> It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance.
Knew someone who worked at Binance, as support. I'm sure he's competent enough at his job, but he has no special skills or anything. He made more money than I did as a senior software dev at the time. It seems not only did they hire a lot of people, they also paid them an ungodly amount of money.
Makes you look really successful (they pay a lot, so they must be super profitable!) and helps, at least partially, select employees who won’t be asking questions, just do their job and collect paychecks.
If I sell you a book on how to be succesful, and am not succesful, I have to fake success to get you to buy. So maybe I'll rent a sports car, overspend on my rent, go to holidays I can't afford, etc. because enough people might be fooled to allow me to actually afford these things.
Tons of "financial influencers" have constant videos of them with lambos and other expensive toys. It's basically the same thing - image is everything in speculative parts of the financial market.
High salaries makes people want to work there which creates competition which in turn drives prestige.
Not asking questions is a little facetious, however it is plausible that things like questionable business practices are easier to overlook when working / applying for a job because $$$. In other words, it's very hard to explain a concept to someone if his livelihood depends on him not understanding it.
"It is difficult to get a man to understand something, when his salary depends on his not understanding it." is not a quote I've invented. Now apply that to getting way above the market salary.
Yes, most of the people don't question how ethical their jobs are. But you make them even less likely to do that if you throw money at them.
Huh? You don't think real careers making good money exist? I don't know what to tell you.
But the main issue here is that someone without any special skills ended up making a shitload of money as a fluke by working at Binance for a short period of time. It's very unlikely they're going to be able to get another job even nearly that good, let alone more jobs 20% better, because they don't actually have real marketable skills and it was just a fluke.
My annual comp increases at FAANG are not 20%, but they have been consistent increases of roughly $45,000 a year, for little effort. I suppose it is a trap, but I am still content.
Doing a support role on a titanic is just as much potential beginnings of a good career that pays forever. I've known plenty of devs and bar passing lawyers that got nowhere in their career and plenty of support engineers that followed roughly the same user base across multiple bankrupt software companies.
Right. so Binance over-hired and over-paid for roles just like the rest of the tech industry in 2021 - 2022 then, as the free money and zero interest rate mania came to an end.
Important point — many of these employees were “paid” at least half of their salary in the company’s own scrip, a shitcoin, and with extra social pressure to not convert it to real money.
Knowing myself I probably asked if he got paid in real money or monopoly money, but I don't recall the answer. It's a friend of a friend I've spoken to a few times over the last ten years, and the last time was a little over a year ago (when we talked about his job, among other things).
https://twitter.com/cz_binance/status/1537013824666095617
Jun 2022, didn't age well.