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Coinbase Will Cut 18% of Full-Time Jobs

Written by:
Aaron Goldstein
Published on:
Jun/14/2022

“We appear to be entering a recession after a 10+ year economic boom,” Coinbase Founder and CEO Brian Armstrong says. “While it’s hard to predict the economy or the markets, we always plan for the worst so we can operate the business through any environment.”

The news comes one day after Binance froze withdrawals briefly following a "stuck transaction causing a backlog" on Monday.  Bitcoin also plunged below $23,000. 

That slide continued on Tuesday. 

On Saturday, The Celsius Network, which has 1.7 million customers, said that "extreme market conditions" had forced it to temporarily halt all withdrawals over the weekend.

Binance Monday Move "Comical" 

Speaking of Binance, CoinGeek's Steven Stradbrooke continues to report on what he describes as that exchange's "sketchy behavior". 

In light of what occurred Monday, Stradbrooke writes:

Apparently, the exchange bosses were seeking to eliminate all distractions in order to fully concentrate on front-running their rank-and-file customers and liquidating leveraged traders who found themselves with no means of revising their positions.

While Binance going offline during a crypto crash is by now almost comically routine, Monday’s outage was accompanied by the truly hilarious explanation from Binance boss Changpeng ‘CZ’ Zhao that there was “a stuck transaction causing a backlog.” CZ helpfully explained that the problem “should be fixed in ~30 minutes,” although the actual delay turned out to be more like three hours.

CZ’s ‘stuck transaction’ line conjures up images of Binance staffers racing up and down the corridors of their non-existent offices looking for whoever had the transaction plunger so they could swiftly dislodge this reluctant crypturd.

Micropayments Are the Key to Masses

Joe DePinto and Ian Duckworth sit down with CoinGeek's "Hashing it Out" to talk the BSV blockchain ecosystem and their Haste Arcade, an “Instant Leaderboard Payout” (ILP) gaming platform that thrives on that blockchain.

"We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets," the company said in a blog post.

“That’s why we’re here, in my opinion. It was the one piece of blockchain in Bitcoin that really stood out to me as this is something new,” Joe DePinto, CMO of Haste, said of micropayments. 

“We see a lot of speculation, exchanges and NFT drops, but that’s not really what’s new about [Bitcoin]. Whereas micropayments, you’re building new business models, you’re doing stuff like what we’ve got going on at Haste with instant leaderboard payouts, it’s something new,” he said.

“And to us, that was just really exciting. That’s what we’re going to continue to focus on. That’s what we think is going to in the future shape like this whole new economy,” DePinto added.

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