Okay, when times get tough, you just you cant quit you cant lose interest because its bear markets that really bring the life changing opportunities in cryptocurrency. In stocks and really anything right and what we really need is a lumber bear market, because these number prices are ridiculous. My name is voss youre on the bias bosscoin youtube channel. As always, nothing in this video is financial advice, so uh the furriest and the cutest dog in the world. First furriest furriest furious furriest fluffiest, whatever okay uh. She woke me up. I was just kidding. I was thinking about sleeping now and she said: hey check your email im like tails. What, when the hell did you learn how to speak english and then i looked, and i was like, oh my god, yep so red flags galore led to this. I mean you probably heard this news by now uh, but you know i really just wanted you to touch on here on the channel. Weve talked about it on social media, no breaking when it came out whatever, and we even actually had a post on the youtube community tab im going to talk about the elephant in the room after everything thats happened recently. The number one question from people is: are our funds safe at celsius? Can you address that for the audience? Yes, so not just that theyre safe again, we provided anyone who wanted to withdraw partially or fully they. There were no problems.

I know people are uh concerned about the whole market. Again, anyone who withdrew um thats a thats, a service. You can withdraw at any time look first again. Anyone who wants to withdraw can withdraw, but anyway they pause withdrawals. I mean this thats terrifying. This is exactly why i recommended alternatives to celsius instead of recommending celsius – and i remember a lot of people flaming me for it saying: oh, but but the rates they got better rates yeah they got better rates till they rug. You, son, okay, but somehow you know its getting a little fishy because their token is up 70 percent yeah. Look at this chart now, boing there you go uh yeah, but dont worry if you bought the top good news, youre only down 93 now uh. So its up 70 in the last 24 hours so hey, you know you can try to catch some knives and you may find a money making opportunity, even as floors fall out, but keep in mind even after pumping 70, its still down 26 over the last 30 Days but bad news continues because coinbase global coin is laying off around 1 100 employees as part of a cost cutting plan. The company said in a filing on tuesday cutting 18 bringing them down to about 5 000 employees and theyre, estimating that they will incur 40 to 45 million in total restructuring. Expenses keep in mind, coinbase went public and, like almost every single cryptocurrency related company, they went public.

They have done absolutely awful since going public. They are down 85 percent, but i dont mean to flood this okay im going to absolutely be loading up on some coin stocks. When i think we hit the bottom. When do i think that we hit the bottom, i dont know, but theres still not enough blood in the streets for me and uh. But you know i do this all day every day, uh so im very in tune to this stuff, or at least try to be the best i can be subscribe to the channel. If you want me to condense on my research for you and just bring it to you here for free on the tube but lets dive into this message from brian armstrong, you know so really looking at it its its super bearish, especially in the short term economic Conditions changing rapidly entering a recession: okay, theres theres, theres bear markets, and then you get, then you have recessions, okay, theres, a whole generation, a couple: maybe generations of people that have never really even seen or experienced a recession in any time when they could even remotely Pay attention uh, im, talking yeah im talking about you, tick, tock generation, okay, youll, see, youll, see so heres five tips on how to survive a recession. Dude youre like 16. What do you know about surviving a a recession and thats? Why everyones buying homes in tennessees and lets all get rich and buy doji to coin? Oh, oh, my god, my minds getting numb but im, not a complete tick.

Tock hater were trying to make tick tock a better place, so police polo is going on tick tock. As well so heres the deal crypto winner, youre gon na see that term. All the time now, everyones already started to drop it past crypto winners, trading revenue, their largest revenue source, declined significantly harder to predict the economy and markets always plan for the worst and operate the business through any environment there they claim to have grown too quickly. So this is a crazy stat. Okay, i need to stop cussing thats, just too much work for in the editing lab. At the beginning of 2021, we had 1 250 employees. Brian armstrong, ceo of coinbase coin, said at that time they were clearly in the early early innings. Here of the bull run. Adoption crypto products exploding, new use cases enable crypto getting traction practically, you know more traction. Every week saw opportunities but needed a massive skill. Skilled team to be able to try to you know meet that right challenging year. They grew 200 year over year since the beginning of 2021, but yeah um. You know market was nuts. Now market is not nuts. Now they say they overhired, but if things continued to be nuts, then they wouldnt be feeling that way. So i dont know if you know you necessarily over hired right its like you, you rapidly expanded to meet the market conditions and then youre going to retract when those market conditions change it just sucks that you know that sounds.

You know simple on paper and its easy to talk about, but when you actually retract and you cut people youre youre youre cutting people, their livelihood, their jobs, maybe their passions, maybe was their dream to work at coinbase. Maybe they were coming over and they had a visa related to coinbase and then lost it. I saw a poor guy on twitter that thats exactly what happened to him because coinbase rescinded a bunch of job offers where they just said: hey, youre, good thats, a really tough situation to be in so their team has grown very quickly. 4X. In the past 18 months, and thus surprised, employee costs are too high to effectively manage this uncertain market, the need to increase efficiency. They now exceeded their limit of how many new employees they can integrate, while growing their productivity. Now this is the most gutting thing here. If youre affected youll receive this notification in your personal email, they cut access to coinbase systems, thats a safeguard, failsafe kind of thing. I get it but wow if youre impacted. That is just that is very sad and then look at this new disclaimer theyve got these forward. Looking statements are only predictions and may differ materially from actual results. Due to a variety of factors. Look we need to put that disclaimer on the tube, but theyre, not the only ones making cuts. Okay, crypto.com ceo is like hey uh. You know ill give you the short one here, this ones pretty boring.

I dont know why we needed a whole thread for this, because it was basically just tweet after tweet saying nothing. You know, ive been here 2016.. We built 50 million users. Uh times are getting tougher, are gon na go ahead and cut back so theyre reducing their uh workforce here by about 260 or about five percent, and he says other than that theyre just gon na keep pushing on. But the bad news continues, unfortunately, so block five who we talked about many times here on the channel before theyre, reducing their head count by about roughly 20 and the reduction impacts every team at the company. This was driven by market conditions that have a negative impact on their growth rate and rigorous review of strategic priorities. I mean its its across the board, its really bearish its kind of terrifying, but you know what is the context for them to get to this point. So heres the deal at the end of 2020, they had about 150 employees and since then they grew to over 850 during the incredible growth of the crypto market and their business. Since quarter, one of 2022 macroeconomic environments have shifted dramatically, sparking a dramatic pullback in equity and crypto markets. As a result, their number one goal has been to achieve profitability so that they can own their own destiny as they navigate what they expect to be an extended global recession. Hearing that term, yet again eliminating expenses throughout their business, such as reducing marketing, spend eliminating non critical vendors, reducing executive compensation and slowing head count growth.

I mean this stuff sucks, its absolutely gutting and especially because i know some really cool people at blackfight and some cool people who formerly worked at block five, and some of them are just down for crazy projects. Like i dont know, maybe something related to orange vinyl, and if you followed boss coin on twitter, you would know all about it. Did you also know that some of the investors for blockfi are winklevoss capital and its in the name? Who do you think that is its the winklevoss twins its? I already, i told you it was in the name and coinbase ventures. So all these different options yet still connected looking at gemini operated, owned, ran by cameron and tyler winklevoss. Okay, they sent this email internally and then released it publicly fellow astronauts, difficult decision that will impact the number of you and overall size of the team propel gemini to heights. That would have been hard to imagine when they first started building eight years ago in the fall of 2014. what our industry refers to as crypto winner. This has been further compounded by current macroeconomic and geopolitical turmoil. We are not alone. We have made the difficult but necessary decision to part ways with approximately 10 percent of their workforce. They have closed all their physical offices today. All these conversations will happen remotely again bigger player here and just absolutely gutting news for those impacted. How else do we say bearish its scary, okay, but there is some light in the darkness: theres, the man, the myth, the legend, the guy is gon na show up the unlikely hero the cryptocurrency needed thats gon na be spiff.

I try to pronounce spf right there. So, mr sam, take it to the bank man fried your ass sam. I have to first ask: are you playing a video game right now, im not going to comment on that one? You can take a guess. All right explain that the cryptocurrency exchange to for to keep growing that the onboard new staff as they need to and have done in the markets better days kind of messed up the wording there but its i said essentially the right thing. He noted in february that the company slowed down hiring but thats not due to lack of funds. It was apparently to make sure that the team members have enough time to properly mentor new employees before adding more, but lets dive a little bit deeper into this. So last year the largest piece of negative feedback: they got from bc, so its venture capitalists right. You know: potential investments, big funds, things like that, their workforce wasnt growing exponentially enough. Apparently in 2021 ftx had about 200 employees, and these vcs were expecting 2 000. Okay, sbf told them that additional employees added too quickly were net negative and they could take it or leave it yeah right. Just like the time he said, fu ill buy all the solana. You have at three bucks, and that proved to be a bold, really cool and just very successful move. Ftx is at about 300 employees now and theyre still growing, but they claim sustainably.

Some come some go, but they are still increasing 50 percent year over year. So this is very interesting. He says maybe well get to 400 in the next year, but when it comes to hyper growth, you cant replace growing revenue with growing expenses and he also quoted ryan salami here, thats, a fun thats a fun last name. I know i would just always be running a meet emoji next to my name, but, alas, time and again vcs and consultants told them they needed to hire faster co. Founder ftx grow more quickly, increase head count through all the pressure to do that. Sbf argued that morehead count was unlikely to increase productivity, so, while co founder, ftx ryan here condolences go out to all those impacted, theyre unabashedly proud to say that they were right when it comes to this decision. He says theyre incredibly well, positioned in the current environment and is continuing to both not have a hiring freeze, not sacrifice their culture, and that also basically says and implies. They continue to hire when and where relevant. Then sam goes on to talk about zig, zag and hiring so why ftx is going to keep growing as others cut jobs. A few months ago, when btc was 44k, he wrote a document im not announcing hiring freeze, which is in many ways like every other day, but theyre gon na slow down, hiring which i referenced here already, but before they get there lets start in 2018.

One of the first lessons he earned as a ceo make sure your team can mentor employees as fast as you hire them. Otherwise, everything gets worse. He claims learning the hard way looking at hyper growth companies time and time again, growing from 200 employees to 2 000 doesnt seem to 10x your productivity as a company. In fact, sometimes it doesnt, even one extra productivity, the more you hire the less you get done. Thats a terrifying line: why exactly is it that hiring doesnt scale the way it should coordination becomes hard diffusion of responsibility? If five people could theoretically do something, maybe no one will feel like they actually have to do it, and so it wont get done. Companies lower the bars they hire more and over time the average co worker people interact with becomes a worse experience. Incentives become harder to align, as people have less and less of a sense of what each other is doing. This is as far as he can tell the most common reason that successful companies decay its a race between how quickly new employees understand the companys culture and how quickly people are hired the faster you hire the harder it is to keep everyone on the same page. So maybe you can grow by fifty percent each year and still mentor each new recruit, but if you grow by three hundred percent, each new employee only has four months to learn before they have to teach thats interesting.

Meanwhile, you have to make sure teams are coordinating and compensation is fair. Otherwise, if youre not careful your company, slowly decays into moloch before your own eyes, scrolling down to the end here. The first truth of the 10x engineer is that they just smoke screen for their 100x counterparts. The second truth is that they usually arent born that way. Some of our devs, who were rejected by another employer, now produce more than that companys whole team, thats cool, which is a lesson they. He learned the hard way when you grew a company from five people to 10 to 25 to 10. All in a matter of a few months always humbling to be pushed backwards. Everybody dreams and wants success was that a freudian slip. Success success, success, steps forward, right progress, but in your quest for dubs wins, sometimes you take a few l losses along the way it sucks, but thats the life of an entrepreneur and blazing your own trail and especially in a fast paced startup industry, even more so In the crypto sector than moves in like a hundred years per year, somehow i dont know i make that i dont make the rules here. So basically to sum it up by other zigg, you zag, he quotes. Sequoia ftx venture is, in a16z, lead 135 million investment in crypto firm, breaking down barriers between blockchain. This is a little bit older news, but its in reference to this a16 new 4.

5 billion crypto fund might become a comparable success to paradigms 400 million fund that bought the capitulation bottom in 2018, quoted lined with brilliant timing and keep in mind that hes referencing a16z. But ftx ventures and sequoia here are making the same moves in line with ace a16z. These big money funds are well positioned to just make an absolute killing. They got the funds to survive. Ive talked a lot about ftx before here on the channel full disclaimer and transparency as well. I think ftx is really cool and theyve supported the channel. I personally use ftx us. It gives me a lot of incredible training options as a us citizen. Obviously you can use ftx.com or just the international version as well. If you do use any of that, please smash our link. Get 15 bucks for free when you trade over a hundred dollars in volume cumulative there, 10 off your trading fees now and free crypto, and every trade you make over 10 bucks keep in mind. All these promos are up theyre increased, while all these others are cutting back. Okay, theyre pulling back theyre theyre shrinking their workforce. Ftx is over here, offering even more incentives than ever to use their platform and its not just crypto. You can go ahead and trade nfts on there mint your own nfts, and you probably heard the news about their stocks platform coming to market, which i mean theyre, really setting up to rival, robin hood or if you watched our conspiracy, video about ftx plus robinhood, maybe Theres, even more in the making than we than us, plebs could ever realize the best way to keep up to date on all this crazy crypto stuff is to subscribe to the voscoin youtube channel.

I hope you enjoyed todays video. I know to be honest, its really just a lot of bad news, but you know we get through the bad and we persevere and then well enjoy more good times its all. You can do uh. So as always seriously. I hope you enjoyed the video please subscribe. If you havent already hit the thumbs up – and i will see you tomorrow because were still uploading daily, although many are quitting yeah, thats perseverance, you know you got ta, you got ta live what you preach absolutely and with that in mind, im really hungry.