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Binance lays off over 1k Employees

wsj.com

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Re: Binance lays off over 1k Employees

#191

Post by dragonwriter »

chrisco255 wrote: post #83
dragonwriter wrote: post #78

Earlier quoted context omitted.

> 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.

> Nothing is ever "won".

Yes, the simple past (“for the first millenium after the 10th century introduction of fiat, commodity currency alternatives mostly won”) has different meaning than the past perfect (“commodity currencies have won the battle with fiat currencies”), and I choose which one I used for the exact meaning intended.

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

Yes, the US dollar until recently was most of the time a commodity (either direct in coins traded for their metalli1a13@c value, or representational in redeemable notes) currency, part of the millenium of triumph of commodity over fiat.

Re: Binance lays off over 1k Employees

#192

Post by ChainOfFools »

crtified wrote: post #189
ChainOfFools wrote: post #157

Earlier quoted context omitted.

When how people live their lives depends on them shoveling millions of joules s of externalities onto my environment and that of my kids, in addition to propping up a rube goldberg Ponzi scheme that has a non-zero chance of ensnaring people I care about either directly or indirectly through financial mismanagement, you better believe I'm going to tell you how to live your life. I'll tell lots of other people how you…

"When how people live their lives depends on them shoveling millions of joules s of externalities onto my environment and that of my kids, in addition to propping up a rube goldberg Ponzi scheme that has a non-zero chance of ensnaring people I care about either directly or indirectly through financial mismanagement, you better believe I'm going to tell you how to live your life." This is no defense of Bitcoin/crypto,…

I'm not advocating for the "industry" side as if it's a dichotomic industry against crypto, or banking against bitcoin. I'm specifically criticizing crypto and especially Bitcoin because the entire ideological mission of the project is to disrupt and disintermediate all of these well-known predatory Industries, when it has done none of this whatsoever. In fact has actually contributed both to incumbent disproportionate inequality of wealth, as well as creating new classes of disproportionate and malignant, aggressively unaccontable wealth. It has backfired in the worst possible way and all the fallout is on the people that was supposed to benefit.

And the and the relative handful of people at the center of the so-called decentralized crypto world are well aware of this and don't give a flying f**.

Re: Binance lays off over 1k Employees

#193

Post by junofan »

RyanAdamas wrote: post #104
vegasbrianc wrote: post #71

Earlier quoted context omitted.

The federal courts disagree with your opinion today https://www.bloomberg.com/news/newsletters/2023-07-13/what-d...

No, they didn't. They disagreed with a federal agency's attempt to regulate. They didn't overturn a law banning cryptocurrencies.

There’s gotta be a compelling government interest like health or safety, right? I don’t think “crypto is useless junk” will hold up to strict scrutiny.

Re: Binance lays off over 1k Employees

#194

Post by crtified »

ChainOfFools wrote: post #192
crtified wrote: post #189

Earlier quoted context omitted.

"When how people live their lives depends on them shoveling millions of joules s of externalities onto my environment and that of my kids, in addition to propping up a rube goldberg Ponzi scheme that has a non-zero chance of ensnaring people I care about either directly or indirectly through financial mismanagement, you better believe I'm going to tell you how to live your life." This is no defense of Bitcoin/crypto,…

I'm not advocating for the "industry" side as if it's a dichotomic industry against crypto, or banking against bitcoin. I'm specifically criticizing crypto and especially Bitcoin because the entire ideological mission of the project is to disrupt and disintermediate all of these well-known predatory Industries, when it has done none of this whatsoever. In fact has actually contributed both to incumbent disproportiona…

I wonder that we couldn't say similar about the TCP/IP protocol.

It's the human behaviour, what our species turns the protocol to, that we're really complaining about.

Re: Binance lays off over 1k Employees

#195

Post by musicale »

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.

> saying no to ... stadium naming rights

That has actually aged well.

Re: Binance lays off over 1k Employees

#196

Post by tippytippytango »

meowkit wrote: post #94
tippytippytango wrote: post #51

Earlier quoted context omitted.

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

This isn't accurate. BTC has the best legal argument for being treated as a commodity, but there has been no legislative decision on this. The CTFC sees BTC and ETH as commodities. Gensler pre-SEC said BTC, ETC, and LTC are commodities. The SEC and Gensler post-SEC says they are all securities, except maybe BTC. The Ripple decision (Yesterday) says that unless a crypto is contractually sold to an investor (e.g. not d…

thanks for clearing that up

Re: Binance lays off over 1k Employees

#197

Post by twelve40 »

trotro wrote: post #145
dpflan wrote: post #142

Earlier quoted context omitted.

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.

uh... so you're saying hypothetical coinbase cares more about security than hypothetical robinhood or fidelity, or even the good ol' google/apple?

(i'm having a hard time thinking of a successful "crypto" company other than a handful of exchanges, of which coinbase will probably be the only one that survives, at least in the US)

Re: Binance lays off over 1k Employees

#198

Post by ChainOfFools »

crtified wrote: post #194
ChainOfFools wrote: post #192

Earlier quoted context omitted.

I'm not advocating for the "industry" side as if it's a dichotomic industry against crypto, or banking against bitcoin. I'm specifically criticizing crypto and especially Bitcoin because the entire ideological mission of the project is to disrupt and disintermediate all of these well-known predatory Industries, when it has done none of this whatsoever. In fact has actually contributed both to incumbent disproportiona…

I wonder that we couldn't say similar about the TCP/IP protocol. It's the human behaviour, what our species turns the protocol to, that we're really complaining about.

The tcp/ip protocol didn't have a white paper and accompanying ideological promotion and narrative expressly stating the purpose was to wrest power to create money from sovereign central governmental authorities that had ostensibly abused it, back to regular people in a decentralized manner. And instead resulted in a cartelified cabal of people who go out of their way to be unaccountable by obscuring their identities, which is actually a step down from people who you can at least in theory remove from power or hold accountable through democratic means.

It sure doesn't help that the earliest adopters went on the social media of the time crowing about how they were the new wealthy elite.

Re: Binance lays off over 1k Employees

#199

Post by nly »

NSMutableSet wrote: post #146
freeone3000 wrote: post #85

Earlier quoted context omitted.

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.

Humble brag

Re: Binance lays off over 1k Employees

#200

Post by nzrf »

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.

This comment reminds me of the movie Boiler room and now that I think of it reminds me of this whole crypto industry imo.
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