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Binance lays off over 1k Employees

wsj.com

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Re: Binance lays off over 1k Employees

#41

Post by renewiltord »

adamredwoods wrote: post #28
WinstonSmith84 wrote: post #18

Earlier quoted context omitted.

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.

You can do early-retirement by age but if you do lay-offs by age that's going to be an age-discrimination problem if you target >40.

Re: Binance lays off over 1k Employees

#42

Post by JohnFen »

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've heard people claim this, but I've never actually seen it happen in practice.

Re: Binance lays off over 1k Employees

#43

Post by ecshafer »

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.

NYSE has around 2000 employees. So I think this is more than they need.

Re: Binance lays off over 1k Employees

#44

Post by [deleted] »

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.

[deleted]

Re: Binance lays off over 1k Employees

#45

Post by [deleted] »

sonicshadow wrote: post #31
_yb2s wrote: post #21

Earlier quoted context omitted.

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.

True sign of the arrogant software engineer, believing they can single-handedly recreate an entire company just because they went to school in one subject for 4 years.

[deleted]

Re: Binance lays off over 1k Employees

#46

Post by arp242 »

ot wrote: post #9

> It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance. https://twitter.com/cz_binance/status/1537013824666095617 Jun 2022, didn't age well.

Knew someone who worked at Binance, as support. I'm sure he's competent enough at his job, but he has no special skills or anything. He made more money than I did as a senior software dev at the time. It seems not only did they hire a lot of people, they also paid them an ungodly amount of money.

Re: Binance lays off over 1k Employees

#47

Post by tuckerpo »

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.

If your statement is true, then the inverse must also hold: hiring is based on merit, which we all know to be untrue.

Re: Binance lays off over 1k Employees

#48

Post by ethanbond »

arp242 wrote: post #46
ot wrote: post #9

> It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance. https://twitter.com/cz_binance/status/1537013824666095617 Jun 2022, didn't age well.

Knew someone who worked at Binance, as support. I'm sure he's competent enough at his job, but he has no special skills or anything. He made more money than I did as a senior software dev at the time. It seems not only did they hire a lot of people, they also paid them an ungodly amount of money.

Probably mitigates the risk of whistleblowers, if you can keep it up.

Re: Binance lays off over 1k Employees

#49

Post by julianeon »

_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.

An exchange is not simple tech. It isn't a simple problem.

Re: Binance lays off over 1k Employees

#50

Post by ceejayoz »

jasmer wrote: post #30
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…

Precisely this. It's like being pleased about the value of your Madoff holdings. Looks great, on paper, until too many people try to cash out at once.
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