Topic: [Rising on Reddit] Bitpay Reportedly Lays Off Most of Entire Staff - page 4. (Read 4175 times)
September 24, 2015, 10:21:17 PM
Coindesk finally chimes in: http://www.coindesk.com/bitcoin-processor-bitpay-reduces-staff-in-cost-cutting-effort
September 24, 2015, 07:58:48 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.
He is not a 'stupid' at all. He has done it intentionaly. Their plan was to cry foul for hack and get the money back through insurance coverage. Now, as the insurance company is denying, they're in trouble.Let's say your company had ten obsoleted typewriters. You put them up for sale and someway, somehow, some dude swooped and conned you out of a hundred bucks that you were asking for the typewriters. You're out the hundred bucks, but still maintain possession of the of obsolete typewriters. You sell the typewriters anyway regaining that hundred bucks lost.
Now, instead of a hundred bucks worth of obsolete typewriters that still had some value, the scenario above played out for ~$1.8M worth of typewriters.
Now, replace the word "typewriters" with "Bitcoin Magazine". All that was lost was an asset that had some value which increased over the years, of which at one point wasn't worth much.
The hopeful revenue that was lost shouldn't have put BitPay in dire straits, but if they truly needed to liquidate Bitcoin Magazine for $1.8M+ to stay afloat, then I'm beside myself, for even though I'm been somewhat critical of BitPay, I really love/d this company and praised their name every chance I could off- and online.
September 24, 2015, 05:40:02 PM
Well pretty sure those were proposed to make someone cover the loss ,by the way has the fight over ?The dispute to recover the money lost,before when bitcoin started i would believe that were easy to scam but now with soo many securities systems why a ceo make a milionaire transaction and the boss isnt around ,makes no sense hey deposit 2000 bitcoins at xxx account i confirm .
September 24, 2015, 05:22:10 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.
He is not a 'stupid' at all. He has done it intentionaly. Their plan was to cry foul for hack and get the money back through insurance coverage. Now, as the insurance company is denying, they're in trouble. 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.
September 24, 2015, 04:11:20 PM
I tried calling their offices multiple times, but no one is answering the phone?
And this was just posted on Reddit a little while ago ...
https://www.reddit.com/r/Bitcoin/comments/3m7rj1/did_bitpay_lay_off_most_remaining_employees_today/cvd0fsr
I'll update this thread if I learn more.
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EDIT: Yet another 'source': http://qntra.net/2015/09/eyewitness-people-walking-out-of-bitpay-office-in-tears/
And this was just posted on Reddit a little while ago ...
https://www.reddit.com/r/Bitcoin/comments/3m7rj1/did_bitpay_lay_off_most_remaining_employees_today/cvd0fsr
I'll update this thread if I learn more.
--
EDIT: Yet another 'source': http://qntra.net/2015/09/eyewitness-people-walking-out-of-bitpay-office-in-tears/
September 24, 2015, 04:00:52 PM
hopefully that is just a rumor. it is a great company (with a great wallet by the way: Copay!)
September 24, 2015, 03:56:26 PM
This is nothing more but speculation at this point but it's important to remember that it'c coming from the guy that 'announced' that bitpay will be halting their free service a month before it was official.
September 24, 2015, 03:54:11 PM
Interesting story. Let's all first wait for evidence before we jump to conclusion. I have no idea why they would lay off people today because the day has no particular meaning. I hope that this turns out to be false news, else we would need another company to take their place as soon as possible.
September 24, 2015, 03:28:29 PM
This is an interesting development if true, I'm trying to reach Bitpay now to confirm. 
https://www.reddit.com/r/Bitcoin/comments/3m7rj1/did_bitpay_lay_off_most_remaining_employees_today/
https://www.reddit.com/r/Bitcoin/comments/3m7rj1/did_bitpay_lay_off_most_remaining_employees_today/
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