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Crypto.com cuts 20% jobs amid ‘unforeseeable’ industry events

39 points by marban 4y ago

j0li0t 4y ago
[flagged]
ulfw 4y ago
Oh yea unforseen that spending $700MM on nothing but naming (not even owning) some stadium and hundreds of millions on other silly stuff doesn't pay off. Now employees have to suffer with impact on their livelihoods. https://www.reuters.com/technology/how-cryptocom-is-betting-big-sports-partnerships-reach-billion-users-2022-02-14/ https://www.reuters.com/technology/how-cryptocom-is-betting-... Meanwhile their token is down nearly 96% (i.e. almost wiped out): https://finance.yahoo.com/news/crypto-com-cuts-workforce-nearly-054625633.html https://finance.yahoo.com/news/crypto-com-cuts-workforce-nea...
- Forge36 4y ago
  We'll see how much they sells the rights for. Imagine if they'd had that for runout in case of emergency.
  - Epuineeb5 4y ago
    > The deal was reported to be valued at $700 million over 20 years, in comparison to the $116 million paid by Staples under its previous 20-year agreement. Somehow I doubt they will get better offer for resale than that old Staples deal.
  - defterGoose 4y ago
    Welcome to The Herbalife Crypto.com Arena. I love you.
    - Forge36 4y ago
      Idiocracy vibes make this feel more normal. That's disturbing
tromp 4y ago
No-one could foresee an end to number goes up. Except all those who realize that when the supply of greater fools runs out, the only way is down...
- cyanydeez 4y ago
  Greater fools is just. Fancy way to run a martingale system
amanj41 4y ago
Ironic that even the downfall of a major competitor can't save other exchanges from their own mistakes
cwilkes 4y ago
> That trajectory changed rapidly with a confluence of negative economic developments. No where in that post does he state what the actual issue was. Global economy slowing down? Isn’t that predictable? And what does that have to do with your currency or exchange? Why should anyone trust this leadership going forward? Have they changed anything other than laying off 1/5th the people that believed the leaders?
- adam_arthur 4y ago
  The majority of people tend to be optimists, and don't plan for hard times. It's been reinforced and rewarded for the past decade through QE+ZIRP, plus continued Fed bailouts. Still should be held accountable. Was pretty obvious that most things were in a speculative mania in 2020-2021. And SaaS multiples even before that were mostly non-sensical from a fundamental perspective
browningstreet 4y ago
Where does crypto go from here?

39 points by marban 4y ago

[flagged]

ulfw 4y ago

Oh yea unforseen that spending $700MM on nothing but naming (not even owning) some stadium and hundreds of millions on other silly stuff doesn't pay off. Now employees have to suffer with impact on their livelihoods. https://www.reuters.com/technology/how-cryptocom-is-betting-big-sports-partnerships-reach-billion-users-2022-02-14/ https://www.reuters.com/technology/how-cryptocom-is-betting-... Meanwhile their token is down nearly 96% (i.e. almost wiped out): https://finance.yahoo.com/news/crypto-com-cuts-workforce-nearly-054625633.html https://finance.yahoo.com/news/crypto-com-cuts-workforce-nea...

Forge36 4y ago
We'll see how much they sells the rights for. Imagine if they'd had that for runout in case of emergency.
- Epuineeb5 4y ago
  > The deal was reported to be valued at $700 million over 20 years, in comparison to the $116 million paid by Staples under its previous 20-year agreement. Somehow I doubt they will get better offer for resale than that old Staples deal.
- defterGoose 4y ago
  Welcome to The Herbalife Crypto.com Arena. I love you.
  - Forge36 4y ago
    Idiocracy vibes make this feel more normal. That's disturbing

tromp 4y ago

No-one could foresee an end to number goes up. Except all those who realize that when the supply of greater fools runs out, the only way is down...

cyanydeez 4y ago
Greater fools is just. Fancy way to run a martingale system

amanj41 4y ago

Ironic that even the downfall of a major competitor can't save other exchanges from their own mistakes

cwilkes 4y ago

> That trajectory changed rapidly with a confluence of negative economic developments. No where in that post does he state what the actual issue was. Global economy slowing down? Isn’t that predictable? And what does that have to do with your currency or exchange? Why should anyone trust this leadership going forward? Have they changed anything other than laying off 1/5th the people that believed the leaders?

adam_arthur 4y ago
The majority of people tend to be optimists, and don't plan for hard times. It's been reinforced and rewarded for the past decade through QE+ZIRP, plus continued Fed bailouts. Still should be held accountable. Was pretty obvious that most things were in a speculative mania in 2020-2021. And SaaS multiples even before that were mostly non-sensical from a fundamental perspective

browningstreet 4y ago

Where does crypto go from here?