this post was submitted on 22 Dec 2023
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All the reasons mentioned are true, and also I think there could be a more insidious one.
Back in the day, walmarts were really good at showing up in small towns, reducing their prices to a massive loss (unsustainable), drive out the small town's other retail options, then jack prices back up the moment they become dominant and control the market.
I understand Canada isn't a small town, but the field of DevOps/Infrastructure engineers with relevant skills that would work in an office in Torronto? Leverage your fictional pile of investment from tether to temporarily take losses on labor to squeeze the market, then dump / downgrade the value of labor as soon as conditions are more favorable.
This is in many ways way the major tech companies do all the time: overhire cynically not because the extra hands have meaningful projects, but precisely because they don't want upstart competitors from any of the talent.
so the main thing protecting us from this from crypto bros is that they are not capable of planning that far ahead