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Coinbase is rescinding already-accepted job offers

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Re: Coinbase is rescinding already-accepted job offers

#81

Post by teaearlgraycold »

baby wrote: post #55
toddmorey wrote: post #17

"While we did not make this decision lightly..." Yes but you aren't doing it humanely, either. I've been through the dot com crash and several hard economic downturns. It really puts your company's humanity on full display. It's the real test. Preserving cash flow is important. But you also have to do things carefully, openly, and with genuine care for the people who've believed in your vision. People will respect th…

How do you do it humanly? If it were me I’d rather get an email

Take the hit. I worked for a series B startup employing around 100 people at the start of the pandemic. Because of the pandemic the business was entirely shut down for 6 months. And was barely operational for longer still. Not a single person was let go.

Now, this requires you to run your business responsibly from the start. If you’re already on the edge of your runway you either cut back or die. But if you have the cash in the bank you’re a better person for spending it on the employees than doubling down on your war chest.

Re: Coinbase is rescinding already-accepted job offers

#82

Post by Animats »

AviationAtom wrote: post #32
carlivar wrote: post #7

Coinbase tried to recruit me last summer. I politely told the recruiter that I felt it was all bubble speculation mania. Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects. I guess I was right? Not trying to brag or anything. Just a tip to everyone job hunting I guess. Watch what executives do (not what they say). Well, and human history of speculati…

Crypto has boom and bust cycles. It will be back again, and mania will happen again.

Maybe not. Crypto has never been through a general recession. A lot of net-loss stuff, from Uber to WeWork, was propped up by zero interest rates. That's over.

There will be other bubbles in future, but probably in other areas.

Re: Coinbase is rescinding already-accepted job offers

#83

Post by gazby »

baby wrote: post #55
toddmorey wrote: post #17

"While we did not make this decision lightly..." Yes but you aren't doing it humanely, either. I've been through the dot com crash and several hard economic downturns. It really puts your company's humanity on full display. It's the real test. Preserving cash flow is important. But you also have to do things carefully, openly, and with genuine care for the people who've believed in your vision. People will respect th…

How do you do it humanly? If it were me I’d rather get an email

It's not just about the method of communication, it's also about being made whole. These people should be getting severance. Also in America your healthcare is almost inextricably tied to your employer.

Re: Coinbase is rescinding already-accepted job offers

#84

Post by bobthepanda »

brokencode wrote: post #76
baby wrote: post #56

Earlier quoted context omitted.

Yet everyone will tell you that the stock market only goes up

The stock market goes up because the world economy goes up, allowing companies to make more profit. Someday that might stop, but it’s been going strong since the industrial revolution. Cryptocurrencies don’t have that kind of track record. They also provide dubious value to society at best currently.

Also this is true of the American stock market, where companies

* represent a broad swathe of the diverse American economy and more or less correlate with it as a whole

* have to issue regular, public, audited statements about their balance sheets

Crypto is none of those things.

Re: Coinbase is rescinding already-accepted job offers

#85

Post by nikhilsimha »

AviationAtom wrote: post #32
carlivar wrote: post #7

Coinbase tried to recruit me last summer. I politely told the recruiter that I felt it was all bubble speculation mania. Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects. I guess I was right? Not trying to brag or anything. Just a tip to everyone job hunting I guess. Watch what executives do (not what they say). Well, and human history of speculati…

Crypto has boom and bust cycles. It will be back again, and mania will happen again.

That logic didn’t apply to tulip bulbs

Re: Coinbase is rescinding already-accepted job offers

#86

Post by seibelj »

riotney wrote: post #16
carlivar wrote: post #7

Coinbase tried to recruit me last summer. I politely told the recruiter that I felt it was all bubble speculation mania. Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects. I guess I was right? Not trying to brag or anything. Just a tip to everyone job hunting I guess. Watch what executives do (not what they say). Well, and human history of speculati…

>Also the amount of equity sold by the CFO at the public listing indicated little confidence in the long term prospects. Where do you find this information? I'm really new to this. Is it using stock charts or something similar?

Insiders sell stock whether executives or employees. Otherwise why work for a company and get compensated in stock if selling it was banned / frowned upon?

Re: Coinbase is rescinding already-accepted job offers

#87

Post by carlivar »

BonoboIO wrote: post #72
AviationAtom wrote: post #32

Earlier quoted context omitted.

Crypto has boom and bust cycles. It will be back again, and mania will happen again.

Like tulips. Still waiting for the bull market there. https://en.wikipedia.org/wiki/Tulip_mania

Yes, I referenced tulip mania to the Coinbase recruiter.

It's probably going to collapse worse.

Re: Coinbase is rescinding already-accepted job offers

#89

Post by erehweb »

LinkedIn should set up a code of practice that bans this. Rescind offers? Then you can't advertise on LinkedIn for the next 5 years, and we won't host your job posts either. That would change the calculations at these companies and make the jobs marketplace better, at little cost to LinkedIn.

Re: Coinbase is rescinding already-accepted job offers

#90

Post by calvano915 »

gazby wrote: post #83
baby wrote: post #55

Earlier quoted context omitted.

How do you do it humanly? If it were me I’d rather get an email

It's not just about the method of communication, it's also about being made whole. These people should be getting severance. Also in America your healthcare is almost inextricably tied to your employer.

Perhaps this is a moment where those that would get a severance at all with a job loss acknowledge that workers rights matter, for everyone. You think that a majority of the restaurant workers during the lockdowns got severances? Perhaps it's time we separate healthcare from our workplace. If it wasn't crypto, maybe I'd be more sympathetic. Bad bets made all around in this case.
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