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Coinbase Announces 18% Layoffs

blog.coinbase.com

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Re: Coinbase Announces 18% Layoffs

#521

Post by santiagobasulto »

puranjay wrote: post #295
santiagobasulto wrote: post #273

Earlier quoted context omitted.

I see the point and I agree with you. But let me point out 2 things for the sake of being scientifically correct: * we're just at the middle of the month * the price has dropped 4x, those charts are in USD So comparing June (14 days) to Dec is not entirely fair. Your point still stands.

That's the problem - your expenses (salaries, rent, hosting, etc.) are paid in USD. Meanwhile, your revenue is in ETH. Even if you can maintain the same volume, your revenue can drop drastically if ETH price drops. A 100 ETH sale earns you 2.5 ETH. In January, this was worth $7.5k. Now, its worth $3k. Your revenue dropped by over 50% but your expenses are going to stay the same. I can't see how the economics of busin…

> your expenses (salaries, rent, hosting, etc.) are paid in USD.

nobody (sane at least) would mix expenses and long term, high volatility investment as crypto. I own some crypto and I don't care today's price, it's a 10y investment.

Re: Coinbase Announces 18% Layoffs

#523

Post by lawn »

minsc_and_boo wrote: post #489
junofan wrote: post #322

Earlier quoted context omitted.

No. If I buy Monero on an exchange, I pay only the marginal buyer’s price. The ability to transact privately may, however, be worth much more to me than that price.

Monero and its ability to transact privately is only valuable if you're participating in criminal activity, which is not the vast majority of people. You may say that, no, hypothetically you are a privacy-enthusiast and like monero as a hobby money, but in reality most rational actors on Monero as evading taxes and using DNMs. (I would also argue that Monero is the only crypto that is more currency than any other cry…

It absolutely is not only for criminals.

A simple example: you go to a store and buy something with BTC. All good so far.

But the store owner can see on the public blockchain that the wallet you paid with contains a lot of Bitcoin, and that you were in fact a crypto multi-millionaire. And he and his buddies will now target you in a nightly visit where they'll torture you and your family until you give them your coins.

Or another example: you're the business owner but the customer pays with tainted bitcoins, coming from child trafficking. Now your Coinbase account will be frozen if you send the coins there, or you'll be unable to use them in other ways because they're tainted.

The ability to transact privately is for your personal safety and to be able to transact with other people without being branded a terrorist or pedophile and have to deal with those false accusations.

Re: Coinbase Announces 18% Layoffs

#524

Post by whymauri »

bogomipz wrote: post #490
tedivm wrote: post #417

Earlier quoted context omitted.

He just bought a house for $133,000,000. That's enough to give everyone who was laid off slightly a severance of more than $120,000. Somehow I'm expecting accountability to be significantly less than that.

I had to look this up after seeing that eye popping number. Apparently 9 figure homes is a thing amongst the billionaire class: https://www.dirt.com/gallery/moguls/finance/brian-armstrong-...

this man bought a minecraft home for 133M dollars

Re: Coinbase Announces 18% Layoffs

#526

Post by ohgodplsno »

refurb wrote: post #335
ohgodplsno wrote: post #217

Earlier quoted context omitted.

>You can definitely be paid laid off employee for a period of time, while having your access revoked. In France, this is a breach of contract as you are not providing your employees with the means to work, and you can be sued for it if it is not done as a disciplinary measure (which you can also be sued for if not done in good faith) EDIT: my dudes stop trying to link legifrance articles to me, I have literally been…

Wait, France makes it illegal to keep paying an employee and tell them not to do any work? That sounds awful.

Doubly so if it's alienating and you require them to come to work, as it is considered harassment and mental abuse.

you may however send the employee home with his full salary and no obligation to work. I know, worker protection is a crazy concept.

Re: Coinbase Announces 18% Layoffs

#527

Post by dopeboy »

puranjay wrote: post #295
santiagobasulto wrote: post #273

Earlier quoted context omitted.

I see the point and I agree with you. But let me point out 2 things for the sake of being scientifically correct: * we're just at the middle of the month * the price has dropped 4x, those charts are in USD So comparing June (14 days) to Dec is not entirely fair. Your point still stands.

That's the problem - your expenses (salaries, rent, hosting, etc.) are paid in USD. Meanwhile, your revenue is in ETH. Even if you can maintain the same volume, your revenue can drop drastically if ETH price drops. A 100 ETH sale earns you 2.5 ETH. In January, this was worth $7.5k. Now, its worth $3k. Your revenue dropped by over 50% but your expenses are going to stay the same. I can't see how the economics of busin…

Unless you're immediately converting crypto to fiat.

Re: Coinbase Announces 18% Layoffs

#528

Post by sillysaurusx »

QuadrupleA wrote: post #516

Did this get buried by moderators? 610 points / 504 comments in 3 hours yet already down to #38.

Probably yes, and it’s also the right call. There have been many recent articles about the economy, especially with regards to tech (and doubly so for crypto). Coinbase being a YC co doesn’t mean that layoffs are automatically worth a front page slot for more than a couple hours.

It’s boring news, too. It gratifies no curiosity.

Re: Coinbase Announces 18% Layoffs

#529

Post by hajile »

q1w2 wrote: post #513
andyjohnson0 wrote: post #396

Earlier quoted context omitted.

> I mean, it's his company. Kind of a weird comment to make. Its a public company, so it belongs to the shareholders. Brian Armstrong is one of the founders, and is the largest share owner, but a cursory google suggests that he owns just about 10% of the shares by value.

...and the shareholders literally determine his salary. Why do you care what these people pay each other?

That's like saying that US citizens vote for the Federal swamp.

99% of them are totally against the swamp, yet the swamp continues.

Voting doesn't matter if there's no real ability to vote for real change.

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