Is there any proof this was even created by Coinbase employees? It seems completely anonymous.
Coinbase employees petition to remove execs
41–50 of 488 posts
Re: Coinbase employees petition to remove execs
#42I 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.
It's simple. The CEO is the founder and built the company from the ground up and has the most skin in the game. Execs keeps jumping between the companies for better resume and compensation and don't generally care about long term results.
Re: Coinbase employees petition to remove execs
#43I’ve become convinced that hiring more people is generally a warning sign. A team of between a few and about twenty people seems to produce all the good stuff. Anything beyond that, your value per employee drops drastically, and your cost per employee goes up as you need to offer higher and higher salaries to stay in competition. A company going on a hiring spree is now a negative indicator for me. I think FB, Goog,…
> I think FB, Goog, etc. could lay off thousands with no adverse effects and in fact an increase in velocity, quality, and quantity of new features/products.
You can add Airbnb,Netflix,Uber they often attend conference to describe their architectures.It’s obvious most of these people have no idea what they are doing have no clear direction. They are just havin’ fun will trying to navigate corporates politics. Even the stuff that is published online it’s scary to see their is no technical leadership what so ever.
To be fair I’ve worked in fortunes 500 as well, 60% of the workforce can be replaced with automation.
Since it’s cheaper and less risky they just keep hiring people for repetitive tasks , it compensate the technical debt.
Re: Coinbase employees petition to remove execs
#44Earlier quoted context omitted.
> include values like positive energy There is so many things wrong with a system like this. It's asking coworkers to rat on each other. This is dystopian.
I dunno, it only asks for a thumbs up or thumbs down - unless I misread it - which is a lot less invasive or "ratty" than most employee review systems I know. I prefer human feedback to be honest. And I've only ever given negative feedback on a direct co-worker once, who was a right smug prick.
I think "Black Mirror S03E01 - Nosedive" gives a good perspective on how such a system can go wrong, but on a country level. I think that the same would apply in a company though: it would exacerbate the misalignment of incentives instead of improving the situation.
Re: Coinbase employees petition to remove execs
#45Initiatives 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? https://en.wikipedia.org/wiki/360-degree_feedback
360 feedback usually happens a few times a year while Dot Collector feedback seems like it's for every meeting [0][1]. This reminds me of the Black Mirror episode "Nosedive" where everyone is rating everyone for every social interaction (e.g. saying "hi" or paying a cashier).
[0] https://www.businessinsider.com/coinbase-asking-staff-rate-e...
[1] https://qz.com/1071749/bridgewater-associates-ceo-ray-dalio-...
Re: Coinbase employees petition to remove execs
#46I’ve become convinced that hiring more people is generally a warning sign. A team of between a few and about twenty people seems to produce all the good stuff. Anything beyond that, your value per employee drops drastically, and your cost per employee goes up as you need to offer higher and higher salaries to stay in competition. A company going on a hiring spree is now a negative indicator for me. I think FB, Goog,…
I’m fascinated by the idea that, once a company reaches a certain size – let’s say 100 – then it is, by definition, average. Any claims to be above average may be summarily dismissed.
This exhibits most clearly in large IT integrators. I know, I work for one. The marketing spiel makes me feel sick.
If I were ever to start a company – I probably don’t want the stress – I’d want to keep it small.
It is for this reason that I find Apple fascinating. They have their issues but if there is a company that seems to have somehow escaped this jinx, they are it. (I know, I know, YMMV. Please don’t turn this in to an Apple thread.)
Re: Coinbase employees petition to remove execs
#47I’ve become convinced that hiring more people is generally a warning sign. A team of between a few and about twenty people seems to produce all the good stuff. Anything beyond that, your value per employee drops drastically, and your cost per employee goes up as you need to offer higher and higher salaries to stay in competition. A company going on a hiring spree is now a negative indicator for me. I think FB, Goog,…
I’m fascinated by the idea that, once a company reaches a certain size – let’s say 100 – then it is, by definition, average. Any claims to be above average may be summarily dismissed. This exhibits most clearly in large IT integrators. I know, I work for one. The marketing spiel makes me feel sick. If I were ever to start a company – I probably don’t want the stress – I’d want to keep it small. It is for this reason…
Netflix for many years was an outlier because of the stupidly high bar they kept for engineering hires. Obviously that all fell apart a few years ago and have since diluted their talent pool into mediocrity but I still think it's a counter-point for the argument that you can't maintain a high quality team into the ~200 engineers range.
Re: Coinbase employees petition to remove execs
#48I’ve become convinced that hiring more people is generally a warning sign. A team of between a few and about twenty people seems to produce all the good stuff. Anything beyond that, your value per employee drops drastically, and your cost per employee goes up as you need to offer higher and higher salaries to stay in competition. A company going on a hiring spree is now a negative indicator for me. I think FB, Goog,…
> I think FB, Goog, etc. could lay off thousands with no adverse effects and in fact an increase in velocity, quality, and quantity of new features/products. You can add Airbnb,Netflix,Uber they often attend conference to describe their architectures.It’s obvious most of these people have no idea what they are doing have no clear direction. They are just havin’ fun will trying to navigate corporates politics. Even th…
Seems the problem is that these massive companies hit a threshold in size and then everything is about self-perpetuation by creating large moats, even ones that don't make sense, hence you have teams and entire departments engaged in boondoggles that are wastes of time and resources.
Imagine Facebook pouring untold manpower and money into developing original content such as cloning HQ Trivia, for its also-ran streaming content that no one watches. Or even Facebook Reel, which mostly just reposts TikTok and Instagram material. Or the entire hopeless arena that is cloud gaming, where all of these tech companies are involved in with no service that has really taken off yet.
I suppose if the regulatory environment was to correctly deter these companies from staying so big and content and engaged in wasteful behavior, there would be actually more companies, and all of those people in the companies you mention would be distributed across smaller, nimbler, more customer-focused firms, with more competition and thus better choices for consumers. That's the theory, anyhow.
Re: Coinbase employees petition to remove execs
#49Well, 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.
That is neither a long time nor uncommon for newly IPO'd companies. Given the macro market environment even less so.
Not saying they shouldn't throw Coinbase management in the trash, just commenting on the reality of IPO stock prices.