Crypto.com cuts 20% jobs amid ‘unforeseeable’ industry events | Hacker News Reader

Crypto.com cuts 20% jobs amid ‘unforeseeable’ industry events

crypto.com

39 pointsmarban11 comments

No-one could foresee an end to number goes up.

Except all those who realize that when the supply of greater fools runs out, the only way is down...

Greater fools is just. Fancy way to run a martingale system

Oh yea unforseen that spending $700MM on nothing but naming (not even owning) some stadium and hundreds of millions on other silly stuff doesn't pay off. Now employees have to suffer with impact on their livelihoods.

https://www.reuters.com/technology/how-cryptocom-is-betting-...

Meanwhile their token is down nearly 96% (i.e. almost wiped out): https://finance.yahoo.com/news/crypto-com-cuts-workforce-nea...

We'll see how much they sells the rights for. Imagine if they'd had that for runout in case of emergency.

Welcome to The Herbalife Crypto.com Arena. I love you.

Idiocracy vibes make this feel more normal. That's disturbing

> The deal was reported to be valued at $700 million over 20 years, in comparison to the $116 million paid by Staples under its previous 20-year agreement.

Somehow I doubt they will get better offer for resale than that old Staples deal.

> That trajectory changed rapidly with a confluence of negative economic developments.

No where in that post does he state what the actual issue was. Global economy slowing down? Isn’t that predictable? And what does that have to do with your currency or exchange?

Why should anyone trust this leadership going forward? Have they changed anything other than laying off 1/5th the people that believed the leaders?

The majority of people tend to be optimists, and don't plan for hard times. It's been reinforced and rewarded for the past decade through QE+ZIRP, plus continued Fed bailouts.

Still should be held accountable. Was pretty obvious that most things were in a speculative mania in 2020-2021. And SaaS multiples even before that were mostly non-sensical from a fundamental perspective

Ironic that even the downfall of a major competitor can't save other exchanges from their own mistakes

Where does crypto go from here?

Reply on news.ycombinator.com