Bitcoin Forum

http://cointelegraph.com/news/113873/bitcoin-foundation-is-effectively-bankrupt

they are bankrupt supposedly so what value would be left in this psudo company?

id suggest being able to come up with 6 months salary for all the board members

would be about the maximum buyout value if not 6 weeks

1USD  ;D

If it's bankrupt it'll technically sell to someone for a dollar but they'll take over all of the company debt too.

a few maxed out $50,000 credit cards no doubt with 25% interest

Their money came from the membership fees of people recruited on this forum. At the time they were funding their little club the people here were gung ho early miners with plenty of btc to throw around. Those guys are gone now. Some of them got screwed out of their vast bitfortunes by scammers like pirate and others grew tired of the BS from the foundation. Hell, some of the scammers and crooks were founders of TBF. At this point, unless they find a gullible benefactor with deep pockets, their chances of getting enough funding to stay afloat are slim.

See this thread for research: https://bitcointalk.org/index.php?topic=113400.0

it pretty much just gets posted on this forum and all the other forums anyway, its up to 50% of miners to make the switch

depending on the level of changes etc it would be a group consensus when its needed no doubt, can see plenty of

reasons why the miners would group together to adopt some changes as Bitcoin grows,

It should be a volunteer system where coders from around the world work together to maintain Bitcoin. However, there is a greater possibility that self interested businesses making money from Bitcoin will pay coders to maintain the system because it's their cash cow.

Miners have to agree anyway and then their is alts, it really is a low profit avenue to anyone who doesn't have an incredible knowledge of how

everything works,

100 satoshi

I think we don't need that organization and it doesn't represent bitcoin, one question : was not bitcoin decentralized? Why didn't they intervene in the mt.gox crash (karpeles was a member of that foundation)?Again we don't need them, if someone want to code he should be a "volunteer" nothing else.

its an attempt to make a group or organization strong that represents good principles whether it be releasing mining code or standards or something else

and at the same time people being able to have an income from doing a rewarding job, their is hundreds of such organizations representing everything

else and virtually none of them have any meaning either yet your fiat tax dollars and everyone's else funds them day in day out while they hide under

their desks and receive a salary, the only reason that they get paid is because its someone in the fiat chain handing out money to people they want

to see have a good life for watever reason and this is currently a link missing in the Cryptocurrency chain,

Ha, not surprised at all. Natural selection.

Of course, I just expect Coinbase, Circle, BitPay, mining farms and others to pay for maintaining the system. Their livelihood depends on it.

cashflow is king so they say and their cashflow must be hurt recently.

Their worth: worthless.


It always surprises me how much money people will pay to join little clubs or buy titles. Look at the forum here and how many people bought donator or vip status. I know bitcoin was much cheaper back when they bought them but still not worthless and they ended up paying over the odds for a mere title. Bet most regret that now.

if memberships where their cashcow then they must have run out ages ago and where running on credit cards or something, maybe just washing dishes who knows

They are a part of bitcoin core development, so it sucks to see them like this, it would be best that lets say 10% of the transaction fees go to them, but
that would mean a centralisation of some sort, and we all know how you guys react to that..
If they get donations, like they should from big bitcoin companies that also depend on them, they should be fine, but donations are a temp fix, so i still think that % of the transaction fees is the best way to go.

cheers

Yes, it is funny how important people think those things are. I remember in 2011-12 everyone was preaching about how valuable btc will be some day. They would say it should go to $10,000 each in a few years. But those same people were throwing btc at any group that asked for it. Either they planned to give away $250,000-$500,000 for a membership or they never really believed Bitcoin would be worth very much.

See the link below and you'll know why the Bitcoin foundation is in bankrupt. Salaries millionaires got to finish until the money. $ 160,000 for secretary work? It is crazy.

https://bitcointalk.org/index.php?topic=1013053.msg11004704#msg11004704

Better yet, let's just redesign Bitcoin to pay a percentage of the block reward to TBF forever and lock the reward amount at 25 btc.

Dude, you can't be serious about the transaction fees, right?

Instead of letting people donate to the Bitcoin Foundation so they can pay the core devs why not cut out the middle man and let people donate directly to the core devs?

When you pay 13k/month for secretary work

https://bitcointalk.org/index.php?topic=1013053


I'm pretty sure that 10% of the daily 15BTC in fees

https://blockchain.info/charts/transaction-fees

will cover the expenses.

That's pretty good pay considering.....

it's all about money. they want a bit of everything. if i was ever going to donate some bits it would definitely not go to the foundation.
it's pure show and pocket filling.

i am serious about the transaction fees, because i feel that as a main part of bitcoin development  they should recieve as much as they can.
I agree, (now that i have seen this wild secretary), that their spendings are misplaced, but that only means that they need better management.

cheers

Giving part of all fees to an organization is one of the worst ideas I've ever heard.  

Most people already assume Bitcoin is some kind of scam, but at least we can explain that it's not even run by a company or any particular group of people.  That wouldn't be true if 10% went to a "Foundation".  Especially when those same people could raise the transaction fees just to give themselves more money, and when those same people have already said "Bitcoin shouldn't be used for microtransactions". 

If you want to support groups that keep Bitcoin growing, support Bitpay and Coinbase.  They earn money from Bitcoin because they provide valuable services and help people use Bitcoin.  Bitpay and Coinbase don't give interviews saying "Normal people shouldn't use Bitcoin, I'm selling bitcoins and buying other stuff that's less risky".  Also they don't take credit for making Satoshi disappear, and also none of the board members of Bitpay or Coinbase have been sentenced to federal prison.

TBF is not exact the high caliber group that should be representing Bitcoin. Wait a minute, no group should be representing Bitcoin because it's not about a central group. If that's not enough, why should every transaction in the world be used to fund a group that's based in the USA and representing US interests? Why shouldn't the transaction fees be used to fund a Chinese, British, German or Australian organization? Why should we fuck up the mining incentive system to fund a bunch of Americans?

As I stipulated in another thread.... People need to associate BTC with a face, for them to give legitamacy to it. We or would I rather say, most of us, do not want a centralized organization to represent us, but the reality is, core developers need to get paid and Bitcoin needs to have a face. {Satoshi is not here to represent the beast he/she created}

I also think it's absurd to take a percentage of all transaction fees, to pay for these salaries.

The entrance fee's for events they organize to promote Bitcoin and the adverticement income they receive from the official webpages should fund some of these costs. {"Bitcoin 2015" - projected $75 000 profit}  

More companies who supports them, can also make donations towards them, to keep the boat from sinking.  ;)

The IRS issues and the US governments rules are also not helping with the way they are forced to operate. {See the document for more details --> https://ihb.io/2015-04-06/news/leaked-strategy-document-bitcoin-foundation-spent-4-8-million-one-year-money-gavins-salary-16781}

Gavin can still make a living on tips, judging by the support he gets from the community ... http://www.reddit.com/r/Bitcoin/comments/31rgtb/when_the_foundation_shuts_down_who_pays_gavin/cq4cqq5
and if you read that document, Patrick and Gavin could bring in $2 000 000 in fundraising for the foundation... so he is working to fund his own salary..  ;)

Let's buy the whole Foundation and do something good with the name and contacts they've established. Who actually started the Foundation and thought this was a good idea, anyways?

I think the 'foundation' is just financially challenged because of overspending in the last 2 years and not 'bankrupt' as you said.
For sure they are still capable of running the show and Janssens outburst will help the foundation get back up.

Read more: http://bitforum.info/t/bitcoin-foundation-publicly-trashed-by-newly-elected-board-member-olivier-janssens/776/1

But as the article said, their move was to oust Murck and replace it with someone who can help them with this issue.

Bitcoin Foundation is nothing to do with Bitcoin, they are a pretend face for it. Its ran by crooks, hell the asshole that had MT GOX is there.
Let it die, Bitcoin is much better off without them, the company hates transparency, Bitcoin is all about transparency.

I'll buy the foundation for 5 Litecoin. I think i could be getting the deal because this bid is very generous already!

lol.. as far as I know,the foundation is not for sale.

I would be going out of my league if I paid 1 satoshi for the Foundation
I guess they could pay me 10btc to take it?

probaly worth nothing since its going bankrupt...

Worth nothing.

BTC is decentralized, we don't need an organization to represent us.

I remember last year there was a scandal about mtgox and bitcoin foundation members, some members can withdraw money from mtgox. I think btc foundation may be a corrupt and dirty organization.

Bankrupt is bankrupt, Kaput!