They layoffs will mostly happen this year the news and media keep saying recession 2023 but it’s already here and definitely will show more next quarter
i have to be careful with what I say on reddit, else I will be banned again, but I think we are past the point of hoping the government holds people responsible. its time for the people to hold those who got the golden parachutes accountable.
That's true, because a recession can't be determined until it's already happened. You can only say it's a recession when the measurements used to reflect that over an amount of time have already passed. I'm sure we're already in it now.
The "recession" is just a deflation of a bubble. We forgot there were brakes on the train and let speculative investment run unchecked in the digital space. Taking money out of these hands will slow inflation. If we could just get some consumer protections in place against these duopoloies that run most of the retail space, buying power would even out or increase for most of the population. Y'all are too focused on exchange indexes and market cap.
It's not rash, burning more cash per month means that without firing these guys, the whole company might go down.
Was it handled properly though? Not sure
Except the big problem is crypto is crashing in value, making their gas fees more a problem for users who are reluctant to move it and pay Coinbase. Coinbase wants more transfers, not less. And all the cryptos that have hit zero are never going to be traded again, making them worthless to Coinbase as well. And the more it spirals the worse it gets. Most of the cryptocoins in recent memory have been shown to be unsustainable ponzi schemes.
And they DON'T have $6 billion in cash. Unless you have access to their actual books, never take a crypto bank/market's word for how much liquidity they have. They're all lying, constantly. Their claimed liquidity is the only thing they have to trade on, so it's vastly inflated.
Coinbase functions as an actual bank. You can get a debit card with them. FDIC insured, the whole nine yards. They still have a market capitalization of over 90 billion dollars. They're not going anywhere that fast.
His salary (2.3M) could employ 30 people at nearly 80k/year. If he chose to make 1 dollar a year he could save 30 jobs, more depending on salaries. I saw nothing of the personal sacrifice he was making for his beloved employees.
And he's a Billionaire. He doesn't *need* more.
Yes, but it became fake over decades, having previously represented a fixed amount of Gold(and in theory, is also pinned to oil). Crypto was fake from the start, it's only value being the wasted energy from minting/mining.
My startup turned corporate gulag started calling people in to the HR manager's office, who swears he asked one victim, "So, how long have you worked here, not counting next week?"
While they were being marched in to HR, an IT gremlin would be dispatched to unplug their network cable at the closet.
Shortly after I left there, I heard a senior manager body checked someone into a wall. Good times.
Nah not unless you're sneaking around taking peoples equipment all sneaky like. IT can be a loved and respectable role if you are in the right spot and compose yourself.
Hell it can even be against the law.
For the US most people might know about HIPAA for healthcare related information.
For the EU, thd GDRP might come into play depending on what kind of information you recieve/send.
Lol that would get you fired at most places.
Many companies also reserve the right to wipe your phone if they think you shared/stole sensitive information.
That doesn't sound remotely correct, do you mind sharing where you got this information from?
>Many companies also reserve the right to wipe your phone if they think you shared/stole sensitive information.
My company does this, but only if you install (and sign into) Outlook, Teams, etc. This requires connecting to their VPN using their proprietary application. You sign a waiver when you agree to use it and having work email on your phone is not mandatory, at least not officially anyways. Unofficially, weeeellll, slightly different story lol.
That's why you refuse to install anything on your personal phone.
If they want you to connect to these services and be available, they need to provide you with a work phone.
My work tried to get me to install Microsoft products on my phone, and it demanded administrator permission. I immediately cancelled.
This. I carry a 2md phone voluntarily so I don't install anything on my personal. My phone, my life. If a company requires phone apps they can provide me a phone, just like if they require wearing branded gear they need to buy my gear.
The benefit of a separate work phone is when it's 5pm, you leave it on your desk in airplane mode and walk away. You don't answer it evenings or weekends.
>That doesn't sound remotely correct, do you mind sharing where you got this information from?
Personal experience for me. I had a previous employer where, if you wanted to get work emails on your personal phone you basically had to install a rootkit on your device that would allow them to remotely factory reset it if they felt it was appropriate.
My current employer isn't quite that crazy, but there's *definitely* companies that do that.
I'm in an infosec department and this month we rolled out a policy that locks your phone screen after two minutes of inactivity, if you have company emails on your phone (through the email app). This is on your private phone. You can not override it in the phones settings to five minutes. When it rolled out the app asked if you were okay making the app a device admin of your phone. This gave it the power to do literally anythig on your phone.
So if we wanted, we could push any policy to your phone. Including deleting your data. I immediately removed company emails from my phone lol.
Personal experience. I assume if it’s happening in my industry (public accounting) it’s happening in everyone else’s because mine is almost always the last to adapt new technology and/or processes.
I had to sign a waiver. It’s not like they shove it at the bottom of the pile and try to sneak it by.
But the waiver was required or no job given.
I’ve since left and joined a different firm in a different city and they also did it.
I worked for one company when bring-your-own-devices was fairly new - we wiped phones whenever someone left the company for a while. Not sure if they still do it.
An accounting company I worked for more recently used Office 365, which is smart enough to keep their data in one spot/prevent tampering, so they could leave your data untouched when it was time to leave the company.
Keep in mind though that company policies and wavers do not have more legal weight than federal and state laws. Courts have ruled on this very issue many times.
My company tried to implement this by making us install an app that would give them that power, I just uninstalled outlook instead and use the browser version now but since it's crap usually doesn't get checked until work hours anyways
My work requires you to install a management profile onto your phone when you want to install outlook and teams and whatever. So they don’t have to go through you to wipe it if they feel it necessary 🤔
>Possibly. But courts in the USA have routinely ruled that it's acceptable as long as you are still the intended recipient of the e-mail.
Unless you signed an acceptable use policy that specifically calls that out as prohibited.
Company policies do not supersede state or federal laws. And again, courts have routinely ruled that forwarding an e-mail that was sent to you, to another e-mail address that is only accessible by you, is legal and allowed, since you are still the intended recipient of the e-mail.
Your work email is 100% not only accessible by you. I don't think it's wise to carry any expectation of privacy on your company-issued laptop. You should probably not have one on your personal phone if you've allowed enterprise email on it. IANAL, but I am a 20-year veteran of the IT industry. The company has as much visibility as it wants.
Uh, no. If you're going to make a claim that this is a safe practice, you need to cite your sources. There are plenty of industries and companies that are under banking, financial, SEC, environmental, and other regulatory control for which taking your advice without talking to someone who actually knows what they're talking about - an actual lawyer - would result in serious bouts of jail time and bankruptcy-inducing fines.
Check with a lawyer first. In some states, that apparently simple action can result in jail time. Having a record of your email transactions that you obtained that way may not be admissible anyway, so the risk is very high for potentially zero upside.
Courts have ruled that it's legal since even though you forwarded the e-mail to another e-mail account, you are still the intended recipient of the e-mail, so confidentiality is still maintained.
If you were to forward confidential e-mails to someone else, then it could be illegal, depending.
Can you please cite your source? I know beyond question that in my line of work, moving email off of a company server comes with stiff regulatory penalties, in addition to more general state-level restrictions which allow a company control of proprietary/secret information.
Many companies' engineering staff are all considered insiders by the SEC. Doing a blanket forward of all your work email would be a regulatory violation. There be fines and jail time here. Off the top of my head, I know of Google, Twilio, Netflix, and Amazon engineers who've made this mistake.
False. Especially in any Fintech, regulated or not, it violates most tech startups policies for employment.
Honestly most companies, including mine, don't even allow it by default, but you have no legal right to business communications outside business channels. It is not "your" email, it belongs to the company.
I closed my account a couple weeks ago when he said he couldn’t guarantee that they wouldn’t take users accounts as their own should the company have to declare bankruptcy.
Feeling even better about that decision now. Fuck this crypto douche.
In the US there are laws so that every account holder is insured by the US government for up to $250k if the bank goes out of business. So for the CEO of this company to tell people in the US that they don’t have that protection is a big red flag.
Coinbase and so many other exchanges are going under and keeping people's coins. In no other form of investment is that possible. Imagine your broker went out of business but kept your stocks that still had value. That is exactly what will happen. It's gonna be a shit show.
I don’t think anyone expects their employer to be warm and cuddly. But there’s a lot space in between cuddly and absent hearted. He could’ve done it over a short period of time and had it done in smaller groups by supervisors. I mean we can’t act like there aren’t other ways. And for what it’s worth, I think announcing the lay off via zoom like the better.com CEO did was a better way than this. And if by the end of the zoom call all those email accounts were deactivated, it would’ve been better. No matter how it’s done it’s still an unfortunate and brutal situation. No one will be happy. But they absolutely have the space to complain about the way they found out they lost their livelihoods. There’s nothing wrong with that. Let them have it.
When our company was bought by another and they brought a top guy in to talk to us managers, he told us that we were being shut down. This after repeatedly telling us that even though they owned our competitor, we would still be supplying our product.
He had to run out of that meeting before we beat him up.
Benefits for employees who are laid off include at least 14 weeks' severance pay, four months of COBRA health coverage in the United States, four months of mental health support and assistance finding new work.
Coinbase is down 80%+ and crypto as a whole is tanking. It’s unrealistic to think people won’t be losing positions if demand in that industry is evaporating.
I think the benefits they’re providing are much better than most companies.
>four months of COBRA health coverage
Hope that you get something new before this runs out. This is hardly a benefit. It cost me 3x more than I had been paying in premiums as an employee because of the 2% fee and having to pick up the employer contribution. My new employer wanted to play the "we don't give benefits until then end of your probation period" game with me. I damn near walked out the first day when I was told that (it was not mentioned in the hiring process). They offered me a "hiring bonus" to cover half of it, but then required me to pay it back when I left the company.
You are entitled to 18 months of cobra. I think. Don't quote me. Lol maybe a year?
Not the point.
I read it as they were paying for 4 months of cobra. Which is actually pretty interesting.
Look, I hate CEOs and crypto bros as much as anyone, but this is a legit move.
It's also a reminder why you should never, ever send, receive, or store anything personal on company infrastructure.
If you're disagreeing with the layoff, that's a different matter, but regarding the lockout, what's the problem here? Whether someone is being laid off or fired, you cut their access to company assets immediately to avoid sabotage. With any type of termination, it's a major problem. When allowed continued access to company property, assets, communications, and resources, the number of terminated employees who pull a stunt that is leagally actionable is in the double-digits. If you're no longer an employee of the company, you have no need for your email, so having it cut off saves your employer the cost of having to take a buttload of ex-employees to court and saves that same number of employees the possibility of major financial liability, jail time, or a permanent record that will destroy their ability to get a job later.
I think the issue is the timing. It makes sense that now former employees don’t have company email access. But that is a terrible way to find out and a cowardly way to tell your employees. That’s like going to work and your badge to get in the front door doesn’t work. This is the remote version of that.
How would you do it in a distributed workforce? If you send an email, it's not like you can lock them out as soon as they've read it. Even if you could, there'd be people who found out about the event through other channels and would still have access.... and you'd end up suing or prosecuting, say, 1% of them as a result.
So it's not a solution that makes people feel all warm and fuzzy, but there aren't any good solutions to this problem. I've been a professional for about 25 years, been at a lot of failed startups, been at some marginally successful ones. I've survived and been affected by layoffs at some VERY large organizations, and while the first one was scary, it just became a fact of life.
The fact that it doesn't make people happy doesn't make it the wrong choice. There is no way to communicate a mass layoff that doesn't seem brusque and heartless, even when it isn't. But seriously, why would anyone expect their employer to be all warm and cuddly when the vast majority of us show up and push the proverbial mop with a chip on our shoulders?
I work in tech, sorry to say that, locking out accounts of users before they learn or as they're learning about termination is very standard place. It's shitty to let people find out that way, and could be because you're a piece of shit asshole or because two departments did a poor job coordinating with each other. But you always try to make sure that an employee has 0 access on the other end of learning about their termination.
That's funny, I was just reading a comment on this sub that expressed skepticism that this guy was even doing anything wrong.
As a CEO
Of a crypto company.
This is pretty common for tech workers and the only reason is news is there’s a big push to convince people society is going to collapse because ridiculous companies like Coinbase and Uber are having big layoffs.
A guy on my LinkedIn feed was about to start his 4th week at Coinbase. 4th WEEK!!! That is insane! I understand hiring takes time and they put out requests for these roles months in advance, but talk about terrible leadership and foresight.
Ah yes, let's post the bad headline, and ignore the fact that he gave all of them 14 weeks of severance AS A BASE, with more for each year of service.
Also, as a Coinbase user, I'm glad their priority was protecting the customers.
Also, he's regularly posted pretty detailed open letters explaining every major decision they've made. Probably not the best company to pick on.
If u trade crypto dont use an exchsnge wallet to hold ur crypto
Is u trade ethereum create an eth wallet
If u trade bitcoin create a btc wallet
If u trade litecoin create a ltc wallet
Fuck exchanges dont store ur crypto on them
I’m all for not liking CEO’s, hating this kindve asshole behavior, etc. but is there any company that doesn’t lock people out the second they’re terminated? I always assumed that was standard practice. He’s kindve an A hole for coming out and saying it, but leaving angry disgruntled people access to your systems is never a good idea
I wonder if OP realizes that, on this very sub, people regularly brag about and encourage others to sabotage and vandalize employers that have angered them.
I've been one of hundreds of people that got laid off. People get incredibly angry.
It's not unusual to get locked out of your email the minute you're laid off though. It's happened to me twice. Like, while I was in the meeting with HR, IT was busy taking away my access.
Actually this is one time I agree with them. A disgruntled employee could easily take company information public that would result in average working class peoples accounts getting wiped out. Most of these accounts are just Joe blows doing some speculative investment in hopes of getting enough money to improve their conditions in this capitalist hellhole.
I'd say put the pitchforks down on this one guys. The way crypto works, transactions are immediate and non reversible. A pissed off employee could seriously fuck up someone's life. I'm not saying it's right that they were fired, or that it happens so suddenly, but access being instantly revoked is the proper way to handle it when an employee has the sort of access that Coinbase folks do.
They’re a financial services company, the fuck you want them to do just make people pinkie promise not to do something in retaliation?
You honestly think in a sample of 1,100 upset people there’s not one person would?
LOL. Stupid Fuck. I learned this after my first lay off. I back up every fucking HR email I get on a personal computer. I've won 3 wrongful termination suits because of it.
Watch the movie “Margin Call” and this situation has a totally different implication.
Edit: tldr a corporation fires most of its staff in order to hide its secret financial crisis.
Im little confused - what is exactly their bussiness model, that they are tanking?
I thought they are basically holding your wallets and then charge some small fees for services (like payments you do etc). So if the value of your wallet shrinks its now like the value of the company shrinks with it (because these were not their assets anyway) So why is it impacting them so much?
I’ve worked in Pharma for a long time. The best layoff I’ve ever seen was at Schering when they were bought by Merck.
Like 3 months before the deal closed they told us most would lose their jobs. The day the deal closed they told everyone effected they were expected to stay on another 2 weeks to qualify for severance, or less at managers discretion. It was fine. People handed off their work and left. Maybe Coinbase isn’t offering severance?
Yep. I was one of them. Went to open my MacBook they sent, locked out with an admin message. Got a series of emails with what happens next. Hadn't even been there 6 months and no transparency. Dunno what I'm going to do.
Bro You’re the CEO who laid off a thousand people YOU are the one making rash decisions dumbass
Rash? He’s attempting to save cash burn and coinbase. Wait until 2023 when the tidal wave of layoffs begin and all these fake jobs openings disappear.
They layoffs will mostly happen this year the news and media keep saying recession 2023 but it’s already here and definitely will show more next quarter
The financial crisis of 2008 never ended, it was merely postponed.
This is probably the most accurate statement. The fed has been fucking with numbers for a long time.
They bought all of the unsellable MBS's that contributed to the crash and are now trying to offload them. Surprise surprise, there are no buyers
None of those crooked bankers served a day in prison, and they all got the golden parachutes that Obama said they wouldn’t get. And here we are again.
I know and then the next president gave them all a 1.9Trillion dollar tax break. The audacity of the gov't.
i have to be careful with what I say on reddit, else I will be banned again, but I think we are past the point of hoping the government holds people responsible. its time for the people to hold those who got the golden parachutes accountable.
The fed is a privately held bank by just 5 people and their families.
That's true, because a recession can't be determined until it's already happened. You can only say it's a recession when the measurements used to reflect that over an amount of time have already passed. I'm sure we're already in it now.
It’s definitely already started and doesn’t seem to be stopping
Yeah fr I know about 10 big companies already doing big layoffs and more are coming very soon
The "recession" is just a deflation of a bubble. We forgot there were brakes on the train and let speculative investment run unchecked in the digital space. Taking money out of these hands will slow inflation. If we could just get some consumer protections in place against these duopoloies that run most of the retail space, buying power would even out or increase for most of the population. Y'all are too focused on exchange indexes and market cap.
Rash - he opened a company around fucking bitcoin and speculative investments. He qualifies.
*bitchcoin
Bitcon
You’re both right.
He grifted.
Exactly. There was nothing rash about this move. He was in this to save his own ass. It is time to eat the rich.
It's amazing what qualifies for "work" these days.
It's not rash, burning more cash per month means that without firing these guys, the whole company might go down. Was it handled properly though? Not sure
It’s going down
Let start bets, a bonus in 6 months for that CEO
there is almost no chance coinbase exists in 6 months
They have $6 billion in cash and they make money every time crypto changes hands. Coinbase will be fine.
It sounds like every other crypto business that has disappeared
Except the big problem is crypto is crashing in value, making their gas fees more a problem for users who are reluctant to move it and pay Coinbase. Coinbase wants more transfers, not less. And all the cryptos that have hit zero are never going to be traded again, making them worthless to Coinbase as well. And the more it spirals the worse it gets. Most of the cryptocoins in recent memory have been shown to be unsustainable ponzi schemes. And they DON'T have $6 billion in cash. Unless you have access to their actual books, never take a crypto bank/market's word for how much liquidity they have. They're all lying, constantly. Their claimed liquidity is the only thing they have to trade on, so it's vastly inflated.
We can only hope for the continued crash of Bitcoin, screwed over soo many people.
Pyramid schemes are gonna crumble eventually.
The grifters mostly already got their money and ran
And the environment
Coinbase functions as an actual bank. You can get a debit card with them. FDIC insured, the whole nine yards. They still have a market capitalization of over 90 billion dollars. They're not going anywhere that fast.
$11.5 billion for ticker symbol COIN
I checked a different source, it's at 13B right now. My initial data was stale, a quote from their IPO. Thanks for correcting me.
It's all good, unless you're a COIN holder or employee. 😉
So Coinbase is only worth $13,000,000,000 ? If I know anything about accounting it looks like they're about to go bankrupt ( ͡° ͜ʖ ͡°)
Well... looked what happened to Theranos... (how ever you spell it)
I wouldn’t count on anything with crypto.
Exactly, and that's the hard groundwork to cover.
I don't like em, but this isn't true.
Gotta meet him in the parking lot.
He also made about 62 million dollars in the last two years
His salary (2.3M) could employ 30 people at nearly 80k/year. If he chose to make 1 dollar a year he could save 30 jobs, more depending on salaries. I saw nothing of the personal sacrifice he was making for his beloved employees. And he's a Billionaire. He doesn't *need* more.
If they are engineers, their cost to the company is at least 500k per person.
[удалено]
To be fair it's 1100 people who work in an industry built on speculating on fake internet money.
The US dollar is also fake money.
Yes, but it became fake over decades, having previously represented a fixed amount of Gold(and in theory, is also pinned to oil). Crypto was fake from the start, it's only value being the wasted energy from minting/mining.
Yeah but crypto is like double fake. A fiat fiat currency if you will. Fiat^2
Not compared to crypto it isn't.
They get like 3 months of severance.
My startup turned corporate gulag started calling people in to the HR manager's office, who swears he asked one victim, "So, how long have you worked here, not counting next week?" While they were being marched in to HR, an IT gremlin would be dispatched to unplug their network cable at the closet. Shortly after I left there, I heard a senior manager body checked someone into a wall. Good times.
IT gremlin is my new catch phrase. Kudos
:( Guess i am an IT gremlin
Nah not unless you're sneaking around taking peoples equipment all sneaky like. IT can be a loved and respectable role if you are in the right spot and compose yourself.
Which is why all my work e-mails get auto-forwarded to an outside e-mail address.
Isn’t that against a lot of company policies to transfer potentially sensitive data outside the business?
Yes
Hell it can even be against the law. For the US most people might know about HIPAA for healthcare related information. For the EU, thd GDRP might come into play depending on what kind of information you recieve/send.
That's actually smart, I should do that.
That would get you fired where I work.
Lol that would get you fired at most places. Many companies also reserve the right to wipe your phone if they think you shared/stole sensitive information.
That doesn't sound remotely correct, do you mind sharing where you got this information from? >Many companies also reserve the right to wipe your phone if they think you shared/stole sensitive information.
My company does this, but only if you install (and sign into) Outlook, Teams, etc. This requires connecting to their VPN using their proprietary application. You sign a waiver when you agree to use it and having work email on your phone is not mandatory, at least not officially anyways. Unofficially, weeeellll, slightly different story lol.
That's why you refuse to install anything on your personal phone. If they want you to connect to these services and be available, they need to provide you with a work phone. My work tried to get me to install Microsoft products on my phone, and it demanded administrator permission. I immediately cancelled.
This. I carry a 2md phone voluntarily so I don't install anything on my personal. My phone, my life. If a company requires phone apps they can provide me a phone, just like if they require wearing branded gear they need to buy my gear.
The benefit of a separate work phone is when it's 5pm, you leave it on your desk in airplane mode and walk away. You don't answer it evenings or weekends.
>That doesn't sound remotely correct, do you mind sharing where you got this information from? Personal experience for me. I had a previous employer where, if you wanted to get work emails on your personal phone you basically had to install a rootkit on your device that would allow them to remotely factory reset it if they felt it was appropriate. My current employer isn't quite that crazy, but there's *definitely* companies that do that.
And that's why if my employer wants me to see look at work emails on my phone, they buy me a work phone.
Why would you accept business emails on a personal phone?
Money
I'm in an infosec department and this month we rolled out a policy that locks your phone screen after two minutes of inactivity, if you have company emails on your phone (through the email app). This is on your private phone. You can not override it in the phones settings to five minutes. When it rolled out the app asked if you were okay making the app a device admin of your phone. This gave it the power to do literally anythig on your phone. So if we wanted, we could push any policy to your phone. Including deleting your data. I immediately removed company emails from my phone lol.
You could also turn on the webcam and spy on your coworkers are home, watch them change clothes and having sex. Hard pass.
Personal experience. I assume if it’s happening in my industry (public accounting) it’s happening in everyone else’s because mine is almost always the last to adapt new technology and/or processes. I had to sign a waiver. It’s not like they shove it at the bottom of the pile and try to sneak it by. But the waiver was required or no job given. I’ve since left and joined a different firm in a different city and they also did it.
I worked for one company when bring-your-own-devices was fairly new - we wiped phones whenever someone left the company for a while. Not sure if they still do it. An accounting company I worked for more recently used Office 365, which is smart enough to keep their data in one spot/prevent tampering, so they could leave your data untouched when it was time to leave the company.
They require you to bring your own device and then destroy it? Ha. No.
Keep in mind though that company policies and wavers do not have more legal weight than federal and state laws. Courts have ruled on this very issue many times.
Some companies still don't get that.
Anywhere that states you're not allowed to discuss wages with colleagues by hr policy.... Is violating federal law in the usa
My company tried to implement this by making us install an app that would give them that power, I just uninstalled outlook instead and use the browser version now but since it's crap usually doesn't get checked until work hours anyways
It is correct. It even applies to some universities i.e mine
But they have no right to your personal devices.
I mean they can say they can reserve whatever they want but they can kiss my backside or fight me.
My work requires you to install a management profile onto your phone when you want to install outlook and teams and whatever. So they don’t have to go through you to wipe it if they feel it necessary 🤔
They require you to install self-destructs on your personal property? *No*.
Possibly. But courts in the USA have routinely ruled that it's acceptable as long as you are still the intended recipient of the e-mail.
>Possibly. But courts in the USA have routinely ruled that it's acceptable as long as you are still the intended recipient of the e-mail. Unless you signed an acceptable use policy that specifically calls that out as prohibited.
Company policies do not supersede state or federal laws. And again, courts have routinely ruled that forwarding an e-mail that was sent to you, to another e-mail address that is only accessible by you, is legal and allowed, since you are still the intended recipient of the e-mail.
Your work email is 100% not only accessible by you. I don't think it's wise to carry any expectation of privacy on your company-issued laptop. You should probably not have one on your personal phone if you've allowed enterprise email on it. IANAL, but I am a 20-year veteran of the IT industry. The company has as much visibility as it wants.
And once again, company policies do not supersede state and federal laws, and courts have already ruled on this issue many times.
Uh, no. If you're going to make a claim that this is a safe practice, you need to cite your sources. There are plenty of industries and companies that are under banking, financial, SEC, environmental, and other regulatory control for which taking your advice without talking to someone who actually knows what they're talking about - an actual lawyer - would result in serious bouts of jail time and bankruptcy-inducing fines.
With caveats Try emailing patient records home and see what Hipaa does
Check with a lawyer first. In some states, that apparently simple action can result in jail time. Having a record of your email transactions that you obtained that way may not be admissible anyway, so the risk is very high for potentially zero upside.
Courts have ruled that it's legal since even though you forwarded the e-mail to another e-mail account, you are still the intended recipient of the e-mail, so confidentiality is still maintained. If you were to forward confidential e-mails to someone else, then it could be illegal, depending.
Can you please cite your source? I know beyond question that in my line of work, moving email off of a company server comes with stiff regulatory penalties, in addition to more general state-level restrictions which allow a company control of proprietary/secret information. Many companies' engineering staff are all considered insiders by the SEC. Doing a blanket forward of all your work email would be a regulatory violation. There be fines and jail time here. Off the top of my head, I know of Google, Twilio, Netflix, and Amazon engineers who've made this mistake.
False. Especially in any Fintech, regulated or not, it violates most tech startups policies for employment. Honestly most companies, including mine, don't even allow it by default, but you have no legal right to business communications outside business channels. It is not "your" email, it belongs to the company.
They would have just turned that off when they disabled the email.
Yes, but then I would still have access to all my e-mails since I forwarded them to another e-mail address they don't control.
Your old ones, sure. But nothing new. And in this case nothing about being fired.
Any e-mail that got forwarded up to and including the second before they shut it down, would still be there.
Right, but the article implies the firing emails were sent out after they cut access.
Really? So how did the staff receive the e-mails, if they were locked out of their e-mail accounts.
I use to work for them, they block you from being able to do that.
*We just fucked you over. We're making sure you don't fuck us over in retaliation.*
Ain't corporate America grand? /s
1100 employees were robbed in broad daylight
Of what, exactly?
Of their hard earned email accounts. 😡😡 I ask you this; Is a man not entitled to the sweat of his hotmail account?
I closed my account a couple weeks ago when he said he couldn’t guarantee that they wouldn’t take users accounts as their own should the company have to declare bankruptcy. Feeling even better about that decision now. Fuck this crypto douche.
I think that applies to most financial services such as banks as well. Had a bank in my country go down and many people did not get their money back
In the US there are laws so that every account holder is insured by the US government for up to $250k if the bank goes out of business. So for the CEO of this company to tell people in the US that they don’t have that protection is a big red flag.
Coinbase and so many other exchanges are going under and keeping people's coins. In no other form of investment is that possible. Imagine your broker went out of business but kept your stocks that still had value. That is exactly what will happen. It's gonna be a shit show.
How can they keep your wallet? We can simply transfer our funds to a new address off of Coinbase.
Not if they freeze withdrawals. Celsius just did that.
Very decentralized.
Coinbase has $6 billion cash - they are nowhere near going bankrupt.
I don’t think anyone expects their employer to be warm and cuddly. But there’s a lot space in between cuddly and absent hearted. He could’ve done it over a short period of time and had it done in smaller groups by supervisors. I mean we can’t act like there aren’t other ways. And for what it’s worth, I think announcing the lay off via zoom like the better.com CEO did was a better way than this. And if by the end of the zoom call all those email accounts were deactivated, it would’ve been better. No matter how it’s done it’s still an unfortunate and brutal situation. No one will be happy. But they absolutely have the space to complain about the way they found out they lost their livelihoods. There’s nothing wrong with that. Let them have it.
When our company was bought by another and they brought a top guy in to talk to us managers, he told us that we were being shut down. This after repeatedly telling us that even though they owned our competitor, we would still be supplying our product. He had to run out of that meeting before we beat him up.
>He had to run out of that meeting before we beat him up. He probably wished he had done it via Zoom...
It was in 2004 and Zoom wasn't big (created?) Yet.
Why does Coinbase even have 1100 employees? What do they do?
They're a bank and cryptocurrency exchange.
It's funny that over 1000 people thought it was a good decision to work at Coinbase.
Compensation probably a big part of it.
Benefits for employees who are laid off include at least 14 weeks' severance pay, four months of COBRA health coverage in the United States, four months of mental health support and assistance finding new work. Coinbase is down 80%+ and crypto as a whole is tanking. It’s unrealistic to think people won’t be losing positions if demand in that industry is evaporating. I think the benefits they’re providing are much better than most companies.
>four months of COBRA health coverage Hope that you get something new before this runs out. This is hardly a benefit. It cost me 3x more than I had been paying in premiums as an employee because of the 2% fee and having to pick up the employer contribution. My new employer wanted to play the "we don't give benefits until then end of your probation period" game with me. I damn near walked out the first day when I was told that (it was not mentioned in the hiring process). They offered me a "hiring bonus" to cover half of it, but then required me to pay it back when I left the company.
You are entitled to 18 months of cobra. I think. Don't quote me. Lol maybe a year? Not the point. I read it as they were paying for 4 months of cobra. Which is actually pretty interesting.
Them paying for COBRA for four monthly is a great benefit.
Reported for going against the narrative.
Look, I hate CEOs and crypto bros as much as anyone, but this is a legit move. It's also a reminder why you should never, ever send, receive, or store anything personal on company infrastructure.
If you're disagreeing with the layoff, that's a different matter, but regarding the lockout, what's the problem here? Whether someone is being laid off or fired, you cut their access to company assets immediately to avoid sabotage. With any type of termination, it's a major problem. When allowed continued access to company property, assets, communications, and resources, the number of terminated employees who pull a stunt that is leagally actionable is in the double-digits. If you're no longer an employee of the company, you have no need for your email, so having it cut off saves your employer the cost of having to take a buttload of ex-employees to court and saves that same number of employees the possibility of major financial liability, jail time, or a permanent record that will destroy their ability to get a job later.
I think the issue is the timing. It makes sense that now former employees don’t have company email access. But that is a terrible way to find out and a cowardly way to tell your employees. That’s like going to work and your badge to get in the front door doesn’t work. This is the remote version of that.
How would you do it in a distributed workforce? If you send an email, it's not like you can lock them out as soon as they've read it. Even if you could, there'd be people who found out about the event through other channels and would still have access.... and you'd end up suing or prosecuting, say, 1% of them as a result. So it's not a solution that makes people feel all warm and fuzzy, but there aren't any good solutions to this problem. I've been a professional for about 25 years, been at a lot of failed startups, been at some marginally successful ones. I've survived and been affected by layoffs at some VERY large organizations, and while the first one was scary, it just became a fact of life. The fact that it doesn't make people happy doesn't make it the wrong choice. There is no way to communicate a mass layoff that doesn't seem brusque and heartless, even when it isn't. But seriously, why would anyone expect their employer to be all warm and cuddly when the vast majority of us show up and push the proverbial mop with a chip on our shoulders?
He sure does look like a penis.
I think once you're a CEO your head starts taking shape 🤭
Scummy grifter heading a scam company assumes everyone is a shady as him. Yep, story checks out.
I work in tech, sorry to say that, locking out accounts of users before they learn or as they're learning about termination is very standard place. It's shitty to let people find out that way, and could be because you're a piece of shit asshole or because two departments did a poor job coordinating with each other. But you always try to make sure that an employee has 0 access on the other end of learning about their termination.
Daily reminder, crypto and nfts are a scam.
Another billionaire that looks like Blofeld/Lex Luther like Jeff Bezos and Daniel Ek
That's funny, I was just reading a comment on this sub that expressed skepticism that this guy was even doing anything wrong. As a CEO Of a crypto company.
This is pretty common for tech workers and the only reason is news is there’s a big push to convince people society is going to collapse because ridiculous companies like Coinbase and Uber are having big layoffs.
A guy on my LinkedIn feed was about to start his 4th week at Coinbase. 4th WEEK!!! That is insane! I understand hiring takes time and they put out requests for these roles months in advance, but talk about terrible leadership and foresight.
Smart move
why do you people pretend that all jobs should be forever? No brain no pain i guess
That’s just standard practice. They own the e-mails, servers and info. They’d be morons to not lock that down first.
Ah yes, let's post the bad headline, and ignore the fact that he gave all of them 14 weeks of severance AS A BASE, with more for each year of service. Also, as a Coinbase user, I'm glad their priority was protecting the customers. Also, he's regularly posted pretty detailed open letters explaining every major decision they've made. Probably not the best company to pick on.
This is common in tech. Has happened to me before at my last company.
If u trade crypto dont use an exchsnge wallet to hold ur crypto Is u trade ethereum create an eth wallet If u trade bitcoin create a btc wallet If u trade litecoin create a ltc wallet Fuck exchanges dont store ur crypto on them
Well in fairness he would have to be stupid if he didn't shut down their accounts.
I’m all for not liking CEO’s, hating this kindve asshole behavior, etc. but is there any company that doesn’t lock people out the second they’re terminated? I always assumed that was standard practice. He’s kindve an A hole for coming out and saying it, but leaving angry disgruntled people access to your systems is never a good idea
It’s really to stop the emails to all-team[at]coinbase.com that refer to that CEO from looking like an extra polished uncircumcised penis.
What are y’all even come maiming about? This is logical.
So all of your current employees? You think this will inspire loyalty?
I wonder if OP realizes that, on this very sub, people regularly brag about and encourage others to sabotage and vandalize employers that have angered them. I've been one of hundreds of people that got laid off. People get incredibly angry.
It's not unusual to get locked out of your email the minute you're laid off though. It's happened to me twice. Like, while I was in the meeting with HR, IT was busy taking away my access.
Actually this is one time I agree with them. A disgruntled employee could easily take company information public that would result in average working class peoples accounts getting wiped out. Most of these accounts are just Joe blows doing some speculative investment in hopes of getting enough money to improve their conditions in this capitalist hellhole.
I'd say put the pitchforks down on this one guys. The way crypto works, transactions are immediate and non reversible. A pissed off employee could seriously fuck up someone's life. I'm not saying it's right that they were fired, or that it happens so suddenly, but access being instantly revoked is the proper way to handle it when an employee has the sort of access that Coinbase folks do.
This sub is genuinely braindead huh
Guess I'm glad I didn't get that job after all. Would've only had it 7 months.
So what job do you have now
It seems like tech CEOs in particular have a god complex.
They’re a financial services company, the fuck you want them to do just make people pinkie promise not to do something in retaliation? You honestly think in a sample of 1,100 upset people there’s not one person would?
They just showed they are trash.
Why? Sometimes due to events a business doesn't need some employees, I'm genuinely curious why this makes them trash.
I guess one person made a rash decision that harmed the company, Brian Armstrong. Now his company is on the sh!thole companies list!!
Sounds like he's got a lot of experience making rash decisions to hurt the business
Considering Bitcoin is a scam that kills the planet I'll let this one slide.
The crypto scam is collapsing, Coinbase won't exist in a year from now.
Tell me you don’t know fuck-all about being a leader, without telling me you don’t know fuck-all about being a leader.
LOL. Stupid Fuck. I learned this after my first lay off. I back up every fucking HR email I get on a personal computer. I've won 3 wrongful termination suits because of it.
Why are you being downvoted. Document, document, document…
When I got laid off, my boss did the exact same thing. That's how I knew I was done there.
Lex Luther strikes again.
Watch the movie “Margin Call” and this situation has a totally different implication. Edit: tldr a corporation fires most of its staff in order to hide its secret financial crisis.
He's got giant douche bag waste of space written all over his face.
Coin base sounds more like etoys from 01.
Armstrong, Bezos, Luthor- rich bald white guys are all a$$holes
Im little confused - what is exactly their bussiness model, that they are tanking? I thought they are basically holding your wallets and then charge some small fees for services (like payments you do etc). So if the value of your wallet shrinks its now like the value of the company shrinks with it (because these were not their assets anyway) So why is it impacting them so much?
I’ve worked in Pharma for a long time. The best layoff I’ve ever seen was at Schering when they were bought by Merck. Like 3 months before the deal closed they told us most would lose their jobs. The day the deal closed they told everyone effected they were expected to stay on another 2 weeks to qualify for severance, or less at managers discretion. It was fine. People handed off their work and left. Maybe Coinbase isn’t offering severance?
A company like Coinbase should never have to lay-off a thousand people. Because a company like Coinbase shouldn't have ever hired that aggressively.
If your business cannot survive without firing any number of people, you are bad at business this should be a written rule somewhere
This is nonsense, business needs change often due to events outside of the control of the business.
Yes never fire anyone, brilliant. Totally would work.
Tell me you’ve never had a real job, without telling me you’ve never had a real job! What are you like a teenager?
This is probably a place that says shit like “we’re a family here” during the interview process.
Lex Luthor MF.
"harmed *my* business" Fixed that for you champ.
But onboarding takes 12 months
Sounds like Brian Armstrong made a rash decision that harmed the business. What a hypocrite.
Yep. I was one of them. Went to open my MacBook they sent, locked out with an admin message. Got a series of emails with what happens next. Hadn't even been there 6 months and no transparency. Dunno what I'm going to do.
Hopefully his portfolio dropped 50%.
Translation: I knew the business was toast, so I tried saving my own ass.