In an unstable market comes very unstable times. For the past few weeks, everything in the cryptocurrency world is plummeting back down to earth. People who have been heavily invested in coins like Bitcoin and Etherium are taking a bath in losses. Things that claim to be “investments” like NFTs are also being realized as worthless.
Over on the trading side, K. Holt at Endgaget writes about how Coinbase has paused hiring. For the record, Coinbase is one of the largest exchanges to trade in crypto and is probably one of the best-known sites out there for it.
The company is said to have frozen hiring for two weeks (though it will honor offers that have already been sent) and put new projects on hold. It is also reportedly trying to reduce how much it spends on hosting services.Engadget
Along with not hiring as many people as it previously expected to this year, Coinbase is looking to minimize employee attrition. According to the report, the company is giving workers more shares. Coinbase’s stock has dropped by over 75 percent in the last six months.
The thing about all these coins is they’re not linked to anything. They have no intrinsic value. Dabbling in these items is basically a ton riskier than playing with risky stocks on the stock market. Mind you that’s a place that is actually regulated wherein nothing has any oversight with crypto.
Will Bitcoin rebound? Maybe. It’s done it before. But in no way should these things be seen as investments. You’d get more use out of your money by lighting it on fire to help heat your home.