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ChocolateTsar OP t1_j3r833j wrote

TL;DR:

>Coinbase is cutting about a fifth of its workforce as it looks to preserve cash during the crypto market downturn.
The exchange plans to cut 950 jobs, according to a blog post published Tuesday morning. Coinbase, which had roughly 4,700 employees as of the end of September, already slashed 18% of its workforce in June citing a need to manage costs and growing “too quickly” during the bull market.

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JoeBethersonton50504 t1_j3r86oj wrote

Remember when they withdrew a bunch of offers as part of a hiring freeze after people had already accepted and resigned their current jobs? I do.

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domino2064 t1_j3raij8 wrote

Thank you FTX, Luna, Logan Paul, the crypto isle team and everybody else who turned crypto into the predictable shit show that it is and for proving why regulation and centralization are not bad things to have, especially when it comes to investments and finances.

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lovely_sombrero t1_j3rf5xi wrote

Replying to domino2064 (#1,325,263)

The whole point of crypto (especially the exchanges) is just to take cash away from users and encourage more users to pour in actual $$$, get worthless tokens in exchange, while they run away with the $$$. Being mad at a few specific actors in the fraud chain just makes no sense, the problem is the fraud chain itself. Luna and FTX just happened to be the first big dominos to fall. Of course, there are smaller fraudtokens that fail constantly, and on purpose!

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domino2064 t1_j3rfilj wrote

Replying to lovely_sombrero (#1,325,503)

>The whole point of crypto (especially the exchanges) is just to take cash away from users and encourage more users to pour in actual $$$, get worthless tokens in exchange, while they run away with the $$$. Being mad at a few specific actors in the fraud chain just makes no sense, the problem is the fraud chain itself. Luna and FTX just happened to be the first big dominos to fall. Of course, there are smaller fraudtokens that fail constantly, and on purpose!

Oh I'm not mad at these specific players per se. I'm just glad that they fell, and fell hard in order to confirm and prove what actual, financial experts had been warning for many years, while the crypto cult screamed fud and sucked more people into, what is at best, an MLM and at worst, a Ponzi scheme.

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TurboSalsa t1_j3ri5d0 wrote

Replying to domino2064 (#1,325,263)

Every time one of these exchanges goes belly up there are cryptobros unironically asking for government investigations and bailouts, from the government whose regulatory regime they are explicitly operating outside of.

Right now, we're at the "lender of last resort" chapter of learning why the financial system is the way it is, except the lender of last resort in this case isn't the US Treasury, it's some shady exchange whose "reserves" are just illiquid shitcoins.

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limitless__ t1_j3rill2 wrote

What cracks me up about all of this is crypto is a currency. It's even in the name! Like a dollar or a pound. If people treated it like one, we wouldn't be in this mess. Idiots buying it like it's some kind of investment opportunity are just riding the Tulip Mania of the 21st century.

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zjm555 t1_j3rjd0f wrote

Replying to lovely_sombrero (#1,325,503)

There's this hilarious ad that keeps being shown to me on reddit that says: "<Brand name> is the fastest way to turn your cash into NFTs" and I just crack up every time I read it thinking about how dumb people have to be to read that and think "hey I'm interested".

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DeepTh0tt t1_j3rjerx wrote

Want to know how well Crypto is going? All the Crypto companies are letting people go and collapsing. That well.

Take your money out while you can.

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pomaj46808 t1_j3rlfd4 wrote

Replying to TurboSalsa (#1,325,652)

It's because crypto sucks for petty cash, and the only people who want to move large amounts of money around without the security of government regulation are criminals. Even if someone says otherwise when it's their cash in jeopardy they find their beliefs have a spending limit.

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Topher1999 t1_j3rntli wrote

Can crypto finally exit the mainstream? Crypto has been mainstream for over a decade now and all it has to show for it is what people called it from the beginning: a huge scam.

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high_roller_dude t1_j3rong9 wrote

I know a guy that quit his $200k job to take offer at this place for $300k+. I advised against it, but he took it. got laid off in like 6 months after he joined.

it was clear from looking at their finanaces that they were spending $$$ like drunken sailors last yr. very weak balance sheet, very weak business model. exactly type of company that can go bust in a downturn.

as a job seeker, it is on you to do proper due diligence. it is a horrible idea to jump ship from gig to gig for pay increase alone. you are bound to get burned doing that.

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jurassic_junkie t1_j3rp2oj wrote

Fuck crypto anyways. It’s a scam and there’s going to be a shit load of unfortunate people out of money in the end.

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snowtol t1_j3rpfnx wrote

Replying to limitless__ (#1,325,677)

That's always been what annoyed me the most about cryptobros. Hardly any of them were actually touting it's practical usage. To an extent I can respect wanting to be part of the creation of a new currency, but if you're actively hoarding said currency in hope for future increase in worth, you're actually actively helping in creating a bubble for it.

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squidking78 t1_j3rq967 wrote

It still exists? This is the news to me.

−1

AnalogSolutions t1_j3rr7qg wrote

Replying to limitless__ (#1,325,677)

True. Stablecoins like Tether and USD coin are the future. Boring, but that is the idea. This wild speculation stuff is not the future. Just some games, Capitalists are playing with. Blockchain can be used in so many ways for future transactions. Not just for Institutional Investors and criminals.

−10

axonxorz t1_j3rrwws wrote

Thumbnail appropriately looks like stonks guy

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orangechicken21 t1_j3rsp4a wrote

Replying to PureIsometric (#1,325,948)

Anything that is not ETH or Bitcoin should be a no brainer on if you should sell or not. I think if these exchanges keep collapsing, the value of those will take hits with waning consumer confidence. I seriously doubt they will go to zero but heavy losses are a very real possibility. Not telling anyone what to do but I would be very cautious with investments in that space over the next 6-12 months.

−9

NikeSwish t1_j3rucvm wrote

Replying to [deleted] (#1,325,905)

Venture capitalists don’t just pour money into something that obviously won’t work hoping it’ll be propped up long enough to go public. Do they bet on risky companies? Yes. But that’s not what a Ponzi scheme is.

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datnodude t1_j3rwg1k wrote

let me order this cold wallet

−1

celtic1888 t1_j3rwzwf wrote

This is peak capitalism

Build something out of thin air with zero backing, no real utility, tons of FOMO/speculation and harmful as fuck to the environment

At least we don’t have to fill up landfills with bitcoins when they are worthless

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domino2064 t1_j3rxq7j wrote

Replying to [deleted] (#1,326,271)

It's one thing to lose money because of regular, trading situations. It's another to lose it because of pump n dump schemes, lies about backing, etc and then to have no legal recourse let alone any chance to regain what was taken.

No offense man, but your whataboutism reads like a cope.

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urkish t1_j3rzrfv wrote

Replying to limitless__ (#1,325,677)

> What cracks me up about all of this is crypto is a currency. It's even in the name!

Just like how North Korea is a Democratic People's Republic. It's even in the name!

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dcraig13322 t1_j3s0r1d wrote

Don't steal my shit coinbase or I'll come for you

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ellus1onist t1_j3s20wb wrote

Replying to [deleted] (#1,326,271)

Scams can obviously happen in any industry.

In crypto it's particularly egregious/funny however because

  1. A central ideology of many crypto fans is the desire to get away from regulation and government oversight, only to be immediately informed as to why those regulations and oversights exist.

  2. Other scams are usually based off of a reasonable underlying premise. Crypto however, IS the scam. It's funny how shocked people are about things like Celsius and FTX, as if a company whose entire business plan is trading meaningless internet tokens generated by pollution could be anything else. I do not know how many of these companies, like FTX, are being propped up due to outright fraud, what I do know is that it's simply a matter of time before they all collapse.

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zoned_off t1_j3s38pr wrote

Replying to high_roller_dude (#1,326,009)

So he was making 300k+ for 6 months. Let's say he is unemployed for 3 months, then lands another 200k job for the remaining 3 months.

So
$300k * 6/12 = $150k
$0 * 3/12 = $0k
$200k * 3/12 = $50k

So in this scenario, he clears 200k for the year anyway.

I doubt he got 0 severance. And he probably can find another gig in less than 3 months. I'd make the same decision as your friend tbh. High risk, high reward.

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ultimatepenguin21 t1_j3s3cip wrote

Is it me or are tons of companies laying off tons of workers lately?

"Nobody wants to work!" Fuck off with that bullshit

Nobody wants to hire. Nobody wants to pay their workers. Nobody wants to give their workers respect.

That is the truth.

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hamburgers666 t1_j3s64e7 wrote

But their ads are telling me that they hold their assets 1 to 1 and that they are the most trusted brand in crypto! Well, I guess that really isn't saying much, is it?

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yawetag12 t1_j3s780x wrote

Replying to zoned_off (#1,326,766)

If your salary is all you care about - sure.

But now there's the added stress of being unemployed, as well that new $200k job maybe not being as good as the original $200k job you had before.

Some of us care about more than the dollar value on our paycheck.

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Elcactus t1_j3s8k8u wrote

Replying to thatoneguy889 (#1,325,527)

Pyramid scheme. A ponzi scheme is something specific where the schemer pretends that their payouts are coming from a legitimate business venture. Poinzi himself pretended to be arbitraging mail coupons, for example, while simply paying out from the money people put in. A pyramid scheme can openly state its value is from the perception of its value, as most coins tend to.

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Elcactus t1_j3s9kvd wrote

Replying to high_roller_dude (#1,326,009)

That can work out for you though, because then at his NEXT job he can say he was getting 300k instead of 200, and ask for even more.

And the fact that the company went under gives him an easy out for why he left after 6 months.

14

SatanLifeProTips t1_j3scdt4 wrote

Replying to domino2064 (#1,325,263)

Crypto was never an ‘investment’. It was gambling in a pyramid scheme that generates no value. It’s money is simply generated by the biggest idiot in the chain. And the biggest idiot is left holding the bag.

Who knew a 1920’s style unregulated financial market would end poorly? History is repeating itself in a hundred year cycle. Pandemic, depression, oligarchs, financial implosion looming.

I for one am looking forward to the return of art deco.

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Synensys t1_j3sgb7z wrote

Replying to ultimatepenguin21 (#1,326,769)

Tech companies (which are overrepresented in the reddit hivemind), which overexpanded based on access to cheap credit and people being at home and not being able to spend their money on IRL stuff. Those times have ended, and so the companies are all cutting back. But other areas that got reduced during the pandemic are expanding still (leisure and hospitality, healthcare, construction, education). . The US added 225,000 more jobs last month.

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beormalte t1_j3sji9v wrote

I have made some good money in crypto, I bought half a bitcoin at 3.5k and sold it at 60k. I knew the market was too hot, because everyone was trying to get in, that’s why I sold it. I am gonna buy in soon again and hold for a few years and repeat the cycle. You just have to do the opposite of what everyone else is doing and hold. And be comfortable with losing your entire investment

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Egmonks t1_j3sofkz wrote

Replying to oxidizingremnant (#1,327,407)

No because responding to market conditions and changes in revenue is good management. You can forecast all day but then reality shows up and if your models are wrong or something significant changes (like that massive crypto crash) you rework your plans and adjust. It sucks people are losing their jobs but this is the new reality crypto-tech companies exist in.

2

eggshellcracking t1_j3ssraf wrote

Replying to jurassic_junkie (#1,326,033)

Pop over to actual cryptobro subs. They're all conspiracy theorists, libertarians, gold bugs, misogynists, and greedy fuckers who want to be feudal lords of their imaginary crypto age, having their power fantasy lording over others. "Wife-changing money". These people are nauseating and despicable.

They're all scum and I don't feel the slightest bit sorry for them losing their money. Only their relatives they steal from or ignorant spouses suffering from their financial abuse

0

azwethinkweizm t1_j3svku6 wrote

You're crazy if you keep your BTC with them. Absolutely crazy

−3

Stayvfraw t1_j3swptj wrote

I was scrolling and thought the pic was the stonks meme

2

LFCsota t1_j3sy8mk wrote

Replying to [deleted] (#1,328,209)

You literally just described what C level executives are supposed to do and then bemoaned OP for having the audacity to do their jobs.

No one is asking to predict the future to be perfect, just to guide the company in a manor to success over the next couple of years. That's their job. Big picture, long term. And this requires to have a thumb on the market, make predictions and make sure the company is moving in a direction to face those predictions the best they can, whether but good times or bad times.

So yes, crypto companies should be trying to predict the future, and if it is bad, they should be making cuts sooner rather than later. You can't expect running a company to be sunshine and roses at all times. The market is what the market is and you need to act accordingly. You are naive to suggest a company preparing for a bad event is them betting against themselves.

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LFCsota t1_j3t02ga wrote

Replying to [deleted] (#1,328,269)

You are now agreeing with OP but yet we are wrong and you are right.

OP whole point was they misjudged things with the hiring freeze and that was due to bad leadership. They didn't change that at all.

You are agreeing they should make cuts but saying OP is naive for suggesting it?

You either lack skills in conveying your point or you are changing your outputs and points to make yourself look right after people disagree with you.

And at end of the day, every god damn red flag is on the wall for cryptocurrencies so yeah they fucked up by thinking the crypto market could sustain the crazy growth when it produces nothing and relies on someone else holding the bag for you to profit. No one expected the growth and no one should have expected continued crazy growth. they should have planned for the inevitable collapse.

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BooooHissss t1_j3t4e0l wrote

Replying to TheLastBaronet (#1,327,774)

Is there supposed to be actual information here? Or is it a mobile thing? Cause all this has is a line graph and doesn't explain at all where they got the information, what it's based on, and just self references their own data. Does it describe what they consider tech jobs anywhere? What's it pulled from?

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Justafan11 t1_j3t6csp wrote

Coinbase will survive this downturn easily and probably perform nicely in the next bull market. People here seem to forget tech stocks are down 40-60%.

Will you pretend you weren't wrong in that future? What price will you buy Bitcoin at?

4

khansian t1_j3tgwrn wrote

Replying to [deleted] (#1,327,416)

I wouldn’t be so sure. High earners are concentrated in very expensive cities and may be saddled with lots of debt (student, mortgage, car, etc.) And unemployment insurance payments are capped.

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penelope_hibiscus t1_j3tpeen wrote

Go public and run things into the ground thanks coinbase! Now my stock is worth nothinggg 😭 could you have just like not have gone public. But I guess wanted to cash out first? 😭🫠

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BoilerMaker11 t1_j3tu5ji wrote

A Coinbase recruiter reached out to me around this time last year about an opportunity that was basically the same type of role as what I had been doing for a couple of years and it interested me because it was tech/crypto and I was tired of insurance.

Had an amazing compensation package. He said it would be $150k all in, with a base salary of $135k + bonus, with an addition of stock options. I got deep into the interview process but I ultimately didn't get the job. In hindsight, I'm glad I didn't because I absolutely would have taken it if they gave me an offer.

They've done nothing but slash jobs since then. And the crypto market is more turbulent now than its ever been

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ItIsYourPersonality t1_j3ty70i wrote

They’ll be slashing 100% of their workforce when they get revealed to be frauds like FTX.

0

beechcraft12 t1_j3uhgo5 wrote

Crypto is like the Cutco of the digital world

1

WR810 t1_j3uiqi0 wrote

Replying to beormalte (#1,327,566)

A very good friend of mine did something similar and used that money to open a nerd store.

He's killing it. The weekend I helped him they did over twenty grand in sales. He's living the American dream.

pecunia non olet

−2

hicow t1_j3ujbrn wrote

Replying to [deleted] (#1,327,216)

That the way unemployment is measured is arguably BS, sure. But if it's compared against prior numbers where the method of measurement is the same, it's an easy way to see which way the numbers are headed.

Trump got called out for claiming unemployment under Obama was north of 40% then, in Feb '17, with Trump in office for less than two weeks, proclaiming he had just made the best unemployment numbers ever thanks to his bigly genius business brain.

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hicow t1_j3uk2ra wrote

Replying to snowtol (#1,326,067)

> Hardly any of them were actually touting it's practical usage

I saw plenty of them trying with whatever the hot altcoin of the day was. Long, convoluted explanations that mostly boiled down to "like an ACH transfer with seven extra steps"

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DoubleTFan t1_j3utuhk wrote

Sigh. I remember working their US Bank Stadium event this summer, paid for two months rent for me.

1

tcmart14 t1_j3v6c59 wrote

Replying to FindtheTruth5 (#1,325,945)

I’m a software engineer not in crypto and just got a pretty nice raise. We are looking to expand our team by 33%. It’s not some big major tech company, but tech isn’t doing that bad. It’s the big players eliminating overhead and crypto. Tons of smaller firms still hiring!

3

redditticktock t1_j3v6ngx wrote

Replying to celtic1888 (#1,326,476)

Truly don't understand these comments. Ok, Bitcoin is worthless. So what isn't worthless? Bitcoin is nothing more than a distributed ledger maintained by pretty ingenious network design incentivized by a reward worth 117k USD to produce a valid block every 10 minutes. That's what the market is willing to pay. Very simple. Bitcoin mining is currently much more profitable than Gold mining and infinitely more liquid. Sure, you could get job and make widgets for fiat or do investing to make fiat. There will always be ways to get new fiat. There is only one way to get new Bitcoin. Bitcoin is the coolest invention in over a decade and it's barely started.

0

Basas t1_j3w0og9 wrote

Replying to redditticktock (#1,331,308)

Bitcoin is mined by solving math problems. Insane amounts of resources are used for this and the results are only used for bitcoin making this whole process virtually useless. Bitcoin is one of the most harmful inventions in over a decade.

2