Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Binance lays off over 1k Employees

wsj.com

Post reply on HN
Print view View original

201–210 of 234 posts

Re: Binance lays off over 1k Employees

#201

Post by crtified »

ChainOfFools wrote: post #198
crtified wrote: post #194

Earlier quoted context omitted.

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…

The (admittedly slow) progress of regulation represents the 'democratic means' you speak of.

Re: Binance lays off over 1k Employees

#202

Post by simple-thoughts »

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 (…

There’s been a lot of advancements during this bear market (which is the longest bear market in crypto history). Most of the interesting advances have been along the decentralized application front, although there’s also been a lot of more fundamental advances as well. For instance Bitcoin now has ordinals that allow the inscription of altcoins and nfts on the chain. The more interesting applications are not on Bitcoin since the block time is too slow and expense is too high for the general public.

Applications that have seen major technical advancements since 2020 include identity, gaming, money markets, trade routing, anti fraud, derivatives, concentrated liquidity, token launchpads, smart nfts, social media, and cross chain communication.

My opinion is that of these blockchain gaming will likely be the most successful in the next bull cycle. Axie and cryptokitties from the previous cycle were extremely limited and unfun, with axie also having issues with design centralization that led to the huge North Korean hack. These issues will probably still exist but there are now technical solutions.

Re: Binance lays off over 1k Employees

#203

Post by nkuttler »

manuelabeledo wrote: post #185
RestlessMind wrote: post #163

Earlier quoted context omitted.

> I would like to hear more about those use cases. Here you go, I have compiled some examples for you: https://news.ycombinator.com/item?id=32406095 > Because I cannot fathom a system where either currency or banking does not work, and the preferable alternative is to rely on a highly volatile asset that requires vast amounts of energy and time to work. May I ask you where you were born and raised? A lot of people do…

> Here you go, I have compiled some examples for you: https://news.ycombinator.com/item?id=32406095 Isn't it a bit disingenuous to think that common people have moved $50bn in Bitcoin out of China? Or have moved ~$2.4bn worth of Bitcoin in Nigeria in a single month? > A lot of people do actually have to face shitty systems where Bitcoin is a godsend. I would say that a handful of examples, of which some are highly qu…

> I could ask the same, because I haven't found many ardent defenders of cryptocurrency outside the tech circles of the so called developed world.

Not surprising, you live in a media bubble filled with people from the "developed world".

Re: Binance lays off over 1k Employees

#204

Post by simple-thoughts »

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.

Most cryptocurrencies are designed to survive exactly this situation. An attenpted USA ban on crypto has been expected from the very beginning, since blockchains transfer power from the elites like you to everyone else.

Re: Binance lays off over 1k Employees

#205

Post by parineum »

plopilop wrote: post #188
RestlessMind wrote: post #162

Earlier quoted context omitted.

Comparing Bitcoin network to Visa/MasterCard is as pointless as comparing Gold mining to those cc networks. Fair comparison would be Bitcoin network vs Gold mining/storage/securing/transfer activities.

The convertibility between money and gold has stopped in the 70s. Bitcoin allows for instant money transfer, and so does Visa. The fact that bitcoin has no collateral is a whole other topic.

Instant?

Re: Binance lays off over 1k Employees

#206

Post by rcme »

Asparagirl wrote: post #128
brycelarkin wrote: post #107

Earlier quoted context omitted.

Cash comp or was he also compensated in tokens?

Important point — many of these employees were “paid” at least half of their salary in the company’s own scrip, a shitcoin, and with extra social pressure to not convert it to real money.

Isn’t that like any startup? Options in early stage companies are basically shitcoins, and you’re discouraged from selling them.

Re: Binance lays off over 1k Employees

#207

Post by ac29 »

monero-xmr wrote: post #123
treyd wrote: post #93

Earlier quoted context omitted.

The ruling published yesterday was just summary judgements which can be appealed. The actual trial hasn't even happened yet.

The trial isn’t interesting. The summary judgment says it’s legal to sell cryptocurrencies if you do so anonymously on retail exchanges, and the tokens also are not securities. Very interesting outcome. The appeals are likely to fail from my reading of various analyses.

> The summary judgment says it’s legal to sell cryptocurrencies if you do so anonymously on retail exchanges, and the tokens also are not securities.

This is a misrepresentation. The ruling says some specific XRP sales by Ripple via exchanges were not investment contracts. It does not say they are not securities, nor does it say that it is broadly "legal to sell cryptocurrencies" on exchanges.

Re: Binance lays off over 1k Employees

#208

Post by rcme »

twelve40 wrote: post #197
trotro wrote: post #145

Earlier quoted context omitted.

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)

I don’t know if “cares about” is the right phrasing, but financial transactions are a “simple” use case for ZK algorithms. So practicality if implementation definitely affects how much a group or company cares.

Re: Binance lays off over 1k Employees

#209

Post by manuelabeledo »

nkuttler wrote: post #203
manuelabeledo wrote: post #185

Earlier quoted context omitted.

> Here you go, I have compiled some examples for you: https://news.ycombinator.com/item?id=32406095 Isn't it a bit disingenuous to think that common people have moved $50bn in Bitcoin out of China? Or have moved ~$2.4bn worth of Bitcoin in Nigeria in a single month? > A lot of people do actually have to face shitty systems where Bitcoin is a godsend. I would say that a handful of examples, of which some are highly qu…

> I could ask the same, because I haven't found many ardent defenders of cryptocurrency outside the tech circles of the so called developed world. Not surprising, you live in a media bubble filled with people from the "developed world".

You would be sorely disappointed.

Re: Binance lays off over 1k Employees

#210

Post by Canada »

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.

Did they really pay him a high salary, or did he take his salary in BNB which then massively increased in price?
Post reply on HN