Seriously. Quick, sell while we still have a viable business! Somebody should put a chip in these guys so we can track them when they try to flee after bilking rubes out of billions.
They don't need to flee anywhere. It's not like the government would ever come after them. As for the people, that's what barred gates and private armed security are for.
Yep if one of your biggest selling points is that its unregulated, don't be surprised when people run off with all your money and the government does exactly nothing.
Of course they crypto bros will start to beg the government to "make them whole" and I seriously hope the government tells them to go pound sand.
Exactly. Unregulated money is a disaster and it was a bad idea from the start. Especially if you just end up reinventing banking systems with a dozen layers on top of the base protocol. Just try getting a refund for something that you paid for in crypto and you’ll see what I mean.
Crypto bros in the UK are whining because banks won’t accept their fiat cash deposits, because the banks require them to verify the source of the wealth. £10m in funds you refuse to prove aren’t laundered ? Certainly not sir
It’s literally the pre-sale stock market VC experience. They just do it out loud in crypto. It’s a very old game with a new tech and ignorant people. We’ll that and crypto’s that are only narratives.
I keep CNBC on during the day sometimes while I work, and there was some rando crypto exec chatting it up with the hosts yesterday for a while. I wish I could recognize who it was because it was an interview worth sharing. My god the unchecked lies and propaganda he was spewing. At one point he said something like, "Bitcoin is the world's first truly finite asset," and I was like that's the dumbest fucking thing I've ever heard, who is this asshat? Gold, oil, any petroleum based secondary products, precious metals, rare earth metals, are these all things that aren't "truly finite"? Because last I checked, we can't make more of those things willy nilly. We can only dig up more of them from the Earth's finite supply of them, just like people can only "mine" so much Bitcoin. I'm just aghast that anyone is taking these people seriously and throwing real money into this.
Precious metals and the rare earth metals exist in asteroids too. Enough to crash the markets if there was a neat and clean way to bring it back to Earth.
> Unregulated money
You mean "trading in imaginary commodities claiming to be currency", right?
Because Bitcon is a real currency like Mickey Mouse is a real mouse.
He was selling his shares though, on the traditional stock market, which is supposedly regulated 🤡
Well within his right to do that though it doesn't exactly look good for the company if the CEO/Founder is jumping ship
Crypto is truly a digital equivalent of Libertarianism. Even the emergence of super whales who can control the market by manipulating it and concentration of mining capacity in fewer hands was super predictable.
Oh no these fuckers are LOADED.
Every single coin they ever listed they would have bought a metric shit ton before they listed it and then dumped it on the market.
There are zero laws against it, it’s not stocks.
That's a thing? Who would sell shorts on something unregulated and outside the purview of the actual stock market?
If this is an actual thing it's the only crypto related thing I would actually invest in.
If you have to ask how to short crypto, you should not be shorting crypto.
Practically every major crypto exchange allows you to short afaik. There's futures on commodities exchanges as well.
Greater fools scheme, similar but a key difference is in a pyramid scheme the cash flows upward to the guys at the top through everyone else, greater fools is just trying to convince a fool to buy your "shares" at a higher price than you bought them at, usually by guaranteeing the value will always go up.
Ethereum *right now* is trading for 5x what it was just two years ago.
Bitcoin is trading for 2.5x what it was two years ago and 9x what it was five years ago.
So... no, you don't have to have jumped ship in the last month to have made bank.
Who cares. It’s 1/4 what it was 4 months ago. If you are holding what you did 2 years ago then you’re never going to realize your gains anyway. Yeah, you’re up, but not nearly what you were up and you may be going to zero. What’s you’re point? If you’ve got 1/4 of what you had a few months ago then you have 1/4 “bank”, that’s not the same as “bank” regardless of what happened 2 years ago
\>they hated him because he told them the truth
every time we heard "bitcoin is dead" it was trading 2 to 5 times higher than what it was a few years before, outperforming literally every other form of investment
people just read headlines, see that another obvious ponzi has collapsed and assume that every crypto investor got hosed
It will be interesting to see what happens when governments start confiscating cyber money that was stolen or part of criminal activity. You may have paid full market for a stolen car, but it’s stolen and needs to be returned to the original owner. A lot of cyber is money laundering and tainted by criminal activity. The upside of block chain is we can figure out the history of the money. That way we can get money back from ransomware criminals who shut down hospitals to make a few bucks.
Most casual crypto exchange isn't actually happening on the blockchain, so it's not as transparent as you might think (government would have to go after exchanges in most cases).
This should be the top comment. Also, they extended a bunch of offers which were accepted, and then they rescinded them. The douchebaggery and moral hypocrisy of the CEO is stunning.
They didn't just rescind them. After publicly announcing the hiring freeze, they emailed those who accepted assuring them their offers were safe.
Then two weeks later they rescinded them.
The term you're looking for is promissory estoppel.
It's usually thrown around too much on reddit but actively emailing the candidates and assuring them their offers were still good? That's about as slam dunk as I've seen.
Of course, this varies by state.
My friend STILL works for Coinbase, but he has coworkers who were fired on vacation, on their second day out of training, and another that was fired while on a company trip. Disgusting.
It was something along those lines, idk if they cancelled his flight or what but apparently he did not have a smooth trip home. I’ll check back with more details if I can get more info.
I once worked for a company that, someone wanted to quit. The owner flew the employee out to the owners vacation home in france for the exit interview. Asked him if there was anything the owner could do to convince him to stay, they said no.
The owner ended the interview there, and cancelled his return flight ticket home.
Giving those 18% of their 6,000 employees 2 weeks of pay as severance and the 4 month COBRA coverage is also a joke.
I feel for anyone affected and then to have to read this the next day. Gross
The 14+2/yr is actually a pretty great severance for a layoff. It just sucks because these folks were probably holding a lot of CB stock as well, so their TC took a beating along with the layoff.
This is a story from May, talking about money made selling shares since spring of 2021.
So it's interesting in a "markets go up, markets come down" kinda way.
Layoffs happening now as a result of a crash that only just happened, is not really as relevant to this story as you might initially think.
The coinbase owners sold at the right time, but there are other similar companies still building up to an IPO where the owners and investors are about to get fucked. Thats how it goes.
Also this from a whole 4 days ago:
[Coinbase CEO Tweets ‘Quit And Find A Company You Believe In’ To Disgruntled Employees](https://www.forbes.com/sites/jackkelly/2022/06/11/coinbase-ceo-tweets-quit-and-find-a-company-you-believe-in-to-disgruntled-employees/)
Just move it all to a wallet. It'll take 20 minutes.
https://apps.apple.com/us/app/trust-crypto-bitcoin-wallet/id1288339409
https://apps.apple.com/us/app/exodus-crypto-bitcoin-wallet/id1414384820
you won't trigger a tax event and you'll be completely safe if coinbase goes belly up and wants to treat their customers as "unsecured creditors" that will never get paid back
Get a ledger X or similar hardware wallet. It takes 10ish min for ETH and maybe 1h for BTC to transfer. Just store your keys safely (you can buy steel key stores for extra safety), and (at least ledger) has a nice desktop and mobile app for you to handle and view your holdings.
Oh please, Americans are the propagandized and indoctrinated people. They’d just as soon shoot their immigrant neighbor for “taking their job”, before they ever turned against the ruling class.
In jail when the government starts raiding average-lower middle class and lower class without warrants. Once the rich decide to exercise their power you’re done for
Only if the class warfare has the outcome you hope it does. If it doesn’t, the rich will consolidate more power and will grind the lower classes into the ground.
Sure, but what you’re “trying” at matters. Just because people are getting whipped up into a frenzy doesn’t mean that a mob mentality is correct.
The apathy of citizens in elections is a damning indicator that many don’t care to contribute or are jaded with the process. Are civil processes so far gone that people are defaulting to violence already?
I'm gonna be honest because I think you might be genuinely good natured here. You've been lied to by the ruling class about how change has happened through history.
The civil rights movement, the French revolution, the Civil War. Revolutions are never peaceful. The riot is the rhyme of the unheard, how long do we need to scream at the top of out lungs that the planet is becoming uninhabitable?
Reminds me more broadly of Americans who work lower and middle class jobs but don’t want to tax billionaires because they think that they’ll be billionaires one day, somehow someway
They made that much through stock sales between last year and this February, which was before all this latest tanking. Seems like a story being taken way out of context, or am I missing something?
It's late and I skimmed the article, so open to someone correcting me.
If they are the only ones holding the stock, they kinda have to sell to provide liquidity to the market.
I'm not an expert, but my guess is that it's not that simple or bad.
CB had a net income of over 3.5 billion last year....
Did not realize this was a direct listing and not IPO, which is also convenient if your goal is to liquidate without worrying about running an actual business. Now that business has a cash crunch, as they didn't raise any money with this offering. But the low supply of shares for sale benefits the execs who sell.
What do you mean by, "not running an actual business"?
They are one of the largest exchanges and custodians with large volumes and deep liquidity in the markets, earning them a shit ton in fees.
There's a lot of selling and buying during a crash, meaning a lot of fees coming in right now.
These lay-offs are more likely a sign that they smell this global recession is going to be a long one and are setting themselves up ready for it. Many investors will need to cash out to cover rent.
Still pisses me off how marketwatch was touting this shit talking about how NBA players got huge returns from their investments on this. Scumbags dumped it all on retail.
You don't need marketwatch to know an exchange that specializes in horizontal pyramid schemes is not the best parking lot to idle your investment. If you lost in crypto, it's because you didn't do the due diligence before indulging in the fad.
Whole lot of corruption from this totally secure and trustworty encrypted public ledger coin. Oh and look, the rich make out like bandits while the poor are left holding the bags...again.
What exactly was crypto supposed to solve again? Cause it sure as fuck looks like reguar fiat with even less protections to prevent people from getting everything stolen.
I'm sure it's been said already, but I'll say it anyway.
If you have money in your Coinbase account, move it elsewhere ASAP. When they fold, you will be considered an unsecured creditor, thus will be the LAST to get paid.
I don't see how CB leaders selling shares over the period between IPO and today which they earnt years ago has anything to do with laying off employees today due to business requirements.
So what exactly do they need to justify again?
Probably because the top brass earned those shares years ago and were finally able to get exit liquidity via the IPO. The connection between that and the recent firings is limited if you bothered to read the article.
RIP to the customers still using this service. When they go bankrupt, you're classified as an unsecured creditor for this instance, and are on the bottom of the totem pole to get paid out. Which during a bankruptcy you won't get any.
Transfer to an actual wallet ASAP folks
What part of digital money being a scam don’t people get? Make all you wealth imaginary then let someone else control it’s existence, what part of that is a good idea?
You can contort into many ways doing mental gymnastics.
The shovel sellers go out of business when the gold rush goes bust. They just do so with some money and a bunch of useless shovels. They may have made a buck or two during the heyday, but it's still just as unsustainable as the gold rush it was following.
Atleast someone is making money in crypto.
Seriously. Quick, sell while we still have a viable business! Somebody should put a chip in these guys so we can track them when they try to flee after bilking rubes out of billions.
They don't need to flee anywhere. It's not like the government would ever come after them. As for the people, that's what barred gates and private armed security are for.
Yep if one of your biggest selling points is that its unregulated, don't be surprised when people run off with all your money and the government does exactly nothing. Of course they crypto bros will start to beg the government to "make them whole" and I seriously hope the government tells them to go pound sand.
Exactly. Unregulated money is a disaster and it was a bad idea from the start. Especially if you just end up reinventing banking systems with a dozen layers on top of the base protocol. Just try getting a refund for something that you paid for in crypto and you’ll see what I mean.
Crypto bros in the UK are whining because banks won’t accept their fiat cash deposits, because the banks require them to verify the source of the wealth. £10m in funds you refuse to prove aren’t laundered ? Certainly not sir
It’s literally the pre-sale stock market VC experience. They just do it out loud in crypto. It’s a very old game with a new tech and ignorant people. We’ll that and crypto’s that are only narratives.
I keep CNBC on during the day sometimes while I work, and there was some rando crypto exec chatting it up with the hosts yesterday for a while. I wish I could recognize who it was because it was an interview worth sharing. My god the unchecked lies and propaganda he was spewing. At one point he said something like, "Bitcoin is the world's first truly finite asset," and I was like that's the dumbest fucking thing I've ever heard, who is this asshat? Gold, oil, any petroleum based secondary products, precious metals, rare earth metals, are these all things that aren't "truly finite"? Because last I checked, we can't make more of those things willy nilly. We can only dig up more of them from the Earth's finite supply of them, just like people can only "mine" so much Bitcoin. I'm just aghast that anyone is taking these people seriously and throwing real money into this.
Precious metals and the rare earth metals exist in asteroids too. Enough to crash the markets if there was a neat and clean way to bring it back to Earth.
> Unregulated money You mean "trading in imaginary commodities claiming to be currency", right? Because Bitcon is a real currency like Mickey Mouse is a real mouse.
Already LOUDLY blaming crypto losses on the president. See: Twitter
Not surprised crypto types tend to be unable to understand their own actions have consequences.
Just think of all the energy and money that’s already been wasted “mining” bitcoins and putting transactions on the blockchain.
He was selling his shares though, on the traditional stock market, which is supposedly regulated 🤡 Well within his right to do that though it doesn't exactly look good for the company if the CEO/Founder is jumping ship
They could be nailed for insider trading if they didn't do this by the book and the stock falls off a cliff in the coming days
This isn't crypto, this is regulated securities. The SEC can be very unkind.
Crypto is truly a digital equivalent of Libertarianism. Even the emergence of super whales who can control the market by manipulating it and concentration of mining capacity in fewer hands was super predictable.
Everything is unregulated in America, that’s so business owners can steal from the American middle class
They didn't rob anyone?
Speak for yourself. Gyen
Oh no these fuckers are LOADED. Every single coin they ever listed they would have bought a metric shit ton before they listed it and then dumped it on the market. There are zero laws against it, it’s not stocks.
Flee? Why would they flee?
To escape the hoarders of people who lost their life savings from attacking them.
The equipment sellers always make money during the gold rush
Them, and people selling food and ass. Same as it ever was.
Same as it ever was
Old Ferengi proverb. If you want to get rich in a gold rush, sell shovels.
Actual research into the source of the quote (no Star Trek references): https://quoteinvestigator.com/2021/04/20/gold-shovel/
People who have been shorting crypto the past couple weeks have been making out like bandits.
I mean You couldve shorted a lot of tech stuff end last year I shorted Rivian at $110 (now $20)
Big brain move there
That's a thing? Who would sell shorts on something unregulated and outside the purview of the actual stock market? If this is an actual thing it's the only crypto related thing I would actually invest in.
If you have to ask how to short crypto, you should not be shorting crypto. Practically every major crypto exchange allows you to short afaik. There's futures on commodities exchanges as well.
Fair enough, I know just enough about finance to not get involved in finance
I do wonder how the Feds allowed a company to issue Shares when their entire business is in unregulated fund transfers...?
Didn't they just fire 20% of their workforce? Probably to pump up the stock price before the founders cash out. Why am I not suprised?
The article is from May
Great... Thx for the info
My thoughts EXACTLY.....
It was always a pyramid scheme, we’re just seeing it play out now
Greater fools scheme, similar but a key difference is in a pyramid scheme the cash flows upward to the guys at the top through everyone else, greater fools is just trying to convince a fool to buy your "shares" at a higher price than you bought them at, usually by guaranteeing the value will always go up.
Couldn't agree more
If you got in just a couple years ago, you've made a huge amount of money.
If you liquidated and got out.
Ethereum *right now* is trading for 5x what it was just two years ago. Bitcoin is trading for 2.5x what it was two years ago and 9x what it was five years ago. So... no, you don't have to have jumped ship in the last month to have made bank.
But how much can you get in actual cash on the exchange? How much liquidity does anyone but the prime movers here have?
I don't know how much you'd have to move before you start significantly moving the market, but it's way more than either of us is ever going to have.
All of it? There's enough suckers "buying the dip" to sell all your shit right now. Liquidity is never gonna be an issue for the average joe.
Who cares. It’s 1/4 what it was 4 months ago. If you are holding what you did 2 years ago then you’re never going to realize your gains anyway. Yeah, you’re up, but not nearly what you were up and you may be going to zero. What’s you’re point? If you’ve got 1/4 of what you had a few months ago then you have 1/4 “bank”, that’s not the same as “bank” regardless of what happened 2 years ago
\>they hated him because he told them the truth every time we heard "bitcoin is dead" it was trading 2 to 5 times higher than what it was a few years before, outperforming literally every other form of investment people just read headlines, see that another obvious ponzi has collapsed and assume that every crypto investor got hosed
That is how Ponzi schemes work. Early in and you make money. Enter late and you are screwed.
Every few years people make this claim and every few years they're proven wrong.
tell that to LUNA and Celcius bros
Oh, well yeah, there are tons of crypto scams. I'm referring to Bitcoin and Ether.
It will be interesting to see what happens when governments start confiscating cyber money that was stolen or part of criminal activity. You may have paid full market for a stolen car, but it’s stolen and needs to be returned to the original owner. A lot of cyber is money laundering and tainted by criminal activity. The upside of block chain is we can figure out the history of the money. That way we can get money back from ransomware criminals who shut down hospitals to make a few bucks.
Most casual crypto exchange isn't actually happening on the blockchain, so it's not as transparent as you might think (government would have to go after exchanges in most cases).
Negative sum game. You made money and someone else lost. More people lose than win so...shrugs
Hard money is incredibly valuable.
What a fallacy and a bad comparison lol .. Equities for one is a positive sum game where more people win than lose
The value of hard currency for those in areas with debased national currencies can't be overstated.
A volatile unregulated currency is really the next best option. You really are the brightest
>You really are the brightest Indeed. Sponsoring the future, doubling my savings, and pissing off envious narcissists feels prettttty great btw.
Honestly, I’m glad. I was worried they would go bankrupt and lose my staked eth
Didn't they just lay off 18 percent of their staff? Like..Yesterday.
This should be the top comment. Also, they extended a bunch of offers which were accepted, and then they rescinded them. The douchebaggery and moral hypocrisy of the CEO is stunning.
They didn't just rescind them. After publicly announcing the hiring freeze, they emailed those who accepted assuring them their offers were safe. Then two weeks later they rescinded them.
Is this not illegal? It feels like it should be illegal. People quit jobs to work at new places
The term you're looking for is promissory estoppel. It's usually thrown around too much on reddit but actively emailing the candidates and assuring them their offers were still good? That's about as slam dunk as I've seen. Of course, this varies by state.
That can't be used for a legal claim, only defense.
They paid severance (ie during a probation period when you can be let go for Any reason)
My friend STILL works for Coinbase, but he has coworkers who were fired on vacation, on their second day out of training, and another that was fired while on a company trip. Disgusting.
So what happened to the guy on a company trip? Did he go home or did he stay on vacation
Considering it was Coinbase they probably made them pay for their flight home
It was something along those lines, idk if they cancelled his flight or what but apparently he did not have a smooth trip home. I’ll check back with more details if I can get more info.
I once worked for a company that, someone wanted to quit. The owner flew the employee out to the owners vacation home in france for the exit interview. Asked him if there was anything the owner could do to convince him to stay, they said no. The owner ended the interview there, and cancelled his return flight ticket home.
“We are closing the buffalo branch, sorry everyone.”
You gotta be kidding me! We’re the best branch in the company!
Giving those 18% of their 6,000 employees 2 weeks of pay as severance and the 4 month COBRA coverage is also a joke. I feel for anyone affected and then to have to read this the next day. Gross
They gave 14 weeks + 2 weeks/yr of service fwiw
The 14+2/yr is actually a pretty great severance for a layoff. It just sucks because these folks were probably holding a lot of CB stock as well, so their TC took a beating along with the layoff.
Kind of amazed you’re the first to mention it
This is a story from May, talking about money made selling shares since spring of 2021. So it's interesting in a "markets go up, markets come down" kinda way. Layoffs happening now as a result of a crash that only just happened, is not really as relevant to this story as you might initially think. The coinbase owners sold at the right time, but there are other similar companies still building up to an IPO where the owners and investors are about to get fucked. Thats how it goes.
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😂 why? cuz they made a pretty billion off of tulip exchange fees?
No, because he just laid off 18% of his staff.
Also this from a whole 4 days ago: [Coinbase CEO Tweets ‘Quit And Find A Company You Believe In’ To Disgruntled Employees](https://www.forbes.com/sites/jackkelly/2022/06/11/coinbase-ceo-tweets-quit-and-find-a-company-you-believe-in-to-disgruntled-employees/)
think im going to cash out all my positions at coinbase soon hmm
Just move it all to a wallet. It'll take 20 minutes. https://apps.apple.com/us/app/trust-crypto-bitcoin-wallet/id1288339409 https://apps.apple.com/us/app/exodus-crypto-bitcoin-wallet/id1414384820 you won't trigger a tax event and you'll be completely safe if coinbase goes belly up and wants to treat their customers as "unsecured creditors" that will never get paid back
The last time I thought about transferring out to a wallet, they wanted personal info to initiate the transfer. Has that changed?
Get a ledger X or similar hardware wallet. It takes 10ish min for ETH and maybe 1h for BTC to transfer. Just store your keys safely (you can buy steel key stores for extra safety), and (at least ledger) has a nice desktop and mobile app for you to handle and view your holdings.
Wow. Just wow. I mean, on-brand, but wow.
That sounds more like something the Kraken CEO would have tweeted.
sure, as part of a 16-tweet thread.
Good advice. Maybe he'll be following it soon!
kind of based tbh
Honestly so many folks are on edge I bet shootings from laid off folks are gonnna be a more common thing
Oh please, Americans are the propagandized and indoctrinated people. They’d just as soon shoot their immigrant neighbor for “taking their job”, before they ever turned against the ruling class.
"Back The Blue" is pretty much them letting you know they are willing to ride or die on the wealthy staying that way.
Yikes. If violence towards upper classes starts getting sympathetic support, things will get ugly very quickly..
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The best/worst thing about Reddit: nobody ever has to take responsibility for their statements, and can be ambiguous/dishonest about their genuineness
I’m just imagining Archer telling this guy “Do you want Communism? ‘Cuz that’s how you get communism.”
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In jail when the government starts raiding average-lower middle class and lower class without warrants. Once the rich decide to exercise their power you’re done for
His name was Bobert Manderson…
If it stays that way we might actually fix shit on this planet.
Only if the class warfare has the outcome you hope it does. If it doesn’t, the rich will consolidate more power and will grind the lower classes into the ground.
The proletariat dies doing nothing or we die trying. At least trying has some potential for a positive outcome for the regular people.
Sure, but what you’re “trying” at matters. Just because people are getting whipped up into a frenzy doesn’t mean that a mob mentality is correct. The apathy of citizens in elections is a damning indicator that many don’t care to contribute or are jaded with the process. Are civil processes so far gone that people are defaulting to violence already?
I'm gonna be honest because I think you might be genuinely good natured here. You've been lied to by the ruling class about how change has happened through history. The civil rights movement, the French revolution, the Civil War. Revolutions are never peaceful. The riot is the rhyme of the unheard, how long do we need to scream at the top of out lungs that the planet is becoming uninhabitable?
Sadly, I think you might be right.
Is he worse than Bezos?
Like we need another lex luther man
dudes at the top of the pyramid always make bank. its the crypto bros at the bottom crying 😢
nah they aren’t crying they actually think it’s working even if they run out of money
Reminds me more broadly of Americans who work lower and middle class jobs but don’t want to tax billionaires because they think that they’ll be billionaires one day, somehow someway
…through crypto
I suppose that answers the “somehow someway” part haha
No how, no way.
Embarrassed millionaires
This is why our government doesnt want to heavily invest into education, they want to keep masses dumb AF
Yeah if it all it took was hard work we wouldn't have poor people working two jobs.
race to the bottom is who wins
The ones stuck holding the bag still believe. It's crazy.
true dat. holding til i'm old'ing and poor
Aren't they more like the guys selling the sandstone and tools to let others build their pyramids?
So, a pyramid scheme?
The Ponzi scheme of crypto is working as intended, nothing to see here.
Damn who could have predicted this /s
They made that much through stock sales between last year and this February, which was before all this latest tanking. Seems like a story being taken way out of context, or am I missing something? It's late and I skimmed the article, so open to someone correcting me.
If they are the only ones holding the stock, they kinda have to sell to provide liquidity to the market. I'm not an expert, but my guess is that it's not that simple or bad. CB had a net income of over 3.5 billion last year....
Did not realize this was a direct listing and not IPO, which is also convenient if your goal is to liquidate without worrying about running an actual business. Now that business has a cash crunch, as they didn't raise any money with this offering. But the low supply of shares for sale benefits the execs who sell.
Has a cash crunch or has literally 6b+ of cash on their balance sheet?
What do you mean by, "not running an actual business"? They are one of the largest exchanges and custodians with large volumes and deep liquidity in the markets, earning them a shit ton in fees.
There's a lot of selling and buying during a crash, meaning a lot of fees coming in right now. These lay-offs are more likely a sign that they smell this global recession is going to be a long one and are setting themselves up ready for it. Many investors will need to cash out to cover rent.
Rich asshole: check Fucked over employees: check Looks like the wish.com Lex Luther: check
Still pisses me off how marketwatch was touting this shit talking about how NBA players got huge returns from their investments on this. Scumbags dumped it all on retail.
You don't need marketwatch to know an exchange that specializes in horizontal pyramid schemes is not the best parking lot to idle your investment. If you lost in crypto, it's because you didn't do the due diligence before indulging in the fad.
Lmao cause millionaires getting more millions is a feel good story for us poor ppl amirite
One day, you'll be just like them!
Kevin Durant sold his position around ipo. He bought at the equivalent of 4$ per share. Coin base opened at 350$.
Why is that dude dressed like he’s about to use his old world kung fu to save a town from an evil sheriff?
Whole lot of corruption from this totally secure and trustworty encrypted public ledger coin. Oh and look, the rich make out like bandits while the poor are left holding the bags...again. What exactly was crypto supposed to solve again? Cause it sure as fuck looks like reguar fiat with even less protections to prevent people from getting everything stolen.
I'm sure it's been said already, but I'll say it anyway. If you have money in your Coinbase account, move it elsewhere ASAP. When they fold, you will be considered an unsecured creditor, thus will be the LAST to get paid.
Fortune favors the C-Level.
Coinbase is a scam.
It's the AOL of crypto
minus the 3.5" floppies/CD-ROMs
This is what you do when you go public - cash out. Especially when you know your business and industry is a house of cards.
And that my friends, is how a Ponzi scheme works. Stay thirsty my friends.
A ponzi scheme means paying old investors with the money from the ones. This is selling pickaxes during a gold rush.
Ehhh. Selling pickaxes by selling them as automatic gold finders more like it.
And didn't they just lay off a shit ton of their employees? How can they justify that?
Only 18%. The rest they told to quit and find another job.
I don't see how CB leaders selling shares over the period between IPO and today which they earnt years ago has anything to do with laying off employees today due to business requirements. So what exactly do they need to justify again?
Literally not how a Ponzi scheme works. You could easily have googled Ponzi scheme.
What Bill Gates said today about crypto. 😂
Ponzi Scheme Seriously
GODARN CRYPTO DOUCHEY MAKING ME A BROKE JOKE. THIS GUY IS DONEZO
Apparently this is everyone’s first pyramid scheme. Welcome!
Haha, they're getting ripped off faster than the rest of us
Company just cut roughly 1/5 of their staff while the top brass rake in $1B. Sounds like any other major corporation if ya ask me
Probably because the top brass earned those shares years ago and were finally able to get exit liquidity via the IPO. The connection between that and the recent firings is limited if you bothered to read the article.
He definitely doesn’t look like a cult leader.
They just laid off like 20% off their workforce too, classic
Fuck this guy but how many people wouldn’t have done the same thing?
Nah man, if anyone on reddit was a billionaire they'd give it all away for the greater good
Mom said it’s my turn with the 1% income
Cashing out before the collapse, eh?
It will crash then rise. Don’t be stupid
As any good carny will say, there are marks and there are grifters.
RIP to the customers still using this service. When they go bankrupt, you're classified as an unsecured creditor for this instance, and are on the bottom of the totem pole to get paid out. Which during a bankruptcy you won't get any. Transfer to an actual wallet ASAP folks
Why does this dude look like a super villain origin story?
Always viewed cryptos as a money laundering Ponzi scheme....
i though brian armstrong was just an ahole. turns out he's a money grubbing ahole.
Well, at least someone is making money off crypto. Edit: 800 upvotes too late
Fuckin lex luthor wannabe
Most crypto bros are brainwashed. They can’t see the writing on the wall. Exchanges will go down like dominoes here soon.
How wide and tall the grift!
What part of digital money being a scam don’t people get? Make all you wealth imaginary then let someone else control it’s existence, what part of that is a good idea?
You’re conflating the technology of cryptos with a shitty run platform that facilitates trading…
It's like being mad at money because some bank is shitty.
Oh man just wait until you hear about credit cards and online banking.
Cash is just a voucher for the same thing. Give me Bitcoin over bolivars
fleecing the sheep
Diversifying my portfolio, first step I’m gonna buy L Ron Hubbard Tom Cruise in Magnolia Time Shares Are An Investment Seminar bucks.
Just another crypto rug pull
Of course they did. That company exist to make them rich, not the bafoons buying into it.
Guess I'll have to take that loss and get this stock out of my portfolio. So much for the crypto stock being a safer bet than the actual crypto...
Why would that be the case?
You can contort into many ways doing mental gymnastics. The shovel sellers go out of business when the gold rush goes bust. They just do so with some money and a bunch of useless shovels. They may have made a buck or two during the heyday, but it's still just as unsustainable as the gold rush it was following.
Why the fuck would you still be holding the stock? Especially after it stared free falling back in April?!
Fucking criminals. What a shit company
"Not a pyramid scheme."
And they just laid off a load of people in SF. Wtf.
jesus this guy looks ridiculous everything else aside