by category: contractors, age (early-retirement), department, or job description.

Re: Binance lays off over 1k Employees

#29

Post by [deleted] »

_yb2s wrote: post #21
WestCoastJustin wrote: post #3

> Binance had a global staff of 8,000 A 12.5% reduction. Also, they are way larger than I thought with 8k employees. I don't know what's involved with running an exchange but they must be into lots of things with that many folks.

I don't know if I'm just naive, but I'm always confused when I see such a high headcount for companies with such simple tech, the staff of Twitter (even after mass layoffs) confuses me also. I feel like these companies are solving a relatively simple problem, and a single skilled engineer working full time could probably make and maintain a decent scalable solution.

[deleted]

Re: Binance lays off over 1k Employees

#30

Post by jasmer »

benreesman wrote: post #17

I haven’t paid any serious attention to crypto-type markets in a while but historically BTC/USDT was a pretty good number to look at if you could only look at one and it’s (glances)…whoa back above 30k? That’s not like peak tulip or even close but historically like, high-ish I think. I don’t particularly feel like reading the entrails of the crypto chicken at the moment so I’m going to assume that the crypto market (…

The price of all crypto is managed. All exchanges have a huge % of wash trading to hold up prices, and insiders with giant ownership stakes manipulate markets. All exchanges are either a scam, or 'implicitly colluding' with shady things.

BTC is ironically not a very free market in that sense, moreover, because nobody needs it for anything, it has a buy-hold characteristic.

If people needed BTC for things (which would force some liquidity ops) then we'd see a price that reflected something.

Crypto markets are essentially 'schemes' of one kind or another, they serve no purpose other than to be a hustle.

If people want to play dumb games, that's fine, as long as they are doing it legally and it doesn't rope in a lot of external players.

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