Re: [2018-10-29] Coinbase Downsizes More Than a Dozen People: Report

Quote from: Betwrong on October 30, 2018, 10:17:13 AM

Quote from: J_Crypto on October 30, 2018, 08:56:59 AM

Coinbase-the largest cryptocurrency exchange (USA )
15 dismissed employees is a trifle
~

Probably it 's not. Coinbase has around 500 employees currently. How many of them, do you think, work in the Customer Service department? I think it can be maybe 200 people or maybe even less. Coinbase has 13,300,000 users and although most of them are not active today, they can become active at any moment. So, if they are not going to replace those 15 with 150 newly hired, this decision looks very strange to me, especially if considering what hilariousetc wrote about their Customer Service above.

They probably actually had very few customer support reps to start with, or certainly not enough to meet demand so getting rid of more probably isn't going to do them any good on a customer satisfaction level. Most of their employees will be doing other things behind the scenes. Newbies to bitcoin would have been hit the worst if they were unsure of what to do and it's pretty alarming when you get zero response from support and their automatic verification tools don't work properly. Doesn't look good for bitcoin, especially if they lose money due to coinbase. I wonder how many people actually just have up and left their coins or cash languishing in their accounts.

Quote from: gentlemand on October 30, 2018, 11:46:15 AM

Knowing how information never fails to be distorted in cryptoland, this is probably something totally innocuous framed as the end of the world. But how companies like this cope with dead stretches fascinates me. They must be making peanuts and there's a lot of expenses flying out the door. Who knows how long this dead period will last?

That said they've just raised $300 million - https://blog.coinbase.com/coinbase-raises-series-e-round-of-financing-to-accelerate-the-adoption-of-cryptocurrencies-1ad927463814

If coinbase are losing money (or not making much) then they're doing something very, very wrong. The fees they make on both buys and sells are quite large. It's actually a rip off to buy from there but I only use it to sell.