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Bitcoin Businesses

European Crypto Exchange Bitpanda Cuts Staff By Hundreds (coindesk.com) 43

Posted by BeauHD from the crypto-downturn dept.
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.
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European Crypto Exchange Bitpanda Cuts Staff By Hundreds More

European Crypto Exchange Bitpanda Cuts Staff By Hundreds

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  • "We Learn from the Past" (Score:3, Insightful)

    by splutty ( 43475 ) on Saturday June 25, 2022 @06:35AM (#62649610)

    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".

    • Re: (Score:1)

      by Anonymous Coward

      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")

      • Re: (Score:1)

        by splutty ( 43475 )

        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.

      • 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.

      • Re: (Score:2)

        by ceoyoyo ( 59147 )

        Is it just ego? ("I'm the CEO of a big company with thousands of employees")

        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.

    • Re: (Score:1)

      by gweihir ( 88907 )

      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.

    • I'm certainly not discounting the possibility of these guys just being arrogant idiots who either failed to learn anything or presumed that the past had nothing to teach them; but just assuming that this sort of thing is the result of failure to learn is a potentially dangerous presumption of innocence when the lessons of history include the fact that, under some circumstances, there's great money to be made during periods of irrational exuberance and that an apparent failure can be a success for you so lon
  • How many scammers can one manager handle directly? I mean, it seems like you would need a lot of supervision, since these people are going to be subject to a lot of stress (it is stressful knowing you are bilking poor cryptobros out of their money), and will have access to internals which might give them some opportunity to steal large amounts from the company (after all, there's a backdoor for the founders to do so). So, maybe 4 or 5 direct reports? Seems like a lot more effort than running a religion o

    • 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!

  • Doncha just love that bullshit phrase "let employees go" making it sound like employees were just queueing up at the gates fighting to get out and now their employer has graciously "let them go"

    • 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)

    by enriquevagu ( 1026480 ) on Saturday June 25, 2022 @07:18AM (#62649662)

    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.

    • Re: (Score:3, Informative)

      by mjwx ( 966435 )

      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.

      • 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.

  • Ha ha ha! =))) (Score:3, Funny)

    by VeryFluffyBunny ( 5037285 ) on Saturday June 25, 2022 @07:47AM (#62649696)
    Ha ha ha! =))) Crypto-bros losing money. How sad! =)))

  • 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.

  • 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.

  • They even look like scammers (Score:3)

    by Viol8 ( 599362 ) on Saturday June 25, 2022 @11:09AM (#62649902) Homepage

    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.

    • 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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