Mihrac Cerrahoglu

Building @TipboxCo | Advisor @trt | prev: @Besiktas | @Polimeks

[Mihrac Cerrahoglu @mihrac]

Mass adoption doesn't mean web3 networks stealing users from each other.

Expecting to consistently attract the same number of users when there are already a small number of serious users is absurd.

The key is to onboard users who haven't opened a wallet before or don't know about it, without them even noticing. Networks also need to invest in these applications and provide grants.

Anyone can attract existing users through airdrops. The key is to create a product that will appeal to both sectors (web 2.0 and 3.0).

[Mihrac Cerrahoglu @mihrac]

“Non-technical teams are now shipping production code”
This means your assets are at risk.
#coinbase

[Brian Armstrong @brian_armstrong]

This is an email I sent earlier today to all employees at Coinbase:

Team,

Today I’ve made the difficult decision to reduce the size of Coinbase by ~14%. I want to walk you through why we're doing this now, what it means for those affected, and how this positions us for the future.

Why now
Two forces are converging at the same time. We need to be front footed to respond to both.

First, the market. Coinbase is well-capitalized, has diversified revenue streams, and is well-positioned to weather any storm. Crypto is also on the verge of the next wave of adoption, with stablecoins, prediction markets, tokenization, and more taking off. However, our business is still volatile from quarter to quarter. While we've managed through that cyclicality many times before and come out stronger on the other side, we’re currently in a down market and need to adjust our cost structure now so that we emerge from this period leaner, faster, and more efficient for our next phase of growth.

Second, AI is changing how we work. Over the past year, I’ve watched engineers use AI to ship in days what used to take a team weeks. Non-technical teams are now shipping production code and many of our workflows are being automated. The pace of what's possible with a small, focused team has changed dramatically, and it's accelerating every day.

All of this has led us to an inflection point, not just for Coinbase, but for every company. The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core.

What this means
To get there, we are not just reducing headcount and cutting costs, we’re fundamentally changing how we operate: rebuilding Coinbase as an intelligence, with humans around the edge aligning it. What does this mean in practice?

- Fewer layers, faster decisions: We are flattening our org structure to 5 layers max below CEO/COO. Layers slow things down and create coordination tax. The future is small, high context teams that can move quickly. Leaders will own much more, with as many as 15+ direct reports. Fewer layers also means a leaner cost structure that is built to perform through all market cycles.

- No pure managers: Every leader at Coinbase must also be a strong and active individual contributor. Managers should be like player-coaches, getting their hands dirty alongside their teams.

- AI-native pods: We’ll be concentrating around AI-native talent who can manage fleets of agents to drive outsized impact. We’ll also be experimenting with reduced pod sizes, including “one person teams” with engineers, designers, and product managers all in one role.

In short: AI is bringing a profound shift in how companies operate, and we’re reshaping Coinbase to lead in this new era. This is a new way of working, and we need to leverage AI across every facet of our jobs.

To those who are affected
I know there are real people behind these decisions — talented colleagues who have poured themselves into this company and our mission. To those of you who will be leaving: thank you. You’ve helped build Coinbase into what it is today, and I am sincerely grateful for everything you've done.

All impacted team members will receive an email to their personal account in the next hour with more information, and an invitation to meet with an HRBP and a senior leader in your organization. Coinbase system access has been removed today. I know this feels sudden and harsh, but it is the only responsible choice given our duty to protect customer information.

To those affected, we will be providing a comprehensive package to support you through this transition. US employees will receive a minimum of 16 weeks base pay (plus 2 weeks per year worked), their next equity vest, and 6 months of COBRA. Employees on a work visa will get extra transition support. Those outside of the US will receive similar support, based on local factors and subject to any consultation requirements.

Coinbase prides itself on talent density. Our employees are among the most talented people in the world, and I have no doubt that your skills and experience will be highly sought after as you pursue your next chapters.

How we move forward
To the team that is staying, I know this is a difficult day. We’re saying goodbye to colleagues and friends you've been in the trenches with. But here’s what I want you to know as we move forward together:

Over the past 13 years, we have weathered four crypto winters, gone public, and built the most trusted platform in our industry. We’ve made it this far by making hard decisions and by always staying focused on our mission. This time will be no different – nothing has changed about the long term outlook of our company or industry. And most importantly, our mission has never been more important for the world. Increasing economic freedom requires a new financial system, and we’re building it.

The Coinbase that emerges from this will be more capable than ever to achieve our mission.

Brian

[Mihrac Cerrahoglu @mihrac]

Zorba neslin mimarları onlar. Kesinlikle masum değiller. Sonra da meydana getirdikleri toplumun sanata karşı zorbalığına da hayret ediyorlar. “Dağ başı mı burası?” diye feryat ediyorlar. Sen ekranlarda dağlı tavrını övmedin mi yıllarca? Sen sanat aşılamadın ki… Ne bekliyordun?

[Mihrac Cerrahoglu @mihrac]

@Mr_Coffiii Baklava dediğin Koçak’tan alınır. Evet çok pahalı ama kaliteli. Irak’ta çalıştığım yıllarda araçla gidiyorsam Antep’e girer kutu kutu alır, hatrı olan eşe dosta götürürdüm. Hala arayıp onu öven veya soranlar var Irak’tan. Güllüoğlu’dan başka isim bilmiyorlardı.

[Mihrac Cerrahoglu @mihrac]

@pareen @nitrodotacc I Dm’ed you some feedbacks about DeltaV platforms. FYI.

[Mihrac Cerrahoglu @mihrac]

@nitrodotacc @Tipboxco

[Mihrac Cerrahoglu @mihrac]

@nitrodotacc https://t.co/OUk3JZmPHP

[Tipbox @Tipboxco]

Check the survey results and realize the seriousness of the situation. 🫢

[Tipbox @Tipboxco]

Wait, you still want me to watch 10 minutes of fluff just to get a 5 second answer? Hmm, okay. We know that clarity is the ultimate love language. 🤝⏳

[Mihrac Cerrahoglu @mihrac]

Nick wasted his time trying to answer. Just "It's a truly idiotic idea" is a sufficient response.

[Nick Szabo @NickSzabo4]

It's a truly idiotic idea. Epstein made his billions with fiat ponzi schemes, by working for and getting loans from banks, and by working for/with other Zionist plutocrats like Lex Wexner and Leon Black who made their own billions doing similar -- in Wexner's case, getting fiat bank loans to buy and expand sleezy businesses targeting teen sexuality, in Black's case using bank loans (margin) to buy financial securities. Epstein and his business buddies were traditional finance people to the bone, the kind who have no conception or desire for any kind of money different from the kind they profited so handsomely from. That they might become, much later, curious about an asset that appreciated so dramatically, is a very different matter -- they and most other people on Wall Street ended up getting interested in crypto, without ever actually understanding it.

[Mihrac Cerrahoglu @mihrac]

@CryptoMichNL https://t.co/IUURxDxp4o

[Mihrac Cerrahoglu @mihrac]

Mass adoption doesn't mean web3 networks stealing users from each other.

Expecting to consistently attract the same number of users when there are already a small number of serious users is absurd.

The key is to onboard users who haven't opened a wallet before or don't know about it, without them even noticing. Networks also need to invest in these applications and provide grants.

Anyone can attract existing users through airdrops. The key is to create a product that will appeal to both sectors (web 2.0 and 3.0).

[Mihrac Cerrahoglu @mihrac]

@Zubairey0 Thank God I had read @ThisIsSethsBlog's book a long time ago and understood the problem with crypto startups much earlier. Thanks Zubair! for adapting this information for crypto as well.

[Mihrac Cerrahoglu @mihrac]

“There’s nothing wrong with trading — it’s an important market function — but it doesn’t have to be the final destination. The founders who focus on the “product” part of product-market fit may end up the bigger winners. “

Thanks @AriannaSimpson !

https://t.co/yKSCv7BuxS

[Tipbox @Tipboxco]

Imagine writing a detailed guide, helping hundreds of people make a decision, and all you get is a 'like'. Hmm, seems fair.

[Tipbox @Tipboxco]

Real #experience must be verifiable.

[Mihrac Cerrahoglu @mihrac]

@cryptodatawiz @Kalshi @Polymarket So, decentralization continues to serve the interests of scammers.

I'm not sure whether to be happy that at least one useful product has emerged. 🫤

[Mihrac Cerrahoglu @mihrac]

@fkadev Çünkü bu altyapıyı meşru kılacak düzgün bir ürün çıkmadı. PMF kısırlığı. Açgözlülük ağır bastı.

[Mihrac Cerrahoglu @mihrac]

So cute and perfect post!

[Tipbox @Tipboxco]

"This product changed my life!" How? In what way? Give me the details, Brenda.

[Mihrac Cerrahoglu @mihrac]

Çare @Tipboxco . 🔜

[Bahar Cetiner @baharcetiner_]

Herhangi bir online alışveriş platformunda ürün hakkında bilgi almak istiyorum, yüzlerce yorum şundan ibaret: "kargo hızlı geldi, paketleme iyiydi."
Neden?

[Mihrac Cerrahoglu @mihrac]

I watched it and found it quite insightful.
Thanks @zackbshapiro , @MELOWILD and @cryptodatawiz !

[Arcanum Ventures @ArcanumVentures]

Most founders underestimate how much legal risk they are actually taking when they launch a token.

We sat down with @zackbshapiro from Rains Law and @bitcoinpolicy to break down the real traps in tokenomics, venture deals, Reg D, marketing, and US digital asset rules.

If you are building in crypto, this is mandatory viewing.

Watch the full interview:
https://t.co/3j9J0AnZy3

Read the article: https://t.co/zJ26mbow3r

[Mihrac Cerrahoglu @mihrac]

@MELOWILD Actually, they were not offered any other alternative.

No one wants to continue on the difficult and long-term path.