Posted on 01/16/2023 7:35:36 AM PST by fluorescence
Coinbase CEO Brian Armstrong has announced that the beleaguered crypto exchange will be laying off another 950 workers today—nearly 20% of its workforce. The cuts come after Coinbase previously laid off about 18% of its workforce, or around 900 workers, last June.
In a blog post announcing the latest round of cuts, Armstrong cited a downward-trending crypto market in 2022 combined with downward macroeconomic trends as the reason for the layoffs. But he also alluded to the sprawling FTX scandal in noting that “fallout from unscrupulous actors in the industry” is also impacting the crypto markets, leading to today’s layoffs while warning the industry could see “further contagion” before things get better.
Armstrong said Coinbase’s annual planning process, which takes into account how the crypto markets are performing, made it clear that Coinbase would need to reduce expenses in 2023 in order to improve its chances of doing well. As a result, it will reduce its operating expenses by 25% quarter over quarter. “While it is always painful to part ways with our fellow colleagues, there was no way to reduce our expenses significantly enough, without considering changes to headcount,” Armstrong said.
Armstrong said affected workers will be notified of their layoff today and have already had their access to Coinbase’s systems revoked while acknowledging “this last step feels sudden and harsh, but I believe it’s the only prudent choice given our responsibility to protect customer information.”
Coinbase’s announcement comes as the company’s stock had been getting a much-needed boost. Last week, it settled a compliance lawsuit with the State of New York. But after news of the layoffs broke, COIN stock is currently trading down 1.4% at $37.72 per share in pre-market as of the time of this writing. That’s a long way off from COIN’s high of over $319 per share in October 2021.
Buy crypto they said......you’ll clean up they said......totally safe and secure they said.....
Surely this scam can separate a few more fools from their money.
“Blockchain is safe.”
Bwahahahahahaha.
The laid off workers may no longer be getting a paycheck but they’ve undoubtedly have some sweet stock options to fall back on.
Where is the tulip-bulb chart—I hear they are going to show great profits in the spring-time!
Earnings season just starting, we might have some dips out there lol!
It’s a way around government interference they said
Oh, wait. It’s a money laundering scheme for deep state election manipulators.
Coin base is probably the “cleanest” of the crypto exchanges.
But they fell into the trap of dealing with “crap” crypto. (I know some think they are all crap! Lol)
Stick with fundamentals and stick with what you understand. Some of the major “coins” are not going away. But it is a traditionally crazy rise. It’s NOT an investment—if you try to apply that standard to it you will be burned over and over.
I’ve never really understood Bitcoin. It seems like cryptocurrency has never caught on as an alternate form of money. But I don’t even understand if it was really ever intended to be an alternate form of money or just a way to invest money.
Once I read and understood what Snowden disclosed it became obvious that no computer hardware or software could escape .gov snooping.
It was a false hope from day one.
>> Buy crypto they said......
I heard “them”!
(But I never believed them.)
If you do a little research into bitcoin you’ll find that nobody even really knows who thought it up and created it.
Supposedly it was someone that goes by the name Satoshi Nakamoto......but nobody has ever seen this person and if they even exist at all, and yet people blindly dropped who knows how much money into it.
I guess greed can do that to a person.
There is no “safe” technology.
A lot of folks can only learn that simple fact the hard way.
.gov will find hardware and/or software front doors, back doors, human social engineering, whatever it takes.
If you want safety buy a dog, a cat or a carrier pigeon.
“unscrupulous actors”
NO! Say it isn’t so! It just cannot be.
crypto money ...as said in’tulsa king’, can’t put ketchup on it, so its no good.
If they get rid of unscrupulous actors there will be no one left.
Like any ponzi scheme those who got in early clean up and those who got in later eat dirt.
Sure, it’s safe. Dak Prescott has been pimping for it since the season began!
People talk about paper money being worth zero, but what makes Crypto worth anymore?
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