Uber Reports Big Losses Caused by Growth First Business Model
Uber reported losses of over $1.2 billion during the first six months of 2016, indicating a changing ridesharing landscape. This massive shortfall, according to Uber’s head of finance Gautam Gupta, is caused by driver subsidies. In an effort to maintain its top position while still offering competitive pricing to customers, the ridesharing giant has reportedly spent at least $1 billion in China alone in subsidies for drivers. Investor speculation concludes that Uber is pursuing a “grow first, ask questions later” model, seeking to secure total market dominance before pivoting to....
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Recently I wrote a news piece that reported that Uber had begun accepting Bitcoin payments. Although I gave myself enough room to later back away from the statement, sure to clarify that I hadn't confirmed this with Uber themselves yet, there is still a certain guilt that comes with being wrong about something. The whole community was misinformed by either a liar, someone having fun, or an Uber support agent. Whichever the case, sitting on the story and following up with Uber first would have been the way to go. As it turns out, Uber is not accepting Bitcoin payments any time soon. Which....
Uber gave some statements to several media organizations about these rumors last Wednesday. the company raised the finger on to much larger public companies still operating under a dubious model where they always report annual losses and rarely declare big profits. Take it as an example Amazon; the online market has a market cap of $250bn; however, it....
Despite several reports claiming that Uber is already starting to accept bitcoin payments, the company firmly denied these updates. Uber clarified that it is not yet considering bitcoin payments integration even with its long-term plans. These rumors started swirling after BrainTree, a payments processor company, mentioned that it would allow its merchants to accept bitcoin should they choose to do so. Just recently, a Reddit user shared an interaction with an Uber help desk representative that was misinterpreted to mean that the company was considering bitcoin integration. Bitcoin....
![Uber with Bitcoin Now Possible: Here’s How [UPDATE]](minthumb/725_aHR0cDovL2NvaW50ZWxlZ3JhcGguY29tL3N0b3JhZ2UvdXBsb2Fkcy92aWV3LzcxZTk5ZDlhNDhmM2E5NTdmZTAzMjExYzg3ZmVmNjliLnBuZw==.jpg)
[UPDATE: It appears that Uber has suspended Bitcoin Builder's account and thus, the service is no longer operational.] US-based bitcoin exchange platform Bitcoin Builder has announced their release of a bitcoin service that enables users to pay with bitcoin for Uber rides. How it Works. Bitcoin Builder created a business account on the Uber network, which allows the firm to display itself as a payment method on the Uber mobile app. Users are required to use the Bitcoin Builder multi-sig wallet to associate it with the firm’s Uber business account. After the activation, users will see....
Since ride-sharing platform Uber has denied rumors saying that it is accepting bitcoin transactions and clarified that this feature is not yet in the pipeline, Bitcoin Builder sought to create a workaround by offering users access to its Uber business account to make bitcoin payments. However, Uber decided to suspend this particular account this week. Bitcoin Builder is still appealing to Uber to reinstate the account and, according to a message shared on Reddit, the company will reexamine the suspension. Uber Payments Thru Bitcoin Builder. As it turns out, Bitcoin Builder is facilitating....