Notably, the CEO was not mentioned in this petition. Putting on my tinfoil hat, could this be a ploy by Armstrong to continue purging the political activists within the company?
Coinbase employees petition to remove execs
21–30 of 488 posts
Re: Coinbase employees petition to remove execs
#22Initiatives like the Dot Collector and the Performance review system that has led to a toxic workplace culture I was curious about that "Dot Collector": Dot collector was an application invented by Ray Dalio’s hedge fund and Bridgewater Associates. The application has set its foot in Coinbase since the start of the year and has been in use by the HR and IT teams of the company. The user interface of the app is quite…
Man, every time I hear something about Dalio and Bridgewater I'm glad I didn't get that job.
Re: Coinbase employees petition to remove execs
#23Well, I can't say that I've ever witnessed this maneuver. Got my popcorn.
Wouldn't the shareholders usually do something like this? I mean Coinbase's stonks have been going downhill for a long time now (mainly starting from Nov 2021), losing 4/5ths of its value from then. That's usually more than enough to dismiss / replace senior management.
Re: Coinbase employees petition to remove execs
#24Interesting that they mention the Chief Product Officer, Surojit Chatterjee.
I remember reading about him as the guy who got over $600 million [1] in compensation for 15 months of work (factoring Coinbase’s high share price at the time of its direct listing)…mind-blowing
1 - https://www.bloomberg.com/news/articles/2021-04-14/google-ex...
Re: Coinbase employees petition to remove execs
#25This is a pretty vague and poorly thought out petition. It leads with the collapse of NFTs, which has little if anything to do with Coinbase or its execs; it complains about infra/tech debt but says nothing about why that's bad, much less the execs' fault; fluff like "a generally apathetic and sometimes condescending attitude" is not actionable; and much of the phrasing like "the wisdom of the crypto industry" (lolwut) reeks of amateur hour. If the goal is to convince the board or shareholders to vote them out, this is not the way to do it.
The one valid criticism is that they had a wildly ambitious hiring plan that they had to scale back in a hurry, resulting in severe fallout. However, any such plan had to be approved by the CEO, it's not clear to me why the Chief Operating, Product and People Officers specifically should be ones falling on their swords here.
Re: Coinbase employees petition to remove execs
#26Initiatives like the Dot Collector and the Performance review system that has led to a toxic workplace culture I was curious about that "Dot Collector": Dot collector was an application invented by Ray Dalio’s hedge fund and Bridgewater Associates. The application has set its foot in Coinbase since the start of the year and has been in use by the HR and IT teams of the company. The user interface of the app is quite…
Even on paper sounds dystopian, to be honest.
Re: Coinbase employees petition to remove execs
#27Initiatives like the Dot Collector and the Performance review system that has led to a toxic workplace culture I was curious about that "Dot Collector": Dot collector was an application invented by Ray Dalio’s hedge fund and Bridgewater Associates. The application has set its foot in Coinbase since the start of the year and has been in use by the HR and IT teams of the company. The user interface of the app is quite…
On surface, it sounds like 360 feedback which is pretty standard, am I missing something?
Re: Coinbase employees petition to remove execs
#28Interesting that they mention the Chief Product Officer, Surojit Chatterjee. I remember reading about him as the guy who got over $600 million [1] in compensation for 15 months of work (factoring Coinbase’s high share price at the time of its direct listing)…mind-blowing 1 - https://www.bloomberg.com/news/articles/2021-04-14/google-ex...
If it's any consolation, that compensation was in Coinbase shares and options at the IPO valuation of ~$320/share, meaning it's been slashed to under a fifth of that at the current $64, possibly less if the options are under water now.
Re: Coinbase employees petition to remove execs
#29While I'm sure that there's a lot of truth in this (and love the petition, as it focuses on shareholders, not the employees), the margins Coinbase was having for trading cryptocurrencies was unsustainable, and the company was overvalued. Now the controversial part: Coinbase had a valuation of 100k BTC in 2012, and had the same valuation (100k BTC) at the IPO time. Unlike the internet where most of the valuecis captur…
Why do you expect this? Bitcoin is supply limited, but you can take trading fees over and over forever.
Re: Coinbase employees petition to remove execs
#30I don't understand how there can be such a push for a vote of no-confidence in three C-level people with no mention of the CEO that ostensibly chose, managed, and retained them.
Probably because it’s nearly impossible to wage an internal campaign against a Founder/CEO with 60% voting power.
https://www.afr.com/wealth/people/crypto-billionaires-fortun...