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Coinbase employees petition to remove execs

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Re: Coinbase employees petition to remove execs

#401

Post by dvt »

iudqnolq wrote: post #388
gamblor956 wrote: post #387

Earlier quoted context omitted.

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 ba…

Awesome blog post, thanks for sharing.

Re: Coinbase employees petition to remove execs

#402

Post by hackernewds »

dub wrote: post #227
koonsolo wrote: post #83

Earlier quoted context omitted.

I think this theory is proven in practice. If you look at the major tech companies, they are all run by people who programmed at some point. Bill Gates, Elon Musk, Jeff Bezos, Larry Page, ... . However, Steve Jobs seems to be an exception here (In Dutch, we have the expression "The exception proves the rule" ;), which basically means that all theories have exceptions) I think it's very hard for non-builders to really…

I tried working at a company with non-technical founders and leadership. I'd never do it again. It was like a poison when upper management didn't know how to hire competent engineering leaders. It seeps down into middle management and into the code and system architecture. When you're an optimistic new hire you hope that things can change and you can be a part of it, but over time it becomes increasingly hard to imag…

This seems like it could be handled by hiring ONE engineering leader for the engineering org - which is one spoke of the multi-spoke wheel that runs a modern day tech company.

The HN crowd is biased, but it seems to overinflate the importance of IC engineering contribution vs the contributions of the collective - eng and non eng.

Re: Coinbase employees petition to remove execs

#403

Post by hackernewds »

alar44 wrote: post #61
Qworg wrote: post #29

Earlier quoted context omitted.

Why do you expect this? Bitcoin is supply limited, but you can take trading fees over and over forever.

Correct. If anything, Coinbase's value should be tied to the volatility of the crypto market. Doing a quick search of various crypto volatility indexes, this appears to check out, roughly.

The trick though is volatility = both times of lows and highs. So it can survive down times are well as when times are good

Re: Coinbase employees petition to remove execs

#404

Post by hackernewds »

MisterSandman wrote: post #281
rvz wrote: post #80

Earlier quoted context omitted.

Very good question. Looks like lots of commenters here don't realise this, believe anything and hastefully jump in without questioning this as it could be made by a random user. Always be skeptical around the source of this. > It seems completely anonymous. That's the case here since the Ethereum address has absolutely 0 iterations, making it more harder to trace.

This was after your comment, but FYI Coinbase CEO has replied to this: https://twitter.com/brian_armstrong/status/15353049437284147... So it probably isn't fake.

It's plausible BA overreacted to this. Ironically he did give a simple Blind anonymous poll quite a bit of spread and legitimacy now

Re: Coinbase employees petition to remove execs

#405

Post by hackernewds »

meowtimemania wrote: post #333

How many people have actually joined the petition? If it's <10 employees petitioning that execs leave over incompetence (e.g. not something criminal), I don't find it news worthy.

It is now, thanks to Brian. Which is quite the irony

Re: Coinbase employees petition to remove execs

#406

Post by gradschoolfail »

FredPret wrote: post #327
gradschoolfail wrote: post #256

Earlier quoted context omitted.

If your classics included the Greek ones, that probably led to the aristocrats getting shipped to their demise in WWI. There might have been something akin to single combat bwtween champions in India, but that was something probably too much to expect in Belgium.

They were fighting in the infantry in every British war until then; it worked very well for a long time

(: I guess you realized that they should have joined the nascent airforce— it was the last truish example of single combat between champions, one, ironically, enabled by technology—- the continental aristocrats did :) (eg Baron von R) (maybe they had a better-faith classical education, considering their generally more accurate transmission of the classic pronunciations)

BTw Kerala supposedly.. https://en.wikipedia.org/wiki/Single_combat

“ The Kerala practice was discontinued in the 19th century under the British Raj.”

Re: Coinbase employees petition to remove execs

#407

Post by doktorhladnjak »

ryanmather wrote: post #391
barmstrong wrote: post #271

Responded here https://twitter.com/brian_armstrong/status/15353049437284147...

Employees took a massive risk to organize (which you confirmed by threatening to fire them in this tweet) to try to help the company. I believe this should be rewarded, and you should apologize for creating an environment where the only workable solution for employees to make their voices heard is to stage something like this. Or, you could hope that people will stop having emotions and acting irrationally based on t…

> an environment where the only workable solution for employees to make their voices heard is to stage something like this

So much this. I’ve worked at a couple companies that at some point had a lot of leaks. In every case it was because employees had become disgruntled because there was no way to affect change inside the system.

Re: Coinbase employees petition to remove execs

#408

Post by Aeolun »

jjulius wrote: post #285
barmstrong wrote: post #271

Responded here https://twitter.com/brian_armstrong/status/15353049437284147...

>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…

> 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

Clearly that is the case here. CEO really comes off as if he’s living in a fantasy world here.

Which isn’t surprising given he started a crypto company.

Re: Coinbase employees petition to remove execs

#409

Post by Aeolun »

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!)

Yeah, but the employees aren’t exactly in a position of power here. He already indirectly said “it’s good I can’t name you, because you’d be fired now”.

Re: Coinbase employees petition to remove execs

#410

Post by willcipriano »

qgin wrote: post #220
fathyb wrote: post #10

Initiatives 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…

I have a hard time not imagining the shoe Community (season 5 episode 8) where the college starts using an app that rates every interaction between people. https://en.m.wikipedia.org/wiki/App_Development_and_Condimen...

"Really big shoe." - Johnny Carson
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