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Kraken lays off 30% of staff

blog.kraken.com

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Re: Kraken lays off 30% of staff

#181

Post by gigatexal »

cwkoss wrote: post #145
gigatexal wrote: post #137

For a company built on a Ponzi-scheme (crypto) they sure are being good to their employees and that’s laudable. “Separation pay: We will pay 16 weeks of base pay for all departing Krakenites inclusive of the paid leave period. Performance bonus: For those eligible, we will pay each departing Krakenite their bonus as determined by their manager. Benefits: We will offer eligible Krakenites 4 months of healthcare contin…

People who don't understand what ponzi schemes are love calling crypto a ponzi scheme.

Lol. Tons of crap coins, fake stable coins, grifters launching ICOs, SBF, bridges getting hacked, being able to print a coin and then get randoms to buy it. Coins named after dogs that mean or reference nothing.

Some 20 years? in and what value has the blockchain provided? What is it being used in that has changed the world? Crypto bulls are all the same: Hayek acolytes hell bent on currency that isn’t fiat.

It is a Ponzi-scheme: it only works if you can find another putz to buy a coin.

Also only the early “investors” made any money in crypto. Just like in a Ponzi scheme. ;)

Again back to the original post though good on this “company” for doing right by its employees.

Re: Kraken lays off 30% of staff

#183

Post by autotune »

awinder wrote: post #176
autotune wrote: post #142

Earlier quoted context omitted.

Is anyone actually defending effective altruism right now? SBF has effectively flushed it down the drain along with the investors he scammed.

Why would one conman’s association with an ideology condemn the entire ideology? Because he said he was using it as a ruse? Why are you still selectively believing the conman?

Practically nobody in the mainstream had ever really heard of the ideology before said conman adopted it and tried to make it popular. Who are the most influential backers of it right now? Convince me it's worth doing some searching on and I will, but if you tell anyone outside of small circles that you are affiliated with the movement, you are going to be on the defensive side for the foreseeable future.

Re: Kraken lays off 30% of staff

#184

Post by jmillikin »

bombcar wrote: post #114
jmillikin wrote: post #99

Earlier quoted context omitted.

A long position in an option can't be down more than 100%. The only commonly traded way to lose more than you started with are futures (not available on most retail platforms) and CFDs (not legal in many markets, including the USA).

Selling an uncovered call in theory (or selling a stock short) opens you to infinite losses - though brokerages are loathe to give you this capability it does exist.

Sure, but that's not what's being discussed in this thread.

"The riskiest stocks are down thousands of %" is untrue regardless of whether that position was in regular shares or /r/WSB style 10,000 calls expiring Friday.

Re: Kraken lays off 30% of staff

#185

Post by rchaud »

karp773 wrote: post #164

> Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. 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?

CEOs talk out of both sides of their mouth, news at 11.

Re: Kraken lays off 30% of staff

#186

Post by Kye »

setgree wrote: post #46
woodruffw wrote: post #18

> 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?

We learned about the fraud because of macroeconomic factors! inflation -> rising interest rates -> crypto less attractive [0] -> people ask for their deposits back -> company can't meet obligations -> company folds -> scrutiny -> fraud revealed Is my basic model of things. [0] from https://marginalrevolution.com/marginalrevolution/2022/11/th... : "When interest rates are very low a dollar in the far future is worth a…

They would have gotten away with it, too, if it weren't for those pesky feds.

Re: Kraken lays off 30% of staff

#187

Post by kevin_thibedeau »

UncleMeat wrote: post #130
woodruffw wrote: post #18

> 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…

C-levels want to blame externalities to deflect scrutiny of their poor management.

Re: Kraken lays off 30% of staff

#188

Post by [deleted] »

setgree wrote: post #46
woodruffw wrote: post #18

> 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?

We learned about the fraud because of macroeconomic factors! inflation -> rising interest rates -> crypto less attractive [0] -> people ask for their deposits back -> company can't meet obligations -> company folds -> scrutiny -> fraud revealed Is my basic model of things. [0] from https://marginalrevolution.com/marginalrevolution/2022/11/th... : "When interest rates are very low a dollar in the far future is worth a…

[deleted]

Re: Kraken lays off 30% of staff

#189

Post by greatwave1 »

nightski wrote: post #92
maxfurman wrote: post #80

Earlier quoted context omitted.

Is an option "the riskiest stock," though? It's a financial instrument and not the stock itself, no?

Sure if you are being pedantic you got me. I was just trying to make the point that there are very risky positions you can hold in traditional finance as well and you can be down thousands of percent.

> Crypto is performing far worse than even the riskiest decile of the stock market. Which should surprise nobody.

> This is not true. The riskiest stocks are down thousands of %.

I mean, sure looks like you were trying to argue that crypto isn't performing worse than the riskiest decile of the stock market, which just isn't true at all.

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