161–170 of 238 posts
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My understanding is the crypto prices are driven primarily by the amount of liquidity injected in the market. Or, at least, that’s the case in the current cycle. Fraud is bad, but it has less impact.
But doesn't huge amount of fraud dissuade new investors?
> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. Why does a crypto exchange need 4,000 employees?
I would assume most of the 1.1k people is support. You have timezones, hundreds of thousands of customers (if not millions). Kraken has one of the best support I encountered. But with less people buying/selling (as with Amazon: Less buying stuff, less using etc), companies are laying off Marketing, Customer Support, maybe Recruiters and HR. Maybe stopped side projects. I would not expect they shrink their engineering…
> Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This is an incredible couching of the last 9 months of cryptocurrency market behavior. Does anybody actually operate on their belief that "geopolitical factors," rather than astonishing amounts of fraud , are responsible for the current downturn?
For the life of me I cannot understand how every single layoff notice talks about "macroeconomic factors." Inflation and interest rates are up - okay. But real GDP growth (in the US at least) has been positive. Why is everybody acting like unemployment is at 8%, GDP growth is sharply negative, and consumer spending is way down? At least with crypto stuff it makes sense that these companies are losing shitloads of mon…
Am I the only one who finds it ironic that they blame geopolitical factors affecting what was shilled as a safe heaven from governments and geopolitical games?
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I feel like HN should just auto add a comment that says "Why does need employees?" with a follow up comment that explains how large corporations work. It literally comes up in every single layoff announcement or other discussion of company size in some way, and the follow on comments are essentially the same every single time. I'm not saying that a lot of these companies aren't overstaffed (indeed, that's why they ar…
I've come to look at it the other way. "Because that's how large companies work" is a lazy non-answer. An honest answer to this question would break it down: # of engineers, # of ops, # of sales, # of hr, etc. And ideally break it down by business division. Of course that requires some real domain knowledge. I've personally watched morons come in, hire lots of useless employees, and destroy millions of dollars of cas…
Strange, LinkedIn shows staff of 500+ https://www.linkedin.com/company/krakenfx/ and the press-release mentioned "1,100 people, or 30 percent". Number do not add up.
All these layoffs make me a bit nervous to be graduating next week. There are still countless positions posted though so I'm still fairly optimistic about entering the job market.
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The fraud seems to get political very quickly with FTX. Sam Bankman donated enormous amounts of money to democrats. He was the second biggest donor behind George Soros. He said he also donated an equivalent amount to establishment republicans via dark money channels. Sam Bankman was clearly a smooth political operator.You don't have meeting with Gary Gensler the head of the SEC otherwise.
How could being the second and third largest donor to Dems/Reps respectively at the same time be a good strategy? Genuinely curious.
> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. Why does a crypto exchange need 4,000 employees?