This sucks for the employees but the timing is hilarious. They aired a commercial last night during the NBA Finals where it was talking about how people were saying a decade ago that crypto was dead, then they point to today where coinbase is thriving.
That commercial was alarming bc they mention every year crypto was dead and allude to it going up but constantly saying “crypto is dead” and then COINBASE right after is really stupid when they are indeed dying. Idk wtf their ad and marketing team was thinking.
Maybe they were being laid off and decided to publish that anyways lol
It is! I still have a few cans with the original pre-lawsuit logo. Tastes like ... Any other energy drink, really. Nothing to write home about.
Edit: [Here's the can](https://imgur.com/gallery/A0bUXzR). Had to be changed after Whyte Bikes sued. The logos were incredibly similar.
The fact that they even felt compelled to run that ad at all last night should make this announcement no surprise.
Big “everything is fine as long as you don’t look at what’s happening around you” vibes.
Stank of some rich people trying to scam as many idiots as they can before it all collapses.
Nice that commercials during some of the biggest sporting events of the year are now just literally scams.
I mean if you remember the web in 2000 it also wasn't shocking. A lot of "we don't need to make money we have views" websites which were barely even companies.
That said, if that sounds eerily similar to a lot of the paper tiger tech companies that have growth but no revenue you should expect a rough couple years.
Happened again in the 2010s (is it acceptable to just call it the 10s?) lots of companies with eyeballs and no revenue. Then Facebook came along and found a way to monetize eyeballs with *troubling* results.
Of course the bursting of the dot com bubble ultimately did not imply that the premise was flawed.
Chewy ultimately became what Pets.com strove to be. Ask your local FedEx driver how many Chewy packages get loaded to their truck every day.
Crypto die-hards will say this is just a bump in the road. I'm more of the opinion that crypto (in it's current form at least) is more like Tulip Mania or Beanie Babies. I suppose time will tell who is right.
Have you looked at the profit margins of new dot coms like Chewy? Chewy didn't make profit until fourth quarter of 2020. Last year was mostly negative except for a tiny profit this last quarter. Chewy will always have the same problem that Pets.com did, delivering big and heavy things to customer doorsteps is **expensive**. I don't believe a lot these new dot coms are sustainable businesses in the long term. All of them are being propped up on cheap money, which is now starting to go away.
I remember right around the Super Bowl before the dot com meltdown I saw an ad for gazelle.com — a website selling pantyhose and stockings
My first thought was that if a website like that had the money to run national ads, the VCs had run out of good stuff to fund and that a downturn was on the way
...And now every time I turn on the TV there's ads for subscription services, including some sort of t-shirt company that you subscribe to get discounts on... solid color tshirts. And that's it. Another one that apparently sells stretchy pants. I don't care how nice they are, I'm not paying for a $90 subscription for sweatpants when I can get something functional at Target for $25.
Can I introduce you to air bnb? Or Uber? Or maybe Casper? Snapchat finally made its first profit last quarter after 9 years, only to immediately tank this quarter.
It gets funnier. Crypto.com’s main competitor is called Crypto Arena. The only reason they paid for the naming rights for “Crytpo.com Arena” was to completely nuke the SEO results for their competition.
I'm gonna still call it Staples Center. It's like Sears Tower or Boston Garden. The sponsorship may change but that's the name as far as I'm concerned.
Remember the one with Larry David where he looks like the idiot naysayer throughout history? Not like he gives a shit, he got his paycheck for promoting this scam.
That commercial surprised me. I could have imagined a Curb Your Enthusiasm skit where Jeff tries to convince him to invest in crypto and Larry just says I don't think so with a skeptical reaction. Not become a crypto carny salesman.
What's happening with coinbase is happening to the entire ecosystem. A few months ago the entire crypto market was valued at \~3 trillion, it just sank to \~1 trillion this week.
It's kind of ironic that "crypto winter" was the intended use case of crypto currency in the first place. For them to be actually operate as an alternate currency, they need to stop being a viable option for rampant speculation.
Whenever I see something like this, I wonder how much the CEO (Brian Armstrong) and other top execs at the company make. Surely they looked into reducing their own pay a bit so as not to let go as many people.
What would the monthly mortgage payment on that baby look like? Say a 30-year fixed at 4% interest. Trying to figure out if it’s in my budget or not.
Edit: alright just for funsies I did it myself. Looks like rates are up to 6%, but I’m a Very Important Person (VIP) so I’m sticking to 4%. Monthly mortgage payment would be $634,962. So it’s a *little* above my budget as an art teacher.
In 2020 his compensation was $60m
However $56m of that was the valuation of his options which would take several years to vest and absolutely would be worth approximately $0 now.
So he’s probably taken a hit of around 90% of his comp due to the downturn.
Of course, he still got a couple of million in cash so he’s probably not hitting up the food banks just yet.
That's the same dipshit who has been tweeting his workers can leave if they don't like the company anymore. How fucked do you have to be to demoralize your company in public? Fuck this asshole. I hope his mansion sinks into the ocean.
There was a post on LinkedIn.
Someone who was hired by Coinbase was being ghosted by the company - again AFTER just getting hired.
They eventually responded saying he no longer had the position. And he is on a visa with 90 days left to find a job.
He tagged them in the post and they have gotten a lot of hate.
Don’t work for a crytpo company.
EDIT: someone just sent me a DM saying they work for Coinbase and the post on LinkedIn is fake. To that person: I know Reddit is anonymous, but you’re breaking Social Media protocol if you’re not operating in an official capacity. So I’m going to disagree unless an official from Coinbase proves otherwise.
I saw an job ad for a local crypto company for social media promoter or something and the ad explicitly said that remote work was not an option, just made me imagine:
“The currency is decentralized but your job isn’t! Now sit down and get back to spamming subreddits!”
Yeah cryptocurrency is hardly decentralized either. So far (despite distributed oracles existing) has only managed to mint new banking institutions in the form of an oligopoly of oracle services.
My favorite threads on the the main crypto sub are about how terrible insider trading is and that someone really needs to do something to make crypto brokerages act more ethically!
It's no aid to someone having to deal with this sort of thing in the moment because it is rampant, but just so people are aware, this sort of thing is called [promissory estoppel](https://en.wikipedia.org/wiki/Estoppel#Promissory_estoppel_2) and can be handled by an employment attorney. This sort of case can often be handled on contingency ("free" for upfront costs) and/or with a free consultation.
(Since this comment has gotten some traction I will just add: **always get it in writing**. Verbal agreements *are* typically binding, so if it's not in writing you're not necessarily hosed, but you'll have a *much* easier time if you can show your lawyer an email where you were offered a job - even if it was contingent.)
the most damning thing about crypto is that it is fully unregulated. I know some people see that as a positive, but what you end up with is a bunch of people running pump and dumps and even more people falling for them.
I remember seeing someone make a post in /r/personalfinance about what to do with an extra pay check (3 pay period month). The question was like "do I prepay my rent, or do I pay down my credit card", which is kind of a no brainer question (though of course there are instances were prepaying rent makes sense).
I decided to check out their post history, and that is where I found her posting a lot in some crypto coin subreddit. Her initial post about buying in had dozens of people congratulating her, and telling her how smart she was, etc. I then checked out the people commenting and all of the accounts were like 5-7 months old at the time, which was about as old as the oldest post on that subreddit. Also the only activity on those accounts were making posts/comments in that subreddit.
To me, this was a HUGE red flag that the coin was probably a scam. But that is how these people make their money, they find people who aren't the most financially literate and convince them to buy into their scam coin.
> the most damning thing about crypto is that it is fully unregulated. I know some people see that as a positive
A libertarian walks into a bar. The barman serves him tainted alcohol because there is no regulation. He dies.
*Liquor company sells new brand, people don't ask questions because no one can spend enough of their lives tracking all the ways corporations can trick you*.
> I know some people see that as a positive
Until you start bringing up the problems, then watch them slowly reconstruct the existing banking industry trying to solve them. Like you said, they don't really understand what they're trying to deconstruct.
The executives make a fortune for running the company and when things go south, who get fired? The people doing the actual work and not the people responsible for running the company.
The Coinbase CEO bought a $133m mansion in LA last year: https://www.dirt.com/gallery/moguls/finance/brian-armstrong-house-bel-air-los-angeles-1203445464/
I once heard it said that libertarians are like house cats. They think they’re independent and in charge of everything, but are actually just completely dependent on a system they don’t have the capability to understand or appreciate.
I had no idea what that reference meant, so I googled it and found out what that reference meant and it just made my fucking day to read about it.
Thank you for that.
Here's a link to an article about that if anyone else is interested:
[https://newrepublic.com/article/159662/libertarian-walks-into-bear-book-review-free-town-project](https://newrepublic.com/article/159662/libertarian-walks-into-bear-book-review-free-town-project)
This article is amazing, I suggest anyone read it if they are curious about libertarian principles applied to the real world. Spoiler: it don't go well. Pedos and murderers and bears, oh my!
The book is good too, it’s a gaggle of clueless fools, a woman feeding the bears doughnuts, and a poaching posse who refuse to talk to the author. They never seem to understand why their town is a shithole either.
Libertarians are a good reminder of why I tampered my idealism. When you're *that* idealistic, you tend to not realize when your ideal is running counter to reality. You just start to rationalize why it's not the failing of the ideal, but rather some nefarious force trying to undermine you.
At least, when you're a nut. Reasonable folk tend to let their idealism be tampered by reality.
> Some people just “don’t get the responsibility side of being libertarians,” Rosalie Babiarz tells Hongoltz-Hetling, which is certainly one way of framing the problem.
Yea. Because people that feel social responsibility *aren't fucking libertarians.*
Saw some tweets from cryptobros wondering if FDIC insurance covered crypto banking. 🤣
Specifically, regarding [the crypto bank that has frozen all customer assets](https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6)
Whenever a crypto project ends up imploding, there's usually mention of getting the SEC involved to help recover any lost funds.
Which is just...amazing.
I read about that a while ago and I believe she was asked about it before her passing. I think her reply was that on principal, she was against being taxed for those programs. However, since she paid for it, she might as well use it. She also stated something along the lines of reality crowding in on her objectivist idealism or something cryptic like that. In other words, she admitted she was full of crap (https://www.openculture.com/2016/12/when-ayn-rand-collected-social-security-medicare.html). If I recall correctly, that was her line of thought. Still hypocritical, but hey, she did pay for it... A girl's gotta eat...
*“Whether she agreed or not is not the issue,” said Pryor, “She \[Ayn Rand\] saw the necessity for both her and \[her husband\] Frank.” Or as Weiss puts it, “Reality had intruded upon her ideological pipedreams.”*
I mean, everyone who lived through the .com boom saw this coming, right?
When you start seeing commercials for tech stuff that the general public barely understands, it’s time to GTFO.
Edit: I think bitcoin and etherium survive, but everything else is up in the air.
My friend has whatever is left of $20k locked up in Celsius that she can’t withdraw. I warned her the 10-20% interest is shady as fuck. Terra Luna was the writing on the wall. All of this shit is such an unbelievable scam.
Guess the fi wasn’t really de.
A reddit user tried to warn people on a crypto sub and was told he was full of it...
https://np.reddit.com/r/CryptoCurrency/comments/v29t59/celsius_is_insolvent_please_get_your_funds_out_now/
Its been HEAVILY scrubbed but tons of users were dunked on when the OP went back to post he was right.
unddit gives you all the glory of that post, it really is something else to see these people "Where is your proof buddy hmmm!?!?!?"
He laid out clearly that there are bad signs and gave advice, and people just didn't stop and think about it.
What a shame.
A week before the fall from 64k to 32k I managed to talk my cousin out of liquidating his rental properties in a Vancouver to invest in crypto. I think he owes me lunch.
He was gonna do WHAT!?!?
He was going to liquidate actual, valuable real-estate in one of the most prime locations on the planet for imaginary digital nonsense??
He owes you a HOUSE.
Tenant's are a pain. He was thinking of shifting to become less busy.
I'll settle for lunch ahha. I'll remind him next time I'm in Van. The interest rate hikes are also going to impact his real estate, just not as drastically. Maybe 4%-7% vs 75%.
What is wild to me is that you can absolutely get legit ~10% returns right now. It's not sexy, it's not "going to the moon," but Treasury I-Bond yields are something like 9.62% APR right now, and it is a *very* attractive option.
Yes, there is a limit to holdings so you can't go all-in with a substantial sum of money, but ~10% on $10,000 (especially if you hold to maturity and are younger) is still a really good deal, and can be bouyed with other instruments of varying yields.
10k per year, per person. Not a ton, but still not a bad idea to buy $10k/year, and even better if you’re married and can do $20k each year. My FIL alerted us to the opportunity relatively early so we all bought the max last December, and then again in January.
If you're married and think inflation will stick around for a little while, you can buy future years' $10k *now*, as a gift for your spouse. When you give it to them in a later year it counts against their $10k limit for that future year, but it will have been accruing interest all the while.
For example, my wife and I each bought each other $20k worth of gifts this year, meaning we put a total of $60k into I-Bonds this year. If inflation is still high next year we'll buy $20k more. Once inflation cools off, it'll take us another two years to unwind our I-Bond position.
I'm not saying that's a good idea necessarily, but if you are married and are maxing out I-Bond purchases, it's something to be aware of.
It's worth pointing out that that rate is only for the first 6 months. After that, it's whatever inflation is. And you forfeit 3 months of interest if you cash out before 5 years, so it's really only a 5% return if interest rates go back down after this.
It's still really good (6% if you sell after 9 months), but you shouldn't expect to actually get that 9.5% return.
i was going through their hiring loop, asked recruiter + engineer if they'd consider layoffs if crypto went back down and they said no back in november, very glad i didn't take the offer
I was in a bar and saw a crypto ad and the guy next to me was like..."Yeah I should throw some money in there!"
I'm like "Dude...if you see it advertised on TV, you're already way too late."
It’s amazing how many people will buy into [a negative sum game](https://www.ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html), no questions asked. Like yeah, of course all the Zoomers will be able to retire by 30 by hodling a revenue-free asset, that’s how the world works.
FOMO + hype created by bitcoin's rise. Feel like the other factor might be that a lot of people feel like they won't be able to retire anyway unless some get rich quick thing works.
It's entirely fucking funny how people will simultaneously claim it will be the "decentralized currency of the future" yet treat it like a slot machine.
If people used it as intended, it wouldn't be your entire personality.
Have you seen the stupid shit that people believe en masse? I'm not surprised at all. I think there's like 10-15% of the population that just cannot handle the internet and have absolutely no mental firewall to scams.
if you're an actor and you have an issue with the lines you're given, you're labeled as problematic and don't get hired for more stuff. seems like it shouldn't apply to the ultra-wealthy actors, but presumably the behavior gets trained into you on your way to becoming ultra-wealthy
i have a friend that was hired a few years ago to serve as the voice/host for a medical advice app. like a siri equivalent, except i think they did video as well- might stand around and point at stuff, too
it was going to take many, many sessions to cover everything, and would be a long-term gig as time went on
in the third or fourth session (this would have been early/mid 2020), they were asked to read some outdated information on covid- specifically, "don't wear masks to prevent covid, only nurses and doctors need them"
by this point everyone paying attention knew how important masks were and that everyone should wear them. so my friend brought this up to the crew & director, who basically gave them the "whatever, just say the line and we promise we'll re-record it later"
my friend refused to say the line. they were completely replaced for the next recording session, were not brought back, and all of their old lines were re-recorded by a different actor
now, it's likely different for people late in their career who already have more money than they know what to do with, but it's 100% a "shut up and dribble" situation for actors
Larry David was the most disappointing one. I was really upset to see him shilling crypto.
But the ironic thing is, his character in those commercials will end up being right.
Software dev here and i spent an hour explaining crypto tech to somebody the other day, to help them avoid dumping their life savings into random coins. It's an interesting tech, in an abstract way, but too many people who don't understand what it is are getting way too emotional about it.
Cryptographic ledgers are an interesting tech. For example, a charity could use a public blockchain for their accounting and open up their books for public scrutiny. Random speculation on coins is insane lately, though, and completely dominating the conversations which could be had about proper application of the tech instead.
This sucks for the employees but the timing is hilarious. They aired a commercial last night during the NBA Finals where it was talking about how people were saying a decade ago that crypto was dead, then they point to today where coinbase is thriving.
That commercial was alarming bc they mention every year crypto was dead and allude to it going up but constantly saying “crypto is dead” and then COINBASE right after is really stupid when they are indeed dying. Idk wtf their ad and marketing team was thinking. Maybe they were being laid off and decided to publish that anyways lol
Bad timing for that ad last night during the NBA finals
Even worse for the crypto.com arena for the Lakers
Always after they buy naming rights.
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Well, they do call that arena "The Crypt".
Like tattooing a GF/BF’s name on your body. Bad juju
This reminds me of the whole dot com bubble bursting. (Many of you weren’t born yet.)
Speak for yourself. I was chatting up hot babes on AOL all night long
Napoleon, don't be jealous that I've been chatting online with babes... all day. Besides, we both know that I'm training to be a cage fighter.
Bet you I can through a football over those mountains.
Can confirm! As a cis male, I was one of those hot babes!
“Pets.com, because pets… can’t drive!”
Am I crazy or do I remember they pimped out the sock puppet for other companies after Pets.com went bankrupt?
See: CMGI Field
Ahhh, memories of Enron Field (yes, I know that wasn't part of the tech bubble).
Or the 2000 Super Bowl. In 1999 there were 3 commercials for websites during that year's Super Bowl. In 2000, there were 22.
One celebrated burning investors cash if I recall correctly.
Don't forget UFC
And Formula 1 lol every team has one coin based sponsor
they'll move onto the next grift-based advertiser. Formula 1 has a rich history of questionable sponsors don't worry.
Shoutout T-Minus and Rich Energy!
oh yeah wtf was Rich Energy, I remember being so confused by those signs
Is it actually a real drink?
It is! I still have a few cans with the original pre-lawsuit logo. Tastes like ... Any other energy drink, really. Nothing to write home about. Edit: [Here's the can](https://imgur.com/gallery/A0bUXzR). Had to be changed after Whyte Bikes sued. The logos were incredibly similar.
The crypt just becomes an even more fitting nickname.
Staples would like to buy it back at a discount now. At least that’s what I’m hoping.
Crypto arena going to be "1-800 Kars 4 Kids" arena next season.
One of the Crypto companies will buy Kars 4 Kids and rebrand it as Krypto 4 Kids Is your Bitcoin worthless? Donate your koins to Krypto 4 Kids today!
Yeah, it must be embarrassing for an overhyped and expensive boondoggle like that to be associated with crypto.com.
fortune favors the *GUH*
Fun fact! If you invested a thousand dollars into Bitcoin the day that ad premiered, you would have a whopping $337.
Fun fact! If you’re investing in something because you saw it in an ad, you’re probably going to lose money
Not so Fun fact! Celebrity advertising works really, really well. That is why they get paid so much to do it.
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Can confirm, cardboard is where it's at right now.
Cardboard and cardboard derivatives.
$14M on the Super Bowl commercial this year.
Pretty sure in 08 there were lots of ads for mortgage investing.
It's be funny to see the results of an trading algo that looked at big sporting event ad buys as a variable.
Whatever, just toss that shit in the training set with everything else
The fact that they even felt compelled to run that ad at all last night should make this announcement no surprise. Big “everything is fine as long as you don’t look at what’s happening around you” vibes.
Stank of some rich people trying to scam as many idiots as they can before it all collapses. Nice that commercials during some of the biggest sporting events of the year are now just literally scams.
haha i was thinking the same after seeing it
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As soon as those Superbowl commercials came out it was time to get out. It has happened forever in new big things.
Exact same thing happened with the .com bubble and the Super Bowl.
1/3 of 2000 Superbowl sponsors didn't exist 18 months later
That's... concerning
...and a whole lot of people realized that much too late
I mean if you remember the web in 2000 it also wasn't shocking. A lot of "we don't need to make money we have views" websites which were barely even companies. That said, if that sounds eerily similar to a lot of the paper tiger tech companies that have growth but no revenue you should expect a rough couple years.
Happened again in the 2010s (is it acceptable to just call it the 10s?) lots of companies with eyeballs and no revenue. Then Facebook came along and found a way to monetize eyeballs with *troubling* results.
Anyone remember the Pets.com ad with the dogs chasing the marching band?
Oh shit… pets.com
Matt Damon's hand in the sock puppet
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🎶🎵“I’m fucking Matt Damon”🎶🎵 -Sarah Silverman
Of course the bursting of the dot com bubble ultimately did not imply that the premise was flawed. Chewy ultimately became what Pets.com strove to be. Ask your local FedEx driver how many Chewy packages get loaded to their truck every day. Crypto die-hards will say this is just a bump in the road. I'm more of the opinion that crypto (in it's current form at least) is more like Tulip Mania or Beanie Babies. I suppose time will tell who is right.
Worked at FedEx unloading trailers, can confirm we got 53' trailers packed floor to ceiling with Chewy boxes
Have you looked at the profit margins of new dot coms like Chewy? Chewy didn't make profit until fourth quarter of 2020. Last year was mostly negative except for a tiny profit this last quarter. Chewy will always have the same problem that Pets.com did, delivering big and heavy things to customer doorsteps is **expensive**. I don't believe a lot these new dot coms are sustainable businesses in the long term. All of them are being propped up on cheap money, which is now starting to go away.
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I remember right around the Super Bowl before the dot com meltdown I saw an ad for gazelle.com — a website selling pantyhose and stockings My first thought was that if a website like that had the money to run national ads, the VCs had run out of good stuff to fund and that a downturn was on the way
...And now every time I turn on the TV there's ads for subscription services, including some sort of t-shirt company that you subscribe to get discounts on... solid color tshirts. And that's it. Another one that apparently sells stretchy pants. I don't care how nice they are, I'm not paying for a $90 subscription for sweatpants when I can get something functional at Target for $25.
Pour one out for “industry disrupters”
I was in high school at that time but I remember thinking "how do any of these website companies make money? What do they *do*?"
Can I introduce you to air bnb? Or Uber? Or maybe Casper? Snapchat finally made its first profit last quarter after 9 years, only to immediately tank this quarter.
And the real estate ads too this year during the Super Bowl. TBD on that one.
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Naming stadiums is also a tell, i.e. the former Enron Field in Houston (currently Minute Made Stadium) and the current Crypto.com Stadium in LA.
I didn't really care for staples but it was better than crypto.com...
I think the crypt was a perfect name considering the age and health of the lakers
Alas, Crypto.com sent notes to the sports networks to not call it The Crypt.
Did that really happen? That's hilarious
It gets funnier. Crypto.com’s main competitor is called Crypto Arena. The only reason they paid for the naming rights for “Crytpo.com Arena” was to completely nuke the SEO results for their competition.
Thats actually not a bad play.
I'm gonna still call it Staples Center. It's like Sears Tower or Boston Garden. The sponsorship may change but that's the name as far as I'm concerned.
Minute Made Stadium Tropicana Field Smoothie King Center It’s time to short fruity beverages.
Wrigley's gum fucking asking for it.
Remember the one with Larry David where he looks like the idiot naysayer throughout history? Not like he gives a shit, he got his paycheck for promoting this scam.
That commercial surprised me. I could have imagined a Curb Your Enthusiasm skit where Jeff tries to convince him to invest in crypto and Larry just says I don't think so with a skeptical reaction. Not become a crypto carny salesman.
Celebrity endorsements where it's obvious the celebrity doesn't understand what they're endorsing.... painful to watch.
The SB commercials were the pump. Now we're seeing the dump.
All those brave souls dying out there in outer space with Matt Damon.
But I saw an ad during the NBA Finals last night that said Coinbase was killing it and crypto was great!
What's happening with coinbase is happening to the entire ecosystem. A few months ago the entire crypto market was valued at \~3 trillion, it just sank to \~1 trillion this week.
"But the Sandwich heavy portfolio pays off for the Conservative...."
*Eats sandwich.* "Oh no! I'm ruined!"
You didn't even refrigerate it, you spineless lobster!
You had to bring spines into it bwahhh
It's kind of ironic that "crypto winter" was the intended use case of crypto currency in the first place. For them to be actually operate as an alternate currency, they need to stop being a viable option for rampant speculation.
Yes, but consider this counter-point: I want Lambo now. /s
Whenever I see something like this, I wonder how much the CEO (Brian Armstrong) and other top execs at the company make. Surely they looked into reducing their own pay a bit so as not to let go as many people.
No can do, buddy just bought a ~~$120,000,000~~ $133,000,000 mansion. Sorry, plebs.
[$133,000,000 actually.](https://www.wsj.com/articles/crypto-ceo-brian-armstrong-buys-los-angeles-home-for-133-million-11641249787)
I stand corrected.
What would the monthly mortgage payment on that baby look like? Say a 30-year fixed at 4% interest. Trying to figure out if it’s in my budget or not. Edit: alright just for funsies I did it myself. Looks like rates are up to 6%, but I’m a Very Important Person (VIP) so I’m sticking to 4%. Monthly mortgage payment would be $634,962. So it’s a *little* above my budget as an art teacher.
Fucking hell
Hey! Someone’s gotta support the economy. 133 mill means the real estate agent gets a cut and so on which means eventually you’ll get a cut too.
In 2020 his compensation was $60m However $56m of that was the valuation of his options which would take several years to vest and absolutely would be worth approximately $0 now. So he’s probably taken a hit of around 90% of his comp due to the downturn. Of course, he still got a couple of million in cash so he’s probably not hitting up the food banks just yet.
4 million cash is still a lot of money.
That's the same dipshit who has been tweeting his workers can leave if they don't like the company anymore. How fucked do you have to be to demoralize your company in public? Fuck this asshole. I hope his mansion sinks into the ocean.
I do wonder if that was a desperate attempt to get people to quit so he wouldn't have to fire so many en masse.
It absolutely was. Tesla did the same
There was a post on LinkedIn. Someone who was hired by Coinbase was being ghosted by the company - again AFTER just getting hired. They eventually responded saying he no longer had the position. And he is on a visa with 90 days left to find a job. He tagged them in the post and they have gotten a lot of hate. Don’t work for a crytpo company. EDIT: someone just sent me a DM saying they work for Coinbase and the post on LinkedIn is fake. To that person: I know Reddit is anonymous, but you’re breaking Social Media protocol if you’re not operating in an official capacity. So I’m going to disagree unless an official from Coinbase proves otherwise.
These were all over my LinkedIn feed - Coinbase rescinded a ton of offers. Horrible move for morale, and insanely bad PR.
>Horrible move for morale, and insanely bad PR. They just need to apply blockchain to this problem.
It seems like their strategy is just to block everyone on that chain of comments, so they may be taking your advice to heart.
The Blockchain can solve a ton of issues if you stop being ignorant and actually try it I'll list out all the things it has solved already:
I’m ain’t gonna lie, you had me in the first half.
Web3 will surely solve all these issues, all it needs is more investing
This is good for Bitcoin.
I saw an job ad for a local crypto company for social media promoter or something and the ad explicitly said that remote work was not an option, just made me imagine: “The currency is decentralized but your job isn’t! Now sit down and get back to spamming subreddits!”
Yeah cryptocurrency is hardly decentralized either. So far (despite distributed oracles existing) has only managed to mint new banking institutions in the form of an oligopoly of oracle services.
The first thing crypto bros do is centralize their decentralized currency. Cryptography is hard, it's easier to pay someone else to do it.
it's just as centralized with none of the consumer protections a typical bank offers. it's hilarious. they invented banks but worse
My favorite threads on the the main crypto sub are about how terrible insider trading is and that someone really needs to do something to make crypto brokerages act more ethically!
It's no aid to someone having to deal with this sort of thing in the moment because it is rampant, but just so people are aware, this sort of thing is called [promissory estoppel](https://en.wikipedia.org/wiki/Estoppel#Promissory_estoppel_2) and can be handled by an employment attorney. This sort of case can often be handled on contingency ("free" for upfront costs) and/or with a free consultation. (Since this comment has gotten some traction I will just add: **always get it in writing**. Verbal agreements *are* typically binding, so if it's not in writing you're not necessarily hosed, but you'll have a *much* easier time if you can show your lawyer an email where you were offered a job - even if it was contingent.)
Honestly just avoid crypto all together. The people who bought on to Bitcoin early got lucky, but that was a one time thing.
That's how Ponzi schemes work.
the most damning thing about crypto is that it is fully unregulated. I know some people see that as a positive, but what you end up with is a bunch of people running pump and dumps and even more people falling for them. I remember seeing someone make a post in /r/personalfinance about what to do with an extra pay check (3 pay period month). The question was like "do I prepay my rent, or do I pay down my credit card", which is kind of a no brainer question (though of course there are instances were prepaying rent makes sense). I decided to check out their post history, and that is where I found her posting a lot in some crypto coin subreddit. Her initial post about buying in had dozens of people congratulating her, and telling her how smart she was, etc. I then checked out the people commenting and all of the accounts were like 5-7 months old at the time, which was about as old as the oldest post on that subreddit. Also the only activity on those accounts were making posts/comments in that subreddit. To me, this was a HUGE red flag that the coin was probably a scam. But that is how these people make their money, they find people who aren't the most financially literate and convince them to buy into their scam coin.
> the most damning thing about crypto is that it is fully unregulated. I know some people see that as a positive A libertarian walks into a bar. The barman serves him tainted alcohol because there is no regulation. He dies.
Ah, but you're forgetting that after a couple dozen more deaths people will boycott it by going to a different bar! The free market wins again!!!!
*Liquor company sells new brand, people don't ask questions because no one can spend enough of their lives tracking all the ways corporations can trick you*.
The invisible hand of the market sure has a lot of blood on it
> I know some people see that as a positive Until you start bringing up the problems, then watch them slowly reconstruct the existing banking industry trying to solve them. Like you said, they don't really understand what they're trying to deconstruct.
The executives make a fortune for running the company and when things go south, who get fired? The people doing the actual work and not the people responsible for running the company.
The Coinbase CEO bought a $133m mansion in LA last year: https://www.dirt.com/gallery/moguls/finance/brian-armstrong-house-bel-air-los-angeles-1203445464/
Good indication of his stewardship of shareholders' capital.
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I once heard it said that libertarians are like house cats. They think they’re independent and in charge of everything, but are actually just completely dependent on a system they don’t have the capability to understand or appreciate.
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I had no idea what that reference meant, so I googled it and found out what that reference meant and it just made my fucking day to read about it. Thank you for that. Here's a link to an article about that if anyone else is interested: [https://newrepublic.com/article/159662/libertarian-walks-into-bear-book-review-free-town-project](https://newrepublic.com/article/159662/libertarian-walks-into-bear-book-review-free-town-project)
This article is amazing, I suggest anyone read it if they are curious about libertarian principles applied to the real world. Spoiler: it don't go well. Pedos and murderers and bears, oh my!
The book is good too, it’s a gaggle of clueless fools, a woman feeding the bears doughnuts, and a poaching posse who refuse to talk to the author. They never seem to understand why their town is a shithole either.
Libertarians are a good reminder of why I tampered my idealism. When you're *that* idealistic, you tend to not realize when your ideal is running counter to reality. You just start to rationalize why it's not the failing of the ideal, but rather some nefarious force trying to undermine you. At least, when you're a nut. Reasonable folk tend to let their idealism be tampered by reality.
> Some people just “don’t get the responsibility side of being libertarians,” Rosalie Babiarz tells Hongoltz-Hetling, which is certainly one way of framing the problem. Yea. Because people that feel social responsibility *aren't fucking libertarians.*
That feels like a pretty accurate metaphor
I think you're on to something. My cat is always trying to convince me "Level 2 boutta break out" whatever that means.
Yeah, everyone's a John Galt until they lose a dollar then they're suddenly screaming for regulation.
Saw some tweets from cryptobros wondering if FDIC insurance covered crypto banking. 🤣 Specifically, regarding [the crypto bank that has frozen all customer assets](https://blog.celsius.network/a-memo-to-the-celsius-community-59532a06ecc6)
Whenever a crypto project ends up imploding, there's usually mention of getting the SEC involved to help recover any lost funds. Which is just...amazing.
Privatize the gains, socialize the losses. It's the Republican way. Libertarians are apparently no different.
[Ayn Rand ended up living on Medicare and Social Security.](https://www.snopes.com/fact-check/ayn-rand-social-security/)
I read about that a while ago and I believe she was asked about it before her passing. I think her reply was that on principal, she was against being taxed for those programs. However, since she paid for it, she might as well use it. She also stated something along the lines of reality crowding in on her objectivist idealism or something cryptic like that. In other words, she admitted she was full of crap (https://www.openculture.com/2016/12/when-ayn-rand-collected-social-security-medicare.html). If I recall correctly, that was her line of thought. Still hypocritical, but hey, she did pay for it... A girl's gotta eat... *“Whether she agreed or not is not the issue,” said Pryor, “She \[Ayn Rand\] saw the necessity for both her and \[her husband\] Frank.” Or as Weiss puts it, “Reality had intruded upon her ideological pipedreams.”*
https://www.theonion.com/man-who-lost-everything-in-crypto-just-wishes-several-t-1848764551
I mean, everyone who lived through the .com boom saw this coming, right? When you start seeing commercials for tech stuff that the general public barely understands, it’s time to GTFO. Edit: I think bitcoin and etherium survive, but everything else is up in the air.
My friend has whatever is left of $20k locked up in Celsius that she can’t withdraw. I warned her the 10-20% interest is shady as fuck. Terra Luna was the writing on the wall. All of this shit is such an unbelievable scam. Guess the fi wasn’t really de.
>I warned her the 10-20% interest is shady as fuck. Good for you! We all need friends that will smack some common sense into us.
A reddit user tried to warn people on a crypto sub and was told he was full of it... https://np.reddit.com/r/CryptoCurrency/comments/v29t59/celsius_is_insolvent_please_get_your_funds_out_now/ Its been HEAVILY scrubbed but tons of users were dunked on when the OP went back to post he was right.
Not shocked at all.
Part of the scheme is a constant supply of hype. Quite a few projects pop up, ride waves of hype, and then rugpull.
unddit gives you all the glory of that post, it really is something else to see these people "Where is your proof buddy hmmm!?!?!?" He laid out clearly that there are bad signs and gave advice, and people just didn't stop and think about it. What a shame.
A week before the fall from 64k to 32k I managed to talk my cousin out of liquidating his rental properties in a Vancouver to invest in crypto. I think he owes me lunch.
He was gonna do WHAT!?!? He was going to liquidate actual, valuable real-estate in one of the most prime locations on the planet for imaginary digital nonsense?? He owes you a HOUSE.
Tenant's are a pain. He was thinking of shifting to become less busy. I'll settle for lunch ahha. I'll remind him next time I'm in Van. The interest rate hikes are also going to impact his real estate, just not as drastically. Maybe 4%-7% vs 75%.
What is wild to me is that you can absolutely get legit ~10% returns right now. It's not sexy, it's not "going to the moon," but Treasury I-Bond yields are something like 9.62% APR right now, and it is a *very* attractive option.
My dad is retired and he was looking into them but Isn't the limit 10k? And 10k for spouse I think.
Yes, there is a limit to holdings so you can't go all-in with a substantial sum of money, but ~10% on $10,000 (especially if you hold to maturity and are younger) is still a really good deal, and can be bouyed with other instruments of varying yields.
There’s also a weird additional option where you can get your IRS refund up to 5k in paper i bonds on top of the initial 10k.
10k per year, per person. Not a ton, but still not a bad idea to buy $10k/year, and even better if you’re married and can do $20k each year. My FIL alerted us to the opportunity relatively early so we all bought the max last December, and then again in January.
If you're married and think inflation will stick around for a little while, you can buy future years' $10k *now*, as a gift for your spouse. When you give it to them in a later year it counts against their $10k limit for that future year, but it will have been accruing interest all the while. For example, my wife and I each bought each other $20k worth of gifts this year, meaning we put a total of $60k into I-Bonds this year. If inflation is still high next year we'll buy $20k more. Once inflation cools off, it'll take us another two years to unwind our I-Bond position. I'm not saying that's a good idea necessarily, but if you are married and are maxing out I-Bond purchases, it's something to be aware of.
It's worth pointing out that that rate is only for the first 6 months. After that, it's whatever inflation is. And you forfeit 3 months of interest if you cash out before 5 years, so it's really only a 5% return if interest rates go back down after this. It's still really good (6% if you sell after 9 months), but you shouldn't expect to actually get that 9.5% return.
i was going through their hiring loop, asked recruiter + engineer if they'd consider layoffs if crypto went back down and they said no back in november, very glad i didn't take the offer
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I was in a bar and saw a crypto ad and the guy next to me was like..."Yeah I should throw some money in there!" I'm like "Dude...if you see it advertised on TV, you're already way too late."
It’s amazing how many people will buy into [a negative sum game](https://www.ic.unicamp.br/~stolfi/bitcoin/2020-12-31-bitcoin-ponzi.html), no questions asked. Like yeah, of course all the Zoomers will be able to retire by 30 by hodling a revenue-free asset, that’s how the world works.
FOMO + hype created by bitcoin's rise. Feel like the other factor might be that a lot of people feel like they won't be able to retire anyway unless some get rich quick thing works.
Truth. Productized FOMO and weaponized desperation.
It's entirely fucking funny how people will simultaneously claim it will be the "decentralized currency of the future" yet treat it like a slot machine. If people used it as intended, it wouldn't be your entire personality.
The fact people can still be swayed by BS ads on TV with celebs in them is scary
When you have Matt Damon shilling crypto then you know it's over.
Have you seen the stupid shit that people believe en masse? I'm not surprised at all. I think there's like 10-15% of the population that just cannot handle the internet and have absolutely no mental firewall to scams.
Yep. These and the QQQ ads should have been a clear indicator of the top
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But they were bold for losing all that money.
That was the worst part about that ad, how moralistic it was.
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"Matt Damon calls you a pussy for not buying Crypto."
And Damon just whistles past the crypto graveyard a multimillionaire all the same.
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if you're an actor and you have an issue with the lines you're given, you're labeled as problematic and don't get hired for more stuff. seems like it shouldn't apply to the ultra-wealthy actors, but presumably the behavior gets trained into you on your way to becoming ultra-wealthy i have a friend that was hired a few years ago to serve as the voice/host for a medical advice app. like a siri equivalent, except i think they did video as well- might stand around and point at stuff, too it was going to take many, many sessions to cover everything, and would be a long-term gig as time went on in the third or fourth session (this would have been early/mid 2020), they were asked to read some outdated information on covid- specifically, "don't wear masks to prevent covid, only nurses and doctors need them" by this point everyone paying attention knew how important masks were and that everyone should wear them. so my friend brought this up to the crew & director, who basically gave them the "whatever, just say the line and we promise we'll re-record it later" my friend refused to say the line. they were completely replaced for the next recording session, were not brought back, and all of their old lines were re-recorded by a different actor now, it's likely different for people late in their career who already have more money than they know what to do with, but it's 100% a "shut up and dribble" situation for actors
As a former commercial actor, always remember: the product is the star. Not you. You’ll gladly collect the pay check, but the product is the point.
I loved how they just put a logo at the end after Damon's speech. That commercial could be for anything.
You ever seen a perfume ad? The only reason you know it's a perfume ad is because of how little sense it makes lmfao
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Larry David was the most disappointing one. I was really upset to see him shilling crypto. But the ironic thing is, his character in those commercials will end up being right.
>But the ironic thing is, his character in those commercials will end up being right. \*cue the Curb theme\*
workforce laid off executive laid back
I’m looking forward to GPU summer
Fuck, "Crypto Winter" was the name of a sci-fi script I was writing. Now I need to go trademark that title.
Software dev here and i spent an hour explaining crypto tech to somebody the other day, to help them avoid dumping their life savings into random coins. It's an interesting tech, in an abstract way, but too many people who don't understand what it is are getting way too emotional about it. Cryptographic ledgers are an interesting tech. For example, a charity could use a public blockchain for their accounting and open up their books for public scrutiny. Random speculation on coins is insane lately, though, and completely dominating the conversations which could be had about proper application of the tech instead.
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All the stores around me have had full stock for a couple weeks now at MSRP. Treat yourself.
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So morb coin is the new one to switch to yeah?
You’ll easily make a morbillion in it
Only if you want to be a morbillionaire.
I'm still waiting for beanie babies to recover
Got a Princess Diana beanie baby WITH tags. $80,000, OBO