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Coinbase employees petition to remove execs

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Re: Coinbase employees petition to remove execs

#381

Post by slenk »

TrapLord_Rhodo wrote: post #372
jjulius wrote: post #285

Earlier quoted context omitted.

>Second, if you have no confidence in the execs or CEO of a company then why are you working at that company? Quit and find a company to work at that you believe in! This comment is really, really tone-deaf. People can believe strongly in the vision and mission of a company while also feeling strongly that upper leadership is steering it in the wrong direction and/or making decisions that negatively impact the compan…

It's wierd tho because it's not ENTIRELY tone-deaf. When i was reading it i would agree wholehearitly with some, and wince at others. If he would have left it at these two points and immeditaly called a company all hands: >First of all, if you want to do a vote of no confidence, you should do it on me and not blame the execs. Who do you think is running this company? I was a little offended not to be included :) > Ou…

Notice shareholders comes before customers

Re: Coinbase employees petition to remove execs

#382

Post by [deleted] »

blueben wrote: post #373
wonderwonder wrote: post #303

Earlier quoted context omitted.

This response reminds me of a company in the cannabis software space where recently the engineers put together a letter essentially saying they were not happy with the work environment, that the company was focused on the wrong things and that the CTO was not doing a good job. It was signed by 10 out of 12 engineers I think. They got no response. 2 weeks later they had layoffs and got rid of every engineer that signe…

Dutchie?

[deleted]

Re: Coinbase employees petition to remove execs

#383

Post by RickHull »

slenk wrote: post #381
TrapLord_Rhodo wrote: post #372

Earlier quoted context omitted.

It's wierd tho because it's not ENTIRELY tone-deaf. When i was reading it i would agree wholehearitly with some, and wince at others. If he would have left it at these two points and immeditaly called a company all hands: >First of all, if you want to do a vote of no confidence, you should do it on me and not blame the execs. Who do you think is running this company? I was a little offended not to be included :) > Ou…

Notice shareholders comes before customers

Yes, Coinbase has a fiduciary duty to their shareholders that does not exist for customers.

Re: Coinbase employees petition to remove execs

#384

Post by wonderwonder »

blueben wrote: post #373
wonderwonder wrote: post #303

Earlier quoted context omitted.

This response reminds me of a company in the cannabis software space where recently the engineers put together a letter essentially saying they were not happy with the work environment, that the company was focused on the wrong things and that the CTO was not doing a good job. It was signed by 10 out of 12 engineers I think. They got no response. 2 weeks later they had layoffs and got rid of every engineer that signe…

Dutchie?

Nope, starts with an A

Re: Coinbase employees petition to remove execs

#385

Post by sargun »

ecshafer wrote: post #172
jcims wrote: post #111

Earlier quoted context omitted.

I'm curious why Zoom doesn't get more shine. In my opinion they were tested like few other companies in history at the start of the pandemic and seem to have pulled it off. My former employer had 60,000 people with technical roles and we all went to zoom in the summer of 2020 after our existing conferencing solution completely shit the bed. I won't say there were zero issues but the number definitely rounds to zero.…

I think Zoom doesn't get more shine for the same reason Alibaba, Baidu, or ByteDance don't. They are large companies doing complex engineering, but they are Chinese and not western.

I'd say that in systems engineering, alibaba gets a lot of love. Alicloud folks have actually done a lot of impressive stuff with k8s

Re: Coinbase employees petition to remove execs

#386

Post by stephencanon »

jannotti wrote: post #363
throw172643 wrote: post #296

Earlier quoted context omitted.

Yikes. Insulting your employees is not a good look. > We praise in public and criticize in private But you’re criticizing employees in public right now? As the CEO and founder I think you need to be receptive to criticism and take it on the chin. This tweet reads as if it was written in a frustrated, spontaneous episode. That’s also not a really inspiring look for outsiders or investors. Best of luck, I’m moving over…

I get where you're coming from - this response seemed overly harsh. But I do think there's an important difference - this petition is anonymous and criticizes three people by name. Armstrong's response criticizes nobody by name (he couldn't!)

If he knew their name(s), he would have just fired them. Posting anonymously is the only real option they have if they love the company but think leadership has gone astray.

Re: Coinbase employees petition to remove execs

#387

Post by gamblor956 »

RickHull wrote: post #383
slenk wrote: post #381

Earlier quoted context omitted.

Notice shareholders comes before customers

Yes, Coinbase has a fiduciary duty to their shareholders that does not exist for customers.

No, Coinbase does not have a fiduciary duty to its shareholders that trumps its obligations to its customers.

Or to put it this way: if Coinbase goes bankrupt, customers have priority for Coinbase's assets over its shareholders.

Re: Coinbase employees petition to remove execs

#388

Post by iudqnolq »

gamblor956 wrote: post #387
RickHull wrote: post #383

Earlier quoted context omitted.

Yes, Coinbase has a fiduciary duty to their shareholders that does not exist for customers.

No, Coinbase does not have a fiduciary duty to its shareholders that trumps its obligations to its customers. Or to put it this way: if Coinbase goes bankrupt, customers have priority for Coinbase's assets over its shareholders.

Nope.

> But wait, you bluster, the custodial agreement clearly says that I am the owner, that it’s my property, that I retain title to it. Yup, but that’s not how the law actually works. Just because they wrote that doesn’t mean it’s true.

> In fact, the exchanges are lulling the consumers with language claiming that the consumer "owns" the coins, when in fact the legal treatment is quite likely to be different in bankruptcy. In bankruptcy, it is likely to be treated as a debtor-creditor relationship, not a custodial (bailment) relationship.

> Not only are the customers likely mere creditors, but they are also likely general unsecured creditors, which means they will have to wait at the back of the line for repayment with everyone else. They will share on a pro rata basis whatever assets are leftover (if any) after the secured creditors and the priority creditors (including the expenses of running the bankruptcy) get paid, and any payment might not be for quite a while. That’s not a happy to place to be. Recoveries could be pennies on the dollar.

https://www.creditslips.org/creditslips/2022/02/what-happens...

Re: Coinbase employees petition to remove execs

#389

Post by elchupanebre »

achow wrote: post #54
thematrixturtle wrote: post #25

This 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" (lolwu…

Following seems to be squarely the responsibilities of C-Suite (including CEO). - The over-prioritization of certain products, which has led to a lack of focus on other important issues like infrastructure - Not being able to output any higher or better quality products and services despite aggressively hiring more employees - A generally apathetic and sometimes condescending attitude from the CPO, COO, and Chief Peo…

> The over-prioritization of certain products, which has led to a lack of focus on other important issues like infrastructure

It comes down to someone's judgement call. It's usually not possible to quantify if "certain products" should be prioritized over "other important issues" or vice versa. Particularly so for someone who does not have the full picture.

> Not being able to output any higher or better quality products and services despite aggressively hiring more employees

Is it objective or just an opinion? If objective, how is it measured?

> Why fluff and not actionable in this case?

Because "Someone anonymous said some of you were generally apathetic and sometimes condescending". "Well, can you give specific examples? No? Then it's fluff and not actionable".

The petition is immature and maybe 'condescending attitude' towards petitioner is deserved.

Re: Coinbase employees petition to remove execs

#390

Post by Nowado »

gamblor956 wrote: post #387
RickHull wrote: post #383

Earlier quoted context omitted.

Yes, Coinbase has a fiduciary duty to their shareholders that does not exist for customers.

No, Coinbase does not have a fiduciary duty to its shareholders that trumps its obligations to its customers. Or to put it this way: if Coinbase goes bankrupt, customers have priority for Coinbase's assets over its shareholders.

Do you think this is some kind of financial institution and not just a chill, simple company moving around records on a ledger? : )
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