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

131–140 of 234 posts

Re: Binance lays off over 1k Employees

#131

Post by trotro »

acaloiar wrote: post #60
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/

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.

Re: Binance lays off over 1k Employees

#132

Post by gumby »

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.

Hope for their sake they were paid in actual money.

Re: Binance lays off over 1k Employees

#133

Post by john_max_1 »

ForOldHack wrote: post #86

How did they have 1000 people in the first place?

Companies don't hire people.

Managers do.

If I am a Director of Engineering with 5 reports and you are a Director of Engineering with 10 reports then you are going for the VP of Eng role on next promotion.

Like it or hate it that's why every company bloats up over time.

Company pays salaries.

And you enlarge your status.

Re: Binance lays off over 1k Employees

#134

Post by the_gastropod »

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?

“Some people find the infant-chipper useful. Who are you to tell people how to live their lives?”

Re: Binance lays off over 1k Employees

#137

Post by nkuttler »

manuelabeledo wrote: post #116
nkuttler wrote: post #106

Earlier quoted context omitted.

> the BTC network uses a staggering amount of power Actually, bitcoin uses a ridiculously small amount of power for what it provides. See for example here https://www.lynalden.com/bitcoin-energy/ for an introduction to clear up this misconception.

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.

Re: Binance lays off over 1k Employees

#138

Post by retube »

peschu wrote: post #126
ForOldHack wrote: post #86

How did they have 1000 people in the first place?

The article saysthat they had 8000 before layoffs started... What are all these people doing at an exchange? Maybe they work with orders on paper in the background? :D

They operate in 100 countries, have 30m users, support trading in 360 coins PLUS a load of derivatives on top and process $15bn of trades per day. And they are not just "an exchange". They are also custody, clearing and settlements. Frankly I am amazed they are only 8,000.

Re: Binance lays off over 1k Employees

#140

Post by mvdtnz »

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…

You're assuming (in both the Binance and Facebook cases) that the majority of headcount comes from product development teams. Not true. The majority of that 8k/50k figure comes from areas like sales, compliance, finance, HR and management.
Post reply on HN