Power to the People - Will We Ever Believe That Promise Again?

 

"Coinbase’s layoffs show growing callous side of crypto’s plummet" - New York Post, June 19, 2022

Crypto promised a level playing field in power. Everyone could get in. Everyone would be equal. And Everyone could do his or her thing without government putting its nose in. As with the counterculture of the late 1960s and early 1970s, there had been promised power to the people.

It turns out that the people have little power. Many investors, of course, lost their shirts. Employees also are experiencing very bad treatment.

The New York Post describes the cruel way in which 18% of the workforce at Coinbase had been laid off. The process essentially went this way:

  • Text at 8 AM notified employees to check their email.
  • Email indicated there would be layoffs.
  • Those to be laid off had access to Coinbase's internal IT shut down. 
  • Then the digital notification of being terminated.

In addition, others found out the jobs they thought they were starting no longer existed. Those job offers had been rescinded. 

When this became public there had been an apology from Coinbase. So?

Connect with Editor-in-Chief Jane Genova janegenova374@gmail.com. Conjure up magical results in your communications.

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