From Bloomberg:
The company is also ending work arrangements with about 120 contractors worldwide, San Jose, California-based EBay said today in a statement.
PayPal President David Marcus, who took over in April, is leading an overhaul to streamline a business marked by inefficiencies such as excessive meetings and months-long project approvals. He started the makeover in June by consolidating nine product groups into one.
Bet Ebay wishes they had a huge decentralized network of creative entrepreneurs and developers, probably a lot more than 425 like Paypal is cutting, willing to work for free and bear the financial risk with the services they develop to spread the payment system instead of getting big fat paychecks while they sit around pontificating in meetings and not shipping any new products.
Wonder if the monopolist Paypal is starting to feel the heat from its new competitor. They should!
From 18 JUL 2012 article at Venture Beat:
PayPal was a major driver of this performance, reporting that its revenue increased 26% year over year to around $1.4 billion and 113.2 million active accounts. That’s nearly 42 percent of eBay’s overall revenue.
There's gold, and
LOTS of it, in them there Bitcoin hills!
For perspective or comparison: with about 700k active Bitcoin users that puts a multiple of about 160x to be Paypal's size. 160x$10.5=$1,680/BTC or a money supply of about $17.64B. Ebay's market cap is $64B and Paypal makes up about 25% of earnings and 25% of $64B is $16B.
Go Bitcoin entrepreneurs, GO!
