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Binance lays off over 1k Employees

wsj.com

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Re: Binance lays off over 1k Employees

#51

Post by tippytippytango »

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 (…

bitcoin and crypto have long since parted ways, they are different things now. even from a regulatory perspective bitcoin is the only one that has clarity being defined as a commodity and not a security, everything else is in a grey area

Re: Binance lays off over 1k Employees

#52

Post by [deleted] »

ecshafer wrote: post #43
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.

[deleted]

Re: Binance lays off over 1k Employees

#53

Post by atraac »

WinstonSmith84 wrote: post #27
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 compariso…

> facebook: 50k employee. What has changed on Facebook for the last few years?

What do you mean? Facebook changes literally every day. Every single day a piece of UI randomly stops working.

Re: Binance lays off over 1k Employees

#54

Post by jacquesm »

_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.

Simple tech at scale rarely stays simple.

Re: Binance lays off over 1k Employees

#55

Post by MuffinFlavored »

davidgerard wrote: post #23
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

How much is it down % wise compared to what period previously?

Re: Binance lays off over 1k Employees

#56

Post by spaceman_2020 »

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 SEC just lost its case against Ripple, so I don’t know what’s happening on the regulatory front.

Re: Binance lays off over 1k Employees

#57

Post by pfisch »

ceejayoz wrote: post #50
jasmer wrote: post #30

Earlier quoted context omitted.

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.

I mean you could say that about any stock or bank. If everyone tries to cash out it goes to 0.

Re: Binance lays off over 1k Employees

#58

Post by MuffinFlavored »

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…

> All exchanges have a huge % of wash trading to hold up prices

Even "knowing this" (I mean, none of us have really any proof just at what scale it's happening at and... the same things happens in the S&P500 with high frequency trading algorithms/bots trading back and forth, hedge funds, institutional investors, etc.) I don't feel like I can confidently explain who/how many people really dollar cost average into Bitcoin that can prop it up to $10k, $20k, $30k, etc.

Where/who are the buyers? How many people across the world are actively STILL investing directly into BTC to the point where it's up 80-90% YTD?

Re: Binance lays off over 1k Employees

#59

Post by arp242 »

ethanbond wrote: post #48
arp242 wrote: post #46

Earlier quoted context omitted.

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.

I guess that's a possibility, ut my bet is they just had more money flowing around than sense.

Re: Binance lays off over 1k Employees

#60

Post by acaloiar »

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 (…

Everything you need to know about crypto today can be found at https://web3isgoinggreat.com/
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