[Rising on Reddit] Bitpay Reportedly Lays Off Most of Entire Staff - page 3.

brg444

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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.

dothebeats

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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').

brg444

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Bitcoin replaces central, not commercial, banks

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

ikydesu

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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/

dothebeats

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Cashback 15%

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.

favdesu

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Quote from: kingcolex on September 24, 2015, 04:58:08 PM

Well I wonder if this has to do with them losing 2million(USD) in Bitcoin, looks like a single stupid CEO can ruin a company no matter what Business they're in.

this exactly. I still don't get how a company dealing with crypto currency is too incompetent to use the most basics like PGP encryption/signing of emails. I would never trust bitpay for a single cent.

worhiper_-_

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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. They have to make up for the

$ 2 000 000 they lost, and the easiest way is to trim the least important people in the business. Their main problem is not the $ 2 000 000 ...It's their reputation that is

shattered and how this once again taints the Bitcoin community with another scandal. Huh

Well, you can't nessecerely blame the CEO for wanting to cut costs. It seems as though the profit wasn't enough, he alone probably couldn't stop this from coming. I'm sure that laying off people was the last resort, probably investors played a role in this.

brg444

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Bitcoin replaces central, not commercial, banks

Quote from: Kprawn on September 25, 2015, 01:15:20 AM

Quote from: brg444 on September 25, 2015, 12:22:08 AM

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. They have to make up for the

$ 2 000 000 they lost, and the easiest way is to trim the least important people in the business. Their main problem is not the $ 2 000 000 ...It's their reputation that is

shattered and how this once again taints the Bitcoin community with another scandal. Huh

This has nothing to do with Bitcoin. I thought we had moved away from such broken logic after Mt.Gox.

Fiat businesses go bankrupt and squander money all the time, this is no an indictment on the form of money itself.

Yea, the main difference being that fiat is a established currency and Bitcoin the new technology trying to disrupt it. Every time a MtGox or a BitPay happens, the shills and

the media jump onto this like flees on a dog. This definitely has a impact on the community.. like it or not... it's a fact. Roll Eyes

It's a fact that intelligent people who would consider Bitcoin as an investment can see this drama for what it is: market participants incompetence.

If that scares a couple of Jims & Sallies on the street from buying Bitcoin that does not bother me one bit because they wouldn't be buying for the right reasons in the first place and it is likely the value they would bring to Bitcoin wouldn't move the needle one bit anyway.

Kprawn

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Quote from: brg444 on September 25, 2015, 12:22:08 AM

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. They have to make up for the

$ 2 000 000 they lost, and the easiest way is to trim the least important people in the business. Their main problem is not the $ 2 000 000 ...It's their reputation that is

shattered and how this once again taints the Bitcoin community with another scandal. Huh

This has nothing to do with Bitcoin. I thought we had moved away from such broken logic after Mt.Gox.

Fiat businesses go bankrupt and squander money all the time, this is no an indictment on the form of money itself.

Yea, the main difference being that fiat is a established currency and Bitcoin the new technology trying to disrupt it. Every time a MtGox or a BitPay happens, the shills and

the media jump onto this like flees on a dog. This definitely has a impact on the community.. like it or not... it's a fact. Roll Eyes

brg444

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Activity: 644

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Bitcoin replaces central, not commercial, banks

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. They have to make up for the

$ 2 000 000 they lost, and the easiest way is to trim the least important people in the business. Their main problem is not the $ 2 000 000 ...It's their reputation that is

shattered and how this once again taints the Bitcoin community with another scandal. Huh

This has nothing to do with Bitcoin. I thought we had moved away from such broken logic after Mt.Gox.

Fiat businesses go bankrupt and squander money all the time, this is no an indictment on the form of money itself.

Kprawn

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Activity: 1904

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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. They have to make up for the

$ 2 000 000 they lost, and the easiest way is to trim the least important people in the business. Their main problem is not the $ 2 000 000 ...It's their reputation that is

shattered and how this once again taints the Bitcoin community with another scandal. Huh

smoothie

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I guess we can expect more downside in the price?

Pretty big news that bitpay layed off 20 employees on pretty much 0 notice.

If they got a bunch of funding you would think that they would be good to go for a while no?

Or did the squander it somehow?

brg444

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Bitcoin replaces central, not commercial, banks

Quote from: onewiseguy on September 24, 2015, 11:56:18 PM

Quote from: brg444 on September 24, 2015, 11:54:34 PM

Quote from: worhiper_-_ on September 24, 2015, 11:50:33 PM

With coindesk covering we can be more than certain that this is no longer speculation. What's up with BitPay though? Did the 30m USD investment they received more than a year ago start running out? Just too much bad news for them lately.

The problem for them is a two years bear market. No one can be bothered spending Bitcoin right now hence they have no business.

The more general concern is that it is pretty clear by now that mainstream consumers are not interested in Bitcoin and perfectly fine with their fiat and credit cards.

well who wouldn't since fiat and credit cards are easier to use at the moment.
bitcoin still has a long way to go form buying and selling instantly. Huh

Fortunately commercial retail adoption is a marginal aspect of what makes Bitcoin great and useful and is absolutely not necessary for it to succeed.

Bitcoin doesn't need a "killer app". It will grow organically as it has since its inception. The greatest driver of adoption will be socioeconomic and geopolitical events.

onewiseguy

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Quote from: brg444 on September 24, 2015, 11:54:34 PM

Quote from: worhiper_-_ on September 24, 2015, 11:50:33 PM

With coindesk covering we can be more than certain that this is no longer speculation. What's up with BitPay though? Did the 30m USD investment they received more than a year ago start running out? Just too much bad news for them lately.

The problem for them is a two years bear market. No one can be bothered spending Bitcoin right now hence they have no business.

The more general concern is that it is pretty clear by now that mainstream consumers are not interested in Bitcoin and perfectly fine with their fiat and credit cards.

well who wouldn't since fiat and credit cards are easier to use at the moment.
bitcoin still has a long way to go form buying and selling instantly. Huh

brg444

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Activity: 644

Merit: 504

Bitcoin replaces central, not commercial, banks

Quote from: worhiper_-_ on September 24, 2015, 11:50:33 PM

With coindesk covering we can be more than certain that this is no longer speculation. What's up with BitPay though? Did the 30m USD investment they received more than a year ago start running out? Just too much bad news for them lately.

The problem for them is a two years bear market. No one can be bothered spending Bitcoin right now hence they have no business.

The more general concern is that it is pretty clear by now that mainstream consumers are not interested in Bitcoin and perfectly fine with their fiat and credit cards.

onewiseguy

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looks like bitcoin companies are loosing everything little by little.

bitcoin needs a new edge to get e better foot.

worhiper_-_

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With coindesk covering we can be more than certain that this is no longer speculation. What's up with BitPay though? Did the 30m USD investment they received more than a year ago start running out? Just too much bad news for them lately.

brg444

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Quote from: gogxmagog on September 24, 2015, 10:50:38 PM

News like this again and again. And people wonder why there's no mass adoption...

It seems like there are no success stories.

Gloomy

There are no success stories in broken business plans indeed.

The writing was on the wall as to BitPay's eventual demise.

They could only ride to coattail of the 2013 bubble for so long until people realized there was no point to buying stuff with BTC and everyone with brains recognized that the whole retail mass adoption was never happening. Why you ask? Well obviously because Bitcoin has a piss poor value proposition from a mainstream consumer standpoint.

gogxmagog

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News like this again and again. And people wonder why there's no mass adoption...

It seems like there are no success stories.

Gloomy

bitwhispers

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Quote from: MicroGuy on September 24, 2015, 03:28:29 PM

This is an interesting development if true, I'm trying to reach Bitpay now to confirm. Cry

http://puu.sh/kmSrn/6ff27ed316.png

https://www.reddit.com/r/Bitcoin/comments/3m7rj1/did_bitpay_lay_off_most_remaining_employees_today/

This would be an interesting story. Will try my sources also.

edit: http://www.coindesk.com/bitcoin-processor-bitpay-reduces-staff-in-cost-cutting-effort/

Topic: [Rising on Reddit] Bitpay Reportedly Lays Off Most of Entire Staff - page 3. (Read 4175 times)