Hey coinbase and blind fam, For those who are affected by layoffs, Im praying that you get through these harsh times. For those still at coinbase this is for you. What's keeping you there? How's your morale personally? How's ur teams morale? Blind tax: YOE: 10 TC: 0 (quit job, coinbase offer rescinded, waiting to hear back some numbers from Uber, Microsoft, flunked Google and meta - gloriously bad.) Ps: I know I myself am In a bad situation, but if you need someone to talk to or I can help in anyway please let me know. #layoff #coinbase
If it were me I’d leave
Snap’s stock is down, still not profitable and probably a year or two long runway left. Layoffs are inevitable, brace for it!
Good chunk of us are leaving regardless. It’s probably been accounted for too since 18% is an odd number to layoff. They probably expect an additional 2-7% to voluntarily leave to bring it to 20-25%
The way I see it, no one is safe at Coinbase until economy improves. Another round of layoffs maybe on the cards. I’d start interviewing ASAP.
Yeah, they irresponsibly grew their team by far more than ~18% over the pandemic boom. I wouldn’t be surprised if they have to erase most of those headcount gains, seems they really thought the crypto wave was going to be permanent when they went on that hiring spree.
^^This^^ so many of these tech companies are focused on extreme growth instead of building a solid foundation with the people they have. This is why I (along with 70% of employees at my previous company) got laid off during Covid.
Basically I'm not making any long term plans at Coinbase. I've started applying to new gigs as a backup - would definitely jump if I can find something close to my target TC at CB (senior engineer), especially if I can capture the down market. I really wouldn't mind a severance package to focus on leetcode. I haven't been here a year yet, so I don't want to repay the sign-on bonus. If things do work out and I'm not laid off in the next few months, I suppose I'll be happy when the comp "resets" in Feb with a new annual grant - I'm not counting on that happening though.
I would not have joined in the first place, that is the best way to not be in coinbase. Second best time is now - leave.
Work from home
I joined last week
It’s probably a mix of reasons. If you came here only for comp and perhaps you joined at a very high price for your rsu, I imagine you’re hating it and out the door. -Some care about the company and mission and industry. -Maybe we care about our teams. Etc. -Maybe you haven’t found something more interesting and are a believer I’m not loving the situation right now but if you work at any company that is in crypto you have high risk. Coinbase may be better off there. And if you go to any high growth company (snap, Uber, Lyft, roblox, Instacart, DoorDash, airbnb) with smart people that pays well, you are still at high risk (albeit not as high as crypto). Hope that helps.
Staying - I joined recently, so my RSU value hasn’t taken the same hit (cb actually gave an additional grant in May to partially make up for losses as well - tbd if that continues). So far I like the work/team/colleagues/manager. Balance has been good (this appears to be team dependent I guess since I’ve seen a lot of complaints on Blind) This was obviously a tough week tho. Reality is that the comp is still solid, and if I get laid off in the future I’ll get a severance package and have 40hours a week to focus on the job search - so the incentive to move on after a few months just isn’t there for me personally.
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Unrelated - Wow, you were able to clear the loops in 2weeks or were these old offers?
I don't want to make this post about me but excellent question - all of them were in progress and it's a little more complicated that as I accepted coinbase stooped interviewing and resumed onsites. - complete shitshow 😞
Ahh gotcha, my offer was rescinded as well, starting fresh so I was surprised if this was for fresh loops. Wishing you all the best!