Crypto Winter is here!! (has been here for a few months) Hope everyone's prepared for this, coz it may get a lot worse before it gets better... there will be lots of opportunities when it hits rock bottom Good luck to all crypto believers and hodlers!! This too shall pass https://fortune.com/2022/06/03/crypto-winter-freezes-hiring-coinbase-gemini/ A ‘crypto winter’ freezes hiring at Coinbase and Gemini BY SHERYL ESTRADA June 3, 2022 3:48 AM PDT Good morning, Many CFOs believe putting Bitcoin on the balance sheet is too risky. Although cryptocurrency companies are accustomed to riding the wave of volatility, two announced on the same day that a “crypto winter” has resulted in hiring freezes, layoffs, and a rescinding of job offers. In a blog post on Thursday, Coinbase Chief People Officer L.J. Brock announced an extension of a “hiring pause for both new and backfill roles for the foreseeable future." Brock said the company would "rescind a number of accepted offers." Those who recently got a job at Coinbase will need a plan B. Brock writes that the hiring pause began two weeks ago to assess hiring needs regarding the highest-priority business goals. But the company concluded it must take more “stringent measures to slow our headcount growth,” he explains. He notes that the move will help the company navigate the current macro environment. In a new Fortune report, Coinbase made crypto history on the Fortune 500. Then disaster struck, my colleague Declan Harty takes a deep dive into one of the first cryptocurrency startups in the country that launched a decade ago. Harty writes that Coinbase: Went on to become the first crypto unicorn, nabbing a $1.6 billion valuation in 2017. It was the first crypto exchange company to list on Nasdaq in 2021. And it was probably the first stop for your cousin, third-grade teacher, and maybe even your grandma when wading into the wild waters of crypto. It certainly was the first company in history to spend millions bouncing a QR code around the screen during a Super Bowl ad, a gambit that resulted in more than 20 million visitors jamming up the site. Oh, and as of this year, Coinbase is the first crypto company to join the Fortune 500. Coinbase is now the largest crypto exchange in the U.S. by trading volume. Its co-founder and largest shareholder, Brian Armstrong, commands a net worth teetering just under $3 billion. But the past month has been nothing short of brutal. Harty writes: In mid-May, the company shocked Wall Street by announcing that its once voluminous profits had plunged to a $430 million loss. Monthly transacting users, the holy grail for measuring customer activity, fell from 11.4 million in the final three months of 2021 to 9.2 million, and the company expects that to fall further in the second quarter. The stock has plunged 73% year to date, from a high of $252 to around $67. You can read the complete report here. Also, on Thursday, Gemini Trust Company, LLC, a U.S.-based cryptocurrency exchange, announced a hiring freeze. The company’s creators, twins Tyler Winklevoss and Cameron Winklevoss, wrote in a blog post they’re extending a hiring pause “for the foreseeable future.” The path of crypto “can best be described as punctuated equilibrium—periods of equilibrium or stasis that are punctuated by dramatic moments of hypergrowth, followed by sharp contractions that settle down to a new equilibrium that is higher than the one before,” they write. “This is where we are now, in the contraction phase that is settling into a period of stasis—what our industry refers to as ‘crypto winter.’” In addition, “we have made the difficult but necessary decision to part ways with approximately 10% of our workforce,” they write. The crypto industry isn’t alone in cutting back on new hires. At least 68 tech companies tracked by layoffs.fyi have announced layoffs, including Better.com, Peloton, Netflix, Robinhood, Vroom, Doma Holdings, and Blend Labs, Fortune reported. Cutbacks or hiring freezes are taking place at Meta, Twitter, and Uber. But there’s still a large number of employers in the U.S. that are hiring. There were 11.4 million job openings in April, slightly down from nearly 11.9 million in March, the U.S. Bureau of Labor Statistics reported this week. However, “If you are in a business where you're going to start getting pinched because people are going to use you less because of the rise of interest rates by the Fed, you’ve got to cut costs,” Lawrence Harris, professor at the USC Marshall School of Business, recently told me. It looks like the belt-tightening has begun.
Going into round #2 of this. Back in 2018, Kraken laid off a shitload of people I knew out in BC. But this is kinda common sense, after the boom, comes the BUST. And crypto busted out bigtime in 2018. Around October last year, I was being contacted by numerous crypto head-hunters, including from Kraken. I knew clear well that when/if the BUST comes, Kraken will hit the mass lay-offs again, it's even mentioned in their contract. Nothing new here, that's the risk you take in these highly cyclical jobs. As for the other equities, I am still dumbfounded at Peloton. I have no clue how this turned into some sort of cult-craze stock. Isn't it just a stupid tread-mill? WTF was the fascination? I won't mention names, but certain youtubers were pumping and hyping this stock up as some infinite money-making machine for REASONS... Didn't make sense to me. I did enjoy the drama of idiot feminists and white-knights claiming this was oppressive toward women. The feminist logic? Because, in a 1-second shot in an advert, a male is sitting on a couch reading something, while the female is jogging on the treadmill, and hence, this is clearly promoting masculine toxicity. And if you don't understand this, then YOU are part of patriarchy and the problem!! lol God I hate these type of hate-groups. Seems to be an infinite amount of these idiots in every generation... At least they can all celebrate now at Peloton's demise.
I don't think anyone gets into crypto from a job perspective to be an employee of what is the equivalent of an insurance company. Both those firms are large and tps report on the ready
It's all good, we gotta have fun, may be a long bear market in all markets, buckle up, and let's hit the road, Jack
The rode to Bitcoin heaven is very difficult, even if you started on the right path, could still end up in (BSV) hell https://web.archive.org/web/2011060...r.com/ahc/bitcoin-is-the-economic-singularity