Re:Coinbase Announces 18% Layoffs
by greatpostman on Tuesday June 14, 2022 @08:39AM
(#31738430)
I listened to that, he even predicted the Luna crash in that interview. When that guy talks, it’s very clear he understands markets. Very different approach to Bryan Armstrong, who’s more of a Bitcoin “believer”. I think the blatant description of a ponzi scheme was a rare window into an insiders thoughts.
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What FTX does is introduce financial products that could potentially put downward pressure on a lot of these scam coins. To be fair, he also introduces products that allow people to play around w/ crazy amount of leverage, but it could theoretically be done without as much counterparty risk and interconnections that caused the 2008 financial crisis.
lots of exchanges provide crazy amounts of leverage. Kucoin lets you have a margin loan that's 10x your capital. I'm not sure this is unique to FTX.
The exchange itself doesn't need 1000s of people. Coinbase went on a hiring spree in 2021, but it didn't seem to have a clear strategy for all that headcount.