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Binance lays off over 1k Employees

wsj.com

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Re: Binance lays off over 1k Employees

#141

Post by charcircuit »

ceejayoz wrote: post #96
charcircuit wrote: post #91

Earlier quoted context omitted.

In both cases current assets < current liabilities. Both require getting a loan to pay out the depositors. Both make no sense to loan money to as they will have no way to afford the payments to be worth loaning to over someone else.

> In both cases current assets That there are some things the same does not make them the same. You and I are both humans, but we are not the same person. In a Ponzi collapse, all assets are typically temporary liquidity issues, a Ponzi is never going to be able to pay everyone out.

To the customer it's the same. People don't want to be told that they will get their funds in a few years, they want it now. Liquidating all your assets is going to reduce the total value of all of your assets to potentially below your liabilities. If it doesn't good job, that means the bank is safe against bank runs, but if not they aren't.

Re: Binance lays off over 1k Employees

#142

Post by dpflan »

trotro wrote: post #131
acaloiar wrote: post #60

Earlier quoted context omitted.

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

I know this is tongue in cheek, but there's a lot more to crypto than the scams and failed projects exposed on web3isgoinggreat. One example is all the amazing new research in zero-knowledge proofs, MPC, FHE, and modern cryptography in general, that is motivated and funded by cryptocurrency projects.

How much do these ideas depend upon the concept of blockchain?

Re: Binance lays off over 1k Employees

#143

Post by baby »

justapassenger wrote: post #70
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.

High salaries are part of the grift. Makes you look really successful (they pay a lot, so they must be super profitable!) and helps, at least partially, select employees who won’t be asking questions, just do their job and collect paychecks.

[flagged]

Re: Binance lays off over 1k Employees

#144

Post by throwaway5959 »

kodah wrote: post #62
CoastalCoder wrote: post #24

Earlier quoted context omitted.

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.

I worked for a large fintech firm that used this as reasoning to layoff 700-some employees years ago. They cited their changing needs and the talent of those engineers juxtaposed to their needs changing. I had seven friends among those engineers, only one of which I would consider in a grey area with respect to the skills he possessed that were relevant to the times. The company refused to release a full list of empl…

Sounds like something straight out of the end of Margin Call.

Re: Binance lays off over 1k Employees

#145

Post by trotro »

dpflan wrote: post #142
trotro wrote: post #131

Earlier quoted context omitted.

I know this is tongue in cheek, but there's a lot more to crypto than the scams and failed projects exposed on web3isgoinggreat. One example is all the amazing new research in zero-knowledge proofs, MPC, FHE, and modern cryptography in general, that is motivated and funded by cryptocurrency projects.

How much do these ideas depend upon the concept of blockchain?

They don't depend on the blockchain, but the fact is that most recent research on these topics has come from the blockchain/cryptocurrency space.

One interpretation is that crypto companies need security and privacy, while big tech doesn't seem to care all that much.

Re: Binance lays off over 1k Employees

#146

Post by NSMutableSet »

freeone3000 wrote: post #85
CydeWeys wrote: post #66

Earlier quoted context omitted.

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.

My annual comp increases at FAANG are not 20%, but they have been consistent increases of roughly $45,000 a year, for little effort. I suppose it is a trap, but I am still content.

Re: Binance lays off over 1k Employees

#147

Post by red-iron-pine »

ardme wrote: post #122
the_gastropod wrote: post #115

Earlier quoted context omitted.

This article is basically like arguing: “Sure, using the Infant-Chipper 9000 results in the deaths of infants. But it’s a rounding error if you consider how many infants die in the world every year!” Bitcoin purposefully wastes lots of energy to provide something of extremely dubious value.

Yet obviously, some people find it useful. Who are you to tell people how to live their lives? Maybe you should stop flying on airplanes for the rest of your life?

The people finding it useful are overwhelmingly moving money illegally, such as how you can peg BTC shifts to Xi's anti-corruption crackdowns in China, or MBS in Saudi. Or moving drugs. Or hyping something to sell more made up money to rubes.

Re: Binance lays off over 1k Employees

#148

Post by jdjdjdhhd »

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.

Aged not too bad I would say

Re: Binance lays off over 1k Employees

#149

Post by ThalesX »

baby wrote: post #143
justapassenger wrote: post #70

Earlier quoted context omitted.

High salaries are part of the grift. Makes you look really successful (they pay a lot, so they must be super profitable!) and helps, at least partially, select employees who won’t be asking questions, just do their job and collect paychecks.

[flagged]

If I sell you a book on how to be succesful, and am not succesful, I have to fake success to get you to buy. So maybe I'll rent a sports car, overspend on my rent, go to holidays I can't afford, etc. because enough people might be fooled to allow me to actually afford these things.

Re: Binance lays off over 1k Employees

#150

Post by patmcc »

nkuttler wrote: post #137
manuelabeledo wrote: post #116

Earlier quoted context omitted.

What exactly does it provide? So far it seems that Bitcoin mainstream use is to create speculative markets. Any other intended objective is a drop in the bucket.

If your country's money and banking works for you I don't think I can explain to you why bitcoin is useful, you simply have no use for it. That your peers primarily use it for speculation says more about them than about bitcoin.

Give me a ballpark for the relative market share of "bitcoin as speculation" vs "bitcoin as currency".

I'd estimate it as...oh...98% speculation, and I think I'm being generous.

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