Coinbase is once again at the center of a scandal
Co-founder of the exchange accused of one-sided development of the company
Some believe that successful companies should follow Coinbase’s new policies
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The head of the cryptocurrency exchange Coinbase was criticized for the offer to quit all those who disagree with the company’s policy
Brian Armstrong, head of regulated American cryptocurrency exchange Coinbase, has come under fire for a recent post in which he urged anyone who disagrees with the company’s policy to write a statement of their own. In his message, Armstrong focused on the upcoming US presidential elections, which will be held in November 2020.
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In particular, the head of the exchange unilaterally stated that the company would not allow any statements about politics or presidential candidates. Armstrong also stressed that Coinbase will continue to adhere to the “apolitical” direction and will not discuss “broad social issues” with its employees..
The head of Coinbase urged those who disagree with the company’s mission to resign because “life is too short to work for a company you don’t like.” The decision must be made before October 7.
“Less chance of success”
American entrepreneur Paul Graham supported Armstrong and wrote on his Twitter page that “most successful companies will follow Coinbase’s lead. If only because those who do not have less chances of success “.
Almost immediately, a wave of criticism hit both Graham himself and Armstrong on the Internet..
Sarah Reynolds, co-founder of the she256 blockchain company Sarah Reynolds, believes that Armstrong’s path “will set the tone and culture of Coinbase, which will ultimately alienate the talents and even customers needed to fulfill the company’s mission.”.
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A little later, Graham himself was caught in the removal of one of his messages, in which he admitted that the new direction of Coinbase “will alienate some talented people.” Jeff Roberts, co-founder of Outseta, a multi-directional management platform, noted that the policy chosen signals a lack of effective management in the company..
“Isn’t this [exchange policy] the result of a lack of leadership? “We are not going to defend basic human decency because it is difficult, can it be polarizing and can affect us financially?” So we turn a blind eye to that by becoming a “mission focused company”?.
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Users also noted that there are no mutually exclusive factors between a desire to improve society and a focused company, according to Armstrong..
Throughout 2020, Coinbase has repeatedly found itself in the center of scandals related to the company’s activities. For example, the exchange was often caught in deliberate technical failures every time bitcoin and all major coins rose sharply in price..
In addition to the dubious quality of service with high commission costs, the author of the Black Swan theory, Nassim Taleb, left the exchange. Taleb’s loud departure from the exchange is associated with the systematic ignoring of tickets in support of Coinbase as from an ordinary user. It is noteworthy that the exchange almost immediately contacted Taleb after he expressed his displeasure publicly on Twitter..
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