Crypto company Coinbase revoking offer letters to candidates who have already accepted

I guess someone needs to come up with the fancy “digital contracts” that run on the blockchain and invariably turn out to have serious bugs that (a) allow creative hacker types to siphon off all that “money”, and (b) can’t be fixed because, you know, blockchain.

Other than that, they presumably require marketing departments to promote whatever it is that they are doing.

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Judging by the amount of thefts from exchanges, it isn’t IT security.

ETA: it isn’t regulatory compliance, either.

I know one young person who worked for one of these crypto companies. His role was basically algorithm optimisation, specifically in connecting the company with the larger mining groups they give a little extra bribe to in order to speed up the process of adding a transaction to the blockchain (as opposed to the stated ideal that any miner in the de-centralised pool has the same chance at solving any given crypto puzzle).

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It’s not opposed to the ideal! It’s just that some people’s chances are more equal than others.

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The crypto puzzle is to come up with the next block on the blockchain. Which of the currently-outstanding transactions are actually in that block is entirely up to whichever individual miner does the mining, hence “bribing” miners to give your transactions extra attention makes perfect sense.

Remember that as a Bitcoin miner, your income derives from the block-mining reward – currently 6.25 BTC but halving every so often and eventually dropping to zero – plus the brib^H^H^H^Htransaction fees that Bitcoin users have attached to the transactions in the block you’ve just mined.

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It makes sense but of course that’s not how the Libertarians who sell the cryptocurrency scam claim that their perfectly de-centralised, anyone-can-win market works. In this, it’s similar to the “free” market scam neoliberals have foisted on everyone for the last 40 years. The game is rigged in favour of those who got their “bootstraps” early, long before most people had even heard of the game.

The miners that they bribe tend to be large incumbent farms in places like China and Russia, most of which have no qualms emitting large amounts of carbon in order to be the bribee of choice.

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When I was being approached (IT/tech field) it was the usual: monitor and scale the infrastructure, keep the tech stack current and patched and operating. Run the site. Develop/maintain the app. Keep all the pieces going that any tech business uses these days – Slack, email/calendaring, HR systems, printers, VPNs, account setup and removal and securing, virtual-meeting software, physical assets (laptops, any on-site office equipment) plus management of people doing the above. I politely demurred.

Outside tech, there’s all the HR roles, marketing, press/PR, executives… Not so shockingly, I think it looks a lot like jobs for fiat-based organizations. Companies have made widgets of varying utility and usefulness and moral value for decades. That this one feels especially vaporous is just as much a factor of tech life here in the Bay Area as other gigs. Steering among moral values is left as an exercise to the employee.

Totally sucks for the new almost-hires. I’m hoping they land on their feet.

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There’s a huge gulf between the claims of the Libertarians who sell the cryptocurrency scam and reality. In actual fact, Bitcoin mining is now in the hands of a small oligarchy of mining syndicates to a point where one might just as well call it “centralised” (which makes it extra bothersome that all that energy is uselessly expended to keep up the “Bitcoin is decentralised” fiction). The idea that anyone could become rich by using the spare cycles on their PC’s CPU to mine Bitcoin hasn’t been true for the longest time.

In addition, what’s not Libertarian about having to pay for what you want? It’s not as if how transaction fees work in Bitcoin was a closely-guarded secret. So you can’t afford to pay for extra attention? That is your problem. If you want communism, you know where to find it.

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Might as well make the statement as general as possible to reflect the larger truth.

And that’s before you get into the fact that the exchanges are also consolidating into a handful of companies (including Coinbase).

Not amongst the cryptobro scammers themselves. However, they’re still selling the vintage 2009-2014 populist fairytales about how cryptocurrency blockchains work to the marks. You won’t find a word about the “transaction fees”/bribes in any of the explainer videos and infographics put out by anyone trying to bring new punters into the game.

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True. It’s also that the transaction fee/bribe (yesterday’s average was $1.40) puts something of a crimp in the (already ludicrous) idea of using Bitcoin to pay for newspapers or cups of coffee. Not something that anyone promoting cryptocurrency as a complete replacement for fiat would want to advertise.

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This and others make it pretty clear that I’m apparently in the minority here, so I’ll bow out.

Friend of mine recently started there (few months ago), and yeah, this is it. Remember that none of these exchanges are running on this bullshit web3 blockchain stuff, they’re all using proven, real technology to run their sites, which means it’s basically the same sort of work that running a bank would be, except way less regulations and possibly significantly more attack vectors.

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How does this not constitute breach of contract?

It depends on what state in the US this takes place, and what the terms of the contract are. At times there is no consequence to the employer for rescinding an offer, other times there may be a severance package involved.

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Isn’t Montana the only non-at-will state?

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