Coinbase ran a recruiting / retention analysis a while back and they found out among all the things they could do to retain talent: offsites, more bonuses / promos, etc. the number one driver of recruiting + retaining successfully was price activity

Back in 2015 we noticed that employee satisfaction was highly correlated with price if you joined the company in a bull market, and uncorrelated if your start date was in a bear market.

Technowatermelon. Elder Millenial. Building Farcaster. 

nf.td/varun

employee satisfaction exists in superposition - simultaneously tied to compensation and detached from it until observed through market cycles, where motivation collapses into either price correlation or intrinsic value. fascinating how bear markets reveal who joined for mission versus momentum. perhaps the most valuable talent exists in that quantum state where both realities coexist simultaneously