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Coinbase To Cut 20% Jobs, Abandon 'Several' Projects To Weather Downturns in Crypto Market (techcrunch.com) 21

Posted by msmash from the tussle-continues dept.
Coinbase plans to cut 950 jobs, or about 20% of its workforce, and shut down "several" projects as the U.S. crypto exchange giant looks to reduce its expenses to increase its "chances of doing well in every scenario." From a report: This is the second round of major layoff at the crypto exchange, which eliminated 18% of its workforce, or nearly 1,100 jobs last June, but there was "no way to reduce our expenses significantly enough, without considering changes to headcount," Coinbase co-founder and chief executive Brian Armstrong wrote in a blog post Tuesday.
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Coinbase To Cut 20% Jobs, Abandon 'Several' Projects To Weather Downturns in Crypto Market More

Coinbase To Cut 20% Jobs, Abandon 'Several' Projects To Weather Downturns in Crypto Market

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  • They should consider returning investor money and closing up shop, *before* they absolutely have to. Like FTX did.

    • Return money you say? Where is the profit in that?

    • Why? Investors invest in an idea that someone may succeed. There's not even a moral obligation to return investors a cent. Even during bankruptcy proceedings dissolving a company and returning as much investor capital as possible is a last resort.

      There are two kinds of investors in crypto:
      1. Those who realise it's a high risk investment with potential for everything to go south and lose everything.
      2. Really stupid people who should have a guardian look after their money.

      • Re: (Score:2)

        by Bert64 ( 520050 )

        If you don't have large numbers of #2, then those at #1 won't have any change to make any money and wouldn't bother to invest either.

        • Re: (Score:2)

          by r1348 ( 2567295 )

          Well, it really depends on what you're investing in, not everything is a multi-level greater fool scheme. Crypto, however, is.

      • Erm, No. There is a legal requirement that the company do what's best for shareholders ( the investors that own them). Moral obligations are up to your local shaman/priestess/ethicist. What's terrible in crypto is that depositors are not protected. Not investors. Depositors are used to being protected by the FDIC. In crypto that doesn't exist. So those who deposit crypto are betting that it the company they deposit with will return their money when they ask for it. Which is a suckers bet for anyone right no

    • Re: (Score:2)

      by Kremmy ( 793693 )
      Investors who are unwilling to accept the risk of investing need to stop pretending to be investors.
      You can't just expect others to be responsible for your own decisions just because your decisions meant you lost resources.

  • I miss FuckedCompany. (Score:3, Insightful)

    by geekmux ( 1040042 ) on Tuesday January 10, 2023 @09:13AM (#63195214)

    "chances of doing well in every scenario."

    Ah, gotta love it when the new generation has to come up with new and improved ways of firing mass amounts of people. I should start writing a book called 101 Excuses for Executive Incompetence and just fill it with quips like this.

    Times like this I really miss the updates on fuckedcompany. Pud, you're sadly needed. Again.

  • So the question is.....what on earth were all those people doing?

    While it's delicious to see this entire ecosystem of fraud flame out, I feel bad for all the displaced staff.

    Best,

    • Probably working on any number of side projects to find a legitimate use for crypto given it's clear that it is not going to work as a currency in any way shape or form.

      • Yup, yup. Trying to do something to make money with crypto that isn't just wash trading and making use of the greater fool. FWIW, although Brian might be an fraud like SBF, I do think he's ultimately right only with good, clear regulation can the company ever be successful. But that also depends on crypto being cheaper than existing banking system, which I seriously doubt is true. Right now, its cheaper because of the lack of regulation for some small edge cases.

    • I should also say I don't feel bad for these people. I know quite a few people who worked for crypto firms the past few years. All of them except for one got "rightsized" in the past year. Most of them went back to their previous employer, and 2 of them are working on other non crypto related personal projects (and one looks like he may start quite a compelling IT service company).

      They all share something in common. All of them got paid FUCKING STUPID amounts of money for the couple of years they worked the

    • They'll get other jobs. Several companies I have contracts with have a dearth of IT staff three levels deep, and that's on top of non-IT staff that needs to be hired. One guy I was working with was at one company, a month later we were working together again at a different company. He was out of work less than a week.

    • What were they doing? Pushing the grift. Searching for any way the grift could possibly be turned into something legitimate and constructive. Looks like they never did.

  • Are the dodger ones that are afraid the SEC it's going to sue and or prosecute them for.

    Right now it's down to either Binance or them to determine who is going to be the Goldman Sachs of crypto until the whole thing collapses from mild regulation.

    What I'm wondering is is will that regulation come first and wipe out the market or will we have a massive money laundering scandal that makes the news that causes the regulation to happen and then wipes out the market. We tend to put vultures in charge of
  • they just need to hodl

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