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Binance lays off over 1k Employees

wsj.com

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Re: Binance lays off over 1k Employees

#81

Post by chrisco255 »

RyanAdamas wrote: post #63

We just need a law that bans cryptographic exchanges and transfers in the USA. They are not assets, they provide no real utility, they are just speculative devices that no longer function as originally intended; as a replacement for fiat currency. So, it simply needs to be outlawed and all the money repatriated into whatever currency it came from; most of it dollars.

First provide me with a universal, legal definition of asset, before we argue about whether or not something is an asset. Nevermind that I'm sure if I pried into the particulars of your life, I would find something cryptographic or digital that belongs to you, which you would be disappointed to live without, even if it's meaningless to most people. And as a lover of liberty, I would never wish to deprive you of the right to own it and transfer it to whomever you wish under whatever acceptable terms you both come to.

Re: Binance lays off over 1k Employees

#82

Post by 1-more »

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.

OTOH NYSE operates in NY and US jurisdictions right? Binance tries to operate everywhere.

Re: Binance lays off over 1k Employees

#83

Post by chrisco255 »

dragonwriter wrote: post #78
arbol wrote: post #67

Earlier quoted context omitted.

This seems pretty out of touch. They're the first challenger to fiat currencies ever. Outlawing them will stifle any innovation that arises from their development.

> They're the first challenger to fiat currencies ever. Direct commodity and commodity-representational currencies were the first challengers to fiat currencies, and for about the first millenium after the first know fiat was introduced, generally won . Cryptocurrency is not the “first challenger to fiat currency ever”.

Nothing is ever "won". The world remains as dynamic as ever. Pride comes before fall, as they say.

Also, until the 70s, USD was backed by gold.

Re: Binance lays off over 1k Employees

#84

Post by pid-1 »

pfisch wrote: post #57
ceejayoz wrote: post #50

Earlier quoted context omitted.

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.

Stocks have value because they are cash flow generating assets, so if you sell low enough it will make economic sense for someone to buy, except for some liquidity catastrophe.

Re: Binance lays off over 1k Employees

#85

Post by freeone3000 »

CydeWeys wrote: post #66
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.

It sounds like he didn't make that much money for long. Better to have a real career where you're making good money every year, year after year.

I don’t think those exist. It is much, much better to continually hop when the raises are 20% or more for doing so.

Re: Binance lays off over 1k Employees

#87

Post by bink »

pzo wrote: post #38
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!

Seems like easy to optimize for it - just keep only the best 1 talent and fire everyone else!

Congrats to the most talented. You're now doing the work of 5 people.

Re: Binance lays off over 1k Employees

#88

Post by automatic6131 »

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

Hi David! I love your blog and your twitter

Re: Binance lays off over 1k Employees

#89

Post by bardak »

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 (…

From my view there is room for sustainable crypto businesses but they get crowed out by the big unsustainable crypto businesses that were entirely relying on huge gains in price.

That being said whatever practical uses there are for crypto is entirely detached from the value of crypto.

Re: Binance lays off over 1k Employees

#90

Post by stubybubs »

ehnto wrote: post #13
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!

Only the densest talent available made the cut. Part of this new talent push was upgrading the chairs, to handle the increased talent density. Our people are 90% tungsten and it's something we are really proud of.

Osmium devs are the new 10x devs.
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