Bitcoin Foundation is “Effectively Bankrupt"
The collapse continues.
One of the newly elected board members of the premier BItcoin organization, Bitcoin Foundation, has declared the group "effectively bankrupt," reports ARStechnica.
In a Saturday blog post, the new member, Olivier Janssens, claimed that the group has been hiding this financial distress from its membership. As he wrote:
The Bitcoin Foundation hates transparency. If they would have been transparent then everyone would know there is no money left. Something I think the members have a right to know, wouldn’t you think? Members have a right to know that the current board failed to tell them the truth, and that their way of running the organization resulted in it going bankrupt. But instead of taking responsibility, they want to find the next executive director that will come up with another magic plan. Ironically, being transparent from the start might have prevented this whole thing to begin with.
Will they find new funding or has the Bitcoin Foundation ended long before the Fed has ended?
-RW
But muh blockchain!
ReplyDeleteSourced from a popular bitcoin blog Reddit
ReplyDeleteFor a non-profit 'Foundation' startup, looks like they may not have had the best pay and financial controls:
>If anyone wants the salaries, they're on page 8:
Gavin Andresen - 209,648
Patrick Murck - 57,592
Lindsay Holland - 160,652
>Who is even Lindsay Holland that is getting paid 160k? I never even heard of her.
>"Bitcoin earners handle their digital paychecks in different ways. One method is the "immediate cash-out," practiced by Lindsay Holland, assistant director of the Bitcoin Foundation. Like all the foundation's employees, Holland receives her entire salary in the currency. "I hold a certain percent of my bitcoin and sell the rest. I try to do that on a regular basis," Holland said. The portion she holds is part of her investment portfolio. Regular cash-outs help protect Holland's spending money from fluctuations in the price of bitcoin, while the part that she saves gives her the opportunity to benefit from the long-term growth in value that enthusiasts hope to see. (Source: Coindesk.com "What it's actually like to get paid exclusively in bitcoins" Published on September 25, 2013)