71–80 of 238 posts
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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%.
> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. Why does a crypto exchange need 4,000 employees?
If it were up to HN, I swear, every company would just have 30 employees or it's a "waste".
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Crypto simply followed the overall market effects. People cashed out with the economic downturn on the profits they made, just as they did the stock market.
> 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.
I'm so glad I turned down the job offer at Kraken. The reason I turned it down was because I felt that crypto was a bubble waiting to pop (back in March, but that's been my "wrong" opinion for the last 5 years or more.) The tech stack was nice, the pay was excellent, the product I would have been working on is comparable to Bloomberg Terminal, so it was pretty cool too. But I just thought the job might go away in the…
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 ?
Since most people use the money and PTO from their jobs to enable these goals, losing one's job during this time of year adds an extra layer of stress to those who might have hoped to celebrate the culturally dominant evil made up consumerist capitalist holiday with their loved ones.
> We’re reducing our global workforce by approximately 1,100 people, or 30 percent, in order to adapt to current market conditions. Why does a crypto exchange need 4,000 employees?
If it were up to HN, I swear, every company would just have 30 employees or it's a "waste".
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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?
Warren was just telling us about something he observed at the beach one time
> 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.
Fraud and ponzis work fine for a while, but a downturn is exactly what causes its instability to show.
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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%.
Options very well can be down more than 100%. It's a leveraged bet and a very common vehicle in traditional finance. So much so you can buy/sell them on platforms like Robinhood.