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Kraken lays off 30% of staff

blog.kraken.com

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Re: Kraken lays off 30% of staff

#61

Post by function_seven »

woodruffw wrote: post #53
setgree wrote: post #46

Earlier quoted context omitted.

We learned about the fraud because of macroeconomic factors! inflation -> rising interest rates -> crypto less attractive [0] -> people ask for their deposits back -> company can't meet obligations -> company folds -> scrutiny -> fraud revealed Is my basic model of things. [0] from https://marginalrevolution.com/marginalrevolution/2022/11/th... : "When interest rates are very low a dollar in the far future is worth a…

I completely agree! My point was that it's very funny to blame the macro (and even funnier to blame geopolitics), when it's clearly just serving a revelatory purpose.

So you're saying that when I get arrested for public indecency, my defense should start with "due to tidal forces and the changing orientation of our Moon, my nether region emerged above the water's surface"

Or something like that?

Re: Kraken lays off 30% of staff

#63

Post by nabaraz »

nightski wrote: post #51
JumpCrisscross wrote: post #37

Earlier quoted context omitted.

> Crypto simply followed the overall market effects Crypto is performing far worse than even the riskiest decile of the stock market. Which should surprise nobody.

This is not true. The riskiest stocks are down thousands of %.

Nothing can be down more than 100%. Average stocks in S&P are down 55%. Growth stocks are down 70%. S&P is down 18%. Bitcoin is down 60%.

Re: Kraken lays off 30% of staff

#64

Post by chson »

All these layoffs make me a bit nervous to be graduating next week. There are still countless positions posted though so I'm still fairly optimistic about entering the job market.

Re: Kraken lays off 30% of staff

#65

Post by woodruffw »

function_seven wrote: post #61
woodruffw wrote: post #53

Earlier quoted context omitted.

I completely agree! My point was that it's very funny to blame the macro (and even funnier to blame geopolitics), when it's clearly just serving a revelatory purpose.

So you're saying that when I get arrested for public indecency, my defense should start with "due to tidal forces and the changing orientation of our Moon, my nether region emerged above the water's surface" Or something like that?

I don't know if I'd recommend it, but it'll be roughly as convincing as blaming geopolitics!

Re: Kraken lays off 30% of staff

#66

Post by [deleted] »

JumpCrisscross wrote: post #55
nightski wrote: post #51

Earlier quoted context omitted.

This is not true. The riskiest stocks are down thousands of %.

> riskiest stocks are down thousands of % This isn’t how numbers work. Also, practically every asset class has a member that went to zero. The question is what fraction, and how did the others do. If you bought a basket of super-risky assets, over the past years, they went up like crypto and down less.

[deleted]

Re: Kraken lays off 30% of staff

#67

Post by naillo »

Is it naive of me to think that CEOs aren't really much better macro predictors than most of us and are kind of doing this in a wave like fad "because that's what everyone else is doing"?

Re: Kraken lays off 30% of staff

#68

Post by brightball »

masklinn wrote: post #22
woodruffw wrote: post #18

> Since the start of this year, macroeconomic and geopolitical factors have weighed on financial markets. This is an incredible couching of the last 9 months of cryptocurrency market behavior. Does anybody actually operate on their belief that "geopolitical factors," rather than astonishing amounts of fraud , are responsible for the current downturn?

In fairness the astonishing amounts of fraud have been there all along.

Yep. Honestly it’s just been a question of whether you were going to try to take advantage on the way up or not.

Re: Kraken lays off 30% of staff

#69

Post by shkkmo »

nightski wrote: post #51
JumpCrisscross wrote: post #37

Earlier quoted context omitted.

> Crypto simply followed the overall market effects Crypto is performing far worse than even the riskiest decile of the stock market. Which should surprise nobody.

This is not true. The riskiest stocks are down thousands of %.

"decile" means 10%, are you intending to claim that the riskiest 10% of stocks are down on average at least 1000%? That seems like a pretty strong claim that needs some backing...

Re: Kraken lays off 30% of staff

#70

Post by jyrkesh »

dylan604 wrote: post #20
Veen wrote: post #11

I'm flabbergasted they had so many employees that 30% is over 1000. Still, terrible time of year for this to happen to their employees.

Why is it that approaching a Hallmark made up consumerism focused holiday supposed to be more terrible to be laid off than any other time ?

Because a lot of society buys into said consumerism and expects bonuses and stability heading into lots of potentially irresponsible gift-buying decisions for their friends and family?

And I'd expect the calculus is "we're planning to offer severance and paying out bonuses, so they have stability in their consumer choices, and we can start the clock earlier on their severance by doing it as soon as possible (including during a holiday when those employees probably weren't going to be very productive anyway)"

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