4 ms·

Wow. They must really be in trouble. Rescinding accepted offers is a super shitty thing to do and I'm sure they know that. I bet layoffs are next. I'd make a s

Wow. They must really be in trouble. Rescinding accepted offers is a super shitty thing to do and I'm sure they know that. I bet layoffs are next. I'd make a snarky comment about "how's that no politics in the workplace policy working out for you," but real talk, I'm sure it has nothing to do with this, so it'd be a cheap dunk. The underlying problems with crypto are so multitudinous that they easily dwarf any such practice.

icelancer 4y ago
I'd guess the "no politics at work" thing probably helped reduce the number of layoffs coming, if anything.
- 0des 4y ago
  That's not necessarily a bad thing, to them, I'd imagine from the tone of the article that spawned that rule.
  - icelancer 4y ago
    I agree - that's actually what I meant. I think my comment is being taken differently than how I meant to write it, but such is life.
    - 0des 4y ago
      it's all good man, I think you're alright. just another stranger on the internet like the rest of us.
- redditmigrant 4y ago
  When it can be used as the reason a company succeeds, it should be used as the reason the company isn't doing well.
- tbatchelli 4y ago
  yeah, it also probably means that the ones that stayed are getting laid off, but the ones that left are probably in a better situation
ryanSrich 4y ago
Coinbase as a business, at least one that is traded publicly, never made sense during off cycles for crypto at their current scale. It makes sense in that it'll still be a business, and can certainly still make money, but it's extremely seasonal. Coinbase during a crypto bear market might be "worth" 10-100x less than what it might be worth in a bull market. As such, I imagine they'll have these wild swings every 4-6 years. I think many people don't realize just how incredibly stagnate and boring crypto is when it's not consuming every part of everyone's online identity. The bad news is that for companies like Coinbase they essentially have to drastically downsize every few years. The good news is that with proper planning, they can really make the profits from a bull market last.
- CPLX 4y ago
  This whole premise assumes that “crypto” will be a thing long enough to be cyclical.
  - aaronharnly 4y ago
    I expect that it will continue to be the preferred mechanism for paying criminals. It genuinely improves on the experience for both criminal and victim vs alternatives like wire transfers and cash. There is a decently large market for paying criminals (illegally but also legally, eg ransomware), so some base level can be expected to continue.
    - gentoo 4y ago
      Law enforcement and private surveillance companies are currently investing a ton of effort into using public blockchains (which is most of them) to unmask participants in crypto transactions. At the same time, they're putting more pressure on Coinbase and friends to do aggressive KYC, and Congress keeps considering bills that would effectively outlaw anonymous crypto purchases. It's not going to be the safest way to collect ransoms for long, if it even is today.
    - kebman 4y ago
      It's mostly stupid criminals who accept crypto since it's much more easy to trace than cash. Privacy coins are a completely different matter tho.
qbasic_forever 4y ago
I'm surprised they even announced it publicly, it can do nothing but make them look like a terrible place to go apply for work if they do things like yank offers. Although I guess since they aren't hiring for anything in the near future it doesn't matter but I bet this perception will persist well beyond when they start hiring again. I wonder if this announcement was pressure from management and the board to make some public announcement for shareholders that Coinbase is doing something, anything, to cut costs and weather the crypto and tech downturn. And for sure, if you work as a recruiter for Coinbase and still have a job... time to start tapping your network for other opportunities.
- killerdhmo 4y ago
  I think it's a PR CYA move. It was being picked up on social media and they had to say something
  - bombcar 4y ago
    They could have just stopped new hiring, and not rescinded any offers. The fact they felt they had to means layoffs are right around the corner, and they're in a very bad spot.

icelancer 4y ago

I'd guess the "no politics at work" thing probably helped reduce the number of layoffs coming, if anything.

0des 4y ago
That's not necessarily a bad thing, to them, I'd imagine from the tone of the article that spawned that rule.
- icelancer 4y ago
  I agree - that's actually what I meant. I think my comment is being taken differently than how I meant to write it, but such is life.
  - 0des 4y ago
    it's all good man, I think you're alright. just another stranger on the internet like the rest of us.
redditmigrant 4y ago
When it can be used as the reason a company succeeds, it should be used as the reason the company isn't doing well.
tbatchelli 4y ago
yeah, it also probably means that the ones that stayed are getting laid off, but the ones that left are probably in a better situation

ryanSrich 4y ago

Coinbase as a business, at least one that is traded publicly, never made sense during off cycles for crypto at their current scale. It makes sense in that it'll still be a business, and can certainly still make money, but it's extremely seasonal. Coinbase during a crypto bear market might be "worth" 10-100x less than what it might be worth in a bull market. As such, I imagine they'll have these wild swings every 4-6 years. I think many people don't realize just how incredibly stagnate and boring crypto is when it's not consuming every part of everyone's online identity. The bad news is that for companies like Coinbase they essentially have to drastically downsize every few years. The good news is that with proper planning, they can really make the profits from a bull market last.

CPLX 4y ago
This whole premise assumes that “crypto” will be a thing long enough to be cyclical.
- aaronharnly 4y ago
  I expect that it will continue to be the preferred mechanism for paying criminals. It genuinely improves on the experience for both criminal and victim vs alternatives like wire transfers and cash. There is a decently large market for paying criminals (illegally but also legally, eg ransomware), so some base level can be expected to continue.
  - gentoo 4y ago
    Law enforcement and private surveillance companies are currently investing a ton of effort into using public blockchains (which is most of them) to unmask participants in crypto transactions. At the same time, they're putting more pressure on Coinbase and friends to do aggressive KYC, and Congress keeps considering bills that would effectively outlaw anonymous crypto purchases. It's not going to be the safest way to collect ransoms for long, if it even is today.
  - kebman 4y ago
    It's mostly stupid criminals who accept crypto since it's much more easy to trace than cash. Privacy coins are a completely different matter tho.

qbasic_forever 4y ago

I'm surprised they even announced it publicly, it can do nothing but make them look like a terrible place to go apply for work if they do things like yank offers. Although I guess since they aren't hiring for anything in the near future it doesn't matter but I bet this perception will persist well beyond when they start hiring again. I wonder if this announcement was pressure from management and the board to make some public announcement for shareholders that Coinbase is doing something, anything, to cut costs and weather the crypto and tech downturn. And for sure, if you work as a recruiter for Coinbase and still have a job... time to start tapping your network for other opportunities.

killerdhmo 4y ago
I think it's a PR CYA move. It was being picked up on social media and they had to say something
- bombcar 4y ago
  They could have just stopped new hiring, and not rescinded any offers. The fact they felt they had to means layoffs are right around the corner, and they're in a very bad spot.