[Rising on Reddit] Bitpay Reportedly Lays Off Most of Entire Staff - page 2.

worhiper_-_

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Quote from: hdbuck on September 25, 2015, 10:26:45 AM

Quote from: worhiper_-_ on September 25, 2015, 10:25:18 AM

Quote from: tsoPANos on September 25, 2015, 09:38:24 AM

Oh this is bad news. Bitpay is the only major payment processor after coinbase.
Let's hope that it won't get down. We don't want to give coinbase the monopoly.

I don't think it'd give coinbase the monopoly but rather open up the space for newer and better competitors. Likely those competitors wouldn't get social engineered into handing out 2 million dollars too.

coinbase is goldman sachs.. hopefully they fail too.

I don't think that'd be the case. Coinbase hadn't had a history of making headlines with bad news.

I think they have a more viable and accessible business model with their exchange and wallet service. I think it's good to have them around, having an easy to use service might introduce more people to bitcoin's fundamentals after they do some research of their own.

hdbuck

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Quote from: worhiper_-_ on September 25, 2015, 10:25:18 AM

Quote from: tsoPANos on September 25, 2015, 09:38:24 AM

Oh this is bad news. Bitpay is the only major payment processor after coinbase.
Let's hope that it won't get down. We don't want to give coinbase the monopoly.

I don't think it'd give coinbase the monopoly but rather open up the space for newer and better competitors. Likely those competitors wouldn't get social engineered into handing out 2 million dollars too.

coinbase is goldman sachs.. hopefully they fail too.

worhiper_-_

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Quote from: tsoPANos on September 25, 2015, 09:38:24 AM

Oh this is bad news. Bitpay is the only major payment processor after coinbase.
Let's hope that it won't get down. We don't want to give coinbase the monopoly.

I don't think it'd give coinbase the monopoly but rather open up the space for newer and better competitors. Likely those competitors wouldn't get social engineered into handing out 2 million dollars too.

hdbuck

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bitpay's new business model: https://bitcointalksearch.org/topic/bitpays-new-business-model-1190505 Lips sealed

TeamButtcoin

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Quote from: Kprawn on September 25, 2015, 12:20:00 AM

The CEO fucks up and the staff gets laid off... how typical... punish someone else for his incompetence and lack of a proper business procedures.

you must be new to 'capitalism'

tsoPANos

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In math we trust.

Oh this is bad news. Bitpay is the only major payment processor after coinbase.
Let's hope that it won't get down. We don't want to give coinbase the monopoly.

MicroGuy

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Twitter @realmicroguy

Quote from: BillyBobZorton on September 25, 2015, 09:29:10 AM

Good, after the "hacking" incident they proved being huge morons. I still didn't understand the point of Bitpay.
The point of Bitcoin is a decentralized economy, then someone tell me why do I need some third party to deal with my money? If I want to get paid i'll just get an address and share it with whoever has to pay me? Whats the point of Bitpay, it only turns Bitcoin into paypal 2.0

The only thing these guys seem to be good at is raising venture capital and burning through cash. If I had been running the company, I would have placed equal focus on payroll integration and kept costs at a minimum. The executive that sent $1.8 million to the wrong person should have resigned/been forced out immediately.

Here's the RT show: https://www.youtube.com/watch?v=E5rVjD1XCHE

I can't see any possible way this company can survive under its current management. The company's co-founder was on RT.COM just a few days before this announcement. He should have been at the helm of a company war room instead of jetting around having fun.

Your company is about to crash into an iceberg - not the best time to be traveling around doing interviews.

BillyBobZorton

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Good, after the "hacking" incident they proved being huge morons. I still didn't understand the point of Bitpay.
The point of Bitcoin is a decentralized economy, then someone tell me why do I need some third party to deal with my money? If I want to get paid i'll just get an address and share it with whoever has to pay me? Whats the point of Bitpay, it only turns Bitcoin into paypal 2.0

JeromeL

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CurioInvest [IEO Live]

Quote from: brg444 on September 25, 2015, 04:09:51 AM

Well who needs merchants anyway?

Quote

Who Needs Merchants Anyway?
Hoarders are more important than merchants. If a restaurant downtown starts accepting bitcoins, this does not necessarily create an incentive for anybody to buy more bitcoins. Why would anyone bother if they can still just use a credit card? If you can convince a merchant to accept bitcoins and stop accepting dollars, then I’ll be impressed.

Unless a merchant is offering something that cannot be bought for dollars, or at least offering a discount, he is only benefiting Bitcoin to the extent that he encourages more hoarding. If he immediately converts the bitcoins he receives as payment into dollars, and if his customers only buy bitcoins so as to spend them at his shop shortly thereafter, then neither has much direct effect on Bitcoin’s demand. The real hero is the hoarder behind the scenes who buys from the merchant and enables him to convert his payments into dollars.

http://nakamotoinstitute.org/mempool/im-hoarding-bitcoins-and-no-you-cant-have-any

I appreciate core devs haven't beeing caught in the GavinHearn trap "we need better payment features for customers/merchants so we can compete with PayPal !". Core devs are not compromising security, privacy and censorship-resistance, for user-experience, and I fully agree with them. User experience should be entirely handled by wallets and upper layer protocols.

1Referee

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Quote from: brg444 on September 25, 2015, 05:53:15 AM

Quote from: jertsy on September 25, 2015, 05:48:54 AM

Quote from: brg444 on September 25, 2015, 05:10:21 AM

Quote from: Mickeyb on September 25, 2015, 05:07:47 AM

So what would happen to all of the companies that accept Bitcoin through Bitpay if Bitpay is to cease its existence? Would we all of the sudden stay without almost half of our merchants? This would suck and it would surely cause the blow to whole Bitcoin economy!

I am sure this is all connected to the recent news on how they have been hacked for almost $2 million. Nothing good will come out of this I am afraid!

Nonsense. Pure nonsense

Bitcoin doesn't exist to buy game credits on Microsoft store.

The reason why they have to cut costs is that barely any of their merchants are seeing any sale from Bitcoin acceptance and therefore they aren't generating any revenue whatsoever.

It's quite a coincidence they decided to cut costs by sacking most of their staff straight after news of the hack got out. They must know they will lose business because some merchants will lose their trust in Bitpay. Its reputation has been damaged so badly I wonder if it can survive in the long term. According to coindesk the average daily volume of Bitpay was $435,000 in 2014. However, I can't find any information on what the average daily volume of Bitpay was in 2015, but they must still have been generating some volume before the hack was exposed.

http://www.coindesk.com/bitcoin-on-the-dark-web-the-facts/

They have been laying off employees for some time now, this is not the first occurrence nor is it the last.

It's obvious their business is struggling. The recent move to depart from the "always free, forever" transaction fees model is another example of this. I can't prove any numbers but I'm confident their 2015 numbers must be miserable.

It's a business after all. I don't mind them raising the fees as long as they are able to keep it fair and well below the fees of Visa, MasterCard and so on. This only opens the doors to new services to convert Bitcoin sales into fiat for merchants. The more companies we have like BitPay, the better. It's a free market, so let them try to snoop a certain percentage of the market with a better business model that suits both the company itself and the merchants.

brg444

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Bitcoin replaces central, not commercial, banks

Quote from: jertsy on September 25, 2015, 05:48:54 AM

Quote from: brg444 on September 25, 2015, 05:10:21 AM

Quote from: Mickeyb on September 25, 2015, 05:07:47 AM

So what would happen to all of the companies that accept Bitcoin through Bitpay if Bitpay is to cease its existence? Would we all of the sudden stay without almost half of our merchants? This would suck and it would surely cause the blow to whole Bitcoin economy!

I am sure this is all connected to the recent news on how they have been hacked for almost $2 million. Nothing good will come out of this I am afraid!

Nonsense. Pure nonsense

Bitcoin doesn't exist to buy game credits on Microsoft store.

The reason why they have to cut costs is that barely any of their merchants are seeing any sale from Bitcoin acceptance and therefore they aren't generating any revenue whatsoever.

It's quite a coincidence they decided to cut costs by sacking most of their staff straight after news of the hack got out. They must know they will lose business because some merchants will lose their trust in Bitpay. Its reputation has been damaged so badly I wonder if it can survive in the long term. According to coindesk the average daily volume of Bitpay was $435,000 in 2014. However, I can't find any information on what the average daily volume of Bitpay was in 2015, but they must still have been generating some volume before the hack was exposed.

http://www.coindesk.com/bitcoin-on-the-dark-web-the-facts/

They have been laying off employees for some time now, this is not the first occurrence nor is it the last.

It's obvious their business is struggling. The recent move to depart from the "always free, forever" transaction fees model is another example of this. I can't prove any numbers but I'm confident their 2015 numbers must be miserable.

jertsy

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Quote from: brg444 on September 25, 2015, 05:10:21 AM

Quote from: Mickeyb on September 25, 2015, 05:07:47 AM

So what would happen to all of the companies that accept Bitcoin through Bitpay if Bitpay is to cease its existence? Would we all of the sudden stay without almost half of our merchants? This would suck and it would surely cause the blow to whole Bitcoin economy!

I am sure this is all connected to the recent news on how they have been hacked for almost $2 million. Nothing good will come out of this I am afraid!

Nonsense. Pure nonsense

Bitcoin doesn't exist to buy game credits on Microsoft store.

The reason why they have to cut costs is that barely any of their merchants are seeing any sale from Bitcoin acceptance and therefore they aren't generating any revenue whatsoever.

It's quite a coincidence they decided to cut costs by sacking most of their staff straight after news of the hack got out. They must know they will lose business because some merchants will lose their trust in Bitpay. Its reputation has been damaged so badly I wonder if it can survive in the long term. According to coindesk the average daily volume of Bitpay was $435,000 in 2014. However, I can't find any information on what the average daily volume of Bitpay was in 2015, but they must still have been generating some volume before the hack was exposed.

http://www.coindesk.com/bitcoin-on-the-dark-web-the-facts/

brg444

hero member

Activity: 644

Merit: 504

Bitcoin replaces central, not commercial, banks

Quote from: Mickeyb on September 25, 2015, 05:07:47 AM

So what would happen to all of the companies that accept Bitcoin through Bitpay if Bitpay is to cease its existence? Would we all of the sudden stay without almost half of our merchants? This would suck and it would surely cause the blow to whole Bitcoin economy!

I am sure this is all connected to the recent news on how they have been hacked for almost $2 million. Nothing good will come out of this I am afraid!

Nonsense. Pure nonsense

Bitcoin doesn't exist to buy game credits on Microsoft store.

The reason why they have to cut costs is that barely any of their merchants are seeing any sale from Bitcoin acceptance and therefore they aren't generating any revenue whatsoever.

Mickeyb

hero member

Activity: 798

Merit: 1000

Move On !!!!!!

So what would happen to all of the companies that accept Bitcoin through Bitpay if Bitpay is to cease its existence? Would we all of the sudden stay without almost half of our merchants? This would suck and it would surely cause the blow to whole Bitcoin economy!

I am sure this is all connected to the recent news on how they have been hacked for almost $2 million. Nothing good will come out of this I am afraid!

coinpr0n

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Well this is a pity. Not sure about their business model, but their open source contributions have been great. Can't help but think this is all because of the "hack".

dothebeats

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Quote from: randy8777 on September 25, 2015, 04:29:26 AM

always when you think there won't be anymore bad news from important bitcoin companies or exchanges, you'll realize that we'll never have a year or at least 6 months without troubles. i hope it won't damage the reputation of bitpay.

The hack itself damaged BitPay more than anything else. This proves that even though how secure a service can be, there would certainly be some exploits available to be performed on such a service.

brg444

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Bitcoin replaces central, not commercial, banks

Quote from: dothebeats on September 25, 2015, 04:30:50 AM

Quote from: brg444 on September 25, 2015, 04:24:24 AM

Quote from: dothebeats on September 25, 2015, 04:16:17 AM

Quote from: ikydesu on September 25, 2015, 04:07:14 AM

Quote from: dothebeats on September 25, 2015, 03:43:15 AM

It's kinda sad on the part of the employees whether this news is true or not. Losing almost $2m in one instance is a big blow to the company. Saying it is hacked by someone or whatsoever shouldn't be enough on the part of the CEO--he should give more thorough explanations as to why this happened.

This news is true,
http://www.coindesk.com/bitcoin-processor-bitpay-reduces-staff-in-cost-cutting-effort/
Also this is effected to merchants: http://www.coindesk.com/bitpay-cut-free-unlimited-processing-merchants/

So the article that I've read about BitPay's employees crying is true? No wonder they'd be crying because they lose their jobs and it's hard to find a new job nowadays. What I'm doubting is that whether they're really hacked or not (but I know there is much more than just 'hacked').

It has been confirmed that they have lost 2M$ in an email phishing scam/hack.

Although this definitely did not help their cause this obviously is not the reason for the current layoff.

I've also read that they reduced the number of their employees to 'cut costs' and I wonder how would they still deliver an effective operation given that they have less numbers of employees compared to what they have before. By any means, do you have a link on where you've read that they lost $2M because of the scheme you posted above?

http://www.bizjournals.com/atlanta/blog/atlantech/2015/09/atlantas-bitpay-got-hacked-for-1-8-million-in.html

tiggytomb

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This is a shame, it's always hard to see people losing their jobs and from the sound of it there wasn't any prior notice although after the recent hack news people may have been thinking that there would be some cutbacks.

I hope this is just to save some cash and streamline their workforce and not the downfall of this company, it is true that cutbacks happen in non Bitcoin companies, but I am sure this will get some media attention and a negative spin put on Bitcoin.

dothebeats

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Quote from: brg444 on September 25, 2015, 04:24:24 AM

Quote from: dothebeats on September 25, 2015, 04:16:17 AM

Quote from: ikydesu on September 25, 2015, 04:07:14 AM

Quote from: dothebeats on September 25, 2015, 03:43:15 AM

It's kinda sad on the part of the employees whether this news is true or not. Losing almost $2m in one instance is a big blow to the company. Saying it is hacked by someone or whatsoever shouldn't be enough on the part of the CEO--he should give more thorough explanations as to why this happened.

This news is true,
http://www.coindesk.com/bitcoin-processor-bitpay-reduces-staff-in-cost-cutting-effort/
Also this is effected to merchants: http://www.coindesk.com/bitpay-cut-free-unlimited-processing-merchants/

So the article that I've read about BitPay's employees crying is true? No wonder they'd be crying because they lose their jobs and it's hard to find a new job nowadays. What I'm doubting is that whether they're really hacked or not (but I know there is much more than just 'hacked').

It has been confirmed that they have lost 2M$ in an email phishing scam/hack.

Although this definitely did not help their cause this obviously is not the reason for the current layoff.

I've also read that they reduced the number of their employees to 'cut costs' and I wonder how would they still deliver an effective operation given that they have less numbers of employees compared to what they have before. By any means, do you have a link on where you've read that they lost $2M because of the scheme you posted above?

randy8777

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always when you think there won't be anymore bad news from important bitcoin companies or exchanges, you'll realize that we'll never have a year or at least 6 months without troubles. i hope it won't damage the reputation of bitpay.

Topic: [Rising on Reddit] Bitpay Reportedly Lays Off Most of Entire Staff - page 2. (Read 4196 times)