European Crypto Exchange Bitpanda Cuts Staff By Hundreds (coindesk.com) 43
Austria-based crypto trading platform Bitpanda is slashing its headcount to ensure sustainability, the company said in a Friday blog post. CoinDesk reports: Bitpanda's founders said the firm needs to let employees go as it scales down due to market conditions. The company said it is aiming for a target headcount of 730. It has just over 1,000 employees, according to LinkedIn.
"We reached a point where more people joining didn't make us more effective, but created coordination overheads instead, particularly in this new market reality," Bitpanda wrote. "Looking back now, we realize that our hiring speed was not sustainable. That was a mistake." In addition, recent offers will be retracted, and employees have been notified.
"We reached a point where more people joining didn't make us more effective, but created coordination overheads instead, particularly in this new market reality," Bitpanda wrote. "Looking back now, we realize that our hiring speed was not sustainable. That was a mistake." In addition, recent offers will be retracted, and employees have been notified.
"We Learn from the Past" (Score:3, Insightful)
We learn from the past is probably the biggest lie that gets propagated continuously.
Again and again and again these startups start maniacally hiring, and realize later on that it was too fast/a bad idea/not sustainable/we need managers/whatever.
This is not rocket science... This is well known. It's just that apparently people that have no clue about how to run a company find themselves in charge and for whatever reason don't bother to actually inform themselves about "Pitfalls 101".
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It has just over 1,000 employees, according to LinkedIn.
We keep seeing this same stupidity repeated, over and over, and I still don't get it. A "crypto platform" is just a bunch of computers (in addition to being a complete scam, but that's a different subject).
Why do they need 1,000 people? How could they possibly need more than 100 people? But it's not just cryptobullshit. I keep seeing this in other businesses as well. Is it just ego? ("I'm the CEO of a big company with thousands of employees")
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As I've said before, a lot of the people in the employ of these companies are there for astroturfing.
Or "Media awareness" if you want to use the lie^wofficial term.
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Why do they need 1,000 people?
They need them on the 'phone to help the little old ladies sign up and transfer their life savings over to the scammers.
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Yup. It's been studied. Companies may compete in a capitalist environment, but internally they're virtually all some unholy mixture of feudal and command economic systems.
The more serfs you've got, the more important you are.
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You seem pretty emotionally involved in this. Probably best to drop it and move on.
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Lol. Your reply was full of name calling. There's not much point in discussing with someone who's so emotionally involved with an abstract economics question. Maybe you got laid off, or maybe you're stuck in one of those useless jobs and you're desperately trying to deny it.
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We learn from the past is probably the biggest lie that gets propagated continuously.
It is. Not only in this space. Otherwise the same tired old mistakes would not get made time and again.
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Re: "We Learn from the Past" (Score:2)
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Stocks fall, everyone dies.
direct subordinates (Score:2)
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I just watched *The Sopranos* series (finally), which began in 1999 and ran until 2007. In one of the early seasons, on the tail of the Internet Bubble of the time, they had several episodes around a penny "Dot Com" stock pump and dump operation.
What they could have done with crypto scamming today!
let employees go (Score:1)
Welcome to HR world (Score:2)
Where a spade is never a spade, its a human powered earth extraction utensil. Its the same as when companies use the insulting terms "rightsizing" or "downsizing" instead of saying layoffs or redundancies. Nothing can be allowed to tanish the nanometer thick layer of credibility these companies, and by association their C-suites have.
Not even having money for salaries (Score:5, Insightful)
means they don't have money to convert your cryptocoins to real money. Like so many other exchanges that have blocked transfers and withdrawals.
Cash out before they freeze your balance.
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means they don't have money to convert your cryptocoins to real money. Like so many other exchanges that have blocked transfers and withdrawals.
Cash out before they freeze your balance.
If exchanges are already blocking transfers and withdrawals, it's too late to get out. You're stuck with it.
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If exchanges are already blocking transfers and withdrawals, it's too late to get out. You're stuck with it.
Yes, it is late in the crypto-day, and maybe it is too late to get out. But as others have mentioned here, there are often a few "dead cat" bounces before the final collapse obliterates everything within flying debris radius.
It may take a lot of work, but you may be able to arrange a disengagement as some slower, denser fools shuffle into crypto. Someone has to be the last in, so you may be able to compensate for not being one of the first ones out.
Buy the dip.
Comment removed (Score:3, Funny)
Crypotocurrency and sustainability.... (Score:2)
The words "cryptocurrency" and "sustainability" never belong in the same sentence. The cryptocurrency are some of the most resource wasteful products in history, perhaps matched by art that is deliberately only displayed where no one will ever see it.
A thousand salaries... (Score:2)
So one thousand salaries have to be paid in just one exchange, and not the biggest one. All that money comes from fees in the crypto interchange. Paid for the crypto "investors". In the end, when all the crypto craze dies, the money into the different coins will be the same money out of the coins, minus those fees, and they seem to be sizeable enough.
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Yup... consider this the 2nd round of scamming as "a fool and his money are soon parted"
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You're not supposed to get out! You're supposed to buy the dip so I can get out!
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Fortune Magazine has an article by people who know the market...
If they knew the market, they would not be working for a magazine. They would be independently wealthy. I have never seen wealth advice from magazine writers ever resemble reality.
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If they knew the market, they would not be working for a magazine. They would be independently wealthy.
That's true of everybody in "finance". If they knew The Secret they wouldn't be sat there talking to you about investment plans, they'd be on an island somewhere, full of hookers and blow.
My personal favorites are the stock market analysts who come on TV at the end of trading and explain every single fluctuation in the day's trading right down to the last cent, and, simultaneously ... have no fucking clue what will happen tomorrow.
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people who know the market and are pretty much assured that by the end of the year, BTC will be at six digit levels, if not over $200,000.
Only $200k? Two years ago they were saying it would be "$1M by years end".
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I'd expect it to be closer to $200 by the end of the year.
Crypto is a scam, has always been a scam, and will continue to be a scam. It's literally worthless, has always been worthless, and will always be worthless. It's a fucking joke.
If you've got cryptocurrency, sell now. You'll only get poorer from here.
Re: I'd probably wait it out... $200,000 BTC, anyo (Score:1)
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Fortune Magazine has an article [fortune.com] by people who know the market and are pretty much assured that by the end of the year, BTC will be at six digit levels, if not over $200,000.
Is this the best you could come up with Pyrite Pete? This article is four months old and BTC is currently (nearly the end of the first half of the year) trading at about half of what it is was at around the time the article was written and Ethereum, which the hypesters Fortune is quoting are particularly bullish about, is doing even worse.
Oddly these "people who know the market" completely fail to predict the sort of melt-down that happened last month.
As the Fortune article puts it "Bullish predictions on B
They even look like scammers (Score:3)
ITFA picture they've got the regulation Steve Jobs turtleneck sweaters which is the de facto cliche uniform for startup C-suites these days but with a slightly oily huckster/crystal healer look with one guy who looks like he's yet to meet a razor. Trustworthy? Hmm.
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They must equip electric razors with a "three day stubble" setting. For awhile people were calling that "an Arafat" since he always had the stubble and had never been seen clean shaven.
Maybe if they make that setting fixed and unchangeable and call it the "CEO razor" they could sell it on The Sharper Image for $169.95.
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*sigh* I remember when that was called a Don Johnson.