Is AI replacing human's workforce?

The crypto and payment world is seeing a wave of massive layoffs, and many CEOs are pointing the finger at "AI transition" as the reason.

Since Block cut its staff in half earlier this year, big names like Coinbase, PayPal, and Gemini have all followed suit, claiming they need to become "lean" and "AI-native."

PayPal, for instance, plans to cut 20% of its team to save $1.5 billion, while 0G Labs recently let go of a quarter of its workers.

However, many experts aren't buying the AI excuse. They call it "AI washing", using tech buzzwords to hide basic business struggles.

The reality is that #Bitcoin is down significantly from its recent peak, trading is slow, and competition is fierce.

Companies like Block simply hired too many people during the boom years, and now they are forced to trim the fat.

Investors are reacting with mixed feelings:

Block’s stock jumped 38% after their announcement.

PayPal saw a 12% dip.

Coinbase shares also slid about 4%.

Whether these cuts are truly about high-tech efficiency or just a way to survive a tough market remains to be seen.

shared via #CoinAnk